FORM |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE | |||||||||||
SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE | |||||||||||
SECURITIES EXCHANGE ACT OF 1934 |
(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip code) |
( | ||
(Registrant’s telephone number, including area code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | |||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||||||||
Emerging growth company |
CLASS | Shares Outstanding at July 29, 2022 | |||||||
Common Stock, par value $.01 per share |
Page | |||||||||||
PART I. | |||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II. | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
July 3, 2022 | April 3, 2022 | |||||||||||||
ASSETS | ||||||||||||||
CURRENT ASSETS: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Trade accounts receivables, net | ||||||||||||||
Inventories | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
PROPERTY, PLANT, AND EQUIPMENT: | ||||||||||||||
Less accumulated depreciation | ||||||||||||||
Net property, plant, and equipment | ||||||||||||||
OTHER ASSETS: | ||||||||||||||
Right-of-use assets | ||||||||||||||
Goodwill | ||||||||||||||
Intangible assets, net of accumulated amortization | ||||||||||||||
Deferred compensation plan asset | ||||||||||||||
Other | ||||||||||||||
Total other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||
Accounts payable — trade | $ | $ | ||||||||||||
Accrued payroll and employee benefits | ||||||||||||||
Income tax payable | ||||||||||||||
Current portion of long-term debt | ||||||||||||||
Short-term lease liability | ||||||||||||||
Container deposits | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
LONG-TERM DEBT, LESS CURRENT PORTION | ||||||||||||||
LONG-TERM LEASE LIABILITY | ||||||||||||||
PENSION WITHDRAWAL LIABILITY | ||||||||||||||
DEFERRED INCOME TAXES | ||||||||||||||
DEFERRED COMPENSATION LIABILITY | ||||||||||||||
OTHER LONG-TERM LIABILITIES | ||||||||||||||
Total liabilities | ||||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||||||
Common stock; authorized: | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive income | ||||||||||||||
Total shareholders’ equity | ||||||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended | ||||||||||||||
July 3, 2022 | June 27, 2021 | |||||||||||||
Sales | $ | $ | ||||||||||||
Cost of sales | ( | ( | ||||||||||||
Gross profit | ||||||||||||||
Selling, general and administrative expenses | ( | ( | ||||||||||||
Operating income | ||||||||||||||
Interest expense, net | ( | ( | ||||||||||||
Other (expense) income | ( | |||||||||||||
Income before income taxes | ||||||||||||||
Income tax expense | ( | ( | ||||||||||||
Net income | $ | $ | ||||||||||||
Weighted average number of shares outstanding - basic | ||||||||||||||
Weighted average number of shares outstanding - diluted | ||||||||||||||
Basic earnings per share | $ | $ | ||||||||||||
Diluted earnings per share | $ | $ | ||||||||||||
Cash dividends declared per common share | $ | $ |
Three Months Ended | ||||||||||||||
July 3, 2022 | June 27, 2021 | |||||||||||||
Net income | $ | $ | ||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||
Unrealized gain on interest rate swap | ||||||||||||||
Total comprehensive income | $ | $ |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
BALANCE — April 3, 2022 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Cash dividends declared and paid ($ | ( | ( | ||||||||||||||||||||||||||||||||||||
Share-based compensation expense | ||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock | ( | |||||||||||||||||||||||||||||||||||||
Shares surrendered for payroll taxes | ( | ( | ( | |||||||||||||||||||||||||||||||||||
ESPP shares issued | ||||||||||||||||||||||||||||||||||||||
Shares repurchased | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | ||||||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||
BALANCE — July 3, 2022 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||||||||||
BALANCE — March 28, 2021 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Cash dividends declared and paid ($ | ( | ( | ||||||||||||||||||||||||||||||||||||
