FORM 10-Q |
☒ | 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 |
HAWKINS, INC. | ||
(Exact name of registrant as specified in its charter) |
Minnesota | 41-0771293 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
2381 Rosegate, Roseville, Minnesota | 55113 | ||||
(Address of principal executive offices) | (Zip code) |
(612) 331-6910 | ||
(Registrant’s telephone number, including area code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $.01 per share | HWKN | Nasdaq Stock Market LLC |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||||||
Emerging growth company | ☐ |
CLASS | Shares Outstanding at | |||||||
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 | January 1, 2023 | April 3, 2022 | |||||||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||||||||
CURRENT ASSETS: | CURRENT ASSETS: | CURRENT ASSETS: | ||||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 5,995 | $ | 3,496 | Cash and cash equivalents | $ | 6,146 | $ | 3,496 | ||||||||||||||||||
Trade accounts receivables, net | Trade accounts receivables, net | 138,775 | 122,826 | Trade accounts receivables, net | 125,471 | 122,826 | ||||||||||||||||||||||
Inventories | Inventories | 104,988 | 94,985 | Inventories | 101,581 | 94,985 | ||||||||||||||||||||||
Prepaid expenses and other current assets | Prepaid expenses and other current assets | 3,864 | 6,431 | Prepaid expenses and other current assets | 7,050 | 6,431 | ||||||||||||||||||||||
Total current assets | Total current assets | 253,622 | 227,738 | Total current assets | 240,248 | 227,738 | ||||||||||||||||||||||
PROPERTY, PLANT, AND EQUIPMENT: | PROPERTY, PLANT, AND EQUIPMENT: | 313,186 | 304,055 | PROPERTY, PLANT, AND EQUIPMENT: | 333,781 | 304,055 | ||||||||||||||||||||||
Less accumulated depreciation | Less accumulated depreciation | 146,739 | 142,209 | Less accumulated depreciation | 155,406 | 142,209 | ||||||||||||||||||||||
Net property, plant, and equipment | Net property, plant, and equipment | 166,447 | 161,846 | Net property, plant, and equipment | 178,375 | 161,846 | ||||||||||||||||||||||
OTHER ASSETS: | OTHER ASSETS: | OTHER ASSETS: | ||||||||||||||||||||||||||
Right-of-use assets | Right-of-use assets | 9,976 | 10,606 | Right-of-use assets | 10,551 | 10,606 | ||||||||||||||||||||||
Goodwill | Goodwill | 77,401 | 77,401 | Goodwill | 77,401 | 77,401 | ||||||||||||||||||||||
Intangible assets, net of accumulated amortization | Intangible assets, net of accumulated amortization | 78,435 | 80,193 | Intangible assets, net of accumulated amortization | 74,946 | 80,193 | ||||||||||||||||||||||
Deferred compensation plan asset | Deferred compensation plan asset | 7,285 | 6,783 | Deferred compensation plan asset | 6,987 | 6,783 | ||||||||||||||||||||||
Other | Other | 3,238 | 2,761 | Other | 5,496 | 2,761 | ||||||||||||||||||||||
Total other assets | Total other assets | 176,335 | 177,744 | Total other assets | 175,381 | 177,744 | ||||||||||||||||||||||
Total assets | Total assets | $ | 596,404 | $ | 567,328 | Total assets | $ | 594,004 | $ | 567,328 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||||||
CURRENT LIABILITIES: | CURRENT LIABILITIES: | CURRENT LIABILITIES: | ||||||||||||||||||||||||||
Accounts payable — trade | Accounts payable — trade | $ | 56,376 | $ | 66,693 | Accounts payable — trade | $ | 50,573 | $ | 66,693 | ||||||||||||||||||
Accrued payroll and employee benefits | Accrued payroll and employee benefits | 9,658 | 19,034 | Accrued payroll and employee benefits | 16,320 | 19,034 | ||||||||||||||||||||||
Income tax payable | Income tax payable | 6,684 | 39 | Income tax payable | 1,801 | 39 | ||||||||||||||||||||||
Current portion of long-term debt | Current portion of long-term debt | 9,913 | 9,913 | Current portion of long-term debt | 9,913 | 9,913 | ||||||||||||||||||||||
Short-term lease liability | Short-term lease liability | 1,456 | 1,657 | Short-term lease liability | 1,689 | 1,657 | ||||||||||||||||||||||
Container deposits | 1,557 | 1,558 | ||||||||||||||||||||||||||
Other current liabilities | Other current liabilities | 2,519 | 2,572 | Other current liabilities | 4,584 | 4,130 | ||||||||||||||||||||||
Total current liabilities | Total current liabilities | 88,163 | 101,466 | Total current liabilities | 84,880 | 101,466 | ||||||||||||||||||||||
LONG-TERM DEBT, LESS CURRENT PORTION | LONG-TERM DEBT, LESS CURRENT PORTION | 149,166 | 115,644 | LONG-TERM DEBT, LESS CURRENT PORTION | 120,710 | 115,644 | ||||||||||||||||||||||
LONG-TERM LEASE LIABILITY | LONG-TERM LEASE LIABILITY | 8,665 | 9,143 | LONG-TERM LEASE LIABILITY | 9,082 | 9,143 | ||||||||||||||||||||||
PENSION WITHDRAWAL LIABILITY | PENSION WITHDRAWAL LIABILITY | 4,186 | 4,276 | PENSION WITHDRAWAL LIABILITY | 4,004 | 4,276 | ||||||||||||||||||||||
