Hawkins, Inc. (Nasdaq: HWKN), a leading specialty chemical and
ingredients company, today announced fourth quarter and full-year
results for its fiscal year ended April 2, 2023.
Fourth Quarter Fiscal Year 2023
Highlights:
- Record fourth quarter sales of
$228.1 million.
- Record fourth quarter diluted
earnings per share (EPS) of $0.55, which was 10% higher than the
same period of the prior year.
- Adjusted earnings before interest,
taxes, depreciation, and amortization (adjusted EBITDA), a non-GAAP
measure, of $27.0 million, a 21% increase over the same period of
the prior year.
- Record fourth quarter operating
cash flow allowed us to pay down $19 million in debt in the
quarter.
Full-Year Fiscal Year 2023
Highlights:
- Record annual sales of $935.1
million for fiscal 2023, a 21% year-over-year
increase.
- Record gross profit of $165.1
million for the year, a 13% increase over the prior year, which
contributed to a 24% year-over-year increase in operating
income.
- Record diluted EPS of $2.86, which
was $0.42, or 17%, higher than fiscal 2022.
- Record adjusted EBITDA, a non-GAAP
measure, of $119.1 million, an increase of 19% over fiscal
2022.
- Record operating cash flow of $77.4
million was $34.6 million higher than fiscal 2022.
- Ended the year with net debt of
$104 million and a leverage ratio of 0.96x.
- Paid cash dividends of $0.57 per
share for the year, representing an increase of 9% over the prior
year. This marks the 38th consecutive year of paying a
dividend.
Executive Commentary – Patrick H.
Hawkins, Chief Executive Officer and President:
“For the fourth year in a row we generated
record operating income, net income, diluted EPS, and adjusted
EBITDA. We achieved record sales of $935 million and adjusted
EBITDA of $119 million in fiscal 2023. This strong four-year run
has delivered compounded EPS growth of 26% over that timeframe. Our
record operating cash flow of $77 million allowed us to continue to
pay down debt, with net debt of $104 million and our leverage ratio
back below 1x at the end of fiscal 2023. This performance is the
result of the hard work by our many employees, our innovative
solutions to the opportunities that have arisen, as well as
outstanding relationships with our customers and suppliers, which
we never take for granted.”
Mr. Hawkins, continued, “Following a year where
we saw 30% revenue growth in fiscal 2022, we delivered further
revenue growth of 21% in fiscal 2023. Sales in our Industrial and
Water Treatment segments increased over the prior year, driven by
higher selling prices as a result of higher raw material input
costs, as well as our Water Treatment acquisitions in fiscal 2022.
Nearly half of the year-over-year growth in our Industrial segment
came from our higher-margin food ingredient and pharmaceutical
product lines. As we anticipated, sales in our Health and Nutrition
segment were relatively flat year over year, as consumer demand for
health and immunity products declined from the COVID-bump high, and
as our customers work through excess inventory. Largely because of
continued raw material cost increases, we recorded a negative LIFO
impact of $18.5 million in fiscal 2023, nearly $3 million higher
than what we recorded in fiscal 2022. In the last two years, we
have been impacted negatively by LIFO in the amount of $34.3
million. Despite this, we recorded net income of $60 million and
record EPS of $2.86, both higher than the prior year by 17%.”
Mr. Hawkins continued, “We are extremely proud
of what we have accomplished over the past year, and over the past
several years. As we look to fiscal 2024, we expect to see
continued top and bottom-line growth in our Water Treatment segment
because of the investments and acquisitions we have made in that
segment. With our expanding geographic footprint, we believe we are
well-positioned to continue to see growth in Water Treatment for
the foreseeable future. We are cautiously optimistic about our
Industrial segment, but we believe economic pressures will continue
to weigh on many of our customers and impact demand. In Health and
Nutrition, we expect the decline we saw in the latter half of
fiscal 2023 to continue through much of fiscal 2024. With the
diversity of our businesses and the overall strength of our
Company, we believe we will continue to generate strong operating
cash flow and will continue to pay down debt during fiscal year
2024.”
Fourth Quarter and Fiscal Year Financial
Highlights:
NET INCOME
For the fourth quarter of fiscal 2023, the
Company reported net income of $11.6 million, or $0.55 per diluted
share, compared to net income for the fourth quarter of fiscal 2022
of $10.6 million, or $0.50 per diluted share.
