Hawkins (HWKN) 10-Q 3 Feb 15 2015 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Dec. 28, 2014	Jan. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	HAWKINS INC
Entity Central Index Key	46250
Document Type	10-Q
Document Period End Date	28-Dec-14
Amendment Flag	FALSE
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	-26
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		10,645,189

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Dec. 28, 2014	Mar. 30, 2014
In Thousands, unless otherwise specified
CURRENT ASSETS:
Cash and cash equivalents	$18,994	$33,486
Investments available-for-sale	16,072	13,843
Trade receivables — less allowance for doubtful accounts: $375 as of December 28, 2014 and $477 as of March 30, 2014	34,626	37,946
Inventories	37,016	26,192
Income Taxes Receivable, Current	340	0
Prepaid expenses and other current assets	3,203	3,160
Total current assets	110,251	114,627
PROPERTY, PLANT AND EQUIPMENT:
Property, plant and equipment	168,027	158,875
Less accumulated depreciation and amortization	-75,813	-68,406
Net property, plant, and equipment	92,214	90,469
Goodwill	11,750	7,392
Intangible assets — less accumulated amortization: $3,671 as of December 28, 2014 and $3,069 as of March 30, 2014	11,416	8,509
Long-term investments	16,268	15,852
Other	203	344
Total other assets	39,637	32,097
Total assets	242,102	237,193
CURRENT LIABILITIES:
Accounts payable	18,205	18,306
Dividends payable	0	3,823
Accrued payroll and employee benefits	5,933	5,555
Deferred income taxes	2,743	2,900
Income tax payable	0	1,444
Other current liabilities	3,500	3,801
Total current liabilities	30,381	35,829
PENSION WITHDRAWAL LIABILITY	6,664	6,887
OTHER LONG-TERM LIABILITIES	752	1,878
DEFERRED INCOME TAXES	10,395	10,186
Total liabilities	48,192	54,780
COMMITMENTS AND CONTINGENCIES	0	0
SHAREHOLDERS’ EQUITY:
Common stock; authorized: 30,000,000 shares of $0.05 par value; 10,569,026 and 10,562,400 shares issued and outstanding as of December 28, 2014 and March 30, 2014, respectively	528	528
Additional paid-in capital	50,716	50,502
Retained earnings	142,705	131,427
Accumulated other comprehensive loss	-39	-44
Total shareholders’ equity	193,910	182,413
Total liabilities and shareholders’ equity	$242,102	$237,193

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $)	Dec. 28, 2014	Mar. 30, 2014
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]
Allowance for doubtful accounts, trade receivables	$375	$477
Intangible assets accumulated amortization	$3,671	$3,069
Shares authorized (shares)	30,000,000	30,000,000
Common stock, par value (usd per share)	$0.05	$0.05
Common Stock, Shares, Issued	10,569,026	10,562,400
Common Stock, Shares, Outstanding	10,569,026	10,562,400

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 28, 2014	Dec. 29, 2013	Dec. 28, 2014	Dec. 29, 2013
Income Statement [Abstract]
Sales	$83,825	$81,697	$270,742	$263,040
Cost of sales	-70,183	-68,147	-220,482	-215,689
Gross profit	13,642	13,550	50,260	47,351
Selling, general and administrative expenses	-8,697	-8,167	-25,843	-25,430
Operating income	4,945	5,383	24,417	21,921
Interest income (expense), net	15	9	11	-18
Income before income taxes	4,960	5,392	24,428	21,903
Income tax provision	-1,814	-1,912	-9,114	-8,104
Net income	$3,146	$3,480	$15,314	$13,799
Weighted average number of shares outstanding - basic	10,564,990	10,547,882	10,564,401	10,538,595
Weighted average number of shares outstanding - diluted	10,614,740	10,595,935	10,623,148	10,590,880
Basic earnings per share
Basic earnings per share (usd per share)	$0.30	$0.33	$1.45	$1.31
Diluted earnings per share
Diluted earnings per share (usd per share)	$0.30	$0.33	$1.44	$1.30
Cash dividends declared per common share (usd per share)	$0	$0	$0.38	$0.36

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Dec. 28, 2014	Dec. 29, 2013	Dec. 28, 2014	Dec. 29, 2013
Statement of Comprehensive Income [Abstract]
Net income	$3,146	$3,480	$15,314	$13,799
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on available-for-sale investments	-8	-17	5	-61
Unrealized gain (loss) on post-retirement liability	0	-38	0	-38
Total other comprehensive income (loss)	-8	-55	5	-99
Total comprehensive income	$3,138	$3,425	$15,319	$13,700