DEFERRED INCOME TAXES | DEFERRED INCOME TAXES | 23,594 | 23,422 | DEFERRED INCOME TAXES | 24,297 | 23,422 | ||||||||||||||||||||||
DEFERRED COMPENSATION LIABILITY | DEFERRED COMPENSATION LIABILITY | 8,082 | 8,402 | DEFERRED COMPENSATION LIABILITY | 8,384 | 8,402 | ||||||||||||||||||||||
OTHER LONG-TERM LIABILITIES | OTHER LONG-TERM LIABILITIES | 1,271 | 2,374 | OTHER LONG-TERM LIABILITIES | 1,487 | 2,374 | ||||||||||||||||||||||
Total liabilities | Total liabilities | 283,127 | 264,727 | Total liabilities | 252,844 | 264,727 | ||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES | 0 | 0 | COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||||
SHAREHOLDERS’ EQUITY: | SHAREHOLDERS’ EQUITY: | SHAREHOLDERS’ EQUITY: | ||||||||||||||||||||||||||
Common stock; authorized: 60,000,000 shares of $0.01 par value; 20,807,338 and 20,889,777 shares issued and outstanding as of July 3, 2022 and April 3, 2022, respectively | 208 | 209 | ||||||||||||||||||||||||||
Common stock; authorized: 60,000,000 shares of $0.01 par value; 20,850,454 and 20,889,777 shares issued and outstanding as of January 1, 2023 and April 3, 2022, respectively | Common stock; authorized: 60,000,000 shares of $0.01 par value; 20,850,454 and 20,889,777 shares issued and outstanding as of January 1, 2023 and April 3, 2022, respectively | 209 | 209 | |||||||||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 40,192 | 46,717 | Additional paid-in capital | 43,388 | 46,717 | ||||||||||||||||||||||
Retained earnings | Retained earnings | 271,121 | 254,384 | Retained earnings | 293,969 | 254,384 | ||||||||||||||||||||||
Accumulated other comprehensive income | Accumulated other comprehensive income | 1,756 | 1,291 | Accumulated other comprehensive income | 3,594 | 1,291 | ||||||||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 313,277 | 302,601 | Total shareholders’ equity | 341,160 | 302,601 | ||||||||||||||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | $ | 596,404 | $ | 567,328 | Total liabilities and shareholders’ equity | $ | 594,004 | $ | 567,328 |
Three Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
July 3, 2022 | June 27, 2021 | January 1, 2023 | December 26, 2021 | January 1, 2023 | December 26, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Sales | Sales | $ | 246,543 | $ | 181,241 | Sales | $ | 219,218 | $ | 187,050 | $ | 706,953 | $ | 551,568 | ||||||||||||||||||||||||||||||||||||||
Cost of sales | Cost of sales | (199,794) | (142,267) | Cost of sales | (182,947) | (153,110) | (577,559) | (441,367) | ||||||||||||||||||||||||||||||||||||||||||||
Gross profit | Gross profit | 46,749 | 38,974 | Gross profit | 36,271 | 33,940 | 129,394 | 110,201 | ||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | Selling, general and administrative expenses | (18,885) | (16,856) | Selling, general and administrative expenses | (21,004) | (19,681) | (59,727) | (54,216) | ||||||||||||||||||||||||||||||||||||||||||||
Operating income | Operating income | 27,864 | 22,118 | Operating income | 15,267 | 14,259 | 69,667 | 55,985 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense, net | Interest expense, net | (929) | (349) | Interest expense, net | (1,546) | (317) | (3,858) | (995) | ||||||||||||||||||||||||||||||||||||||||||||
Other (expense) income | (763) | 232 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense) | Other income (expense) | 465 | 132 | (744) | 548 | |||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 26,172 | 22,001 | Income before income taxes | 14,186 | 14,074 | 65,065 | 55,538 | ||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (6,477) | (5,373) | Income tax expense | (3,453) | (3,870) | (16,637) | (14,573) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 19,695 | $ | 16,628 | Net income | $ | 10,733 | $ | 10,204 | $ | 48,428 | $ | 40,965 | ||||||||||||||||||||||||||||||||||||||
Weighted average number of shares outstanding - basic | Weighted average number of shares outstanding - basic | 20,908,823 | 21,034,302 | Weighted average number of shares outstanding - basic | 20,818,347 | 20,885,232 | 20,847,285 | 20,968,692 | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average number of shares outstanding - diluted | Weighted average number of shares outstanding - diluted | 21,033,549 | 21,178,320 | Weighted average number of shares outstanding - diluted | 20,974,264 | 21,054,603 | 21,004,849 | 21,142,515 | ||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.94 | $ | 0.79 | Basic earnings per share | $ | 0.52 | $ | 0.49 | $ | 2.32 | $ | 1.95 | ||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.94 | $ | 0.79 | Diluted earnings per share | $ | 0.51 | $ | 0.48 | $ | 2.31 | $ | 1.94 | ||||||||||||||||||||||||||||||||||||||