For the full year, the Company reported record
net income of $60.0 million, or $2.86 per diluted share, compared
to net income for fiscal 2022 of $51.5 million, or $2.44 per
diluted share.
REVENUE
For the fourth quarter of fiscal 2023, sales were $228.1
million, an increase of $5.2 million, or 2%, from sales of $223.0
million a year ago, driven primarily by increased selling prices.
Fiscal 2022 included an additional week, which we estimated to add
approximately $17.5 million in additional sales in the fourth
quarter of that year. Industrial segment sales increased $0.3
million, or less than 1%, to $117.7 million for the fourth quarter,
as compared to $117.4 million for the same period a year ago. The
increase in sales was driven by increased selling prices on many of
our products driven by higher costs on many of our raw materials.
We estimated the additional week in fiscal 2022 added approximately
$10.0 million in additional sales in the Industrial segment in the
fourth quarter of that year. Water Treatment segment sales
increased $11.4 million, or 19%, to $71.4 million for the fourth
quarter, as compared to $60.0 million for the same period a year
ago. Sales increased as a result of increased selling prices on
many of our products driven by higher costs on many of our raw
materials as well as increased sales of our products. We estimated
the additional week in fiscal 2022 added approximately $4.0 million
in additional sales in the Water Treatment segment in the fourth
quarter of that year. Health and Nutrition segment sales decreased
$6.5 million, or 14%, to $39.1 million for the fourth quarter, as
compared to $45.6 million for the same period a year ago. Decreased
sales of our specialty distributed products more than offset an
increase in sales of our manufactured products. We estimated the
additional week in fiscal 2022 added approximately $3.5 million in
additional sales in the Health and Nutrition segment in the fourth
quarter of that year.
For fiscal 2023, Industrial segment sales were
$470.8 million, an increase of 22% from fiscal 2022 sales of $386.9
million. Water Treatment segment sales were $304.9 million for the
year, an increase of 34% over last year’s sales of $228.1 million.
Sales for our Health and Nutrition segment were $159.4 million in
fiscal 2023, a decrease of less than 1%, from fiscal 2022 sales of
$159.5 million. We estimated the additional week in fiscal 2022
added approximately $17.5 million in additional sales in that
year.
GROSS PROFIT
Company-wide gross profit for fiscal 2023
increased $18.6 million, or 13%, to $165.1 million, or 18% of
sales, from $146.5 million, or 19% of sales, for the same period of
the prior year. During fiscal 2023 and fiscal 2022, the LIFO
reserve increased, and gross profits decreased, by $18.5 million
and $15.8 million, respectively, primarily due to rising raw
material costs. We estimated the additional week in fiscal 2022
added approximately $3.6 million in additional gross profit in that
year.
Gross profit for the Industrial segment
increased $8.5 million, or 14%, to $68.1 million, or 14% of sales,
for fiscal 2023, from $59.6 million, or 15% of sales, for fiscal
2022. During fiscal 2023 and fiscal 2022, the LIFO reserve
increased, and gross profits decreased, by $12.3 million and $10.4
million, respectively, primarily due to rising raw material costs.
Gross profit increased as a result of the increase in sales,
partially offset by the unfavorable year-over-year impact of the
increased LIFO reserve. We estimated the additional week in fiscal
2022 added approximately $1.9 million in additional gross profit in
our Industrial segment that year.
Gross profit for the Water Treatment segment
increased $12.6 million, or 23%, to $67.2 million, or 22% of sales,
for fiscal 2023, from $54.6 million, or 24% of sales, for fiscal
2022. During fiscal 2023 and fiscal 2022, the LIFO reserve
increased, and gross profits decreased, by $6.2 million and $5.4
million, respectively, primarily due to rising raw material costs.
Gross profit increased as a result of the increase in sales. We
estimated the additional week in fiscal 2022 added approximately
$1.0 million in additional gross profit in our Water Treatment
segment in that year.
Gross profit for the Health and Nutrition
segment decreased $2.5 million, or 8%, to $29.8 million, or 19% of
sales, for fiscal 2023, from $32.3 million, or 20% of sales, for
fiscal 2022. Gross profit decreased as a result of a product mix
shift. We estimated the additional week in fiscal 2022 added
approximately $0.7 million in additional gross profit in our Health
and Nutrition segment in that year.