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Dec. 28, 2014	Dec. 29, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$15,314	$13,799
Reconciliation to cash flows:
Depreciation and amortization	9,250	9,678
Deferred income taxes	49	1,216
Stock compensation expense	1,233	946
Loss from property disposals	7	35
Changes in operating accounts providing (using) cash:
Trade receivables	4,679	1,708
Inventories	-9,965	-2,188
Accounts payable	-638	-301
Accrued liabilities	-1,361	402
Income tax payable	-1,784	403
Other	257	-786
Net Cash Provided by (Used in) Operating Activities	17,041	24,912
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant, and equipment	-10,086	-10,489
Purchases of investments	-12,394	-17,956
Sale and maturities of investments	9,755	12,185
Acquisitions	-10,068	-2,416
Proceeds from property disposals	137	114
Net cash used in investing activities	-22,656	-18,562
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends paid	-7,859	-7,410
New Shares Issued	491	459
Shares Surrendered for payroll taxes	-295	-485
Proceeds from the exercise of stock options	186	186
Excess tax benefit from share-based compensation	64	45
Shares repurchased	-1,464	0
Net cash used in financing activities	-8,877	-7,205
NET DECREASE IN CASH AND CASH EQUIVALENTS	-14,492	-855
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	33,486	28,715
CASH AND CASH EQUIVALENTS, END OF PERIOD	18,994	27,860
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for income taxes	10,816	6,426
Noncash investing activities - Capital expenditures in accounts payable	$449	$529

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Dec. 28, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and, accordingly, do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended March 30, 2014, previously filed with the Securities and Exchange Commission (“SEC”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly our financial position and the results of our operations and cash flows for the periods presented. All adjustments made to the interim condensed consolidated financial statements were of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation.
	The accounting policies we follow are set forth in “Item 8. Financial Statements and Supplementary Data, Note 1 – Nature of Business and Significant Accounting Policies” to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended March 30, 2014 filed with the SEC on May 29, 2014. There has been no significant change in our accounting policies since the end of fiscal 2014.
	The results of operations for the nine months ended December 28, 2014 are not necessarily indicative of the results that may be expected for the full year.
	References to fiscal 2014 refer to the fiscal year ended March 30, 2014 and references to fiscal 2015 refer to the fiscal year ending March 29, 2015.
	Recently Issued Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board issued new accounting requirements for recognition of revenue from contracts with customers. The requirements of the new standard will be effective for annual reporting periods beginning after December 15, 2016 (our fiscal year ending April 1, 2018), and interim periods within those annual periods. We are currently evaluating the impact of this accounting pronouncement on our results of operations and financial position.

Earnings_per_Share

Earnings per Share	9 Months Ended
	Dec. 28, 2014
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share
	Basic earnings per share (“EPS”) are computed by dividing net earnings by the weighted-average number of common shares outstanding. Diluted EPS includes the incremental shares assumed to be issued upon the exercise of stock options and the incremental shares assumed to be issued as performance units and restricted stock. Basic and diluted EPS were calculated using the following:
		Three Months Ended		Nine Months Ended
		December 28,	December 29,	December 28,	December 29,
		2014	2013	2014	2013
	Weighted-average common shares outstanding—basic	10,564,990	10,547,882	10,564,401	10,538,595
	Dilutive impact of stock options, performance units, and restricted stock	49,750	48,053	58,747	52,285
	Weighted-average common shares outstanding—diluted	10,614,740	10,595,935	10,623,148	10,590,880
	For the three and nine months ended December 28, 2014 and December 29, 2013, there were no shares or stock options excluded from the calculation of weighted-average common shares for diluted EPS.

Business_Combinations_Notes

Business Combinations (Notes)	9 Months Ended
	Dec. 28, 2014
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	Business Combinations
	Acquisition of The Dumont Company, Inc.: On October 20, 2014, we acquired substantially all of the assets of The Dumont Company, Inc. (“Dumont”) under the terms of an asset purchase agreement with Dumont and its shareholders. We paid $10.1 million in cash including a working capital adjustment in the third quarter of fiscal 2015, using available cash on hand to fund the acquisition. Dumont was a water treatment chemical distribution company with revenues of approximately $14.0 million in calendar year 2013. Through this acquisition we added seven operating locations across Florida. The results of operations since the acquisition date, and the assets, including the goodwill associated with this acquisition, are included in our Water Treatment segment. Costs associated with this transaction were not material to our company and were expensed as incurred.
	The acquisition has been accounted for under the acquisition method of accounting, under which the total purchase price is allocated to the net tangible and intangible assets of Dumont acquired in connection with the acquisition based on their estimated fair values. We estimated the fair values of the assets acquired and liabilities assumed using a discounted cash flow analysis (income approach). The following table summarizes the preliminary allocation of the purchase price to the fair values assigned to the assets acquired and liabilities assumed at the date of the Dumont acquisition:
	(In thousands)	Amount
	Accounts receivable	$	1,358
	Inventory	859
	Other assets	159
	Property, plant, and equipment	702
	Intangible assets	3,509
	Current liabilities	(877		)
	Net assets acquired	5,710
	Goodwill	4,358
	Total purchase price	$	10,068
	The goodwill recognized as a result of this acquisition is primarily attributable to strategic and synergistic benefits, as well as the assembled workforce. Such goodwill is expected to be deductible for tax purposes.
	The preliminary allocation of the purchase price to the assets acquired and liabilities assumed resulted in the recognition of the following intangible assets:
	(In thousands)	Amount			Life (in years)
	Customer relationships	$	2,810		20
	Trade Name	699			4
		$	3,509
	Acquisition of Advance Chemical Solutions, Inc.: On October 1, 2013, we acquired substantially all of the assets of Advance Chemical Solutions, Inc. (“ACS”). We paid $2.4 million in cash at closing, and have paid an additional $0.4 million of a potential $0.5 million earnout through the third quarter of fiscal 2015. We may be obligated to pay the remainder of the earnout over the next two years based on the achievement of certain financial performance targets.
	The ACS acquisition was accounted for under the acquisition method of accounting, under which the total estimated purchase price is allocated to the net tangible and intangible assets acquired based on their estimated fair values. We estimated the fair values of the assets acquired and liabilities assumed to be $2.8 million using a discounted cash flow analysis (income approach).
	ACS had revenues of approximately $4.0 million for the 12 months ended September 30, 2013. The results of its operations since the acquisition date, and the assets, are included in our Water Treatment segment.

