<PAGE>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                                    FORM 10-Q


(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

                    For the quarterly period ended  June 30, 1996
                                                    -------------
                                        OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

For the transition period from                       to 
                               ---------------------    ---------------------
                          Commission file number 0-7647
                                                 ------

                              HAWKINS CHEMICAL, INC.
            ------------------------------------------------------
            (Exact name of registrant as specified in its charter)

                MINNESOTA                            41-0771293
     -------------------------------     ------------------------------------
     (State or other jurisdiction of     (I.R.S. Employer Identification No.)
     incorporation of organization)




            3100 East Hennepin Avenue, Minneapolis, Minnesota   55413
            -----------------------------------------------------------
            (Address of principal executive offices)           Zip Code



                                (612) 331-6910
              --------------------------------------------------
              Registrant's telephone number, including area code




Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.

                              Yes  X   No
                                 -----   -----


Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

                   Class                          Outstanding at August 12, 1996
  --------------------------------------          ------------------------------
  Common Stock, par value $.05 per share                   11,051,690





<PAGE>


                      HAWKINS CHEMICAL, INC. AND SUBSIDIARIES


                                 INDEX TO FORM 10-Q




                                                                        Page No.
                                                                        --------




PART I.  FINANCIAL INFORMATION


Item 1.  Financial Statements:

         Consolidated Condensed Balance Sheets - June 30, 1996 and 
           October 1, 1995 .............................................      3
         Consolidated Condensed Statements of Income - Three Months and
           Nine Months Ended June 30, 1996 and 1995 ....................      4
         Consolidated Condensed Statements of Cash Flows -  
           Nine Months Ended June 30, 1996 and 1995 ....................      5
         Notes to Consolidated Condensed Financial Statements...........      6


Item 2.  Management's Discussion and Analysis of Financial Condition 
           and Results of Operations ...................................    7-8


PART II. OTHER INFORMATION 


Item 1.  Legal Proceedings .............................................      9


Item 6.  Exhibits and Reports of Form 8-K ..............................      9

         Financial Data Schedule.................................... Exhibit 27




                                            2




<PAGE>



                             PART I.  FINANCIAL INFORMATION


Item I.  Financial Statements


                         HAWKINS CHEMICAL, INC. AND SUBSIDIARIES
                          CONSOLIDATED CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                           June 30, 1996         October 1, 1995
                                                           -------------     ---------------------
ASSETS                                                      (Unaudited)      (Derived from Audited
                                                                              financial statements)
<S>                                                        <C>               <C>
Current assets: 
  Cash and cash equivalents...........................       $ 6,286,674            $ 9,906,107
  Investments (fair value approximates cost)..........        10,387,977              7,968,761
  Accounts receivable-net.............................         9,929,176             10,512,260
  Note receivable.....................................           170,503                208,943
  Inventories.........................................         6,244,790              8,663,959
  Other current assets................................         1,757,871              1,647,660
                                                             -----------            -----------
      Total current assets............................        34,776,991             38,907,690

Property, plant and equipment-net.....................        12,957,065             11,438,895
Note receivable-non current...........................         1,824,022                715,045
Other assets..........................................         2,640,641              2,629,184
                                                             -----------            -----------
  Total                                                      $52,198,719            $53,690,814
                                                             -----------            -----------
                                                             -----------            -----------
LIABILITIES AND SHAREHOLDERS' EQUITY 


Current liabilities: 
   Accounts payable....................................      $ 5,345,491            $ 8,691,204
   Current portion of long-term debt...................           56,008                 52,344
   Other current liabilities...........................        4,085,765              5,822,383
                                                             -----------            -----------
      Total current liabilities........................        9,487,264             14,565,931
                                                              -----------            -----------
Long term debt.........................................          572,453                628,461
                                                             -----------            -----------
Deferred income taxes..................................          390,800                377,800
                                                             -----------            -----------

