(State of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Description | Method of Filing | ||||||||||||
Press Release, dated January 31, 2024, announcing financial results of Hawkins, Inc. for its fiscal 2024 third quarter ended December 31, 2023. | Filed Electronically | |||||||||||||
104 | Cover Page Interactive Data File (embedded within the inline XBRL document) | Filed Electronically |
HAWKINS, INC. | ||||||||||||||
Date: January 31, 2024 | By: | /s/ Jeffrey P. Oldenkamp | ||||||||||||
Jeffrey P. Oldenkamp | ||||||||||||||
Executive Vice President and Chief Financial Officer |
Exhibit 99.1 | |||||||||||
Adjusted EBITDA | Three Months Ended | Nine months ended | |||||||||||||||||||||
(In thousands) | December 31, 2023 | January 1, 2023 | December 31, 2023 | January 1, 2023 | |||||||||||||||||||
Net Income (GAAP) | $ | 14,885 | $ | 10,733 | $ | 61,531 | $ | 48,428 | |||||||||||||||
Interest expense, net | 1,168 | 1,546 | 3,033 | 3,858 | |||||||||||||||||||
Income tax expense | 3,274 | 3,453 | 20,289 | 16,637 | |||||||||||||||||||
Amortization of intangibles | 2,392 | 1,741 | 5,786 | 5,247 | |||||||||||||||||||
Depreciation expense | 5,951 | 5,261 | 17,063 | 15,126 | |||||||||||||||||||
Non-cash compensation expense | 1,287 | 1,084 | 3,506 | 2,764 | |||||||||||||||||||
Non-recurring acquisition expenses | 710 | 832 | — | ||||||||||||||||||||
Adjusted EBITDA | $ | 29,667 | $ | 23,818 | $ | 112,040 | $ | 92,060 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
December 31, 2023 | January 01, 2023 | December 31, 2023 | January 01, 2023 | |||||||||||||||||||||||
Sales | $ | 208,496 | $ | 219,218 | $ | 696,142 | $ | 706,953 | ||||||||||||||||||
Cost of sales | (166,248) | (182,947) | (548,017) | (577,559) | ||||||||||||||||||||||
Gross profit | 42,248 | 36,271 | 148,125 | 129,394 | ||||||||||||||||||||||
Selling, general and administrative expenses | (23,774) | (21,004) | (64,173) | (59,727) | ||||||||||||||||||||||
Operating income | 18,474 | 15,267 | 83,952 | 69,667 | ||||||||||||||||||||||
Interest expense, net | (1,168) | (1,546) | (3,033) | (3,858) | ||||||||||||||||||||||
Other income (expense) | 853 | 465 | 901 | (744) | ||||||||||||||||||||||
Income before income taxes | 18,159 | 14,186 | 81,820 | 65,065 | ||||||||||||||||||||||
Income tax expense | (3,274) | (3,453) | (20,289) | (16,637) | ||||||||||||||||||||||
Net income | $ | 14,885 | $ | 10,733 | $ | 61,531 | $ | 48,428 | ||||||||||||||||||
Weighted average number of shares outstanding - basic | 20,781,632 | 20,818,347 | 20,864,349 | 20,847,285 | ||||||||||||||||||||||
Weighted average number of shares outstanding - diluted | 20,907,321 | 20,974,264 | 21,004,077 | 21,004,849 | ||||||||||||||||||||||
Basic earnings per share | $ | 0.72 | $ | 0.52 | $ | 2.95 | $ | 2.32 | ||||||||||||||||||
Diluted earnings per share | $ | 0.71 | $ | 0.51 | $ | 2.93 | $ | 2.31 | ||||||||||||||||||
Cash dividends declared per common share | $ | 0.16 | $ | 0.14 | $ | 0.47 | $ | 0.42 |
December 31, 2023 | April 2, 2023 | |||||||||||||
ASSETS | ||||||||||||||
CURRENT ASSETS: | ||||||||||||||
Cash and cash equivalents | $ | 5,741 | $ | 7,566 | ||||||||||
Trade accounts receivables, net | 113,016 | 129,252 | ||||||||||||
Inventories | 68,805 | 88,777 | ||||||||||||
Prepaid expenses and other current assets | 7,442 | 6,449 | ||||||||||||
Total current assets | 195,004 | 232,044 | ||||||||||||