Cash_and_Cash_Equivalents_and_

Cash and Cash Equivalents and Investments	9 Months Ended
	Dec. 28, 2014
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents and Investments	Cash and Cash Equivalents and Investments
	The following table presents information about our financial assets that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.
		December 28,
	(In thousands)	2014		Level 1		Level 2		Level 3
	Assets:
	Cash and cash equivalents	$	18,994	$	18,994	$	—	$	—
	Certificates of deposit	28,398		—		28,398		—
	Municipal bonds	3,942		—		3,942		—
		March 30,
	(In thousands)	2014		Level 1		Level 2		Level 3
	Assets:
	Cash and cash equivalents	$	33,486	$	33,486	$	—	$	—
	Certificates of deposit	24,437		—		24,437		—
	Municipal bonds	5,258		—		5,258		—
	Our financial assets that are measured at fair value on a recurring basis and fall within valuation technique Level 2 are certificates of deposit (“CDs”) and municipal bonds, with original maturities ranging from three months to three years. The CDs and municipal bonds are classified as investments in current assets and noncurrent assets on the condensed consolidated balance sheets. As of December 28, 2014, the combined CDs and municipal bonds had a fair value of $16.1 million in current assets and $16.2 million in noncurrent assets compared to CDs and municipal bonds with a fair value of $13.8 million in current assets and $15.9 million in noncurrent assets as of March 30, 2014.

Inventories

Inventories	9 Months Ended
	Dec. 28, 2014
Inventory Disclosure [Abstract]
Inventories	Inventories
	Inventories at December 28, 2014 and March 30, 2014 consist of the following:
		December 28,			March 30,
	(In thousands)	2014			2014
	Inventory (FIFO basis)	$	43,112		$	31,344
	LIFO reserve	(6,096		)	(5,152		)
	Net inventory	$	37,016		$	26,192
	The first in, first out (“FIFO”) value of inventories accounted for under the last in, first out (“LIFO”) method was $38.8 million at December 28, 2014 and $28.5 million at March 30, 2014. The remainder of the inventory was valued and accounted for under the FIFO method.
	The LIFO reserve increased $0.3 million during the three months ended December 28, 2014, and changed nominally during the three months ended December 29, 2013. During the nine months ended December 28, 2014, the LIFO reserve increased
	$0.9 million, and for the nine months ended December 29, 2013 the LIFO reserve decreased $0.2 million. The valuation of LIFO inventory for interim periods is based on our estimates of year-end inventory levels and costs.

Goodwill_and_Intangible_Assets

Goodwill and Intangible Assets	9 Months Ended
	Dec. 28, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets
	Goodwill. The carrying amount of goodwill was $11.7 million as of December 28, 2014 and $7.4 million as of March 30, 2014. The increase in goodwill is related to goodwill recorded in conjunction with the acquisition of Dumont as discussed in Note 3.
	Intangible assets. A summary of our intangible assets as of December 28, 2014 and March 30, 2014 is as follows:
		28-Dec-14							30-Mar-14
	(In thousands)	Gross		Accumulated			Net		Gross		Accumulated			Net
		Amount		Amortization					Amount		Amortization
	Finite-life intangible assets
	Customer relationships	$	9,723	$	(1,575	)	$	8,148	$	6,913	$	(1,292	)	$	5,621
	Trademark	2,034		(580		)	1,454		1,335		(421		)	914
	Trade secrets	962		(864		)	98		962		(768		)	194
	Carrier relationships	800		(317		)	483		800		(257		)	543
	Other finite-life intangible assets	341		(335		)	6		341		(331		)	10
	Total finite-life intangible assets	13,860		(3,671		)	10,189		10,351		(3,069		)	7,282
	Indefinite-life intangible assets	1,227		—			1,227		1,227		—			1,227
	Total intangible assets	$	15,087	$	(3,671	)	$	11,416	$	11,578	$	(3,069	)	$	8,509

