MINNEAPOLIS, Feb. 8 /PRNewswire-FirstCall/ -- Hawkins, Inc. (Nasdaq: HWKN) today announced third quarter and nine months results for fiscal 2008. For the quarter ended December 31, 2007, Hawkins reported sales increased 30.9% to $48.5 million versus $37.0 million for the same period a year ago. Net income for the quarter was $1.5 million, equal to $0.15 per diluted share, versus net income of $314,000, or $0.03 per diluted share for the third quarter of fiscal 2007.
For the nine months ended December 31, 2007, Hawkins reported sales of $145.2 million compared to sales of $120.7 million in the prior year period, an increase of 20.3%. Net income for the nine-month period ended December 31, 2007 was $7.4 million compared to $6.3 million in the prior year period, an increase of 17.9%. Diluted earnings per share rose to $0.72 compared to $0.62 per diluted share for the same period a year ago, an increase of 16.1%.
Industrial segment sales increased by $20.3 million or 29.2% for the nine months ended December 31, 2007, driven largely by an increase in higher volume, lower margin products, price increases commensurate with rising material costs, and the acquisition of Trumark, Inc.
Water Treatment segment sales increased by $3.6 million or 8.2% for the nine months ended December 31, 2007, primarily attributable to selling price increases commensurate with rising material costs, expansion of existing product lines to new and existing customers and volume increases during the first quarter of fiscal 2008 related to favorable weather conditions.
Gross margin as a percent of sales for the three and nine months ended
December 31, 2007 were 18.8% and 22.6%, respectively, compared with 18.9%
and 24.0% in the comparable periods a year ago. The decreases were
primarily due to a change in product mix towards higher volume, lower
margin products and higher material costs. The decrease for the three
months ended December 31, 2007 was partially mitiga
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