Cash dividends declared per common share | Cash dividends declared per common share | $ | 0.1400 | $ | 0.1225 | Cash dividends declared per common share | $ | 0.1400 | $ | 0.1300 | $ | 0.4200 | $ | 0.3825 |
Three Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
July 3, 2022 | June 27, 2021 | January 1, 2023 | December 26, 2021 | January 1, 2023 | December 26, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 19,695 | $ | 16,628 | Net income | $ | 10,733 | $ | 10,204 | $ | 48,428 | $ | 40,965 | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax: | Other comprehensive income, net of tax: | Other comprehensive income, net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on interest rate swap | 465 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss) gain on interest rate swap | Unrealized (loss) gain on interest rate swap | (139) | — | 2,303 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | $ | 20,160 | $ | 16,628 | Total comprehensive income | $ | 10,594 | $ | 10,204 | $ | 50,731 | $ | 40,965 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE — April 3, 2022 | BALANCE — April 3, 2022 | 20,889,777 | $ | 209 | $ | 46,717 | $ | 254,384 | $ | 1,291 | $ | 302,601 | BALANCE — April 3, 2022 | 20,889,777 | $ | 209 | $ | 46,717 | $ | 254,384 | $ | 1,291 | $ | 302,601 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared and paid ($0.14 per share) | Cash dividends declared and paid ($0.14 per share) | — | — | — | (2,958) | — | (2,958) | Cash dividends declared and paid ($0.14 per share) | — | — | — | (2,958) | — | (2,958) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | — | 595 | — | — | 595 | Share-based compensation expense | — | — | 595 | — | — | 595 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock | Vesting of restricted stock | 102,860 | 1 | (1) | — | — | — | Vesting of restricted stock | 102,860 | 1 | (1) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares surrendered for payroll taxes | Shares surrendered for payroll taxes | (36,410) | — | (1,550) | — | — | (1,550) | Shares surrendered for payroll taxes | (36,410) | — | (1,550) | — | — | (1,550) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESPP shares issued | ESPP shares issued | 32,768 | — | 986 | — | — | 986 | ESPP shares issued | 32,768 | — | 986 | — | — | 986 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | Shares repurchased | (181,657) | (2) | (6,555) | — | — | (6,557) | Shares repurchased | (181,657) | (2) | (6,555) | — | — | (6,557) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | Other comprehensive income, net of tax | — | — | — | — | 465 | 465 | Other comprehensive income, net of tax | — | — | — | — | 465 | 465 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 19,695 | — | 19,695 | Net income | — | — | — | 19,695 | — | 19,695 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE — July 3, 2022 | BALANCE — July 3, 2022 | 20,807,338 | $ | 208 | $ | 40,192 | $ | 271,121 | $ | 1,756 | $ | 313,277 | BALANCE — July 3, 2022 | 20,807,338 | $ | 208 | $ | 40,192 | $ | 271,121 | $ | 1,756 | $ | 313,277 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared and paid ($0.14 per share) | Cash dividends declared and paid ($0.14 per share) | — | — | — | (2,942) | — | (2,942) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | — | 1,085 | — | — | 1,085 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock | Vesting of restricted stock | 10,287 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESPP shares issued | ESPP shares issued | — | — | 17 | — | — | 17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | Other comprehensive income, net of tax | — | — | — | — | 1,977 | 1,977 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 18,000 | — | 18,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE — October 2, 2022 | BALANCE — October 2, 2022 | 20,817,625 | $ | 208 | $ | 41,294 | $ | 286,179 | $ | 3,733 | $ | 331,414 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared and paid ($0.14 per share) | Cash dividends declared and paid ($0.14 per share) | — | — | — | (2,943) | — | (2,943) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | — | 1,084 | — | — | 1,084 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESPP shares issued | ESPP shares issued | 32,829 | 1 | 1,010 | — | — | 1,011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | Other comprehensive loss, net of tax | — | — | — | — | (139) | (139) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 10,733 | — | 10,733 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE — January 1, 2023 | BALANCE — January 1, 2023 | 20,850,454 | $ | 209 | $ | 43,388 | $ | 293,969 | $ | 3,594 | $ | 341,160 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE — March 28, 2021 | BALANCE — March 28, 2021 | 20,969,746 | $ | 210 | $ | 51,138 | $ | 213,898 | $ | — | $ | 265,246 | BALANCE — March 28, 2021 | 20,969,746 | $ | 210 | $ | 51,138 | $ | 213,898 | $ | — | $ | 265,246 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared and paid ($0.1225 per share) | Cash dividends declared and paid ($0.1225 per share) | — | — | — | (2,600) | — | (2,600) | Cash dividends declared and paid ($0.1225 per share) | — | — | — | (2,600) | — | (2,600) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | — | 799 | — | — | 799 | Share-based compensation expense | — | — | 799 | — | — | 799 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock | Vesting of restricted stock | 123,002 | 1 | (1) | — | — | — | Vesting of restricted stock | 123,002 | 1 | (1) | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares surrendered for payroll taxes | Shares surrendered for payroll taxes | (45,390) | — | (1,467) | — | — | (1,467) | Shares surrendered for payroll taxes | (45,390) | — | (1,467) | — | — | (1,467) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | Shares repurchased | (100,954) | (1) | (3,400) | — | — | (3,401) | Shares repurchased | (100,954) | (1) | (3,400) | — | — | (3,401) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 16,628 | — | 16,628 | Net income | — | — | — | 16,628 | — | 16,628 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE — June 27, 2021 | BALANCE — June 27, 2021 | 20,946,404 | $ | 210 | $ | 47,069 | $ | 227,926 | $ | — | $ | 275,205 | BALANCE — June 27, 2021 | 20,946,404 | $ | 210 | $ | 47,069 | $ | 227,926 | $ | — | $ | 275,205 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared and paid ($0.13 per share) | Cash dividends declared and paid ($0.13 per share) | — | — | — | (2,756) | — | (2,756) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | — | 862 | — | — | 862 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of restricted stock | Vesting of restricted stock | 11,228 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ESPP shares issued | ESPP shares issued | 40,300 | — | 889 | — | — | 889 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | Shares repurchased | (109,009) | (1) | (4,019) | — | — | (4,020) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 14,133 | — | 14,133 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE — September 26, 2021 | BALANCE — September 26, 2021 | 20,888,923 | $ | 209 | $ | 44,801 | $ | 239,303 | $ | — | $ | 284,313 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared and paid ($0.13 per share) | Cash dividends declared and paid ($0.13 per share) | — | — | — | (2,745) | — | (2,745) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | — | — | 1,046 | — | — | 1,046 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | Shares repurchased | (30,538) | — | (1,124) | — | — | (1,124) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | — | 10,204 | $ | — | 10,204 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE — December 26, 2021 | BALANCE — December 26, 2021 | 20,858,385 | $ | 209 | $ | 44,723 | $ | 246,762 | $ | — | $ | 291,694 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||
July 3, 2022 | June 27, 2021 | January 1, 2023 | December 26, 2021 | |||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | CASH FLOWS FROM OPERATING ACTIVITIES: | CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||||
Net income | Net income | $ | 19,695 | $ | 16,628 | Net income | $ | 48,428 | $ | 40,965 | ||||||||||||||||||
Reconciliation to cash flows: | Reconciliation to cash flows: | Reconciliation to cash flows: | ||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 6,558 | 5,935 | Depreciation and amortization | 20,373 | 17,859 | ||||||||||||||||||||||
Operating leases | Operating leases | 476 | 481 | Operating leases | 1,442 | 1,416 | ||||||||||||||||||||||
Loss (Gain) on deferred compensation assets | Loss (Gain) on deferred compensation assets | 763 | (232) | Loss (Gain) on deferred compensation assets | 744 | (548) | ||||||||||||||||||||||
Stock compensation expense | Stock compensation expense | 595 | 799 | Stock compensation expense | 2,764 | 2,707 | ||||||||||||||||||||||
Other | Other | 273 | 67 | Other | 225 | 379 | ||||||||||||||||||||||
Changes in operating accounts providing (using) cash: | Changes in operating accounts providing (using) cash: | Changes in operating accounts providing (using) cash: | ||||||||||||||||||||||||||
Trade receivables | Trade receivables | (15,857) | (316) | Trade receivables | (2,336) | (10,847) | ||||||||||||||||||||||
Inventories | Inventories | (10,003) | (4,079) | Inventories | (6,596) | (12,311) | ||||||||||||||||||||||
Accounts payable | Accounts payable | (8,442) | 868 | Accounts payable | (16,231) | 6,094 | ||||||||||||||||||||||
Accrued liabilities | Accrued liabilities | (11,043) | (10,159) | Accrued liabilities | (3,652) | (1,589) | ||||||||||||||||||||||