Share-based compensation expense | ||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock | ( | |||||||||||||||||||||||||||||||||||||
Shares surrendered for payroll taxes | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Shares repurchased | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||||||||||||||
BALANCE — June 27, 2021 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||
July 3, 2022 | June 27, 2021 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
Net income | $ | $ | ||||||||||||
Reconciliation to cash flows: | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Operating leases | ||||||||||||||
Loss (Gain) on deferred compensation assets | ( | |||||||||||||
Stock compensation expense | ||||||||||||||
Other | ||||||||||||||
Changes in operating accounts providing (using) cash: | ||||||||||||||
Trade receivables | ( | ( | ||||||||||||
Inventories | ( | ( | ||||||||||||
Accounts payable | ( | |||||||||||||
Accrued liabilities | ( | ( | ||||||||||||
Lease liabilities | ( | ( | ||||||||||||
Income taxes | ||||||||||||||
Other | ||||||||||||||
Net cash (used in) provided by operating activities | ( | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||
Purchases of property, plant, and equipment | ( | ( | ||||||||||||
Other | ||||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||
Cash dividends declared and paid | ( | ( | ||||||||||||
New shares issued | ||||||||||||||
Payroll taxes paid in exchange for shares withheld | ( | ( | ||||||||||||
Shares repurchased | ( | ( | ||||||||||||
Payments on revolving loan | ( | ( | ||||||||||||
Proceeds from revolving loan borrowings | ||||||||||||||
Net cash provided by (used in) financing activities | ( | |||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | ||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | ||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | $ | ||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||||||||
Cash paid for interest | $ | $ | ||||||||||||
Noncash investing activities - capital expenditures in accounts payable | $ | $ |
Three months ended July 3, 2022 | |||||||||||||||||||||||
(In thousands) | Industrial | Water Treatment | Health and Nutrition | Total | |||||||||||||||||||
Manufactured, blended or repackaged products (1) | $ | $ | $ | $ | |||||||||||||||||||
Distributed specialty products (2) | |||||||||||||||||||||||
Bulk products (3) | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total external customer sales | $ | $ | $ | $ | |||||||||||||||||||
Three months ended June 27, 2021 | |||||||||||||||||||||||
(In thousands) | Industrial | Water Treatment | Health and Nutrition | Total | |||||||||||||||||||
Manufactured, blended or repackaged products (1) | $ | $ | $ | $ | |||||||||||||||||||
Distributed specialty products (2) | |||||||||||||||||||||||
Bulk products (3) | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total external customer sales | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended | ||||||||||||||
July 03, 2022 | June 27, 2021 | |||||||||||||
Weighted-average common shares outstanding—basic | ||||||||||||||
Dilutive impact of performance units and restricted stock | ||||||||||||||
Weighted-average common shares outstanding—diluted |
(In thousands) | July 3, 2022 | April 3, 2022 | ||||||||||||||||||
Assets | ||||||||||||||||||||
Deferred compensation plan assets | Level 1 | $ | $ | |||||||||||||||||
Interest rate swap | Level 2 | $ | $ | |||||||||||||||||
July 3, 2022 | April 3, 2022 | |||||||||||||
(In thousands) | ||||||||||||||
Inventory (FIFO basis) | $ | $ | ||||||||||||
LIFO reserve | ( | ( | ||||||||||||
Net inventory | $ | $ |
July 3, 2022 | April 3, 2022 | |||||||||||||||||||||||||||||||||||||
(In thousands) | Gross Amount | Accumulated Amortization | Net | Gross Amount | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||||
Finite-life intangible assets | ||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Trademarks and trade names | ( | ( | ||||||||||||||||||||||||||||||||||||