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Loss	9 Months Ended
	Dec. 28, 2014
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss
	Components of accumulated other comprehensive loss on our consolidated balance sheet, net of tax, are as follows:
	(In thousands)	December 28,			March 30,
		2014			2014
	Unrealized loss on:
	Available-for-sale investments	$	(31	)	$	(36	)
	Post-retirement plan liability	(8		)	(8		)
	Accumulated other comprehensive loss	$	(39	)	$	(44	)

Share_Based_Compensation

Share Based Compensation	9 Months Ended
	Dec. 28, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation
	Performance-Based Restricted Stock Units. Our Board of Directors (the “Board”) approved a performance-based equity compensation arrangement for our executive officers during the first quarters of each of fiscal 2015 and 2014. These performance-based arrangements provide for the grant of performance-based restricted stock units that represent a possible future issuance of restricted shares of our common stock based on a pre-tax income target for the applicable fiscal year. The actual number of restricted shares to be issued to each executive officer is determined when our final financial information becomes available after the applicable fiscal year and will be between zero shares and 50,874 shares in the aggregate for fiscal 2015. The restricted shares issued will fully vest two years after the last day of the fiscal year on which the performance is based. We are recording the compensation expense for the outstanding performance share units and the converted restricted stock over the life of the awards.
	The following table represents the restricted stock activity for the nine months ended December 28, 2014:
		Shares		Weighted-
				Average Grant
				Date Fair Value
	Outstanding at beginning of period	52,104		$	36.99
	Granted	24,932		34.45
	Vested	(23,300	)	33.01
	Forfeited or expired	(156	)	33.01
	Outstanding at end of period	53,580		$	37.55
	We recorded compensation expense of $0.3 million and $0.9 million related to performance share units and restricted stock for the three and nine months ended December 28, 2014. We recorded compensation expense of $0.2 million and $0.6 million related to performance share units and restricted stock for the three and nine months ended December 29, 2013. Substantially all of the compensation expense was recorded in selling, general and administrative expenses in the condensed consolidated statements of income.
	Restricted Stock Awards. As part of their retainer, each non-employee director receives an annual grant of restricted stock for their Board services. The restricted stock awards are expensed over the requisite vesting period, which is one year from the date of issuance, based on the market value on the date of grant. As of December 28, 2014, there were 7,077 shares of restricted stock with a weighted averaged grant date fair value of $34.61 outstanding under this program. Compensation expense for the three and nine months ended December 28, 2014 and December 29, 2013 related to restricted stock awards to the Board was $0.1 million and $0.2 million, respectively.
	Stock Option Awards. The Board previously approved a long-term incentive equity compensation arrangement for our executive officers that provided for the grant of non-qualified stock options that vested at the end of a three-year period. No stock options have been granted since our fiscal year ended March 28, 2010 and as of December 28, 2014, we had no stock options outstanding. During the nine months ended December 28, 2014, 9,333 options were exercised with an exercise price of $19.90. No expense was recorded for the three and nine months ended December 28, 2014 and December 29, 2013 related to the value of stock options.

Share_Repurchase_Program

Share Repurchase Program	9 Months Ended
	Dec. 28, 2014
Share Repurchase Program [Abstract]
Share Repurchase Program	Share Repurchase Program
	On May 29, 2014, our Board authorized a share repurchase program of up to 300,000 shares of our outstanding common shares. Under the program, we are authorized to repurchase shares for cash on the open market or in privately negotiated transactions subject to applicable securities laws and regulations. Upon repurchase of the shares, we reduced our common stock for the par value of the shares with the excess applied against additional paid-in capital.
	During the first nine months of fiscal 2015 we repurchased 40,020 shares of common stock with an aggregate purchase price of $1.5 million.

Litigation_Commitments_and_Con

Litigation, Commitments and Contingencies	9 Months Ended
	Dec. 28, 2014
Commitments and Contingencies Disclosure [Abstract]
Litigation, Commitments and Contingencies	Litigation, Commitments and Contingencies
	Litigation — There are no material pending legal proceedings, other than ordinary routine litigation incidental to the business, to which we or any of our subsidiaries are a party or of which any of our property is the subject. Legal fees associated with such matters are expensed as incurred.

