Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jan. 01, 2023 | Jan. 27, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jan. 01, 2023 | |
Document Transition Report | false | |
Entity File Number | 0-7647 | |
Entity Registrant Name | HAWKINS, INC. | |
Entity Incorporation, State or Country Code | MN | |
Entity Tax Identification Number | 41-0771293 | |
Entity Address, Address Line One | 2381 Rosegate | |
Entity Address, City or Town | Roseville | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55113 | |
City Area Code | 612 | |
Local Phone Number | 331-6910 | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Trading Symbol | HWKN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 21,052,277 | |
Entity Central Index Key | 0000046250 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --04-02 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jan. 01, 2023 | Apr. 03, 2022 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 6,146 | $ 3,496 |
Trade accounts receivables, net | 125,471 | 122,826 |
Inventories | 101,581 | 94,985 |
Prepaid expenses and other current assets | 7,050 | 6,431 |
Total current assets | 240,248 | 227,738 |
Property, Plant and Equipment [Abstract] | ||
PROPERTY, PLANT, AND EQUIPMENT: | 333,781 | 304,055 |
Less accumulated depreciation | 155,406 | 142,209 |
Net property, plant, and equipment | 178,375 | 161,846 |
Other Assets [Abstract] | ||
Right-of-use assets | 10,551 | 10,606 |
Goodwill | 77,401 | 77,401 |
Intangible assets, net of accumulated amortization | 74,946 | 80,193 |
Deferred compensation plan asset | 6,987 | 6,783 |
Other | 5,496 | 2,761 |
Total other assets | 175,381 | 177,744 |
Total assets | 594,004 | 567,328 |
Liabilities, Current [Abstract] | ||
Accounts payable — trade | 50,573 | 66,693 |
Accrued payroll and employee benefits | 16,320 | 19,034 |
Income tax payable | 1,801 | 39 |
Current portion of long-term debt | 9,913 | 9,913 |
Short-term lease liability | 1,689 | 1,657 |
Other current liabilities | 4,584 | 4,130 |
Total current liabilities | 84,880 | 101,466 |
LONG-TERM DEBT, LESS CURRENT PORTION | 120,710 | 115,644 |
LONG-TERM LEASE LIABILITY | 9,082 | 9,143 |
PENSION WITHDRAWAL LIABILITY | 4,004 | 4,276 |
DEFERRED INCOME TAXES | 24,297 | 23,422 |
DEFERRED COMPENSATION LIABILITY | 8,384 | 8,402 |
OTHER LONG-TERM LIABILITIES | 1,487 | 2,374 |
Total liabilities | 252,844 | 264,727 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS’ EQUITY: | ||
Common stock; authorized: 60,000,000 shares of $0.01 par value; 20,850,454 and 20,889,777 shares issued and outstanding as of January 1, 2023 and April 3, 2022, respectively | 209 | 209 |
Additional paid-in capital | 43,388 | 46,717 |
Retained earnings | 293,969 | 254,384 |
Accumulated other comprehensive income | 3,594 | 1,291 |
Total shareholders’ equity | 341,160 | 302,601 |
Total liabilities and shareholders’ equity | $ 594,004 | $ 567,328 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Jan. 01, 2023 | Apr. 03, 2022 |
Statement of Financial Position [Abstract] | ||
Common Stock, Shares Authorized | 60,000,000 | 60,000,000 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares, Issued | 20,850,454 | 20,889,777 |
Common Stock, Shares, Outstanding | 20,850,454 | 20,889,777 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2023 | Dec. 26, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | |
Income Statement [Abstract] | ||||
Sales | $ 219,218 | $ 187,050 | $ 706,953 | $ 551,568 |
Cost of sales | (182,947) | (153,110) | (577,559) | (441,367) |
Gross profit | 36,271 | 33,940 | 129,394 | 110,201 |
Selling, general and administrative expenses | (21,004) | (19,681) | (59,727) | (54,216) |