Other finite-life intangible assets | ( | ( | ||||||||||||||||||||||||||||||||||||
Total finite-life intangible assets | ( | ( | ||||||||||||||||||||||||||||||||||||
Indefinite-life intangible assets | — | — | ||||||||||||||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | $ | $ | ( | $ |
July 3, 2022 | April 3, 2022 | |||||||||||||
(In thousands) | ||||||||||||||
Senior secured revolving loan | $ | $ | ||||||||||||
Less: unamortized debt issuance costs | ( | ( | ||||||||||||
Total debt, net of debt issuance costs | ||||||||||||||
Less: current portion of long-term debt | ( | ( | ||||||||||||
Total long-term debt | $ | $ |
July 3, 2022 | April 3, 2022 | ||||||||||
Lease Term and Discount Rate | |||||||||||
Weighted average remaining lease term (years) | |||||||||||
Weighted average discount rate | % | % |
(In thousands) | Operating Leases | |||||||
Remaining fiscal 2023 | $ | |||||||
Fiscal 2024 | ||||||||
Fiscal 2025 | ||||||||
Fiscal 2026 | ||||||||
Fiscal 2027 | ||||||||
Thereafter | ||||||||
Total | $ | |||||||
Less: Interest | ( | |||||||
Present value of lease liabilities | $ |
Shares | Weighted- Average Grant Date Fair Value | |||||||||||||
Unvested at beginning of period | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ( | |||||||||||||
Forfeited or expired | ( | |||||||||||||
Unvested at end of period | $ |
(In thousands) | Industrial | Water Treatment | Health and Nutrition | Total | ||||||||||||||||||||||
Three months ended July 3, 2022: | ||||||||||||||||||||||||||
Sales | $ | $ | $ | $ | ||||||||||||||||||||||
Gross profit | ||||||||||||||||||||||||||
Selling, general, and administrative expenses | ||||||||||||||||||||||||||
Operating income | ||||||||||||||||||||||||||
Three months ended June 27, 2021: | ||||||||||||||||||||||||||
Sales | $ | $ | $ | $ | ||||||||||||||||||||||
Gross profit | ||||||||||||||||||||||||||
Selling, general, and administrative expenses | ||||||||||||||||||||||||||
Operating income | ||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||
July 3, 2022 | June 27, 2021 | |||||||||||||
Sales | 100.0 | % | 100.0 | % | ||||||||||
Cost of sales | (81.0) | % | (78.5) | % | ||||||||||
Gross profit | 19.0 | % | 21.5 | % | ||||||||||
Selling, general and administrative expenses | (7.7) | % | (9.3) | % | ||||||||||
Operating income | 11.3 | % | 12.2 | % | ||||||||||
Interest expense, net | (0.4) | % | (0.2) | % | ||||||||||
Other (expense) income | (0.3) | % | 0.1 | % | ||||||||||
Income before income taxes | 10.6 | % | 12.1 | % | ||||||||||
Income tax expense | (2.6) | % | (3.0) | % | ||||||||||
Net income | 8.0 | % | 9.1 | % |
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of a Publicly Announced Plan or Program | Maximum Number of Shares that May Yet be Purchased under Plans or Programs (2) | ||||||||||||||||||||||
04/04/2022-05/01/2022 | 36,410 | (1) | $ | 42.57 | — | 311,005 | ||||||||||||||||||||
05/02/2022-05/29/2022 | 23,090 | 34.83 | 23,090 | 287,915 | ||||||||||||||||||||||
05/30/2022-07/03/2022 | 158,567 | 36.32 | 158,567 | 129,348 | ||||||||||||||||||||||
Total | 218,067 | 181,657 |
Exhibit | Description | Method of Filing | ||||||||||||
3.1 | Incorporated by Reference | |||||||||||||
3.2 | Incorporated by Reference | |||||||||||||
31.1 | Filed Electronically | |||||||||||||
31.2 | Filed Electronically | |||||||||||||
32.1 | Filed Electronically | |||||||||||||
32.2 | Filed Electronically | |||||||||||||
101 | Financial statements from the Quarterly Report on Form 10-Q of Hawkins, Inc. for the period ended July 3, 2022 filed with the SEC on August 4, 2022 formatted in Inline Extensible Business Reporting Language (iXBRL); (i) the Condensed Consolidated Balance Sheets at July 3, 2022 and April 3, 2022, (ii) the Condensed Consolidated Statements of Income for the three months ended July 3, 2022 and June 27, 2021, (iii) the Condensed Consolidated Statements of Comprehensive Income for the three months ended July 3, 2022 and June 27, 2021, (iv) the Condensed Consolidated Statements of Shareholder's Equity for the three months ended July 3, 2022 and June 27, 2021, (v) the Condensed Consolidated Statements of Cash Flows for the three months ended July 3, 2022 and June 27, 2021, and (vi) Notes to Condensed Consolidated Financial Statements. | Filed Electronically | ||||||||||||