Segment_Information

Segment Information	9 Months Ended
	Dec. 28, 2014
Segment Reporting [Abstract]
Segment Information	Segment Information
	We have two reportable segments: Industrial and Water Treatment. The accounting policies of the segments are the same as those described in the summary of significant accounting policies as disclosed in our fiscal 2014 Annual Report on Form 10-K. Product costs and expenses for each segment are based on actual costs incurred along with cost allocation of shared and centralized functions. We evaluate performance based on profit or loss from operations before income taxes not including nonrecurring gains and losses. Reportable segments are defined primarily by product and type of customer. Segments are responsible for the sales, marketing and development of their products and services. The segments do not have separate accounting, administration, customer service or purchasing functions. There are no intersegment sales and no operating segments have been aggregated. Given the nature of our business, it is not practical to disclose revenues from external customers for each product or each group of similar products. No single customer’s revenues amounted to 10% or more of our total revenue. Sales are primarily within the United States and all assets are located within the United States.
	(In thousands)	Industrial		Water		Total
				Treatment
	Three months ended December 28, 2014:
	Sales	$	57,811	$	26,014	$	83,825
	Gross profit	7,011		6,631		13,642
	Selling, general and administrative expenses	4,715		3,982		8,697
	Operating income	2,296		2,649		4,945
	Three months ended December 29, 2013:
	Sales	$	58,510	$	23,187	$	81,697
	Gross profit	7,351		6,199		13,550
	Selling, general and administrative expenses	4,799		3,368		8,167
	Operating income	2,552		2,831		5,383
	Nine months ended December 28, 2014:
	Sales	$	183,292	$	87,450	$	270,742
	Gross profit	24,735		25,525		50,260
	Selling, general and administrative expenses	14,531		11,312		25,843
	Operating income	10,204		14,213		24,417
	Nine months ended December 29, 2013:
	Sales	$	182,224	$	80,816	$	263,040
	Gross profit	23,855		23,496		47,351
	Selling, general and administrative expenses	15,114		10,316		25,430
	Operating income	8,741		13,180		21,921

Earnings_per_Share_Tables

Earnings per Share (Tables)	9 Months Ended
	Dec. 28, 2014
Earnings Per Share [Abstract]
Summary of basic and diluted EPS	Basic earnings per share (“EPS”) are computed by dividing net earnings by the weighted-average number of common shares outstanding. Diluted EPS includes the incremental shares assumed to be issued upon the exercise of stock options and the incremental shares assumed to be issued as performance units and restricted stock. Basic and diluted EPS were calculated using the following:
		Three Months Ended		Nine Months Ended
		December 28,	December 29,	December 28,	December 29,
		2014	2013	2014	2013
	Weighted-average common shares outstanding—basic	10,564,990	10,547,882	10,564,401	10,538,595
	Dilutive impact of stock options, performance units, and restricted stock	49,750	48,053	58,747	52,285
	Weighted-average common shares outstanding—diluted	10,614,740	10,595,935	10,623,148	10,590,880

Business_Combinations_Tables

Business Combinations (Tables)	9 Months Ended
	Dec. 28, 2014
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	The following table summarizes the preliminary allocation of the purchase price to the fair values assigned to the assets acquired and liabilities assumed at the date of the Dumont acquisition:
	(In thousands)	Amount
	Accounts receivable	$	1,358
	Inventory	859
	Other assets	159
	Property, plant, and equipment	702
	Intangible assets	3,509
	Current liabilities	(877		)
	Net assets acquired	5,710
	Goodwill	4,358
	Total purchase price	$	10,068
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]	The preliminary allocation of the purchase price to the assets acquired and liabilities assumed resulted in the recognition of the following intangible assets:
	(In thousands)	Amount			Life (in years)
	Customer relationships	$	2,810		20
	Trade Name	699			4
		$	3,509

Cash_and_Cash_Equivalents_and_1

Cash and Cash Equivalents and Investments (Tables)	9 Months Ended
	Dec. 28, 2014
Cash and Cash Equivalents [Abstract]
Summary of financial assets and liabilities measured at fair value	The following table presents information about our financial assets that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value.
		December 28,
	(In thousands)	2014		Level 1		Level 2		Level 3
	Assets:
	Cash and cash equivalents	$	18,994	$	18,994	$	—	$	—
	Certificates of deposit	28,398		—		28,398		—
	Municipal bonds	3,942		—		3,942		—
		March 30,
	(In thousands)	2014		Level 1		Level 2		Level 3
	Assets:
	Cash and cash equivalents	$	33,486	$	33,486	$	—	$	—
	Certificates of deposit	24,437		—		24,437		—
	Municipal bonds	5,258		—		5,258		—

Inventories_Tables

Inventories (Tables)	9 Months Ended
	Dec. 28, 2014
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories at December 28, 2014 and March 30, 2014 consist of the following:
		December 28,			March 30,
	(In thousands)	2014			2014
	Inventory (FIFO basis)	$	43,112		$	31,344
	LIFO reserve	(6,096		)	(5,152		)
	Net inventory	$	37,016		$	26,192

