Hawkins Inc. Files 2024 Annual Report on Form 10-K

TL;DR

<b>Hawkins Inc. has filed its annual 10-K report detailing financial performance and operations for the fiscal year ending March 31, 2024.</b>

AI Summary

HAWKINS INC (HWKN) filed a Annual Report (10-K) with the SEC on May 15, 2024. Hawkins Inc. filed its 10-K report for the fiscal year ending March 31, 2024. The company is incorporated in Minnesota (MN) and operates in the Wholesale-Chemicals & Allied Products sector (SIC 5160). The filing covers the period ending March 31, 2024, with the report filed on May 15, 2024. Key financial statement dates include March 31, 2024, April 2, 2023, and April 3, 2022. The report details various financial statement components and asset categories as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking HAWKINS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Hawkins Inc.'s financial health, operational performance, and strategic positioning for the fiscal year 2024. Investors and analysts can use this report to assess the company's financial stability, growth prospects, and potential risks in the chemical and allied products wholesale industry.

Risk Assessment

Risk Level: medium — HAWKINS INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report, but lacks specific financial performance data in the provided text, requiring further analysis of the full document to determine precise risks.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion and analysis, and risk factors to make an informed investment decision.

Key Numbers

• 2024-03-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-05-15 — Filing Date (FILED AS OF DATE)
• 0328 — Fiscal Year End (FISCAL YEAR END)
• 5160 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 0000046250 — Central Index Key (CENTRAL INDEX KEY)

Key Players & Entities

• HAWKINS INC (company) — FILER
• 0000046250 (company) — CENTRAL INDEX KEY
• 5160 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• MN (company) — STATE OF INCORPORATION
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-15 (date) — FILED AS OF DATE
• 2024-03-08 (date) — Date related to IndustrialResearchCorporationMember
• USD (dollar_amount) — Currency

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: The company faces risk related to customer concentration in its accounts receivable.

Key Dates

• 2024-03-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-05-15: Filing Date — Date the 10-K report was officially filed with the SEC.

Filing Documents

• hwkn-20240331.htm (10-K) — 1291KB
• hwkn10k2024exhibit21.htm (EX-21) — 5KB
• hwkn10k2024exhibit231.htm (EX-23.1) — 2KB
• hwkn10k2024exhibit241.htm (EX-24.1) — 24KB
• hwkn10k2024exhibit311.htm (EX-31.1) — 10KB
• hwkn10k2024exhibit312.htm (EX-31.2) — 10KB
• hwkn10k2024exhibit321.htm (EX-32.1) — 4KB
• hwkn10k2024exhibit322.htm (EX-32.2) — 4KB
• hwkn10k2024exhibit97.htm (EX-97) — 30KB
• hwkn-20240331_g1.jpg (GRAPHIC) — 122KB
• 0000046250-24-000013.txt (&nbsp;) — 7353KB
• hwkn-20240331.xsd (EX-101.SCH) — 39KB
• hwkn-20240331_cal.xml (EX-101.CAL) — 71KB
• hwkn-20240331_def.xml (EX-101.DEF) — 178KB
• hwkn-20240331_lab.xml (EX-101.LAB) — 605KB
• hwkn-20240331_pre.xml (EX-101.PRE) — 419KB
• hwkn-20240331_htm.xml (XML) — 989KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS The information presented in this Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements have been made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts, but rather are based on our current expectations, estimates and projections, and our beliefs and assumptions. Words such as "anticipate," "expect," "intend," "plan," "believe," "seek," "estimate," "will" and similar expressions may identify forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. These factors could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. These risks and uncertainties are described in the risk factors and elsewhere in this Annual Report on Form 10-K. We caution you not to place undue reliance on these forward-looking statements, which reflect our management's view only as of the date of this Annual Report on Form 10-K. We are not obligated to update these statements or publicly release the result of any revisions to them to reflect events or circumstances after the date of this Annual Report on Form 10-K or to reflect the occurrence of unanticipated events. As used in this Annual Report on Form 10-K, except where otherwise stated or indicated by the context, "Hawkins," "we," "us," "the Company," "our," or "the Registrant" means Hawkins, Inc. References to "fiscal 2025" means our fiscal year ending March 30, 2025, "fiscal 2024" means our fiscal year ended March 31, 2024, "fiscal 2023" means our fiscal year ended April 2, 2023, and "fiscal 2022" means our fiscal year ended April 3, 2022. ii Hawkins, Inc. Annual Rep

