hawkins105335_8k.htm - Generated by SEC Publisher for SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 


FORM 8-K


 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported)        October 26, 2010

 


Hawkins, Inc.

(Exact name of registrant as specified in its charter)

 

 

Minnesota

0-7647

41-0771293

(State of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

3100 East Hennepin Avenue
Minneapolis, MN

 

55413

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code      (612) 331-6910

 


      Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

      o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

      o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

      o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

      o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 




 

Item 2.02.       Results of Operations and Financial Condition.

 

On October 26, 2010, Hawkins, Inc. issued a press release announcing financial results for its fiscal 2011 second quarter ended September 30, 2010.  A copy of the press release issued by the Registrant is furnished herewith as Exhibit 99 hereto and is incorporated herein by reference.

 

Item 9.01.       Financial Statements and Exhibits.

 

(d)

Exhibit.

 

Exhibit 99 - Press Release, dated October 26, 2010, announcing financial results of Hawkins, Inc. for its fiscal 2011 second quarter ended September 30, 2010.

 

 

 


 

 

SIGNATURES

 

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 hereunto duly authorized.

 

 

HAWKINS, INC.

 

 

 

 

 

 

Date: October 26, 2010

By: 

/s/ Kathleen P. Pepski

 

 

 

 

 

Kathleen P. Pepski
Vice President, Chief Financial Officer,
and Treasurer

 

 

 

 

 

 

 

 

 

 

 

 


 

Index to Exhibits

 

Exhibit
No.

 

Description

 

Method of Filing

 

 

 

 

 

99

 

Press Release, dated October 26, 2010, announcing financial results of Hawkins, Inc. for its fiscal 2011 second quarter ended September 30, 2010.

 

Electronic Transmission

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


hawkins105335_ex99.htm - Generated by SEC Publisher for SEC Filing

 

Exhibit 99

 

FOR IMMEDIATE RELEASE

 

October 26, 2010
Hawkins, Inc.
3100 East Hennepin Avenue
Minneapolis, MN  55413

Contacts:  

John R. Hawkins
Chief Executive Officer
612/617-8532
John.Hawkins@HawkinsInc.com

 

P. Pepski
Chief Financial Officer
612/617-8571
Kathleen.Pepski@HawkinsInc.com

 

HAWKINS, INC. REPORTS

SECOND QUARTER, FIRST HALF FISCAL 2011 RESULTS

 

Minneapolis, MN, October 26, 2010 – Hawkins, Inc.  (Nasdaq:  HWKN) today announced second quarter and first half results for fiscal 2011. Sales of $70.4 million for the quarter ended September 30, 2010 represented an increase of 8.3% from $65.0 million in sales for the same period in the prior fiscal year. Net income for the second quarter of fiscal 2011 was $6.8 million, or $0.66 per share, fully diluted, compared to net income for the same period of fiscal 2010 of $6.7 million, or $0.65 per share, fully diluted.

 

For the six months ended September 30, 2010, Hawkins reported sales of $145.1 million, net income of $14.2 million and diluted earnings per share of $1.37 as compared to sales of $138.6 million, net income of $12.7 million and diluted earnings per share of $1.24 for the same period a year ago.

 

Chief Executive Officer, John R. Hawkins, commented, “We are very pleased with the sales performance from both of our segments.  While we recorded significant sales growth this quarter,  we experienced less profit per unit on these sales due to competitive pricing pressures within our Industrial group and the absorption of higher infrastructure costs within our Water Treatment segment due to investments in that group to support its growth.  In addition to the investments in the Water Treatment group, we continue to invest capital in the Industrial group to expand capacity, manufacturing capability and storage expansion projects to enhance customer service to our current customers and expand our product offerings to open up opportunities for new customers.”

 

For the quarter ended September 30, 2010, Industrial segment sales increased $3.5 million, or 8.5%, to $44.9 million as compared to the same period in the prior year, with the increase primarily driven by increased sales of bulk chemicals. Water Treatment segment sales for the quarter ended September 30, 2010 were $25.5 million, an 8.1% increase over last year’s second quarter sales of $23.6 million. The increase was primarily due to increased sales of manufactured and specialty chemical products.