Goodwill_and_Intangible_Assets1

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Dec. 28, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets and goodwill	A summary of our intangible assets as of December 28, 2014 and March 30, 2014 is as follows:
		28-Dec-14							30-Mar-14
	(In thousands)	Gross		Accumulated			Net		Gross		Accumulated			Net
		Amount		Amortization					Amount		Amortization
	Finite-life intangible assets
	Customer relationships	$	9,723	$	(1,575	)	$	8,148	$	6,913	$	(1,292	)	$	5,621
	Trademark	2,034		(580		)	1,454		1,335		(421		)	914
	Trade secrets	962		(864		)	98		962		(768		)	194
	Carrier relationships	800		(317		)	483		800		(257		)	543
	Other finite-life intangible assets	341		(335		)	6		341		(331		)	10
	Total finite-life intangible assets	13,860		(3,671		)	10,189		10,351		(3,069		)	7,282
	Indefinite-life intangible assets	1,227		—			1,227		1,227		—			1,227
	Total intangible assets	$	15,087	$	(3,671	)	$	11,416	$	11,578	$	(3,069	)	$	8,509

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Dec. 28, 2014
Equity [Abstract]
Summary of Accumulated other comprehensive loss	Components of accumulated other comprehensive loss on our consolidated balance sheet, net of tax, are as follows:
	(In thousands)	December 28,			March 30,
		2014			2014
	Unrealized loss on:
	Available-for-sale investments	$	(31	)	$	(36	)
	Post-retirement plan liability	(8		)	(8		)
	Accumulated other comprehensive loss	$	(39	)	$	(44	)

Share_Based_Compensation_Table

Share Based Compensation (Tables) (Performance-Based Restricted Stock [Member])	9 Months Ended
	Dec. 28, 2014
Performance-Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary of performance-based restricted stock units	The following table represents the restricted stock activity for the nine months ended December 28, 2014:
		Shares		Weighted-
				Average Grant
				Date Fair Value
	Outstanding at beginning of period	52,104		$	36.99
	Granted	24,932		34.45
	Vested	(23,300	)	33.01
	Forfeited or expired	(156	)	33.01
	Outstanding at end of period	53,580		$	37.55

Segment_Information_Tables

Segment Information (Tables)	9 Months Ended
	Dec. 28, 2014
Segment Reporting [Abstract]
Summary of Segment Information
	(In thousands)	Industrial		Water		Total
				Treatment
	Three months ended December 28, 2014:
	Sales	$	57,811	$	26,014	$	83,825
	Gross profit	7,011		6,631		13,642
	Selling, general and administrative expenses	4,715		3,982		8,697
	Operating income	2,296		2,649		4,945
	Three months ended December 29, 2013:
	Sales	$	58,510	$	23,187	$	81,697
	Gross profit	7,351		6,199		13,550
	Selling, general and administrative expenses	4,799		3,368		8,167
	Operating income	2,552		2,831		5,383
	Nine months ended December 28, 2014:
	Sales	$	183,292	$	87,450	$	270,742
	Gross profit	24,735		25,525		50,260
	Selling, general and administrative expenses	14,531		11,312		25,843
	Operating income	10,204		14,213		24,417
	Nine months ended December 29, 2013:
	Sales	$	182,224	$	80,816	$	263,040
	Gross profit	23,855		23,496		47,351
	Selling, general and administrative expenses	15,114		10,316		25,430
	Operating income	8,741		13,180		21,921

Earning_per_Share_Details

Earning per Share (Details)	3 Months Ended		9 Months Ended
	Dec. 28, 2014	Dec. 29, 2013	Dec. 28, 2014	Dec. 29, 2013
Summary of basic and diluted EPS
Weighted-average common shares outstanding-basic (shares)	10,564,990	10,547,882	10,564,401	10,538,595
Dilutive impact of stock options, performance units, and restricted stock (shares)	49,750	48,053	58,747	52,285
Weighted-average common shares outstanding-diluted (shares)	10,614,740	10,595,935	10,623,148	10,590,880

Earnings_per_Share_Details_Tex

Earnings per Share (Details Textual)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Dec. 28, 2014	Dec. 29, 2013	Dec. 28, 2014	Dec. 29, 2013
Earnings Per Share [Abstract]
Shares or stock options excluded from the calculation of diluted EPS	0	0	0	0