PROPERTY, PLANT, AND EQUIPMENT: | 376,952 | 344,753 | ||||||||||||
Less accumulated depreciation | 173,457 | 158,950 | ||||||||||||
Net property, plant, and equipment | 203,495 | 185,803 | ||||||||||||
OTHER ASSETS: | ||||||||||||||
Right-of-use assets | 13,400 | 10,199 | ||||||||||||
Goodwill | 101,495 | 77,401 | ||||||||||||
Intangible assets, net of accumulated amortization | 116,728 | 73,060 | ||||||||||||
Deferred compensation plan asset | 9,617 | 7,367 | ||||||||||||
Other | 4,308 | 4,661 | ||||||||||||
Total other assets | 245,548 | 172,688 | ||||||||||||
Total assets | $ | 644,047 | $ | 590,535 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||
Accounts payable — trade | $ | 42,857 | $ | 53,705 | ||||||||||
Accrued payroll and employee benefits | 17,753 | 17,279 | ||||||||||||
Income tax payable | 1,504 | 3,329 | ||||||||||||
Current portion of long-term debt | 9,913 | 9,913 | ||||||||||||
Other current liabilities | 7,651 | 6,645 | ||||||||||||
Total current liabilities | 79,678 | 90,871 | ||||||||||||
LONG-TERM DEBT, LESS CURRENT PORTION | 109,797 | 101,731 | ||||||||||||
LONG-TERM LEASE LIABILITY | 11,107 | 8,687 | ||||||||||||
PENSION WITHDRAWAL LIABILITY | 3,633 | 3,912 | ||||||||||||
DEFERRED INCOME TAXES | 23,698 | 23,800 | ||||||||||||
DEFERRED COMPENSATION LIABILITY | 11,437 | 9,343 | ||||||||||||
OTHER LONG-TERM LIABILITIES | 10,943 | 2,175 | ||||||||||||
Total liabilities | 250,293 | 240,519 | ||||||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||||
SHAREHOLDERS’ EQUITY: | ||||||||||||||
Common stock; authorized: 60,000,000 shares of $0.01 par value; 20,790,292 and 20,850,454 shares issued and outstanding as of December 31, 2023 and April 2, 2023, respectively | 208 | 209 | ||||||||||||
Additional paid-in capital | 36,781 | 44,443 | ||||||||||||
Retained earnings | 354,069 | 302,424 | ||||||||||||
Accumulated other comprehensive income | 2,696 | 2,940 | ||||||||||||
Total shareholders’ equity | 393,754 | 350,016 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 644,047 | $ | 590,535 |
Nine Months Ended | ||||||||||||||
December 31, 2023 | January 1, 2023 | |||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||
Net income | $ | 61,531 | $ | 48,428 | ||||||||||
Reconciliation to cash flows: | ||||||||||||||
Depreciation and amortization | 22,849 | 20,373 | ||||||||||||
Operating leases | 1,884 | 1,442 | ||||||||||||
(Gain) loss on deferred compensation assets | (901) | 744 | ||||||||||||
Stock compensation expense | 3,506 | 2,764 | ||||||||||||
Other | 70 | 225 | ||||||||||||
Changes in operating accounts providing (using) cash: | ||||||||||||||
Trade receivables | 22,500 | (2,336) | ||||||||||||
Inventories | 25,665 | (6,596) | ||||||||||||
Accounts payable | (14,334) | (16,231) | ||||||||||||
Accrued liabilities | (610) | (3,652) | ||||||||||||
Lease liabilities | (1,804) | (1,453) | ||||||||||||
Income taxes | (1,824) | 1,762 | ||||||||||||
Other | (922) | (929) | ||||||||||||
Net cash provided by operating activities | 117,610 | 44,541 | ||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||
Purchases of property, plant, and equipment | (28,248) | (32,307) | ||||||||||||
Acquisitions | (78,855) | — | ||||||||||||
Other | 723 | 352 | ||||||||||||
Net cash used in investing activities | (106,380) | (31,955) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||