SELLING, GENERAL AND ADMINISTRATIVE
EXPENSES
Selling, general and administrative ("SG&A")
expenses increased $1.7 million to $77.0 million, or 8% of sales,
for fiscal 2023 from $75.3 million, or 10% of sales, for fiscal
2022. Included in SG&A expenses for the current fiscal year was
a gain of approximately $3.0 million related to the sale of certain
assets related to our consumer bleach packaging business. In
addition, a year-over-year compensation expense of $0.5 million
related to our non-qualified deferred compensation plan reduced
SG&A expenses, with the offset in Other Expense. In spite of
these decreases in SG&A expense, expenses increased primarily
due to the added costs from the acquired business in our Water
Treatment segment and increased wages. We estimated the additional
week in fiscal 2022 added approximately $1.0 million in additional
SG&A expense in that year.
ADJUSTED EBITDA
Adjusted EBITDA, a non-GAAP financial measure,
is an important performance indicator and a key compliance measure
under the terms of our credit agreement. An explanation of the
computation of adjusted EBITDA is presented below. Adjusted EBITDA
for the three months ended April 2, 2023 was $27.0 million, an
increase of $4.7 million, or 21%, from adjusted EBITDA of $22.3
million for the same period in the prior year. Full-year adjusted
EBITDA was $119.1 million, an increase of $19.4 million, or 19%,
from adjusted EBITDA of $99.7 million for fiscal 2022. The increase
was due to the impact of improved gross profits discussed
above.
INCOME TAXES
Our effective tax rate was approximately 27.3%
for fiscal 2023 and 26.3% for fiscal 2022. The effective tax rate
is impacted by projected levels of annual taxable income, permanent
items, and state taxes. The current year increase in the effective
tax rate was primarily driven by unfavorable book to tax LIFO
differences.
About Hawkins, Inc.
Hawkins, Inc. was founded in 1938 and is a
leading specialty chemical and ingredients company that formulates,
distributes, blends and manufactures products for its Industrial,
Water Treatment, and Health & Nutrition customers.
Headquartered in Roseville, Minnesota, the Company has 51
facilities in 25 states and creates value for its customers through
superb customer service and support, quality products and
personalized applications. Hawkins, Inc. generated $935 million of
revenue in fiscal 2023 and has approximately 850 employees. For
more information, including registering to receive email alerts,
please visit www.hawkinsinc.com/investors.
Reconciliation of Non-GAAP Financial
Measures
We report our consolidated financial results in
accordance with U.S. generally accepted accounting principles
(GAAP). To assist investors in understanding our financial
performance between periods, we have provided certain financial
measures not computed according to GAAP, including adjusted EBITDA.
This non-GAAP financial measure is not meant to be considered in
isolation or as a substitute for comparable GAAP measures. The
method we use to produce non-GAAP results is not computed according
to GAAP and may differ from the methods used by other
companies.
Management uses this non-GAAP financial measure
internally to understand, manage and evaluate our business and to
make operating decisions. Management believes that this non-GAAP
financial measure reflects an additional way of viewing aspects of
our operations that, when viewed with our GAAP results, provides a
more complete understanding of the factors and trends affecting our
financial condition and results of operations.
We define adjusted EBITDA as GAAP net income
adjusted for the impact of the following: net interest expense
resulting from our net borrowing position; income tax expense;
non-cash expenses including amortization of intangibles,
depreciation, and charges for the employee stock purchase plan and
restricted stock grants; and non-recurring items of income or
expense, if applicable.