Lease liabilities | Lease liabilities | (521) | (572) | Lease liabilities | (1,453) | (1,431) | ||||||||||||||||||||||
Income taxes | Income taxes | 6,645 | 5,393 | Income taxes | 1,762 | (635) | ||||||||||||||||||||||
Other | Other | 1,466 | 8 | Other | (929) | (3,350) | ||||||||||||||||||||||
Net cash (used in) provided by operating activities | (9,395) | 14,821 | ||||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 44,541 | 38,709 | |||||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | CASH FLOWS FROM INVESTING ACTIVITIES: | CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||||
Purchases of property, plant, and equipment | Purchases of property, plant, and equipment | (11,640) | (2,155) | Purchases of property, plant, and equipment | (32,307) | (15,700) | ||||||||||||||||||||||
Acquisitions | Acquisitions | — | (2,575) | |||||||||||||||||||||||||
Other | Other | 113 | 26 | Other | 352 | 230 | ||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (11,527) | (2,129) | Net cash used in investing activities | (31,955) | (18,045) | ||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | CASH FLOWS FROM FINANCING ACTIVITIES: | CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||||
Cash dividends declared and paid | Cash dividends declared and paid | (2,958) | (2,600) | Cash dividends declared and paid | (8,843) | (8,101) | ||||||||||||||||||||||
New shares issued | New shares issued | 986 | — | New shares issued | 2,014 | 889 | ||||||||||||||||||||||
Payroll taxes paid in exchange for shares withheld | Payroll taxes paid in exchange for shares withheld | (1,550) | (1,467) | Payroll taxes paid in exchange for shares withheld | (1,550) | (1,467) | ||||||||||||||||||||||
Shares repurchased | Shares repurchased | (6,557) | (3,401) | Shares repurchased | (6,557) | (8,545) | ||||||||||||||||||||||
Payments on revolving loan | Payments on revolving loan | (6,500) | (3,000) | Payments on revolving loan | (40,000) | (15,000) | ||||||||||||||||||||||
Proceeds from revolving loan borrowings | Proceeds from revolving loan borrowings | 40,000 | — | Proceeds from revolving loan borrowings | 45,000 | 32,000 | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 23,421 | (10,468) | ||||||||||||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (9,936) | (224) | |||||||||||||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | NET INCREASE IN CASH AND CASH EQUIVALENTS | 2,499 | 2,224 | NET INCREASE IN CASH AND CASH EQUIVALENTS | 2,650 | 20,440 | ||||||||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 3,496 | 2,998 | CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 3,496 | 2,998 | ||||||||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 5,995 | $ | 5,222 | CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 6,146 | $ | 23,438 | ||||||||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||||||||||||||||||||||||||
Cash paid for income taxes | Cash paid for income taxes | $ | 14,847 | $ | 15,208 | |||||||||||||||||||||||
Cash paid for interest | Cash paid for interest | $ | 721 | $ | 292 | Cash paid for interest | $ | 3,345 | $ | 746 | ||||||||||||||||||
Noncash investing activities - capital expenditures in accounts payable | Noncash investing activities - capital expenditures in accounts payable | $ | 1,858 | $ | 497 | Noncash investing activities - capital expenditures in accounts payable | $ | 3,844 | $ | 1,018 |
Three months ended July 3, 2022 | Three months ended January 1, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Industrial | Water Treatment | Health and Nutrition | Total | (In thousands) | Industrial | Water Treatment | Health and Nutrition | Total | ||||||||||||||||||||||||||||||||||||
Manufactured, blended or repackaged products (1) | Manufactured, blended or repackaged products (1) | $ | 101,612 | $ | 70,357 | $ | 11,961 | $ | 183,930 | Manufactured, blended or repackaged products (1) | $ | 91,658 | $ | 60,583 | $ | 11,935 | $ | 164,176 | ||||||||||||||||||||||||||||
Distributed specialty products (2) | Distributed specialty products (2) | — | — | 31,089 | 31,089 | Distributed specialty products (2) | — | — | 23,833 | 23,833 | ||||||||||||||||||||||||||||||||||||
Bulk products (3) | Bulk products (3) | 20,455 | 6,790 | — | 27,245 | Bulk products (3) | 20,364 | 6,649 | — | 27,013 | ||||||||||||||||||||||||||||||||||||
Other | Other | 2,643 | 1,343 | 293 | 4,279 | Other | 2,414 | 1,317 | 465 | 4,196 | ||||||||||||||||||||||||||||||||||||
Total external customer sales | Total external customer sales | $ | 124,710 | $ | 78,490 | $ | 43,343 | $ | 246,543 | Total external customer sales | $ | 114,436 | $ | 68,549 | $ | 36,233 | $ | 219,218 | ||||||||||||||||||||||||||||
