HAWKINS INC - 10-Q Quarterly Report

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, 2004

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 incorporation or organization)		(I.R.S. Employer Identification No.)

3100 EAST HENNEPIN AVENUE, MINNEAPOLIS, MINNESOTA 55413
(Address of principal executive offices, including 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 ý NO o

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 9, 2004
Common Stock, par value $.05 per share		10,257,341

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

HAWKINS, INC.

CONDENSED BALANCE SHEETS

				MARCH 28, 2004
	SEPTEMBER 30, 2004			(DERIVED FROM AUDITED FINANCIAL
	(UNAUDITED)			STATEMENTS)
ASSETS

CURRENT ASSETS:
Cash and cash equivalents	$	4,518,079		$	1,558,969
Investments available-for-sale	22,088,047			22,364,439
Trade receivables—net	11,578,109			11,308,851
Inventories	11,752,663			8,887,081
Prepaid expenses and other current assets	1,712,034			3,566,891
Total current assets	51,648,932			47,686,231

PROPERTY, PLANT AND EQUIPMENT—net	31,411,930			29,532,485

INTANGIBLE ASSETS—less accumulated amortization of $1,726,614 and $1,584,871, respectively	2,636,435			2,778,178

OTHER ASSETS	2,434,110			2,620,011
	$	88,131,407		$	82,616,905
LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:
Accounts payable – trade	$	6,974,169		$	4,752,049
Dividends payable	1,846,321			1,839,004
Other current liabilities	6,372,566			6,417,231
Total current liabilities	15,193,056			13,008,284

OTHER LONG-TERM LIABILITIES	15,854			89,133

DEFERRED INCOME TAXES	1,564,343			1,614,843

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ EQUITY:
Common stock, par value $.05 per share; 10,257,341 and 10,216,688 shares issued and outstanding	512,867			510,834
Additional paid-in capital	38,224,758			37,747,492
Unearned compensation	(438,747		)	—
Accumulated other comprehensive income	120,218			196,328
Retained earnings	32,939,058			29,449,991
Total shareholders’ equity	71,358,154			67,904,645
	$	88,131,407		$	82,616,905

See accompanying notes to condensed financial statements.

HAWKINS, INC.

CONDENSED STATEMENTS OF INCOME

	THREE MONTHS ENDED SEPTEMBER 30				SIX MONTHS ENDED SEPTEMBER 30
	2004		2003		2004		2003
	(UNAUDITED)				(UNAUDITED)

Sales	$	28,631,601	$	28,645,014	$	58,587,419	$	57,711,881

Cost of sales	20,313,977		20,282,707		41,684,319		40,913,441

PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements:

	Condensed Balance Sheets – September 30, 2004 and March 28, 2004

	Condensed Statements of Income - Three and Six Months Ended September 30, 2004 and 2003

	Condensed Statements of Cash Flows - Six Months Ended September 30, 2004 and 2003

	Notes to Condensed Financial Statements

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3.	Quantitative and Qualitative Disclosures about Market Risk

Item 4.	Controls and Procedures


PART II.	OTHER INFORMATION

Item 4.	Submission of Matters to a Vote of Security Holders

Item 6.	Exhibits

Signatures

Exhibit Index