Shareholders' equity: 
  Common stock, par value $.05 per share; issued
  and outstanding, 11,051,690 shares and 
  10,525,772 shares respectively.......................          552,585                526,289
  Additional paid-in capital...........................       38,679,630             34,235,623
  Retained earnings....................................        2,515,987              3,356,710
                                                             -----------            -----------
       Total shareholders' equity......................       41,748,202             38,118,622
                                                             -----------            -----------
       Total                                                 $52,198,719            $53,690,814
                                                             -----------            -----------
                                                             -----------            -----------
</TABLE>



         See accompanying Notes to Consolidated Condensed Financial Statements


                                             3


<PAGE>


                           HAWKINS CHEMICAL, INC. AND SUBSIDIARIES
                         CONSOLIDATED CONDENSED STATEMENTS OF INCOME

                                         (Unaudited)


<TABLE>
<CAPTION>
                                           Three Months Ended June 30      Nine Months Ended June 30 
                                              1996            1995             1996          1995
                                         -------------   --------------    -----------   ------------
<S>                                      <C>             <C>               <C>           <C>
Net sales                                 $22,274,546      $26,519,043     $58,136,597    $61,916,161
                                          -----------      -----------     -----------    -----------
Costs and expenses:
  Cost of sales                            16,816,775       21,229,029      45,061,816     49,014,124
  Selling, general and administrative       2,399,020        2,363,251       6,444,690      6,194,328
  Unusual and nonrecurring                                           0                        750,000
                                          -----------      -----------     -----------    -----------
      Total costs and expenses             19,215,795       23,592,280      51,506,506     55,958,452
                                          -----------      -----------     -----------    -----------
Income from operations                      3,058,751        2,926,763       6,630,091      5,957,709
                                          -----------      -----------     -----------    -----------
Other income (deductions): 
  Interest income                             238,319          242,687         728,815        676,275
  Interest expense                            (14,193)         (13,784)        (40,702)       (41,274)
  Miscellaneous                                68,752           19,924         139,641         43,689
                                          -----------      -----------     -----------    -----------
      Total other income (deductions)         292,878          248,827         827,754        678,690

Income from continuing operations before
income taxes                                3,351,629       3,175,590        7,457,845      6,636,399

Provision for income taxes from
continuing operations                       1,336,500       1,277,800        2,983,200      2,667,700
                                          -----------      -----------     -----------    -----------
Income from continuing operations           2,015,129       1,897,790        4,474,645      3,968,699

Discontinued Operations: 
  Loss from operations of Tessman 
  Seed, Inc. (less applicable income
  taxes of $0, $0, $0, ($46,500), 
  respectively)                                                                               (69,905)

  Loss on disposal of assets of Tessman
  Seed, Inc. (less applicable income
  taxes of $214,200)                                                                         (321,266)
                                          -----------      -----------     -----------    -----------
Loss from discontinued operations                   0                0               0       (391,171)
                                          -----------      -----------     -----------    -----------
Net income                                $ 2,015,129      $ 1,897,790     $ 4,474,645    $ 3,577,528
                                          -----------      -----------     -----------    -----------
                                          -----------      -----------     -----------    -----------
Weighted average number of shares
  outstanding                              11,051,690       11,051,690      11,051,690     11,051,690
                                          -----------      -----------     -----------    -----------
                                          -----------      -----------     -----------    -----------
Earnings per common share 
  Continuing operations                         $0.18            $0.17           $0.40          $0.36
  Discontinued operations                           0                                0           (.04)
                                          -----------      -----------     -----------    -----------
      Total                                     $0.18            $0.17           $0.40          $0.32
                                          -----------      -----------     -----------    -----------
                                          -----------      -----------     -----------    -----------
</TABLE>



  See accompanying Notes to Consolidated Condensed Financial Statements 


                                         4



<PAGE>


                   HAWKINS CHEMICAL, INC. AND SUBSIDIARIES
                CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS


                                  (Unaudited)


<TABLE>
<CAPTION>
                                                                        NINE MONTHS ENDED JUNE 30
                                                                     -------------------------------
                                                                           1996             1995
                                                                     ---------------   -------------
<S>                                                                  <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES: 
 Net income.........................................................    $ 4,474,645      $ 3,577,528
 Loss on disposal of assets of Tessman Seed, Inc....................                         321,266
 Loss on discontinued operations of Tessman Seed, Inc...............                          69,905
 Unusual and nonrecurring charge....................................                         750,000
 Depreciation and amortization......................................      1,052,081          973,579
 Deferred income taxes..............................................         (2,000)        (103,500)
 Other..............................................................       (130,777)         (60,285)
 Changes in certain current assets and liabilities..................     (1,438,485)       2,492,842
                                                                        -----------      -----------
    Net cash provided by operating activities                             3,955,464        8,021,335
                                                                        -----------      -----------
CASH FLOWS FROM INVESTING ACTIVITIES: 
 Additions to property, plant and equipment..........................    (3,655,072)      (1,676,422)
 Purchase of investments.............................................    (2,419,216)      (1,294,505)
 Cash received on sale of land and building..........................       108,188 
 Cash received on sale of assets and business of Tessman Seed, Inc...                        100,000
                                                                        -----------      -----------
    Net cash used in investing activities                                (5,966,100)      (2,870,927)
                                                                        -----------      -----------
CASH FLOWS FROM FINANCING ACTIVITIES: 
 Cash dividends paid..................................................   (1,581,869)      (1,437,644)
 Debt repayment.......................................................      (52,344)         (48,919)
 Payments received on note receivable.................................       25,416           80,726
                                                                        -----------      -----------
    Net cash used in financing activities                                (1,608,797)      (1,405,837)
                                                                        -----------      -----------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                         (3,619,433)       3,744,571

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR                              9,906,107        6,895,341
                                                                        -----------      -----------
CASH AND CASH EQUIVALENTS, END OF PERIOD                                $ 6,286,674      $10,639,912
                                                                        -----------      -----------
                                                                        -----------      -----------
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

  Cash paid for interest..............................................  $    54,956      $    56,180
                                                                        -----------      -----------
                                                                        -----------      -----------
  Cash paid for income taxes..........................................  $ 3,230,451      $ 1,817,258
                                                                        -----------      -----------
                                                                        -----------      -----------
</TABLE>




    See accompanying Notes to Consolidated Condensed Financial Statements


                                      5


<PAGE>


                     HAWKINS CHEMICAL, INC. AND SUBSIDIARIES

              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS


1.   The accompanying unaudited condensed consolidated financial statements 
have been prepared in accordance with the instructions for Form 10-Q and, 
accordingly, do not include all information and footnotes required by 
generally accepted accounting principles for complete financial statements.  
These statements should be read in conjunction with the financial statements 
and footnotes included in the Company's Annual Report on Form 10-K for the 
year ended October 1, 1995, previously filed with the Commission.  In the 
opinion of management, the accompanying unaudited consolidated condensed 
financial statements contain all adjustments necessary to present fairly the 
Company's financial position and the results of its operations and cash flows 
for the periods presented.  All adjustments made to the interim financial 
statements were of normal recurring nature.

The accounting policies followed by the Company are set forth in Note 1 to the
Company's financial statements in the 1995 Hawkins Chemical, Inc. Annual Report
which is incorporated by reference to Form 10-K filed with the Commission on
December 28, 1995.

2.   The results of operations for the period ended June 30, 1996 are not 
necessarily indicative of the results that may be expected for the full year.

3.   Effective January 1, 1996, the Company sold property, which was 
previously rented to a former subsidiary, for $1,208,000.  At closing the 
Company received $108,000 and a contract for deed for $1,100,000.  The 
contract for deed requires monthly payments of $9,201, including interest at 
8% per annum, for eight years. On January 1, 2004, the remaining unpaid 
principal balance is due.