Business_Combinations_Details

Business Combinations (Details) (USD $)	9 Months Ended		0 Months Ended	12 Months Ended	0 Months Ended	12 Months Ended
	Dec. 28, 2014	Dec. 29, 2013	Oct. 20, 2014	Dec. 31, 2013	Oct. 01, 2013	Sep. 29, 2013	Mar. 30, 2014
Business Acquisition [Line Items]
Goodwill	$11,750,000						$7,392,000
Payments to Acquire Businesses, Net of Cash Acquired	10,068,000	2,416,000
The Dumont Company, Inc.
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables			1,358,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory			859,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets			159,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			702,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			3,509,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable			-877,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net			5,710,000
Goodwill			4,358,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net			10,068,000
Payments to Acquire Businesses, Net of Cash Acquired			10,100,000
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period				14,000,000
Advance Chemical Solutions, Inc. [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	400,000				2,400,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High					500,000
Contingent Consideration Measurement Period					2 years
Business Acquisition, Purchase Price Allocation, Assets Acquired (Liabilities Assumed), Net					2,800,000
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period						4,000,000
Customer Relationships [Member] | The Dumont Company, Inc.
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			2,810,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			20 years
Trade Names [Member] | The Dumont Company, Inc.
Business Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			$699,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			4 years

Cash_and_Cash_Equivalents_and_2

Cash and Cash Equivalents and Investments (Details) (USD $)	Dec. 28, 2014	Mar. 30, 2014
In Thousands, unless otherwise specified
Cash [Member] | Total [Member]
Assets:
Cash/Certificates of deposit/Money market securities	$18,994	$33,486
Cash [Member] | Level 3 [Member]
Assets:
Cash/Certificates of deposit/Money market securities	0	0
Cash [Member] | Level 2 [Member]
Assets:
Cash/Certificates of deposit/Money market securities	0	0
Cash [Member] | Level 1 [Member]
Assets:
Cash/Certificates of deposit/Money market securities	18,994	33,486
Certificates of deposit [Member] | Total [Member]
Assets:
Cash/Certificates of deposit/Money market securities	28,398	24,437
Certificates of deposit [Member] | Level 3 [Member]
Assets:
Cash/Certificates of deposit/Money market securities	0	0
Certificates of deposit [Member] | Level 2 [Member]
Assets:
Cash/Certificates of deposit/Money market securities	28,398	24,437
Certificates of deposit [Member] | Level 1 [Member]
Assets:
Cash/Certificates of deposit/Money market securities	0	0
Municipal bonds [Member] | Total [Member]
Assets:
Cash/Certificates of deposit/Money market securities	3,942	5,258
Municipal bonds [Member] | Level 3 [Member]
Assets:
Cash/Certificates of deposit/Money market securities	0	0
Municipal bonds [Member] | Level 2 [Member]
Assets:
Cash/Certificates of deposit/Money market securities	3,942	5,258
Municipal bonds [Member] | Level 1 [Member]
Assets:
Cash/Certificates of deposit/Money market securities	$0	$0

Cash_and_Cash_Equivalents_and_3

Cash and Cash Equivalents and Investments (Details Textual) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Dec. 28, 2014	Mar. 30, 2014
Cash and Cash Equivalents [Line Items]
Available-for-sale Securities, Current	16.1	$13.80
Available-for-sale Securities, Noncurrent	16.2	$15.90
Fair Value, Inputs, Level 2 [Member]
Cash and Cash Equivalents [Line Items]
Maturities period of certificates of deposit minimum	3 months
Maturities period of certificates of deposit maximum	3 years

Inventories_Details

Inventories (Details) (USD $)	Dec. 28, 2014	Mar. 30, 2014
In Thousands, unless otherwise specified
Summary of Inventories
Inventory (FIFO basis)	$43,112	$31,344
LIFO reserve	-6,096	-5,152
Net inventory	$37,016	$26,192

Inventories_Details_Textual

Inventories (Details Textual) (USD $)	3 Months Ended	9 Months Ended
In Millions, unless otherwise specified	Dec. 28, 2014	Dec. 28, 2014	Dec. 29, 2013	Mar. 30, 2014
Inventory Disclosure [Abstract]
Finished goods (LIFO basis)	$38.80	$38.80		$28.50
Increase (decrease) in LIFO reserve	$0.30	$0.90	($0.20)

