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FOR IMMEDIATE RELEASE
John R. Hawkins
Chief Executive Officer
Kathleen P. Pepski
Chief Financial Officer
HAWKINS, INC. REPORTS
THIRD QUARTER, FIRST NINE MONTHS FISCAL 2009 RESULTS
Sales increase 59.7% for the quarter
Net income of $7.0 million for the quarter
Third quarter earnings per share of $0.68 compared to $0.15 in same period of prior year
Minneapolis, MN, February 5, 2009 Hawkins, Inc. (Nasdaq: HWKN) today announced third quarter and nine months results for fiscal 2009. Sales of $77.4 million for the quarter ended December 31, 2008 represent an increase of 59.7% over $48.5 million in sales for the same period in the prior fiscal year. Net income for the third quarter of fiscal 2009 was $7.0 million, or $0.68 per share, fully diluted, compared to net income for the same period of fiscal 2008 of $1.5 million, or $0.15 per share, fully diluted. Income from operations for the quarter was negatively impacted by a LIFO inventory charge of approximately $1.7 million (approximately $1.1 million, or $0.10 per share, after tax) resulting from increased inventory costs and, to a lesser extent, higher inventory levels. The LIFO charge was negligible in the third quarter of the prior fiscal year.
For the nine months ended December 31, 2008, Hawkins reported sales of $222.9 million and net income of $18.7 million, or $1.82 per share, fully diluted, as compared to sales of $145.2 million and net income of $7.4 million, or $0.72 per share, fully diluted, for the same period in the prior year. Income from operations for the nine months ended December 31, 2008 was negatively impacted by a LIFO inventory charge of approximately $7.0 million (approximately $4.3 million, or $0.42 per share, after tax). The LIFO charge was negligible for the nine months ended December 31, 2007.
For the quarter ended December 31, 2008, Industrial segment sales were $56.2 million, an increase of 73.9% over last years fiscal third quarter sales of $32.3 million. Water Treatment segment sales for the quarter ended December 31, 2008 were $19.3 million, an increase of 42.2% over last years fiscal third quarter sales of $13.6 million. The changes to both of these segments were driven largely by increases in selling prices related to escalating material costs along most product lines. Pharmaceutical sales decreased by $0.7 million for the quarter ended December 31, 2008 as compared to the same period in the prior year.
Gross profit margin as a percentage of sales for the quarter and nine months ended December 31, 2008 was 24.0% and 22.7%, respectively, as compared to 18.8% and 22.6%, respectively, for the same periods a year ago. The increase in gross profit and the higher margin as a percentage of sales were primarily due to the sale of lower-cost inventory on hand and, to a lesser extent, higher margins from the sale of certain high-demand and supply-constrained products. The margin rate reported in the current year was negatively impacted by the fiscal 2009 classification of certain expenses as cost of sales instead of selling, general, and administrative (SG&A) expenses and the LIFO charge noted above.
The following information was filed by Hawkins Inc (HWKN) on Friday, February 6, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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