MINNEAPOLIS, June 12 /PRNewswire-FirstCall/ -- Hawkins, Inc. (Nasdaq: HWKN) today announced sales for fiscal 2008 of $196.4 million, a 22.5% increase over fiscal 2007 sales of $160.4 million. Net income for fiscal 2008 was $9.1 million, equal to earnings per share of $0.89, compared with fiscal 2007 net income of $8.1 million or earnings per share of $0.79.
For the fourth quarter ended March 30, 2008, Hawkins reported sales of $51.2 million, up 29.0% from $39.7 million for the comparable period a year ago. Net income for the fourth quarter of fiscal 2008 was $1.7 million, equal to earnings per share of $0.17, versus net income of $1.8 million, or earnings per share of $0.18, for the fourth quarter of fiscal 2007. The fourth quarter of fiscal 2008 was negatively impacted by LIFO inventory adjustments of approximately $1.2 million before taxes (approximately $0.8 million or $0.08 per share, after tax) resulting from fluctuations in cost and inventory levels, whereas the fourth quarter of fiscal 2007 was positively impacted by LIFO adjustments of approximately $0.8 million before taxes (approximately $0.5 million or $0.05 per share, after tax).
In fiscal 2008, Industrial segment sales were $124.6 million, a 30.6% increase over fiscal 2007 sales of $95.4 million. The change was driven largely by higher volumes, price increases related to rising material costs, and the acquisition of Trumark, Inc. in May of 2007.
Water Treatment segment sales were $62.1 million, a 10.1% increase over fiscal 2007 sales of $56.4 million. The growth is primarily attributable to selling price increases that correlate with rising material costs, product line growth and higher volumes related to favorable weather conditions.
The Pharmaceutical segment's sales were $9.8 million, a 13.2% increase
over fiscal 2007 sales of $8.6 million. The improvement was due primarily
to the resolution of regulatory restrictions during the third quarter of
fiscal 2008, which b
|SOURCE Hawkins, Inc.|
Copyright©2008 PR Newswire.
All rights reserved