4.   Inventories, principally valued by the LIFO method, are less than current 
cost by approximately $1,501,000 at June 30, 1996.  Inventory consists 
principally of finished goods.  Inventory quantities fluctuate during the 
year. No material amounts of interim liquidation of inventory quantities have 
occurred that are not expected to be replaced by year-end.

5.   Earnings per common share are based upon the weighted average number of 
shares outstanding after giving retroactive effect to a 5% stock dividend 
declared February 7, 1996 to shareholders of record at the close of business 
on March 29, 1996.  Cash dividends in the amount of $845,065 were paid on 
April 12, 1996.



                                          6


<PAGE>


I
tem 2.               MANAGEMENT'S DISCUSSION AND ANALYSIS OF 
                    FINANCIAL CONDITION AND RESULTS OF OPERATIONS


RESULTS OF OPERATIONS

CONTINUING OPERATIONS

Net sales decreased $4,244,497 (16.0%) in the third quarter of this fiscal 
year and $3,779,564 (6.1%) in the first nine months of fiscal 1996 as compared 
to the same periods a year ago.  The majority of the sales decrease was due to 
management's decision to discontinue sales to mass merchandisers by The Lynde 
Company subsidiary, as that business involved high volumes and high inventory 
levels with a low, decreasing profit margin.  Also contributing to the nine 
month sales decrease was a slight decrease in the selling price of a single, 
large-volume product and extremely cold weather conditions during the second 
quarter of this fiscal year, which caused some customers to have limited 
operations or to close down temporarily, thereby decreasing their volumes.  
The above decreases were partially offset by volume increases in some of the 
Company's divisions and subsidiaries.  Selling prices of the single, 
large-volume product mentioned above are beginning to stabilize and the 
Company expects to maintain historical profit margins.

Gross margin, as a percentage of net sales, for the third quarter of this 
fiscal year was 24.5% compared to 19.9% for the same quarter one year ago, and 
22.5% for the first nine months of fiscal 1996 as compared to 20.8% for the 
first nine months of fiscal 1995.  These increases are due mainly to 
discontinuing the lower margin sales to mass merchandisers previously 
mentioned and, to a lesser extent, better profit margins on a few product 
lines.  The Company has generally been able to and expects to continue to 
adjust its selling prices as the cost of materials and other expenses change, 
thereby maintaining relatively stable gross margins.

Selling, general and administrative expenses increased $35,769 (1.5%) in the 
third quarter and $250,362 (4.0%) in the first nine months of fiscal 1996 as 
compared to the same periods in fiscal 1995.  Selling, general and 
administrative expenses, as a percentage of net sales, for the third quarter 
of fiscal 1996 were 10.8% compared to 8.9% for the same quarter one year ago, 
and 11.1% for the first nine months of fiscal 1996 as compared to 10.0% for 
the first nine months of fiscal 1995.  The increases were due to a decrease in 
sales and increased employee compensation, employee benefits and insurance 
costs.

The unusual and nonrecurring charge in the second quarter and first nine 
months of fiscal 1995 of $750,000 was recorded to cover estimated settlement 
costs to be incurred by the Company in connection with a lawsuit filed against 
the Company.  Developments in this lawsuit do not indicate the need to adjust 
this reserve at the present time.

Interest income decreased $4,368 in the third quarter of fiscal 1996 as 
compared to the same quarter one year ago and increased $52,540 for the first 
nine months of this fiscal year as compared to the same period one year ago.  
The third quarter decrease is due to increases in investments in income tax 
exempt securities which generally have a lower pre-tax return than other 
taxable investments, but have a higher after-tax return.  The nine month 
increase is due to an increase in the amount of cash available for investments.