104 | Cover Page Interactive Data File (embedded within the inline XBRL document) | Filed Electronically |
HAWKINS, INC. | |||||||||||
By: | /s/ Jeffrey P. Oldenkamp | ||||||||||
Jeffrey P. Oldenkamp | |||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||
(On behalf of the registrant and as principal financial and accounting officer) |
/s/ Patrick H. Hawkins | |||||
Patrick H. Hawkins | |||||
Chief Executive Officer and President |
/s/ Jeffrey P. Oldenkamp | |||||
Jeffrey P. Oldenkamp | |||||
Executive Vice President and Chief Financial Officer |
/s/ Patrick H. Hawkins | ||
Patrick H. Hawkins | ||
Chief Executive Officer and President | ||
August 4, 2022 |
/s/ Jeffrey P. Oldenkamp | ||
Jeffrey P. Oldenkamp | ||
Executive Vice President and Chief Financial Officer | ||
August 4, 2022 |
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares |
Jul. 03, 2022 |
Apr. 03, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common Stock, Shares Authorized | 60,000,000 | 60,000,000 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares, Issued | 20,807,338 | 20,889,777 |
Common Stock, Shares, Outstanding | 20,807,338 | 20,889,777 |
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jul. 03, 2022 |
Jun. 27, 2021 |
|
Income Statement [Abstract] | ||
Sales | $ 246,543 | $ 181,241 |
Cost of sales | (199,794) | (142,267) |
Gross profit | 46,749 | 38,974 |
Selling, general and administrative expenses | (18,885) | (16,856) |
Operating income | 27,864 | 22,118 |
Interest expense, net | (929) | (349) |
Other (expense) income | (763) | 232 |
Income before income taxes | 26,172 | 22,001 |
Income tax expense | (6,477) | (5,373) |
Net income | $ 19,695 | $ 16,628 |
Weighted average number of shares outstanding - basic | 20,908,823 | 21,034,302 |
Weighted average number of shares outstanding - diluted | 21,033,549 | 21,178,320 |
Basic earnings per share | ||
Basic earnings per share | $ 0.94 | $ 0.79 |
Diluted earnings per share | ||
Diluted earnings per share | 0.94 | 0.79 |
Cash dividends declared per common share | $ 0.1400 | $ 0.1225 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jul. 03, 2022 |
Jun. 27, 2021 |
|
Other comprehensive income (loss), net of tax: | ||
Net income | $ 19,695 | $ 16,628 |
Unrealized gain on interest rate swap | 465 | 0 |
Total comprehensive income | $ 20,160 | $ 16,628 |
Accounting Policies |
3 Months Ended |
---|---|
Jul. 03, 2022 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation. 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 financial statements should be read in conjunction with the consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended April 3, 2022, previously filed with the Securities and Exchange Commission (“SEC”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly our financial position and the results of our operations and cash flows for the periods presented. All adjustments made to the interim condensed consolidated financial statements were of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended July 3, 2022 are not necessarily indicative of the results that may be expected for the full year. References to fiscal 2022 refer to the fiscal year ended April 3, 2022 and references to fiscal 2023 refer to the fiscal year ending April 2, 2023. Use of Estimates. The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, particularly receivables, inventories, property, plant and equipment, right-of-use assets, goodwill, intangibles, accrued expenses, short-term and long-term lease liability, income taxes and related accounts and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Accounting Policies. The accounting policies we follow are set forth in Note 1 – Nature of Business and Significant Accounting Policies to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended April 3, 2022, previously filed with the SEC. There has been no significant change in our accounting policies since the end of fiscal 2022.