Goodwill_and_Intangible_Assets2

Goodwill and Intangible Assets (Details) (USD $)	Dec. 28, 2014	Mar. 30, 2014
In Thousands, unless otherwise specified
Summary of Finite-Lived Intangible Assets [Line Items]
Finite-life intangible assets, Gross Carrying Amount	$13,860	$10,351
Finite-life intangible assets, Accumulated Amortization	-3,671	-3,069
Total finite-life intangible assets, Net	10,189	7,282
Indefinite-life intangible assets gross	1,227	1,227
Indefinite-life intangible assets, Accumulated Amortization	0	0
Indefinite-life intangible assets	1,227	1,227
Total Intangible Assets, Gross	15,087	11,578
Intangible assets, Accumulated Amortization	-3,671	-3,069
Total intangible assets, net	11,416	8,509
Customer relationships [Member]
Summary of Finite-Lived Intangible Assets [Line Items]
Finite-life intangible assets, Gross Carrying Amount	9,723	6,913
Finite-life intangible assets, Accumulated Amortization	-1,575	-1,292
Total finite-life intangible assets, Net	8,148	5,621
Trademarks [Member]
Summary of Finite-Lived Intangible Assets [Line Items]
Finite-life intangible assets, Gross Carrying Amount	2,034	1,335
Finite-life intangible assets, Accumulated Amortization	-580	-421
Total finite-life intangible assets, Net	1,454	914
Trade secrets [Member]
Summary of Finite-Lived Intangible Assets [Line Items]
Finite-life intangible assets, Gross Carrying Amount	962	962
Finite-life intangible assets, Accumulated Amortization	-864	-768
Total finite-life intangible assets, Net	98	194
Carrier relationships [Member]
Summary of Finite-Lived Intangible Assets [Line Items]
Finite-life intangible assets, Gross Carrying Amount	800	800
Finite-life intangible assets, Accumulated Amortization	-317	-257
Total finite-life intangible assets, Net	483	543
Other finite-life intangible assets [Member]
Summary of Finite-Lived Intangible Assets [Line Items]
Finite-life intangible assets, Gross Carrying Amount	341	341
Finite-life intangible assets, Accumulated Amortization	-335	-331
Total finite-life intangible assets, Net	$6	$10

Goodwill_and_Intangible_Assets3

Goodwill and Intangible Assets (Details Textual) (USD $)	Dec. 28, 2014	Mar. 30, 2014
In Thousands, unless otherwise specified
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$11,750	$7,392

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Loss (Details) (USD $)	Dec. 28, 2014	Mar. 30, 2014
In Thousands, unless otherwise specified
Unrealized gain (loss) on:
Available-for-sale investments	($31)	($36)
Post-retirement plan liability	-8	-8
Accumulated other comprehensive loss	($39)	($44)

Share_Based_Compensation_Detai

Share Based Compensation (Details 1) (Performance-Based Restricted Stock [Member], USD $)	9 Months Ended
	Dec. 28, 2014
Performance-Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance (shares)	52,104
Granted (shares)	24,932
Vested (shares)	-23,300
Forfeited or expired (shares)	-156
Ending Balance (shares)	53,580
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Beginning Balance, Weighted average grant date fair value (usd per share)	$36.99
Granted, Weighted average grant date fair value (usd per share)	$34.45
Vested, Weighted average grant date fair value (usd per share)	$33.01
Forfeited or expired, Weighted average grant date fair value (usd per share)	$33.01
Ending Balance, Weighted average grant date fair value (usd per share)	$37.55

Share_Based_Compensation_Detai1

Share Based Compensation (Details Textual) (USD $)	3 Months Ended		9 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 28, 2014	Dec. 29, 2013	Dec. 28, 2014	Dec. 29, 2013
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$0	$0	$0	$0
Stock options exercised			9333
Weighted average exercise price (usd per share)	$19.90		$19.90
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Range of restricted stock to be issued minimum (shares)			0
Range of restricted stock to be issued maximum (shares)			50,874
Performance-Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	0.3	0.2	0.9	0.6
Vesting period			2 years
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$0.10	$0.10	$0.20	$0.20
Vesting period			1 year
Restricted stock awards outstanding (shares)	7,077		7,077
Restricted stock awards, weighted average exercise price (usd per share)	$34.61		$34.61

Share_Repurchase_Program_Detai

Share Repurchase Program (Details) (USD $)	9 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 28, 2014	29-May-14
Share Repurchase Program [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased		300,000
Stock Repurchased During Period, Shares	40,020
Stock Repurchased During Period, Value	$1.50

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Dec. 28, 2014	Dec. 29, 2013	Dec. 28, 2014	Dec. 29, 2013
Segment Reporting Information [Line Items]
Revenue, Net	$83,825	$81,697	$270,742	$263,040
Gross profit	13,642	13,550	50,260	47,351
Selling, General and Administrative Expense	8,697	8,167	25,843	25,430
Operating income	4,945	5,383	24,417	21,921
Industrial [Member]
Segment Reporting Information [Line Items]
Revenue, Net	57,811	58,510	183,292	182,224
Gross profit	7,011	7,351	24,735	23,855
Selling, General and Administrative Expense	4,715	4,799	14,531	15,114
Operating income	2,296	2,552	10,204	8,741
Water Treatment [Member]
Segment Reporting Information [Line Items]
Revenue, Net	26,014	23,187	87,450	80,816
Gross profit	6,631	6,199	25,525	23,496
Selling, General and Administrative Expense	3,982	3,368	11,312	10,316
Operating income	$2,649	$2,831	$14,213	$13,180

Segment_Information_Details_Te

Segment Information (Details Textual) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Dec. 28, 2014
	Customer
	Segment
Segment Reporting [Abstract]
Number of reportable segments (segments)	2
Intersegment sales	$0
Number of operating segments aggregated (segments)	0
Number of customer representing 10 percent or more of revenue (customers)	0