Adjusted
EBITDA |
Three Months Ended |
|
Fiscal Year Ended |
(In thousands) |
April 2, 2023 |
|
April 3, 2022 |
|
April 2, 2023 |
|
April 3, 2022 |
Net income (GAAP) |
$ |
11,613 |
|
$ |
10,577 |
|
$ |
60,041 |
|
$ |
51,542 |
Interest expense |
|
1,376 |
|
|
409 |
|
|
5,234 |
|
|
1,404 |
Income tax expense |
|
5,904 |
|
|
3,864 |
|
|
22,541 |
|
|
18,437 |
Amortization of intangibles |
|
1,677 |
|
|
1,758 |
|
|
6,924 |
|
|
6,462 |
Depreciation expense |
|
5,390 |
|
|
4,512 |
|
|
20,516 |
|
|
17,667 |
Non-cash compensation expense |
|
1,061 |
|
|
1,111 |
|
|
3,825 |
|
|
3,818 |
Non-recurring acquisition expense |
|
— |
|
|
73 |
|
|
— |
|
|
369 |
Adjusted
EBITDA |
$ |
27,021 |
|
$ |
22,304 |
|
$ |
119,081 |
|
$ |
99,699 |
|
|
|
|
|
|
|
|
|
|
|
|
HAWKINS, INC. |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
(In thousands, except share and per-share
data) |
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
|
April 2, 2023 |
|
April 3, 2022 |
|
April 2, 2023 |
|
April 3, 2022 |
|
|
(unaudited) |
|
|
|
|
Sales |
|
$ |
228,145 |
|
|
$ |
222,973 |
|
|
$ |
935,098 |
|
|
$ |
774,541 |
|
Cost of
sales |
|
|
(192,420 |
) |
|
|
(186,654 |
) |
|
|
(769,979 |
) |
|
|
(628,021 |
) |
Gross
profit |
|
|
35,725 |
|
|
|
36,319 |
|
|
|
165,119 |
|
|
|
146,520 |
|
Selling,
general and administrative expenses |
|
|
(17,242 |
) |
|
|
(21,110 |
) |
|
|
(76,969 |
) |
|
|
(75,326 |
) |
Operating income |
|
|
18,483 |
|
|
|
15,209 |
|
|
|
88,150 |
|
|
|
71,194 |
|
Interest
expense, net |
|
|
(1,376 |
) |
|
|
(409 |
) |
|
|
(5,234 |
) |
|
|
(1,404 |
) |
Other
income (expense) |
|
|
410 |
|
|
|
(359 |
) |
|
|
(334 |
) |
|
|
189 |
|
Income
before income taxes |
|
|
17,517 |
|
|
|
14,441 |
|
|
|
82,582 |
|
|
|
69,979 |
|
Income
tax expense |
|
|
(5,904 |
) |
|
|
(3,864 |
) |
|
|
(22,541 |
) |
|
|
(18,437 |
) |
Net
income |
|
$ |
11,613 |
|
|
$ |
10,577 |
|
|
$ |
60,041 |
|
|
$ |
51,542 |
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares outstanding-basic |
|
|
20,850,454 |
|
|
|
20,887,460 |
|
|
|
20,848,077 |
|
|
|
20,947,234 |
|
Weighted
average number of shares outstanding-diluted |
|
|
21,024,649 |
|
|
|
21,078,783 |
|
|
|
21,014,905 |
|
|
|
21,135,258 |
|
|
|
|
|
|
|
|
|
|
Basic
earnings per share |
|
$ |
0.56 |
|
|
$ |
0.51 |
|
|
$ |
2.88 |
|
|
$ |
2.46 |
|
Diluted
earnings per share |
|
$ |
0.55 |
|
|
$ |
0.50 |
|
|
$ |
2.86 |
|
|
$ |
2.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HAWKINS, INC. |
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
(In thousands, except share and per-share
data) |
|
|
|
April 2, 2023 |
|
April 3, 2022 |
ASSETS |
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
Cash and cash equivalents |
|
$ |
7,566 |
|
$ |
3,496 |
Trade accounts receivables, net |
|
|
129,252 |
|
|
122,826 |
Inventories |
|
|
88,777 |
|
|
94,985 |
Prepaid expenses and other current assets |
|
|
6,449 |
|
|
6,431 |
Total current assets |
|
|
232,044 |
|
|
227,738 |
PROPERTY, PLANT, AND EQUIPMENT: |
|
|
|
|
Land |
|
|
16,344 |
|
|
16,640 |
Buildings and improvements |
|
|
134,901 |
|
|
118,369 |
Machinery and equipment |
|
|
125,970 |
|
|
114,763 |
Transportation equipment |
|
|
56,328 |
|
|
43,968 |
Office furniture and equipment |
|
|
11,210 |
|
|
10,315 |
|
|
|
344,753 |
|
|
304,055 |
Less accumulated depreciation |
|
|
158,950 |
|
|
142,209 |
Net property, plant, and equipment |
|
|
185,803 |
|
|
161,846 |
OTHER
ASSETS: |
|
|
|
|
Right-of-use assets |
|
|
10,199 |
|
|
10,606 |
Goodwill |
|
|
77,401 |
|
|
77,401 |
Intangible assets, net |
|
|
73,060 |
|
|
80,193 |
Deferred compensation plan asset |
|
|
7,367 |
|
|
6,783 |
Other |
|
|
4,661 |
|
|
2,761 |
Total other assets |
|
|
172,688 |
|
|
177,744 |
Total assets |
|
$ |
590,535 |
|
$ |