|
Business Combinations |
3 Months Ended |
---|---|
Jul. 03, 2022 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | Acquisitions Acquisition of NAPCO Chemical Company, Inc.: In the fourth quarter of fiscal 2022, we acquired substantially all the assets of NAPCO Chemical Company, Inc. ("NAPCO"), under the terms of an asset purchase agreement with NAPCO and certain other parties thereto, to further the geographic reach of our Water Treatment segment. We paid $18.5 million at closing for the acquisition, and an additional $0.5 million for a working capital adjustment. NAPCO manufactured and distributed water treatment chemicals from three locations in Texas. The results of operations since the acquisition date, and the assets, including the goodwill associated with this acquisition, are included in our Water Treatment segment. Costs associated with this transaction were not material and were expensed as incurred. Acquisition of Water and Waste Specialties, Inc.: In the third quarter of fiscal 2022, we acquired substantially all the assets of Water and Waste Specialties, Inc., under the terms of a purchase agreement with Water and Waste Specialties and its shareholders. We paid $1.4 million at closing for the acquisition. Water and Waste Specialties was a water treatment chemical distribution company operating primarily in Alabama. The results of operations since the acquisition date, and the assets, including the goodwill associated with this acquisition, are included in our Water Treatment segment. Costs associated with this transaction were not material and were expensed as incurred. Acquisition of Southeast Water Systems LLC: In the second quarter of fiscal 2022, we acquired substantially all the assets of Southeast Water Systems LLC, under the terms of an asset purchase agreement with Southeast Water Systems and its shareholders. We paid $1.2 million at closing for the acquisition and may pay up to an additional $1.0 million over the next three years based on achieving certain goals. Southeast Water Systems supplied and installed water treatment chemical equipment to its customers located primarily in Alabama, southern Georgia and the Florida panhandle. The results of operations since the acquisition date, and the assets, including the goodwill associated with this acquisition, are included in our Water Treatment segment. Costs associated with this transaction were not material and were expensed as incurred.
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Revenue |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disaggregation of Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer | Revenue Our revenue arrangements generally consist of a single performance obligation to transfer promised goods or services. We disaggregate revenues from contracts with customers by operating segments as well as types of products sold. Reporting by operating segment is pertinent to understanding our revenues, as it aligns to how we review the financial performance of our operations. Types of products sold within each operating segment help us to further evaluate the financial performance of our segments. The following tables disaggregate external customer net sales by major revenue stream for the three months ended July 3, 2022 and June 27, 2021:
(1)For our Industrial and Water Treatment segments, this line includes our non-bulk specialty products that we either manufacture, blend, repackage, resell in their original form, or direct ship to our customers in smaller quantities, and services we provide for our customers. For our Health and Nutrition segment, this line includes products manufactured, processed or repackaged in our facility and/or with our equipment. (2)This line includes non-manufactured distributed specialty products in our Health and Nutrition segment, which may be sold out of one of our facilities or direct shipped to our customers. (3)This line includes bulk products in our Industrial and Water Treatment segments that we do not modify in any way, but receive, store, and ship from our facilities, or direct ship to our customers in large quantities.
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Earnings per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net earnings by the weighted-average number of common shares outstanding. Diluted EPS includes the dilutive impact of incremental shares assumed to be issued as performance units and restricted stock. Basic and diluted EPS were calculated using the following:
For each of the periods presented, there were no shares excluded from the calculation of weighted-average common shares for diluted EPS.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Fair Value Measurements Our financial assets and liabilities are measured at fair value at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The carrying value of cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value because of the short-term nature of these instruments. Because of the variable-rate nature of our debt under our credit facility, our debt also approximates fair value. Assets and Liabilities Measured at Fair Value on a Recurring Basis. The fair value hierarchy requires the use of observable market data when available. In instances where inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. Our financial assets that are measured at fair value on a recurring basis are an interest rate swap and assets held in a deferred compensation retirement plan. Both of these assets are classified as other long-term assets on our balance sheet, with the portion of the deferred compensation retirement plan assets expected to be paid within twelve months classified as current assets. The fair value of the interest rate swap is determined by the respective counterparties based on interest rate changes. Interest rate swaps are valued based on observable interest rate yield curves for similar instruments. The deferred compensation plan assets relate to contributions made to a non-qualified compensation plan on behalf of certain employees who are classified as “highly compensated employees” as determined by IRS guidelines. The assets are part of a rabbi trust and the funds are held in mutual funds. The fair value of the deferred compensation is based on the quoted market prices for the mutual funds at the end of the period. The following tables summarize the balances of assets and liabilities measured at fair value on a recurring basis as of July 3, 2022 and April 3, 2022. 0
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories at July 3, 2022 and April 3, 2022 consisted of the following:
The first in, first out (“FIFO”) value of inventories accounted for under the last in, first out (“LIFO”) method was $93.9 million at July 3, 2022 and $83.7 million at April 3, 2022. The remainder of the inventory was valued and accounted for under the FIFO method.