 

Company-wide gross profit for quarter ended September 30, 2010 was $17.7 million, or 25.2% of sales, compared to $17.4 million, or 26.8% of sales, for the same period in fiscal 2010.  Gross profit for the Industrial segment was $9.6 million, or 21.4% of sales, for the quarter ended September 30, 2010, as compared to $8.8 million, or 21.3% of sales, for the same period in fiscal 2010. The increase in gross profit dollars was attributable to increased sales, primarily of bulk chemicals, which was partially offset by decreases in profits due to competitive pricing pressure.   Gross profit for the Water Treatment segment was $8.2 million, or 32.2% of sales, for the quarter ended September 30, 2010, as compared to $8.6 million, or 36.4 % of sales, for the same period in fiscal 2010. The decrease in gross profit dollars was primarily due to increased overhead costs from investments in new facilities and personnel within existing and new markets. 

 

 

-more-

 

 


 

 

HAWKINS, INC. REPORTS

RESULTS FOR FISCAL 2011

October 26, 2010

Page Two.

 

Gross profit for the six months ended September 30, 2010 was $36.2 million, or 24.9% of sales, as compared to $33.3 million, or 24.0% of sales for the same period in the prior fiscal year.  Gross profit for the Industrial segment was $19.9 million, or 21.0% of sales, for the six months, compared to $17.3 million or 18.9% of sales in the same period a year ago.  The increase in gross profit dollars was primarily attributable to increased sales of bulk chemicals, partially offset by decreases in profits due to competitive pricing pressures.  Gross profit for the Water Treatment segment was $16.3 million, or 32.4% of sales, for the six months compared to $16.0 million, or 33.7% of sales, in the same period a year ago. The Water Treatment segment’s gross profit increase was primarily driven by increased sales of manufactured and specialty chemical products, which was largely offset by increa sed overhead costs from investments in new facilities and personnel within existing and new markets to support growth in this segment.

 

Selling, general, and administrative expenses increased $0.2 million, or 3.7%, for the quarter and $0.6 million, or 4.3% for the six months, as compared to the same periods in the prior fiscal year. The increases were primarily a result of higher equity incentive plan costs.

 

Hawkins, Inc. distributes, blends and manufactures bulk and specialty chemicals for its customers in a wide variety of industries. Headquartered in Minneapolis, Minnesota, and with 20 facilities in 11 states, the Company creates value for its customers through superb customer service and support, quality products and personalized applications.

 

 

 

-more-

 


 

HAWKINS, INC. REPORTS

RESULTS FOR FISCAL 2011

October 26, 2010

Page Three.

 

HAWKINS, INC.

CONDENSED STATEMENTS OF INCOME (UNAUDITED)

 

 

Three Months Ended
September 30,

Six Months Ended
September 30,

 

(In thousands, except share and per-share data)

 

2010

2009

2010

2009

 

 

 

Sales

 

$

70,398

$

64,976

$

145,064

$

138,562

 

 

 

Cost of sales

 

 

(52,656

)

 

(47,560

)

 

(108,874

)

 

(105,290

)

 

 

Gross profit

 

17,742

17,416

36,190

33,272

 

 

 

Selling, general and administrative expenses

 

 

(6,814

)

 

(6,568

)

 

(13,475

)

 

(12,923

)

 

 

Operating income

 

10,928

10,848

22,715

20,349

 

 

 

Investment income

 

 

96

 

80

 

201

 

89

 

 

 

Income from continuing operations before income taxes

 

11,024

10,928

22,916

20,438

 

 

 

Provision for income taxes

 

 

(4,192

)

 

(4,263

)

 

(8,747

)

 

(7,829

)

 

 

Income from continuing operations

 

6,832

6,665

14,169

12,609

 

 

 

Income from discontinued operations, net of tax

 

 

 

 

 

109

 

 

 

Net income

 

$

6,832

$

6,665

$

14,169

$

12,718

 

 

 

Weighted average number of shares outstanding-basic

 

 

10,257,175

 

10,250,719

 

10,255,297

 

10,248,577

 

 

 

Weighted average number of shares outstanding-diluted

 

 

10,332,764

 

10,280,252

 

10,321,355

 

10,274,443

 

 

 

Basic earnings per share

 

 

Earnings per share from continuing operations

 

$

0.67

$

0.65

$

1.38

$

1.23

 

Earnings per share from discontinued operations

 

 

 

 

 

0.01

 

Basic earnings per share

 

$

0.67

$

0.65

$

1.38

$

1.24

 

 

 

Diluted earnings per share

 

 

Earnings per share from continuing operations

 

$

0.66

$

0.65

$

1.37

$

1.23

 

Earnings per share from discontinued operations

 

 

 

 

 

0.01

 

Diluted earnings per share

 

$

0.66

$

0.65

$

1.37

$

1.24

 

 

 

Cash dividends declared per common share

 

$

0.40

$

0.38

$

0.40

$

0.38

 

 

 

 

 

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