Cash dividends declared and paid | (9,886) | (8,843) | ||||||||||||
New shares issued | 2,243 | 2,014 | ||||||||||||
Payroll taxes paid in exchange for shares withheld | (2,140) | (1,550) | ||||||||||||
Shares repurchased | (11,272) | (6,557) | ||||||||||||
Payments on revolving loan | (67,000) | (40,000) | ||||||||||||
Proceeds from revolving loan borrowings | 75,000 | 45,000 | ||||||||||||
Net cash used in financing activities | (13,055) | (9,936) | ||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (1,825) | 2,650 | ||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 7,566 | 3,496 | ||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 5,741 | $ | 6,146 | ||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||||||||
Cash paid for income taxes | $ | 22,125 | $ | 14,847 | ||||||||||
Cash paid for interest | $ | 3,252 | $ | 3,345 | ||||||||||
Noncash investing activities - capital expenditures in accounts payable | $ | 2,887 | $ | 3,844 |
Industrial | Water Treatment | Health and Nutrition | Total | |||||||||||||||||||||||
Three months ended December 31, 2023: | ||||||||||||||||||||||||||
Sales | $ | 92,990 | $ | 82,019 | $ | 33,487 | $ | 208,496 | ||||||||||||||||||
Gross profit | 16,495 | 20,241 | 5,512 | 42,248 | ||||||||||||||||||||||
Selling, general, and administrative expenses | 7,292 | 12,470 | 4,012 | 23,774 | ||||||||||||||||||||||
Operating income | 9,203 | 7,771 | 1,500 | 18,474 | ||||||||||||||||||||||
Three months ended January 1, 2023: | ||||||||||||||||||||||||||
Sales | $ | 114,436 | $ | 68,549 | $ | 36,233 | $ | 219,218 | ||||||||||||||||||
Gross profit | 15,994 | 13,268 | 7,009 | 36,271 | ||||||||||||||||||||||
Selling, general, and administrative expenses | 7,978 | 9,003 | 4,023 | 21,004 | ||||||||||||||||||||||
Operating income | 8,016 | 4,265 | 2,986 | 15,267 | ||||||||||||||||||||||
Nine months ended December 31, 2023: | ||||||||||||||||||||||||||
Sales | $ | 312,398 | $ | 276,595 | $ | 107,149 | $ | 696,142 | ||||||||||||||||||
Gross profit | 53,645 | 75,957 | 18,523 | 148,125 | ||||||||||||||||||||||
Selling, general and administrative expenses | 20,673 | 31,741 | 11,759 | 64,173 | ||||||||||||||||||||||
Operating income | 32,972 | 44,216 | 6,764 | 83,952 | ||||||||||||||||||||||
Nine months ended January 1, 2023: | ||||||||||||||||||||||||||
Sales | $ | 353,085 | $ | 233,527 | $ | 120,341 | $ | 706,953 | ||||||||||||||||||
Gross profit | 53,716 | 52,725 | 22,953 | 129,394 | ||||||||||||||||||||||
Selling, general and administrative expenses | 21,254 | 26,786 | 11,687 | 59,727 | ||||||||||||||||||||||
Operating income | 32,462 | 25,939 | 11,266 | 69,667 |
Cover |
Jan. 31, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jan. 31, 2024 |
Entity Registrant Name | Hawkins, Inc. |
Entity Incorporation, State or Country Code | MN |
Entity File Number | 0-7647 |
Entity Tax Identification Number | 41-0771293 |
Entity Address, Address Line One | 2381 Rosegate, |
Entity Address, City or Town | Roseville, |
Entity Address, State or Province | MN |
Entity Address, Postal Zip Code | 55113 |
City Area Code | 612 |
Local Phone Number | 331-6910 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $.01 per share |
Trading Symbol | HWKN |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000046250 |
Amendment Flag | false |
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