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Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets The carrying amount of goodwill was $77.4 million as of July 3, 2022 and April 3, 2022, of which $44.9 million was related to our Health and Nutrition segment, $26.0 million was related to our Water Treatment segment, and $6.5 million was related to our Industrial segment. A summary of our intangible assets as of July 3, 2022 and April 3, 2022 is as follows:
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Debt |
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Debt | Debt Debt at July 3, 2022 and April 3, 2022 consisted of the following:
We were in compliance with all covenants of our credit agreement as of July 3, 2022.
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Income Taxes |
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Jul. 03, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes We are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The tax years prior to our fiscal year ended March 31, 2019 are closed to examination by the Internal Revenue Service, and with few exceptions, state and local income tax jurisdictions. Our effective income tax rate was 25% for the current quarter, compared to 24% for the three months ended June 27, 2021. The effective tax rate is impacted by projected levels of annual taxable income, permanent items, and state taxes. |
Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Leases [Text Block] | Leases Lease Obligations. As of July 3, 2022, we were obligated under operating lease agreements for certain manufacturing facilities, warehouse space, the land on which some of our facilities sit, vehicles and information technology equipment. Our leases have remaining original lease terms of 1 year to 22 years, some of which include options to extend the lease for up to 10 years. As of July 3, 2022, our operating lease components with initial or remaining terms in excess of one year were classified on the condensed consolidated balance sheet within right of use assets, short-term lease liability and long-term lease liability. Expense for leases less than 12 months was not material for the three months ended July 3, 2022 and June 27, 2021. Total lease expense was $0.8 million and $0.7 million for the three months ended July 3, 2022 and June 27, 2021. Other information related to our operating leases was as follows:
Maturities of lease liabilities as of July 3, 2022 were as follows:
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Share Based Compensation |
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Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation Performance-Based Restricted Stock Units. Our Board of Directors (the “Board”) approved a performance-based equity compensation arrangement for our executive officers during the first quarters of each of fiscal 2023 and fiscal 2022. These performance-based arrangements provide for the grant of performance-based restricted stock units that represent a possible future issuance of restricted shares of our common stock based on a pre-tax income target for the applicable fiscal year. The actual number of restricted shares to be issued to each executive officer is determined when our final financial information becomes available after the applicable fiscal year and will be between zero shares and 76,863 shares in the aggregate for fiscal 2023. The restricted shares issued, if any, will fully vest approximately two years after the last day of the fiscal year on which the performance is based. We are recording the compensation expense for the outstanding performance share units and the converted restricted stock over the life of the awards. The following table represents the restricted stock activity for the three months ended July 3, 2022:
We recorded compensation expense related to performance share units and restricted stock of $0.4 million for the three months ended July 3, 2022 and $0.6 million for the three months ended June 27, 2021. Substantially all of the compensation expense was recorded in selling, general and administrative expenses in the condensed consolidated statements of income. Restricted Stock Awards. As part of their retainer, our non-employee directors receive restricted stock for their Board services. The restricted stock awards are generally expensed over a one-year vesting period, based on the market value on the date of grant. As of July 3, 2022, there were 10,287 shares of restricted stock with an average grant date fair value of $32.80 outstanding under this program. Compensation expense for both the three months ended July 3, 2022 and June 27, 2021 related to restricted stock awards to the Board was $0.1 million.
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Share Repurchase Program |
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Jul. 03, 2022 | |
Investment Company, Capital Share Transactions, Stock Repurchased [Abstract] | |
Share Repurchase Program | Share Repurchase Program As of July 3, 2022, our Board had authorized the repurchase of up to 1.6 million shares of our outstanding common stock for cash on the open market or in privately negotiated transactions subject to applicable securities laws and regulations. Upon purchase of the shares, we reduce our common stock for the par value of the shares with the excess applied against additional paid-in capital. During the three months ended July 3, 2022, we repurchased 181,657 shares at an aggregate purchase price of $6.6 million. During the three months ended June 27, 2021, we repurchased 100,954 shares at an aggregate purchase price of $3.4 million. As of July 3, 2022, 129,348 shares remained available to be repurchased under the share repurchase program. On August 4, 2022, our Board increased the number of shares authorized to be repurchased to 2.6 million. Accordingly, as of August 4, 2022, 1,129,348 shares remain available to be repurchased under the share repurchase program.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information We have three reportable segments: Industrial, Water Treatment, and Health and Nutrition. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in our Annual Report on Form 10-K for the fiscal year ended April 3, 2022. We evaluate performance based on profit or loss from operations before income taxes not including nonrecurring gains and losses. Reportable segments are defined primarily by product and type of customer. Segments are responsible for the sales, marketing and development of their products and services. We allocate certain corporate expenses to our operating segments. There are no intersegment sales and no operating segments have been aggregated. No single customer’s revenues amounted to 10% or more of our total revenue. Sales are primarily within the United States and all assets are located within the United States.
