Hawkins, Inc. Reports First Quarter Fiscal 2021 Results; Announces Acquisition of American Development Corporation of Tennessee

About this update from Hawkins, Inc.

[{"type":"text","content":"MINNEAPOLIS, July 28, 2020 (GLOBE NEWSWIRE) -- Hawkins, Inc. (Nasdaq: HWKN) today announced results for its fiscal 2021 first quarter ended June 28, 2020. Highlights include:\n Ninth consecutive quarter of year-over-year operating income growth, with record operating income of $15.9 million, an increase of 14% over the $14.0 million recorded in the first quarter of the prior year. Sales of $143.2 million for the first quarter, a decrease of 3% from the first quarter of fiscal 2020, with strong growth of 11% in our Health and Nutrition segment. Record first quarter net income of $11.8 million, an increase of 20%, compared to $9.8 million in the prior year.Record first quarter diluted earnings per share (EPS) of $1.11, which was $0.19, or 21%, higher than EPS of $0.92 in the first quarter of fiscal 2020.Acquisition of American Development Corporation of Tennessee, Inc., effective July 28, 2020, which is expected to be accretive this fiscal year. “We were very pleased with our continued profitability growth, including a 20% increase in net income this quarter,” said Patrick H. Hawkins, Chief Executive Officer and President. “As we expected, our business segment operating results were mixed in the first quarter due to the varying impacts of COVID-19, with our Industrial and Health and Nutrition segments benefiting from increased demand for bottled bleach, bleach for bottling, and health and nutrition products, while our Water Treatment segment was weaker as a result of softness in end markets serving municipal and fitness pools and the ethanol industry. We expect continued mixed results across our business segments due to the COVID 19 pandemic, but do expect earnings growth this fiscal year.” Mr. Hawkins continued, “In addition to a strong quarter, we are pleased to announce that we closed on the acquisition of American Development Corporation of Tennessee, Inc., a company we have followed for years as they have grown their business. ADC is a great cultural fit with Hawkins and will expand our Water Treatment footprint in Tennessee and the surrounding states to support further growth.” Mike Wetherington, ADC President and Chief Executive Officer, said, “Hawkins has always been a great competitor and I have admired the way they treat their employees, customers, and suppliers, so it was a natural fit when I was looking for the right c...

More updates from Hawkins, Inc.