Hawkins Inc. (HWKN, Financial) filed Quarterly Report for the period ended 2010-12-31.
Hawkins Inc has a market cap of $476 million; its shares were traded at around $46.14 with a P/E ratio of 18.9 and P/S ratio of 1.8. The dividend yield of Hawkins Inc stocks is 1.3%. Hawkins Inc had an annual average earning growth of 29% over the past 10 years. GuruFocus rated Hawkins Inc the business predictability rank of 3.5-star.Mutual Fund and Other Gurus that owns HWKN: Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors, Bill Frels of Mairs & Power Inc. , John Keeley of Keeley Fund Management.
Industrial Segment. Gross profit for the Industrial segment was $8.6 million, or 16.8% of sales, for the three months ended December 31, 2010, as compared to $10.1 million, or 23.9% of sales, for the three months ended December 31, 2009. The decrease in gross profit dollars was attributable to competitive pricing pressures and higher operational and infrastructure costs, offset by increased sales. The LIFO method of valuing inventory caused a $0.6 million decrease in gross profit in this segment for the three months ended December 31, 2010 while it increased gross profit by $1.8 million for the three months ended December 31, 2009.
Gross profit was $49.9 million, or 23.1% of sales, for the nine months ended December 31, 2010, as compared to $49.1 million, or 24.7% of sales, for the nine months ended December 31, 2009. Due to projected increases in certain raw material costs during fiscal 2011, the LIFO method of valuing inventory reduced gross profit by $1.4 million for the nine months ended December 31, 2010, whereas LIFO increased gross profit by $9.1 million for the nine months ended December 31, 2009 due to significant decreases in raw material costs experienced in the first nine months of fiscal 2010 and projected to remain in place at the end of fiscal 2010.
Industrial Segment. Gross profit for the Industrial segment was $28.5 million, or 19.6 % of sales, for the nine months ended December 31, 2010, as compared to $27.4 million, or 20.5% of sales, for the nine months ended December 31, 2009. The increase in gross profit dollars for this segment in the first nine months of fiscal 2011 was attributable to increased sales of manufactured and specialty chemicals, partially offset by competitive pricing pressures and higher operational and infrastructure expenses. The LIFO method of valuing inventory decreased gross profit by $1.3 million in this segment for the nine months ended December 31, 2010 while it increased gross profit by $7.2 million for the nine months ended December 31, 2009.
Cash and investments available-for-sale of $63.2 million at December 31, 2010 increased by $9.5 million as compared with the $53.7 million available as of March 28, 2010, primarily due to cash flows generated from operations, offset by capital expenditures and dividends paid. In January 2011, the Company used $25.5 million of its cash balances to acquire substantially all of the assets of Vertex.
Capital expenditures were $7.8 million for the nine months ended December 31, 2010 compared to $6.6 million in the same period in the prior fiscal year. Capital expenditures related to new facilities projects were approximately $0.6 million for the nine months ended December 31, 2010 compared to $2.5 million for the nine months ended December 31, 2009. Additional significant capital expenditures during the nine months ended December 31, 2010 consisted of approximately $3.0 million for business expansion and process improvement projects, $3.5 million for other facility, regulatory and safety improvements and $0.7 million for new and replacement route sales trucks for the Water Treatment segment. We expect our cash flows from operations will be sufficient to fund our planned capital expenditures for the remainder of fiscal 2011.
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Hawkins Inc has a market cap of $476 million; its shares were traded at around $46.14 with a P/E ratio of 18.9 and P/S ratio of 1.8. The dividend yield of Hawkins Inc stocks is 1.3%. Hawkins Inc had an annual average earning growth of 29% over the past 10 years. GuruFocus rated Hawkins Inc the business predictability rank of 3.5-star.Mutual Fund and Other Gurus that owns HWKN: Chuck Royce of Royce& Associates, Mario Gabelli of GAMCO Investors, Bill Frels of Mairs & Power Inc. , John Keeley of Keeley Fund Management.
Highlight of Business Operations:
Gross profit was $13.7 million, or 19.4 % of sales, for the three months ended December 31, 2010, as compared to $15.9 million, or 26.2% of sales, for the three months ended December 31, 2009. The LIFO method of valuing inventory reduced gross profit by $0.6 million for the three months ended December 31, 2010 and increased gross profit by $2.1 million for the three months ended December 31, 2009. The impact of LIFO in the prior year was primarily due to significant decreases in raw material costs experienced over the first several months of fiscal 2010, whereas we have seen raw material costs increase somewhat through the first three quarters of fiscal 2011 and those costs are expected to remain at current levels through the end of the fiscal year.Industrial Segment. Gross profit for the Industrial segment was $8.6 million, or 16.8% of sales, for the three months ended December 31, 2010, as compared to $10.1 million, or 23.9% of sales, for the three months ended December 31, 2009. The decrease in gross profit dollars was attributable to competitive pricing pressures and higher operational and infrastructure costs, offset by increased sales. The LIFO method of valuing inventory caused a $0.6 million decrease in gross profit in this segment for the three months ended December 31, 2010 while it increased gross profit by $1.8 million for the three months ended December 31, 2009.
Gross profit was $49.9 million, or 23.1% of sales, for the nine months ended December 31, 2010, as compared to $49.1 million, or 24.7% of sales, for the nine months ended December 31, 2009. Due to projected increases in certain raw material costs during fiscal 2011, the LIFO method of valuing inventory reduced gross profit by $1.4 million for the nine months ended December 31, 2010, whereas LIFO increased gross profit by $9.1 million for the nine months ended December 31, 2009 due to significant decreases in raw material costs experienced in the first nine months of fiscal 2010 and projected to remain in place at the end of fiscal 2010.
Industrial Segment. Gross profit for the Industrial segment was $28.5 million, or 19.6 % of sales, for the nine months ended December 31, 2010, as compared to $27.4 million, or 20.5% of sales, for the nine months ended December 31, 2009. The increase in gross profit dollars for this segment in the first nine months of fiscal 2011 was attributable to increased sales of manufactured and specialty chemicals, partially offset by competitive pricing pressures and higher operational and infrastructure expenses. The LIFO method of valuing inventory decreased gross profit by $1.3 million in this segment for the nine months ended December 31, 2010 while it increased gross profit by $7.2 million for the nine months ended December 31, 2009.
Cash and investments available-for-sale of $63.2 million at December 31, 2010 increased by $9.5 million as compared with the $53.7 million available as of March 28, 2010, primarily due to cash flows generated from operations, offset by capital expenditures and dividends paid. In January 2011, the Company used $25.5 million of its cash balances to acquire substantially all of the assets of Vertex.
Capital expenditures were $7.8 million for the nine months ended December 31, 2010 compared to $6.6 million in the same period in the prior fiscal year. Capital expenditures related to new facilities projects were approximately $0.6 million for the nine months ended December 31, 2010 compared to $2.5 million for the nine months ended December 31, 2009. Additional significant capital expenditures during the nine months ended December 31, 2010 consisted of approximately $3.0 million for business expansion and process improvement projects, $3.5 million for other facility, regulatory and safety improvements and $0.7 million for new and replacement route sales trucks for the Water Treatment segment. We expect our cash flows from operations will be sufficient to fund our planned capital expenditures for the remainder of fiscal 2011.
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