No significant changes to identifiable assets by segment occurred during the three months ended July 3, 2022.
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Revenue (Tables) |
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Disaggregation of Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] | The following tables disaggregate external customer net sales by major revenue stream for the three months ended July 3, 2022 and June 27, 2021:
(1)For our Industrial and Water Treatment segments, this line includes our non-bulk specialty products that we either manufacture, blend, repackage, resell in their original form, or direct ship to our customers in smaller quantities, and services we provide for our customers. For our Health and Nutrition segment, this line includes products manufactured, processed or repackaged in our facility and/or with our equipment. (2)This line includes non-manufactured distributed specialty products in our Health and Nutrition segment, which may be sold out of one of our facilities or direct shipped to our customers. (3)This line includes bulk products in our Industrial and Water Treatment segments that we do not modify in any way, but receive, store, and ship from our facilities, or direct ship to our customers in large quantities.
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Earnings per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 03, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of basic and diluted EPS | Basic and diluted EPS were calculated using the following:
|
Fair Value Measurements (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 03, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | The following tables summarize the balances of assets and liabilities measured at fair value on a recurring basis as of July 3, 2022 and April 3, 2022. 0
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Inventories (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 03, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Inventories | Inventories at July 3, 2022 and April 3, 2022 consisted of the following:
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Goodwill and Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of intangible assets and goodwill | A summary of our intangible assets as of July 3, 2022 and April 3, 2022 is as follows:
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Debt (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 03, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Debt at July 3, 2022 and April 3, 2022 consisted of the following:
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Leases (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 03, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other information related to our operating leases [Table Text Block] | Other information related to our operating leases was as follows:
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Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of lease liabilities as of July 3, 2022 were as follows:
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Share Based Compensation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 03, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance-Based Restricted Stock [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of performance-based restricted stock units | The following table represents the restricted stock activity for the three months ended July 3, 2022:
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Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 03, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Segment Information |
|
Business Combinations (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Apr. 03, 2022 |
Dec. 26, 2021 |
Sep. 26, 2021 |
|
NAPCO Chemical Company, Inc. | |||
Asset Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 18,500 | ||
Other Payments to Acquire Businesses | $ 500 | ||
Water and Waste Specialties, Inc. | |||
Asset Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 1,400 | ||
Southeast Water Systems LLC | |||
Asset Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 1,200 | ||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1,000 |
Earnings per Share (Details) - shares |
3 Months Ended | |
---|---|---|
Jul. 03, 2022 |
Jun. 27, 2021 |
|
Summary of basic and diluted EPS | ||
Weighted-average common shares outstanding—basic | 20,908,823 | 21,034,302 |
Dilutive impact of performance units and restricted stock | 124,726 | 144,018 |
Weighted-average common shares outstanding—diluted | 21,033,549 | 21,178,320 |
Earnings per Share (Details Textual) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Jul. 03, 2022 |
