UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
|
(Mark One) |
|
|
|
|
|
ý |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
|
|
|
For the quarterly period ended September 30, 2003 |
|
|
|
|
|
OR |
|
|
|
|
|
o |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
|
|
|
For the transition period from to |
|
|
|
|
|
Commission file number 0-7647 |
|
|
HAWKINS, INC. |
|
(Exact name of registrant as specified in its charter) |
|
MINNESOTA |
|
41-0771293 |
|
(State or other jurisdiction of |
|
(I.R.S. Employer Identification No.) |
|
|
|
|
|
3100 EAST HENNEPIN AVENUE, MINNEAPOLIS, MINNESOTA 55413 |
||
|
(Address of principal executive offices) Zip Code |
||
|
|
|
|
|
(612) 331-6910 |
||
|
Registrant’s telephone number, including area code |
||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
YES ý NO o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
YES o NO ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
|
CLASS |
|
OUTSTANDING AT NOVEMBER 7, 2003 |
|
Common Stock, par value $.05 per share |
|
10,216,688 |
HAWKINS, INC.
INDEX TO FORM 10-Q
2
PART I. FINANCIAL INFORMATION
HAWKINS, INC.
CONDENSED BALANCE SHEETS
|
|
|
SEPTEMBER 30, |
|
MARCH 30, |
|
||
|
|
|
(UNAUDITED) |
|
(DERIVED
FROM |
|
||
|
ASSETS |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
CURRENT ASSETS: |
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
5,300,137 |
|
$ |
1,353,720 |
|
|
Investments available-for-sale |
|
21,298,454 |
|
22,902,561 |
|
||
|
Trade receivables – net |
|
11,394,663 |
|
11,253,571 |
|
||
|
Inventories |
|
11,560,659 |
|
9,398,338 |
|
||
|
Prepaid expenses and other current assets |
|
1,792,997 |
|
2,502,496 |
|
||
|
Total current assets |
|
51,346,910 |
|
47,410,686 |
|
||
|
|
|
|
|
|
|
||
|
PROPERTY, PLANT AND EQUIPMENT- net |
|
27,846,910 |
|
27,466,519 |
|
||
|
|
|
|
|
|
|
||
|
INTANGIBLE ASSETS - less accumulated amortization of $1,443,129 and $1,301,386, respectively |
|
2,919,920 |
|
3,061,663 |
|
||
|
|
|
|
|
|
|
||
|
OTHER ASSETS |
|
2,882,796 |
|
3,159,871 |
|
||
|
|
|
$ |
84,996,536 |
|
$ |
81,098,739 |
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
CURRENT LIABILITIES: |
|
|
|
|
|
||
|
Accounts payable – trade |
|
$ |
6,318,830 |
|
$ |
5,854,720 |
|
|
Dividends payable |
|
1,839,004 |
|
1,839,004 |
|
||
|
Other current liabilities |
|
6,031,996 |
|
6,210,526 |
|
||
|
Total current liabilities |
|
14,189,830 |
|
13,904,250 |
|
||
|
|
|
|
|
|
|
||
|
DEFERRED INCOME TAXES |
|
1,305,749 |
|
1,254,649 |
|
||
|
|
|
|
|
|
|
||
|
OTHER LONG-TERM LIABILITIES |
|
159,124 |
|
226,336 |
|
||
|
|
|
|
|
|
|
||
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
||
|
Common stock, par value $.05 per share; 10,216,688 shares issued and outstanding |
|
510,834 |
|
510,834 |
|
||
|
Additional paid-in capital |
|
37,747,492 |
|
37,747,492 |
|
||
|
Accumulated other comprehensive income |
|
162,807 |
|
79,063 |
|
||
|
Retained earnings |
|
30,920,700 |
|
27,376,115 |
|
||
|
Total shareholders’ equity |
|
69,341,833 |
|
65,713,504 |
|
||
|
|
|
$ |
84,996,536 |
|
$ |
81,098,739 |
|
See accompanying notes to condensed financial statements.
3
HAWKINS, INC.
CONDENSED STATEMENTS OF INCOME
|
|
|
THREE MONTHS ENDED |
|
SIX MONTHS ENDED |
|
||||||||
|
|
|
2003 |
|
2002 |
|
2003 |
|
2002 |
|
||||
|
|
|
(UNAUDITED) |
|
(UNAUDITED) |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Sales |
|
$ |
28,645,014 |
|
$ |
27,636,311 |
|
$ |
57,711,881 |
|
$ |
54,919,212 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Cost of sales |
|
20,282,707 |
|
19,673,756 |
|
40,913,441 |
|
39,205,531 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Gross margin |
|
8,362,307 |
|
7,962,555 |
|
16,798,440 |
|
15,713,681 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Selling, general and administrative expenses |
|
4,405,588 |
|
3,895,389 |
|
8,598,243 |
|
7,691,224 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income from operations |
|
3,956,719 |
|
4,067,166 |
|
8,200,197 |
|
8,022,457 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Investment income |
|
190,854 |
|
190,189 |
|
413,392 |
|
323,338 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest expense | |||||||||||||