Business
Hawkins, Inc. Reports Fourth Quarter, Fiscal 2019 Results
MINNEAPOLIS, May 23, 2019 /PRNewswire/ -- Hawkins, Inc. (Nasdaq: HWKN) today announced fourth quarter and full-year results for its fiscal year ended March
About this update from Hawkins, Inc.
[{"type":"text","content":"MINNEAPOLIS, May 23, 2019 /PRNewswire/ -- Hawkins, Inc. (Nasdaq: HWKN) today announced fourth quarter and full-year results for its fiscal year ended March 31, 2019. Highlights include:\nRecord sales of $556.3 million for the full year, an increase of 10% from fiscal 2018, with strong growth in all three operating segments. Operating income for the full year of $36.8 million compared to an operating loss of $11.8 million in fiscal 2018, which included a $39.1 million goodwill impairment. Record net income of $24.4 million compared to a net loss of $9.2 million in fiscal 2018. Adjusted for the goodwill impairment in fiscal 2018 and the impact of the Tax Cuts and Jobs Act of 2017 (the \"Tax Act\"), adjusted net income was $16.0 million in fiscal 2018. Current year net income was 53% higher than the prior year adjusted net income. Diluted earnings per share (EPS) of $2.28 for the full year was $3.14 higher than EPS of ($0.86) in fiscal 2018 and $0.78 higher than adjusted EPS of $1.50 in fiscal 2018. Adjusted EPS excluded the goodwill impairment and the impact of the Tax Act. Current year EPS was 52% higher than prior year adjusted EPS. Record operating cash flow of $48.0 million was $20.6 million higher than a year ago, and allowed us to pay down $16.0 million of debt in fiscal 2019. Net debt was reduced to $75.8 million at the end of fiscal 2019, $20.2 million lower than a year ago. In the fourth quarter of fiscal 2019, we repurchased approximately 48,000 shares of our common stock to help offset the dilution from the Company's equity award programs. Total shares purchased in fiscal 2019 were approximately 108,000 shares.\"We are pleased to report a strong fiscal 2019 with positive results in all of our segments for the year,\" said Patrick H. Hawkins, Chief Executive Officer and President. \"We recorded record sales for the year, growing 10% over the previous year, with growth in all three operating segments. This sales growth contributed to an 11% growth in gross profit. Selling, general and administrative expenses were managed closely, down slightly from last year, and 120 basis points lower as a percentage of sales. This all contributed to record operating cash flow of $48.0 million, $20.6 million higher than fiscal 2018, and allowed us to pay down $16.0 million in debt.\"\nMr. Hawkins continued, \"Operating income in our Indu...