Jun. 27, 2021 |
|
Earnings Per Share [Abstract] | ||
Shares or stock options excluded from the calculation of diluted EPS | 0 | 0 |
Fair Value Measurements (Details) - USD ($) $ in Thousands |
Jul. 03, 2022 |
Apr. 03, 2022 |
---|---|---|
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan asset | $ 7,632 | $ 7,038 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap | $ 2,406 | $ 1,769 |
Inventories (Details) - USD ($) $ in Thousands |
Jul. 03, 2022 |
Apr. 03, 2022 |
---|---|---|
Summary of Inventories | ||
Inventory (FIFO basis) | $ 130,107 | $ 116,325 |
LIFO reserve | (25,119) | (21,340) |
Net inventory | 104,988 | 94,985 |
LIFO Inventory Amount | $ 93,900 | $ 83,700 |
Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands |
Jul. 03, 2022 |
Apr. 03, 2022 |
---|---|---|
Goodwill [Line Items] | ||
Goodwill | $ 77,401 | $ 77,401 |
Health and Nutrition [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 44,900 | |
Water Treatment [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 26,000 | |
Industrial [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 6,500 |
Debt (Details) - USD ($) $ in Thousands |
Jul. 03, 2022 |
Apr. 03, 2022 |
---|---|---|
Debt Disclosure [Abstract] | ||
Senior secured revolving loan | $ 159,500 | $ 126,000 |
Less: unamortized debt issuance costs | (421) | (443) |
Total debt, net of debt issuance costs | 159,079 | 125,557 |
Less: current portion of long-term debt | (9,913) | (9,913) |
Total long-term debt | $ 149,166 | $ 115,644 |
Income Taxes (Details) |
3 Months Ended | |
---|---|---|
Jul. 03, 2022
Rate
|
Jun. 27, 2021
Rate
|
|
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | (25.00%) | (24.00%) |
Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Jul. 03, 2022 |
Jun. 27, 2021 |
Apr. 03, 2022 |
|
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Option to Extend | 10 years | ||
Short-term Lease, Expense | $ 0 | $ 0 | |
Operating Lease, Expense | $ 800 | $ 700 | |
Operating Lease, Weighted Average Remaining Lease Term | 8 years 11 months 4 days | 8 years 10 months 28 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 2.50% | 2.60% | |
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Renewal Term | 1 year | ||
Maximum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Renewal Term | 22 years |
Leases maturities (Details) $ in Thousands |
Jul. 03, 2022
USD ($)
|
---|---|
Leases [Abstract] | |
Remaining fiscal 2023 | $ 1,250 |
Fiscal 2024 | 1,393 |
Fiscal 2025 | 1,330 |
Fiscal 2026 | 1,268 |
Fiscal 2027 | 1,239 |
Thereafter | 5,024 |
Total | 11,504 |
Less: Interest | (1,383) |
Present value of lease liabilities | $ 10,121 |
Share Repurchase Program (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Jul. 03, 2022 |
Jun. 27, 2021 |
Aug. 04, 2022 |
|
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,600,000 | ||
Stock Repurchased During Period, Shares | 181,657 | 100,954 | |
Stock Repurchased During Period, Value | $ 6.6 | $ 3.4 | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 129,348 | ||
Subsequent Event [Member] | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,600,000 | ||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 1,129,348 |
Segment Information (Details Textual) |
3 Months Ended |
---|---|
Jul. 03, 2022
Segment
| |
Segment Reporting Information [Line Items] | |
Number of reportable segments (segments) | 3 |
Intersegment sales | no |
Number of operating segments aggregated (segments) | 0 |
Number of customer representing 10 percent or more of revenue (customers) | No |
Quarterly Financial Information, Segment Reporting, Segment Assets, Material Change | No |
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Jul. 03, 2022 |
Jun. 27, 2021 |
|
Segment Reporting Information [Line Items] | ||
Sales | $ 246,543 | $ 181,241 |
Gross profit | 46,749 | 38,974 |
Selling, general, and administrative expenses | 18,885 | 16,856 |
Operating income | 27,864 | 22,118 |
Industrial [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales | 124,710 | 85,850 |
Gross profit | 20,009 | 14,254 |
Selling, general, and administrative expenses | 6,385 | 6,241 |
Operating income | 13,624 | 8,013 |
Water Treatment [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales | 78,490 | 56,238 |
Gross profit | 18,953 | 16,234 |
Selling, general, and administrative expenses | 8,701 | 7,062 |
Operating income | 10,252 | 9,172 |
Health and Nutrition [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales | 43,343 | 39,153 |
Gross profit | 7,787 | 8,486 |
Selling, general, and administrative expenses | 3,799 | 3,553 |
Operating income | $ 3,988 | $ 4,933 |
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