Three months ended June 27, 2021 | Three months ended December 26, 2021 | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Industrial | Water Treatment | Health and Nutrition | Total | (In thousands) | Industrial | Water Treatment | Health and Nutrition | Total | ||||||||||||||||||||||||||||||||||||
Manufactured, blended or repackaged products (1) | Manufactured, blended or repackaged products (1) | $ | 72,566 | $ | 51,228 | $ | 8,051 | $ | 131,845 | Manufactured, blended or repackaged products (1) | $ | 82,905 | $ | 44,241 | $ | 7,750 | $ | 134,896 | ||||||||||||||||||||||||||||
Distributed specialty products (2) | Distributed specialty products (2) | — | — | 30,942 | 30,942 | Distributed specialty products (2) | — | — | 29,082 | 29,082 | ||||||||||||||||||||||||||||||||||||
Bulk products (3) | Bulk products (3) | 11,843 | 4,553 | — | 16,396 | Bulk products (3) | 15,659 | 4,689 | — | 20,348 | ||||||||||||||||||||||||||||||||||||
Other | Other | 1,441 | 457 | 160 | 2,058 | Other | 1,990 | 826 | (92) | 2,724 | ||||||||||||||||||||||||||||||||||||
Total external customer sales | Total external customer sales | $ | 85,850 | $ | 56,238 | $ | 39,153 | $ | 181,241 | Total external customer sales | $ | 100,554 | $ | 49,756 | $ | 36,740 | $ | 187,050 | ||||||||||||||||||||||||||||
Nine months ended January 1, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Industrial | Water Treatment | Health and Nutrition | Total | |||||||||||||||||||||||||||||||||||||||||
Manufactured, blended or repackaged products (1) | Manufactured, blended or repackaged products (1) | $ | 286,818 | $ | 208,112 | $ | 35,632 | $ | 530,562 | |||||||||||||||||||||||||||||||||||||
Distributed specialty products (2) | Distributed specialty products (2) | — | — | 83,599 | 83,599 | |||||||||||||||||||||||||||||||||||||||||
Bulk products (3) | Bulk products (3) | 58,951 | 21,159 | — | 80,110 | |||||||||||||||||||||||||||||||||||||||||
Other | Other | 7,316 | 4,256 | 1,110 | 12,682 | |||||||||||||||||||||||||||||||||||||||||
Total external customer sales | Total external customer sales | $ | 353,085 | $ | 233,527 | $ | 120,341 | $ | 706,953 | |||||||||||||||||||||||||||||||||||||
Nine months ended December 26, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Industrial | Water Treatment | Health and Nutrition | Total | |||||||||||||||||||||||||||||||||||||||||
Manufactured, blended or repackaged products (1) | Manufactured, blended or repackaged products (1) | $ | 223,621 | $ | 151,842 | $ | 23,684 | $ | 399,147 | |||||||||||||||||||||||||||||||||||||
Distributed specialty products (2) | Distributed specialty products (2) | — | — | 90,086 | 90,086 | |||||||||||||||||||||||||||||||||||||||||
Bulk products (3) | Bulk products (3) | 41,165 | 14,484 | — | 55,649 | |||||||||||||||||||||||||||||||||||||||||
Other | Other | 4,786 | 1,779 | 121 | 6,686 | |||||||||||||||||||||||||||||||||||||||||
Total external customer sales | Total external customer sales | $ | 269,572 | $ | 168,105 | $ | 113,891 | $ | 551,568 |
Three Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
July 03, 2022 | June 27, 2021 | January 01, 2023 | December 26, 2021 | January 01, 2023 | December 26, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding—basic | Weighted-average common shares outstanding—basic | 20,908,823 | 21,034,302 | Weighted-average common shares outstanding—basic | 20,818,347 | 20,885,232 | 20,847,285 | 20,968,692 | ||||||||||||||||||||||||||||||||||||||||||||
Dilutive impact of performance units and restricted stock | Dilutive impact of performance units and restricted stock | 124,726 | 144,018 | Dilutive impact of performance units and restricted stock | 155,917 | 169,371 | 157,564 | 173,823 | ||||||||||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding—diluted | Weighted-average common shares outstanding—diluted | 21,033,549 | 21,178,320 | Weighted-average common shares outstanding—diluted | 20,974,264 | 21,054,603 | 21,004,849 | 21,142,515 |
(In thousands) | (In thousands) | July 3, 2022 | April 3, 2022 | (In thousands) | January 1, 2023 | April 3, 2022 | ||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||
Deferred compensation plan assets | Deferred compensation plan assets | Level 1 | $ | 7,632 | $ | 7,038 | Deferred compensation plan assets | Level 1 | $ | 7,551 | $ | 7,038 | ||||||||||||||||||||||||||||
Interest rate swap | Interest rate swap | Level 2 | $ | 2,406 | $ | 1,769 | Interest rate swap | Level 2 | $ | 4,924 | $ | 1,769 |
July 3, 2022 | April 3, 2022 | January 1, 2023 | April 3, 2022 | |||||||||||||||||||||||||
(In thousands) | (In thousands) | (In thousands) | ||||||||||||||||||||||||||
Inventory (FIFO basis) | Inventory (FIFO basis) | $ | 130,107 | $ | 116,325 | Inventory (FIFO basis) | $ | 135,618 | $ | 116,325 | ||||||||||||||||||