Operating income | 15,267 | 14,259 | 69,667 | 55,985 |
Interest expense, net | (1,546) | (317) | (3,858) | (995) |
Other income (expense) | 465 | 132 | (744) | 548 |
Income before income taxes | 14,186 | 14,074 | 65,065 | 55,538 |
Income tax expense | (3,453) | (3,870) | (16,637) | (14,573) |
Net income | $ 10,733 | $ 10,204 | $ 48,428 | $ 40,965 |
Weighted average number of shares outstanding - basic | 20,818,347 | 20,885,232 | 20,847,285 | 20,968,692 |
Weighted average number of shares outstanding - diluted | 20,974,264 | 21,054,603 | 21,004,849 | 21,142,515 |
Basic earnings per share | ||||
Basic earnings per share | $ 0.52 | $ 0.49 | $ 2.32 | $ 1.95 |
Diluted earnings per share | ||||
Diluted earnings per share | 0.51 | 0.48 | 2.31 | 1.94 |
Cash dividends declared per common share | $ 0.14 | $ 0.13 | $ 0.4200 | $ 0.3825 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2023 | Dec. 26, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | |
Other comprehensive income (loss), net of tax: | ||||
Net income | $ 10,733 | $ 10,204 | $ 48,428 | $ 40,965 |
Unrealized (loss) gain on interest rate swap | (139) | 0 | 2,303 | 0 |
Total comprehensive income | $ 10,594 | $ 10,204 | $ 50,731 | $ 40,965 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholder's Equity Statement - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] |
Shares outstanding, beginning balance at Mar. 28, 2021 | 20,969,746 | ||||
Stockholders' equity, beginning balance at Mar. 28, 2021 | $ 265,246 | $ 210 | $ 51,138 | $ 213,898 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends declared and paid | (2,600) | 0 | 0 | (2,600) | 0 |
Share-based compensation expense | 799 | $ 0 | 799 | 0 | 0 |
Vesting of restricted stock (shares) | 123,002 | ||||
Vesting of restricted stock | 0 | $ 1 | (1) | 0 | 0 |
Shares surrendered for payroll taxes (shares) | 45,390 | ||||
Shares surrendered for payroll taxes | (1,467) | $ 0 | (1,467) | 0 | 0 |
Shares repurchased (shares) | (100,954) | ||||
Shares repurchased | (3,401) | $ (1) | (3,400) | 0 | 0 |
Net income | 16,628 | $ 0 | 0 | 16,628 | 0 |
Shares outstanding, ending balance at Jun. 27, 2021 | 20,946,404 | ||||
Stockholders' equity, ending balance at Jun. 27, 2021 | $ 275,205 | $ 210 | 47,069 | 227,926 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.1225 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.1225 | ||||
Shares outstanding, beginning balance at Mar. 28, 2021 | 20,969,746 | ||||
Stockholders' equity, beginning balance at Mar. 28, 2021 | $ 265,246 | $ 210 | 51,138 | 213,898 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares surrendered for payroll taxes | $ (1,467) | ||||
Shares repurchased (shares) | (240,501) | ||||
Shares repurchased | $ (8,545) | ||||
Net income | 40,965 | ||||
Shares outstanding, ending balance at Dec. 26, 2021 | 20,858,385 | ||||
Stockholders' equity, ending balance at Dec. 26, 2021 | $ 291,694 | $ 209 | 44,723 | 246,762 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.3825 | ||||
Shares outstanding, beginning balance at Jun. 27, 2021 | 20,946,404 | ||||
Stockholders' equity, beginning balance at Jun. 27, 2021 | $ 275,205 | $ 210 | 47,069 | 227,926 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends declared and paid | (2,756) | 0 | 0 | (2,756) | 0 |
Share-based compensation expense | 862 | $ 0 | 862 | 0 | 0 |
Vesting of restricted stock (shares) | 11,228 | ||||
Vesting of restricted stock | 0 | $ 0 | 0 | 0 | 0 |
ESPP shares issued (shares) | 40,300 | ||||
ESPP shares issued | 889 | $ 0 | 889 | 0 | 0 |
Shares repurchased (shares) | (109,009) | ||||
Shares repurchased | (4,020) | $ (1) | (4,019) | 0 | 0 |
Net income | 14,133 | $ 0 | 0 | 14,133 | 0 |