567,328 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
Accounts payable — trade |
|
$ |
53,705 |
|
$ |
66,693 |
Accrued payroll and employee benefits |
|
|
17,279 |
|
|
19,034 |
Current portion of long-term debt |
|
|
9,913 |
|
|
9,913 |
Income tax payable |
|
|
3,329 |
|
|
39 |
Other current liabilities |
|
|
6,645 |
|
|
5,787 |
Total current liabilities |
|
|
90,871 |
|
|
101,466 |
LONG-TERM DEBT |
|
|
101,731 |
|
|
115,644 |
LONG-TERM LEASE LIABILITY |
|
|
8,687 |
|
|
9,143 |
PENSION
WITHDRAWAL LIABILITY |
|
|
3,912 |
|
|
4,276 |
DEFERRED COMPENSATION LIABILITY |
|
|
9,343 |
|
|
8,402 |
DEFERRED
INCOME TAXES |
|
|
23,800 |
|
|
23,422 |
OTHER
LONG-TERM LIABILITIES |
|
|
2,175 |
|
|
2,374 |
Total liabilities |
|
|
240,519 |
|
|
264,727 |
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
Common shares; authorized: 60,000,000 shares of $0.01 par value;
20,850,454 and 20,889,777 shares issued and outstanding for 2023
and 2022, respectively |
|
|
209 |
|
|
209 |
Additional paid-in capital |
|
|
44,443 |
|
|
46,717 |
Retained earnings |
|
|
302,424 |
|
|
254,384 |
Accumulated other comprehensive income |
|
|
2,940 |
|
|
1,291 |
Total shareholders’ equity |
|
|
350,016 |
|
|
302,601 |
Total liabilities and shareholders’ equity |
|
$ |
590,535 |
|
$ |
567,328 |
HAWKINS, INC. |
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) |
(In thousands) |
|
|
|
|
Fiscal Year Ended |
|
|
|
April 2, 2023 |
|
April 3, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
Net income |
|
$ |
60,041 |
|
|
$ |
51,542 |
|
|
Reconciliation to cash flows: |
|
|
|
|
|
Depreciation and amortization |
|
|
27,440 |
|
|
|
24,129 |
|
|
Operating leases |
|
|
1,971 |
|
|
|
1,899 |
|
|
Loss (gain) on deferred compensation assets |
|
|
334 |
|
|
|
(189 |
) |
|
Deferred income taxes |
|
|
(232 |
) |
|
|
(1,501 |
) |
|
Stock compensation expense |
|
|
3,825 |
|
|
|
3,818 |
|
|
(Gain) loss from asset disposals |
|
|
(2,950 |
) |
|
|
452 |
|
|
Other |
|
|
87 |
|
|
|
93 |
|
|
Changes in operating accounts (using) providing cash, net of
acquisitions: |
|
|
|
|
|
Trade receivables |
|
|
(6,389 |
) |
|
|
(30,526 |
) |
|
Inventories |
|
|
4,717 |
|
|
|
(30,034 |
) |
|
Accounts payable |
|
|
(11,596 |
) |
|
|
25,138 |
|
|
Accrued liabilities |
|
|
(737 |
) |
|
|
2,723 |
|
|
Lease liabilities |
|
|
(1,958 |
) |
|
|
(1,907 |
) |
|
Income taxes |
|
|
3,290 |
|
|
|
214 |
|
|
Other |
|
|
(443 |
) |
|
|
(3,014 |
) |
|
Net cash provided by operating activities |
|
|
77,400 |
|
|
|
42,837 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
Additions to property, plant, and equipment |
|
|
(48,321 |
) |
|
|
(28,512 |
) |
|
Acquisitions |
|
|
— |
|
|
|
(21,546 |
) |
|
Proceeds from asset disposals |
|
|
7,091 |
|
|
|
302 |
|
|
Net cash used in investing activities |
|
|
(41,230 |
) |
|
|
(49,756 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
Cash dividends paid |
|
|
(12,001 |
) |
|
|
(11,056 |
) |
|
New shares issued |
|
|
2,008 |
|
|
|
1,772 |
|
|
Shares surrendered for payroll taxes |
|
|
(1,550 |
) |
|
|
(1,467 |
) |
|
Shares repurchased |
|
|
(6,557 |
) |
|
|
(8,545 |
) |
|
Payments for debt issuance costs |
|
|
— |
|
|
|
(287 |
) |
|
Payments on senior secured revolving loan |
|
|
(59,000 |
) |
|
|
(15,000 |
) |
|
Borrowings on senior secured revolving loan |
|
|
45,000 |
|
|
|
42,000 |
|
|
Net cash (used in) provided by financing activities |
|
|
(32,100 |
) |
|
|
7,417 |
|
|
NET
INCREASE IN CASH AND CASH EQUIVALENTS |
|
|
4,070 |
|
|
|
498 |
|
|
CASH AND CASH EQUIVALENTS - beginning of year |
|
|
3,496 |
|
|
|
2,998 |
|
|
CASH AND CASH EQUIVALENTS - end of year |
|
$ |
7,566 |
|
|
$ |
3,496 |
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION- |
|
|
|
|
|
Cash paid during the year for income taxes |
|
$ |
19,485 |