LIFO reserve | LIFO reserve | (25,119) | (21,340) | LIFO reserve | (34,037) | (21,340) | ||||||||||||||||||||||
Net inventory | Net inventory | $ | 104,988 | $ | 94,985 | Net inventory | $ | 101,581 | $ | 94,985 |
July 3, 2022 | April 3, 2022 | January 1, 2023 | April 3, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Gross Amount | Accumulated Amortization | Net | Gross Amount | Accumulated Amortization | Net | (In thousands) | Gross Amount | Accumulated Amortization | Net | Gross Amount | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-life intangible assets | Finite-life intangible assets | Finite-life intangible assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | Customer relationships | $ | 109,644 | $ | (33,976) | $ | 75,668 | $ | 109,644 | $ | (32,399) | $ | 77,245 | Customer relationships | $ | 109,644 | $ | (37,128) | $ | 72,516 | $ | 109,644 | $ | (32,399) | $ | 77,245 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trademarks and trade names | Trademarks and trade names | 6,370 | (4,886) | 1,484 | 6,370 | (4,746) | 1,624 | Trademarks and trade names | 6,370 | (5,167) | 1,203 | 6,370 | (4,746) | 1,624 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other finite-life intangible assets | Other finite-life intangible assets | 3,904 | (3,848) | 56 | 3,904 | (3,807) | 97 | Other finite-life intangible assets | 3,904 | (3,904) | — | 3,904 | (3,807) | 97 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total finite-life intangible assets | Total finite-life intangible assets | 119,918 | (42,710) | 77,208 | 119,918 | (40,952) | 78,966 | Total finite-life intangible assets | 119,918 | (46,199) | 73,719 | 119,918 | (40,952) | 78,966 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indefinite-life intangible assets | Indefinite-life intangible assets | 1,227 | — | 1,227 | 1,227 | — | 1,227 | Indefinite-life intangible assets | 1,227 | — | 1,227 | 1,227 | — | 1,227 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total intangible assets | Total intangible assets | $ | 121,145 | $ | (42,710) | $ | 78,435 | $ | 121,145 | $ | (40,952) | $ | 80,193 | Total intangible assets | $ | 121,145 | $ | (46,199) | $ | 74,946 | $ | 121,145 | $ | (40,952) | $ | 80,193 |
July 3, 2022 | April 3, 2022 | January 1, 2023 | April 3, 2022 | |||||||||||||||||||||||||||||||||||||
January 1, 2023 | April 3, 2022 | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||||||||
Senior secured revolving loan | Senior secured revolving loan | $ | 159,500 | $ | 126,000 | Senior secured revolving loan | $ | 131,000 | $ | 126,000 | ||||||||||||||||||||||||||||||
Less: unamortized debt issuance costs | Less: unamortized debt issuance costs | (421) | (443) | Less: unamortized debt issuance costs | (377) | (443) | ||||||||||||||||||||||||||||||||||
Total debt, net of debt issuance costs | Total debt, net of debt issuance costs | 159,079 | 125,557 | Total debt, net of debt issuance costs | 130,623 | 125,557 | ||||||||||||||||||||||||||||||||||
Less: current portion of long-term debt | Less: current portion of long-term debt | (9,913) | (9,913) | Less: current portion of long-term debt | (9,913) | (9,913) | ||||||||||||||||||||||||||||||||||
Total long-term debt | Total long-term debt | $ | 149,166 | $ | 115,644 | Total long-term debt | $ | 120,710 | $ | 115,644 |
July 3, 2022 | April 3, 2022 | January 1, 2023 | April 3, 2022 | |||||||||||||||||||
Lease Term and Discount Rate | Lease Term and Discount Rate | Lease Term and Discount Rate | ||||||||||||||||||||
Weighted average remaining lease term (years) | Weighted average remaining lease term (years) | 8.93 | 8.91 | Weighted average remaining lease term (years) | 8.02 | 8.91 | ||||||||||||||||
Weighted average discount rate | Weighted average discount rate | 2.5 | % | 2.6 | % | Weighted average discount rate | 2.8 | % | 2.6 | % |
(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 | 214,478 | $ | 25.48 | |||||||||||
Granted | 88,524 | 38.31 | ||||||||||||
Vested | (102,860) | 18.69 | ||||||||||||
Forfeited or expired | (10,884) | 34.68 | ||||||||||||
Unvested at end of period | 189,258 | $ | 34.64 |
(In thousands) | (In thousands) | Industrial | Water Treatment | Health and Nutrition | Total | (In thousands) | Industrial | Water Treatment | Health and Nutrition | Total | ||||||||||||||||||||||||||||||||||||||||||
Three months ended July 3, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended January 1, 2023: | Three months ended January 1, 2023: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | Sales | $ | 124,710 | $ | 78,490 | $ | 43,343 | $ | 246,543 | Sales | $ | 114,436 | $ | 68,549 | $ | 36,233 | $ | 219,218 | ||||||||||||||||||||||||||||||||||