Risk Factors

ITEM 1A. Risk Factors 4

Unresolved Staff Comments

ITEM 1B. Unresolved Staff Comments 11

Cybersecurity

ITEM 1C. Cybersecurity 12

Properties

ITEM 2. Properties 13

Legal Proceedings

ITEM 3. Legal Proceedings 13

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 13 PART II

Market for the Company's Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity Securities

ITEM 5. Market for the Company's Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity Securities 14

Reserved

ITEM 6. Reserved 15

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 15

Quantitative and Qualitative Disclosures about Market Risk

ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk 22

Financial Statements and Supplementary Data

ITEM 8. Financial Statements and Supplementary Data 23

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 48

Controls and Procedures

ITEM 9A. Controls and Procedures 48

Other Information

ITEM 9B. Other Information 49

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

ITEM 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 49 PART III

Directors, Executive Officers, and Corporate Governance

ITEM 10. Directors, Executive Officers, and Corporate Governance 50

Executive Compensation

ITEM 11. Executive Compensation 51

Security Ownership of Certain Beneficial Owners and Management And Related Stockholder Matters

ITEM 12. Security Ownership of Certain Beneficial Owners and Management And Related Stockholder Matters 51

Certain Relationships and Related Transactions, and Director Independence

ITEM 13. Certain Relationships and Related Transactions, and Director Independence 51

Principal Accountant Fees and Services

ITEM 14. Principal Accountant Fees and Services 51 PART IV

Exhibits and Financial Statement Schedules

ITEM 15. Exhibits and Financial Statement Schedules 52

Form 10-K Summary

ITEM 16. Form 10-K Summary 54 iii PART I

BUSINESS

ITEM 1. BUSINESS We are a leading specialty chemical and ingredients company that formulates, distributes, blends and manufactures products for our Industrial, Water Treatment and Health and Nutrition customers. We believe that we create value for our customers through superb service and support, quality products, personalized applications and trustworthy, creative employees. We conduct our business in three segments: Industrial, Water Treatment, and Health and Nutrition. Industrial Segment. Our Industrial Group specializes in providing industrial chemicals, products and services to industries such as agriculture, chemical processing, electronics, energy, food, pharmaceutical and plating. This group's principal products are acids, alkalis and food-grade and pharmaceutical salts and ingredients. The Industrial Group: Manufactures sodium hypochlorite (bleach), certain food-grade and pharmaceutical products, including liquid phosphates, lactates and other blended products, and agricultural products; Receives, stores and distributes various chemicals in bulk quantities, including liquid caustic soda, sulfuric acid, hydrochloric acid, urea, phosphoric acid, aqua ammonia and potassium hydroxide; Repackages water treatment chemicals for our Water Treatment Group and bulk industrial chemicals to sell in smaller quantities to our customers; and Performs custom blending of chemicals according to customer formulas and specifications. The group's sales are concentrated primarily in the central United States, while the group sells food and pharmaceutical products, as well as some agricultural products, nationally. The Industrial Group relies on a specially trained sales staff that works directly with customers on their specific needs. The group conducts its business primarily through manufacturing locations and terminal operations. Agricultural sales within this group tend to be seasonal, with higher sales during the typical planting season of March through Jun

RISK FACTORS

ITEM 1A. RISK FACTORS You should carefully consider the following material factors regarding risks relating to an investment in our securities and when reading the information, including the financial information, contained in this Annual Report on Form 10-K. Shareholders are cautioned that these and other factors may affect future performance and cause actual results to differ materially from those that may be anticipated. COMPETITIVE AND REPUTATIONAL RISKS We operate in a highly competitive environment and face significant competition and price pressure. We operate in a highly competitive industry and compete with producers, manufacturers, distributors and sales agents offering products equivalent to substantially all of the products we offer. Competition is based on several key criteria, including product price, product performance, product quality, product availability and security of supply, breadth of product offerings, geographic reach, responsiveness of product development in cooperation with customers, technical expertise and customer service. Many of our competitors are larger than we are and may have greater financial resources, more product offerings and a broader geographic reach. As a result, these competitors may be able to offer a broader array of products to a larger geographic area and may be better able than us to withstand changes in conditions within our industry, changes in the prices and availability of raw materials and changes in general economic conditions as well as be able to introduce innovative products that reduce demand for or the profit from our products. Additionally, competitors' pricing decisions could compel us to decrease our prices, which could adversely affect our margins and profitability. Our ability to maintain or increase our profitability would be dependent upon our ability to offset competitive decreases in the prices and margins of our products by improving production efficiency, investing in infrastructure to r

View Full Filing

View this 10-K filing on SEC EDGAR