|
|
$ |
19,726 |
|
|
Cash paid for interest |
|
|
4,759 |
|
|
|
1,197 |
|
|
Noncash investing activities - Capital expenditures in accounts
payable |
|
|
2,340 |
|
|
|
3,733 |
|
HAWKINS, INC. |
REPORTABLE SEGMENTS (UNAUDITED) |
(In thousands) |
|
|
|
Industrial |
|
WaterTreatment |
|
Health and Nutrition |
|
Total |
|
|
|
|
|
|
|
|
|
Fiscal
Year Ended April 2, 2023: |
|
|
|
|
|
|
|
|
Sales |
|
$ |
470,760 |
|
$ |
304,925 |
|
$ |
159,413 |
|
$ |
935,098 |
Gross profit |
|
|
68,115 |
|
|
67,208 |
|
|
29,796 |
|
|
165,119 |
Selling, general, and administrative expenses |
|
|
25,703 |
|
|
35,734 |
|
|
15,532 |
|
|
76,969 |
Operating income |
|
|
42,412 |
|
|
31,474 |
|
|
14,264 |
|
|
88,150 |
|
|
|
|
|
|
|
|
|
Fiscal
Year Ended April 3, 2022: |
|
|
|
|
|
|
|
|
Sales |
|
$ |
386,938 |
|
$ |
228,133 |
|
$ |
159,470 |
|
$ |
774,541 |
Gross profit |
|
|
59,606 |
|
|
54,571 |
|
|
32,343 |
|
|
146,520 |
Selling, general, and administrative expenses |
|
|
28,127 |
|
|
31,357 |
|
|
15,842 |
|
|
75,326 |
Operating income (loss) |
|
|
31,479 |
|
|
23,214 |
|
|
16,501 |
|
|
71,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward-Looking Statements. Various remarks in this press
release constitute forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
statements include those relating to consumer demand for products
containing our ingredients and the impacts of those demands,
expectations for results in our business segments and the timing of
our filings with the Securities and Exchange Commission. These
statements are not historical facts, but rather are based on our
current expectations, estimates and projections, and our beliefs
and assumptions. Forward-looking statements may be identified by
terms, including “anticipate,” “believe,” “can,” “could,” “expect,”
“intend,” “may,” “predict,” “should,” or “will” or the negative of
these terms or other comparable terms. These statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and other factors, some of which are beyond our
control and are difficult to predict. Actual results may vary
materially from those contained in forward looking statements based
on a number of factors, including, but not limited to, changes in
regulation, changes in the labor markets, changes in competition
and price pressures, changes in demand and customer requirements or
processes for our products, availability of product and disruptions
to supplies, interruptions in production resulting from hazards,
transportation limitations or other extraordinary events outside
our control that may negatively impact our business or the supply
chains in which we participate, changes in imported products and
tariff levels, the availability of products and the prices at which
they are available, the acceptance of new products by our customers
and the timing of any such acceptance, and changes in product
supplies. Additional information concerning potential factors that
could affect future financial results is included in our Annual
Report on Form 10-K for the fiscal year ended April 3, 2022, as
updated from time to time in amendments and subsequent reports
filed with the SEC. Investors should take such risks into account
when making investment decisions. Shareholders and other readers
are cautioned not to place undue reliance on forward-looking
statements, which reflect our management’s view only as of the date
hereof. We do not undertake any obligation to update any
forward-looking statements.
Contacts: |
Jeffrey P.
Oldenkamp |
|
Executive Vice President and Chief Financial Officer |
|
612/331-6910 |
|
ir@HawkinsInc.com |
Hawkins (NASDAQ:HWKN)
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Hawkins (NASDAQ:HWKN)
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