Gross profit | Gross profit | 20,009 | 18,953 | 7,787 | 46,749 | Gross profit | 15,994 | 13,268 | 7,009 | 36,271 | ||||||||||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | Selling, general, and administrative expenses | 6,385 | 8,701 | 3,799 | 18,885 | Selling, general, and administrative expenses | 7,978 | 9,003 | 4,023 | 21,004 | ||||||||||||||||||||||||||||||||||||||||||
Operating income | Operating income | 13,624 | 10,252 | 3,988 | 27,864 | Operating income | 8,016 | 4,265 | 2,986 | 15,267 | ||||||||||||||||||||||||||||||||||||||||||
Three months ended June 27, 2021: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended December 26, 2021: | Three months ended December 26, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | Sales | $ | 85,850 | $ | 56,238 | $ | 39,153 | $ | 181,241 | Sales | $ | 100,554 | $ | 49,756 | $ | 36,740 | $ | 187,050 | ||||||||||||||||||||||||||||||||||
Gross profit | Gross profit | 14,254 | 16,234 | 8,486 | 38,974 | Gross profit | 15,303 | 11,103 | 7,534 | 33,940 | ||||||||||||||||||||||||||||||||||||||||||
Selling, general, and administrative expenses | Selling, general, and administrative expenses | 6,241 | 7,062 | 3,553 | 16,856 | Selling, general, and administrative expenses | 7,367 | 8,254 | 4,060 | 19,681 | ||||||||||||||||||||||||||||||||||||||||||
Operating income | Operating income | 8,013 | 9,172 | 4,933 | 22,118 | Operating income | 7,936 | 2,849 | 3,474 | 14,259 | ||||||||||||||||||||||||||||||||||||||||||
Nine months ended January 1, 2023: | Nine months ended January 1, 2023: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | Sales | $ | 353,085 | $ | 233,527 | $ | 120,341 | $ | 706,953 | |||||||||||||||||||||||||||||||||||||||||||
Gross profit | Gross profit | 53,716 | 52,725 | 22,953 | 129,394 | |||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | Selling, general and administrative expenses | 21,254 | 26,786 | 11,687 | 59,727 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating income | Operating income | 32,462 | 25,939 | 11,266 | 69,667 | |||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended December 26, 2021: | Nine months ended December 26, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | Sales | $ | 269,572 | $ | 168,105 | $ | 113,891 | $ | 551,568 | |||||||||||||||||||||||||||||||||||||||||||
Gross profit | Gross profit | 42,121 | 44,855 | 23,225 | 110,201 | |||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | Selling, general and administrative expenses | 20,064 | 22,721 | 11,431 | 54,216 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating income | Operating income | 22,057 | 22,134 | 11,794 | 55,985 |
Three Months Ended | Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
July 3, 2022 | June 27, 2021 | January 1, 2023 | December 26, 2021 | January 1, 2023 | December 26, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Sales | Sales | 100.0 | % | 100.0 | % | Sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||||||||||||||||
Cost of sales | Cost of sales | (81.0) | % | (78.5) | % | Cost of sales | (83.5) | % | (81.9) | % | (81.7) | % | (80.0) | % | ||||||||||||||||||||||||||||||||||||||
Gross profit | Gross profit | 19.0 | % | 21.5 | % | Gross profit | 16.5 | % | 18.1 | % | 18.3 | % | 20.0 | % | ||||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | Selling, general and administrative expenses | (7.7) | % | (9.3) | % | Selling, general and administrative expenses | (9.6) | % | (10.5) | % | (8.4) | % | (9.8) | % | ||||||||||||||||||||||||||||||||||||||
Operating income | Operating income | 11.3 | % | 12.2 | % | Operating income | 6.9 | % | 7.6 | % | 9.9 | % | 10.2 | % | ||||||||||||||||||||||||||||||||||||||
Interest expense, net | Interest expense, net | (0.4) | % | (0.2) | % | Interest expense, net | (0.7) | % | (0.2) | % | (0.5) | % | (0.2) | % | ||||||||||||||||||||||||||||||||||||||
Other (expense) income | Other (expense) income | (0.3) | % | 0.1 | % | Other (expense) income | 0.2 | % | 0.1 | % | (0.1) | % | 0.1 | % | ||||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 10.6 | % | 12.1 | % | Income before income taxes | 6.4 | % | 7.5 | % | 9.3 | % | 10.1 | % | ||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (2.6) | % | (3.0) | % | Income tax expense | (1.6) | % | (2.1) | % | (2.4) | % | (2.6) | % | ||||||||||||||||||||||||||||||||||||||
Net income | Net income | 8.0 | % | 9.1 | % | Net income | 4.8 | % | 5.4 | % | 6.9 | % | 7.5 | % |
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 |
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 | ||||||||||||||||||||||
10/03/2022-10/30/2022 | — | $ | — | — | 1,129,348 | |||||||||||||||||||||
10/31/2022-11/27/2022 | — | — | — | 1,129,348 | ||||||||||||||||||||||
11/28/2022-01/01/2023 | — | — | — | 1,129,348 | ||||||||||||||||||||||
Total | — | — |
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 | 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) |