DISCONTINUED OPERATIONS

In March 1995, the Company adopted a formal plan to discontinue operations of 
Tessman Seed, which sold a wide range of horticulture and pest control 
products. Effective March 1, 1995, the Company sold the inventory, equipment 
and operations of Tessman.  As a result of the transaction, the Company 
recorded a loss on the disposal in the second quarter of fiscal 1995 of 
$321,266, net of taxes totaling $214,200, to write-down Tessman's assets to 
the amount realized.

Revenues for Tessman for the quarter and nine months ended June 30, 1995 were 
$0 and $931,000, respectively.  The loss for Tessman for the nine-month period 
ended June 30, 1995 was less than $.01 per share.


                                           7


<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

For the nine-month period ended June 30, 1996,  cash flows from operations 
were $3,955,464.  This amount was lower than cash provided by operations 
during the same period one year ago, due mainly to the changes in certain 
current assets and liability accounts discussed below.  During the nine-month 
period ended June 30, 1996, the Company purchased $3,655,072 in property and 
equipment and invested an additional $2,419,216 in short-term investments.

Accounts receivable, inventories and accounts payable decreased during the 
first nine months of fiscal 1996 due primarily to management's decision to 
discontinue sales to mass merchandisers by The Lynde Company subsidiary, as 
discussed previously.  Other current liabilities decreased as a result of the 
payment of cash dividends and benefit plan accruals that existed at fiscal 
year end.  The Company did not issue any securities during the nine-month 
period ended June 30, 1996.

In January 1996, the Company sold property which was previously rented to a 
former subsidiary for $1,208,000.  At closing the Company received $108,188 
and a contract for deed for $1,100,000.  The contract for deed requires 
monthly payments of $9,201, including interest at 8% per annum, for eight 
years.  On January 1, 2004, the remaining unpaid principal balance is due.

On May 30,1996, the Company paid cash to acquire buildings and land adjacent 
to its location in Minneapolis, Minnesota for $880,000.  At present, the 
property is being rented to the former owner until such time that the Company 
needs it for expansion.

Since 1985, the Company has been paying an annual cash dividend each year.  In 
the fourth quarter of fiscal 1995 this was changed to a semi-annual cash 
dividend policy.  The first half of the 1996 dividend was paid in October 1995 
and the second half was paid in April 1996.  


The cash flows from operations, coupled with the Company's strong cash 
position, puts the Company in a position to fund both short and long-term 
working capital and capital investment needs with internally generated funds.  
Management does not, therefore, anticipate the need to engage in significant 
financing activities in either the short or long-term.  If the need to obtain 
additional capital does arise, however, management is confident that the 
Company's total debt to capital ratio puts it in a position to issue either 
debt or equity securities on favorable terms.

Although management continually reviews opportunities to enhance the value of 
the Company through strategic acquisitions, other capital investments and 
strategic divestitures, no material commitments for such investments or 
divestitures currently exist.  Until appropriate investment opportunities are 
identified, the Company will continue to invest excess cash in conservative 
investments.  Cash equivalents consist of short-term certificates of deposit 
and investments consist of relatively low-risk investment and annuity 
contracts with highly rated, stable insurance companies, and marketable 
securities consisting of investment grade municipal securities, all of which 
are carried at fair value which approximates cost.  All cash equivalents are 
generally highly liquid and are available upon demand.

Other than as discussed above, management is not aware of any matters that 
have materially affected the first nine months of fiscal 1996, but are not 
expected to materially affect future periods, nor is management aware of other 
matters not affecting this period that are expected to materially affect 
future periods.

FORWARD LOOKING STATEMENTS

In addition to the historical information contained herein, the foregoing 
discussion includes forward looking statements that involve a number of risks 
and uncertainties.  Among the factors that could cause actual results to 
differ materially are the following:  changes in demand for the Company's 
products; the condition of the general economy; competitive factors such as 
aggressive pricing by regional competitors and entry of well capitalized 
competitors into territories served by the Company; increased local, state or 
federal regulation of the Company's products; changes in product mix; 
increases in product costs; and the risk factors listed from time to time in 
the Company's reports filed with the Securities and Exchange Commission. 


                                      8


<PAGE>



 
                        PART II.  OTHER INFORMATION


Item 1.  Legal Proceedings.

As disclosed by the Company in previous filings with the Commission, the 
Company has commenced suit in the Minnesota Federal District Court against The 
North River Insurance Company and the Westchester Fire Insurance Company, its 
primary and umbrella insurers, respectively, seeking declaratory relief 
consisting of a finding that the Company has coverage under both its primary 
and umbrella policies with respect to a lawsuit brought against the Company 
and its subsidiary, The Lynde Company.  The lawsuit brought against the 
Company and its subsidiary, captioned DONNA M. COOKSEY. ET AL. V. HAWKINS 
CHEMICAL, INC. AND THE LYNDE COMPANY seeks damages for personal injury, 
property damage and other damages alleged to have been caused by the alleged 
release of certain pollutants as a result of a fire at an office/warehouse 
facility used by The Lynde Company.

In early 1996, The Company moved for summary judgment on the issue of the 
enforceability of a "total pollution exclusion" contained in the subject 
insurance policies, which the insurers claim excludes coverage for hostile 
fires, such as the one underlying the COOKSEY lawsuit.  In late June of 1996, 
the United States Magistrate Judge hearing the summary judgment motion in the 
Company's action against North River filed a recommendation that the Company 
has coverage for the damages alleged in the COOKSEY lawsuit alleged to be 
caused by the hostile fire under its primary insurance policy.  In July of 
1996, the same Magistrate reached the same conclusion with respect to the 
umbrella policy issued by Westchester.

Both of these recommendations are subject to a de novo review by a United 
States District Court Judge, as well as potential appeals to the Eighth 
Circuit Court of Appeals and the United States Supreme Court.  It is not 
possible at this time, therefore, for the Company to determine what insurance 
coverage, if any, will be available with respect to the COOKSEY lawsuit.


Item 6.  Exhibits and Reports on Form 8-K.

(a)  Exhibits.
     The following exhibits are included with this Quarterly Report on Form 10-Q
     (or incorporated by reference) as required by Item 601 of Regulation S-K.

Exhibit No.              Description                   Page No.
- -----------        ------------------------            --------
  27               Financial Data Schedule                10


(b)  Reports on Form 8-K.

     No reports on Form 8-K have been filed during the fiscal quarter ended
     June 30, 1996.




                                  SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                       HAWKINS CHEMICAL, INC.



                                    BY
                                      ----------------------------------------
                                       Howard M. Hawkins, Treasurer
                                       (Chief Financial and Accounting Officer)

Dated:  August 12, 1996 


                                            9






<TABLE> <S> <C>


<PAGE>
<ARTICLE> 5
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          SEP-29-1996
<PERIOD-START>                             OCT-02-1995
<PERIOD-END>                               JUN-30-1996
<CASH>                                       6,286,674
<SECURITIES>                                10,387,977
<RECEIVABLES>                                9,929,176
<ALLOWANCES>                                         0
<INVENTORY>                                  6,244,790
<CURRENT-ASSETS>                            34,776,991
<PP&E>                                      12,957,065
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                              52,198,719
<CURRENT-LIABILITIES>                        9,487,264
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       552,585
<OTHER-SE>                                  41,195,617
<TOTAL-LIABILITY-AND-EQUITY>                41,748,202
<SALES>                                     58,136,597
<TOTAL-REVENUES>                            58,136,597
<CGS>                                       45,061,816
<TOTAL-COSTS>                               51,506,506
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              40,702
<INCOME-PRETAX>                              7,457,845
<INCOME-TAX>                                 2,983,200
<INCOME-CONTINUING>                          4,474,645
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 4,474,645
<EPS-PRIMARY>                                      .40
<EPS-DILUTED>                                      .40
        

</TABLE>