Shares outstanding, ending balance at Sep. 26, 2021 | 20,888,923 | ||||
Stockholders' equity, ending balance at Sep. 26, 2021 | $ 284,313 | $ 209 | 44,801 | 239,303 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.13 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.13 | ||||
Cash dividends declared and paid | $ (2,745) | 0 | 0 | (2,745) | 0 |
Share-based compensation expense | $ 1,046 | $ 0 | 1,046 | 0 | 0 |
Shares repurchased (shares) | (30,538) | (30,538) | |||
Shares repurchased | $ (1,124) | $ 0 | (1,124) | 0 | 0 |
Net income | 10,204 | $ 0 | 0 | 10,204 | 0 |
Shares outstanding, ending balance at Dec. 26, 2021 | 20,858,385 | ||||
Stockholders' equity, ending balance at Dec. 26, 2021 | $ 291,694 | $ 209 | 44,723 | 246,762 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.13 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.13 | ||||
Shares outstanding, beginning balance at Apr. 03, 2022 | 20,889,777 | ||||
Stockholders' equity, beginning balance at Apr. 03, 2022 | $ 302,601 | $ 209 | 46,717 | 254,384 | 1,291 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends declared and paid | (2,958) | 0 | 0 | (2,958) | 0 |
Share-based compensation expense | 595 | $ 0 | 595 | 0 | 0 |
Vesting of restricted stock (shares) | 102,860 | ||||
Vesting of restricted stock | 0 | $ 1 | (1) | 0 | 0 |
Shares surrendered for payroll taxes (shares) | (36,410) | ||||
Shares surrendered for payroll taxes | (1,550) | $ 0 | (1,550) | 0 | 0 |
ESPP shares issued (shares) | 32,768 | ||||
ESPP shares issued | 986 | $ 0 | 986 | 0 | 0 |
Shares repurchased (shares) | (181,657) | ||||
Shares repurchased | (6,557) | $ (2) | (6,555) | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 465 | 0 | 0 | 0 | 465 |
Net income | 19,695 | $ 0 | 0 | 19,695 | 0 |
Shares outstanding, ending balance at Jul. 03, 2022 | 20,807,338 | ||||
Stockholders' equity, ending balance at Jul. 03, 2022 | $ 313,277 | $ 208 | 40,192 | 271,121 | 1,756 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.14 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.14 | ||||
Shares outstanding, beginning balance at Apr. 03, 2022 | 20,889,777 | ||||
Stockholders' equity, beginning balance at Apr. 03, 2022 | $ 302,601 | $ 209 | 46,717 | 254,384 | 1,291 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares surrendered for payroll taxes | $ (1,550) | ||||
Shares repurchased (shares) | (181,657) | ||||
Shares repurchased | $ (6,557) | ||||
Net income | 48,428 | ||||
Shares outstanding, ending balance at Jan. 01, 2023 | 20,850,454 | ||||
Stockholders' equity, ending balance at Jan. 01, 2023 | $ 341,160 | $ 209 | 43,388 | 293,969 | 3,594 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.4200 | ||||
Shares outstanding, beginning balance at Jul. 03, 2022 | 20,807,338 | ||||
Stockholders' equity, beginning balance at Jul. 03, 2022 | $ 313,277 | $ 208 | 40,192 | 271,121 | 1,756 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends declared and paid | (2,942) | 0 | 0 | (2,942) | 0 |
Share-based compensation expense | 1,085 | $ 0 | 1,085 | 0 | 0 |
Vesting of restricted stock (shares) | 10,287 | ||||
Vesting of restricted stock | 0 | $ 0 | 0 | 0 | 0 |
ESPP shares issued (shares) | 0 | ||||
ESPP shares issued | 17 | $ 0 | 17 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 1,977 | 0 | 0 | 0 | 1,977 |
Net income | 18,000 | $ 0 | 0 | 18,000 | 0 |
Shares outstanding, ending balance at Oct. 02, 2022 | 20,817,625 | ||||
Stockholders' equity, ending balance at Oct. 02, 2022 | $ 331,414 | $ 208 | 41,294 | 286,179 | 3,733 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.14 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.14 | ||||
Cash dividends declared and paid | $ (2,943) | 0 | 0 | (2,943) | 0 |
Share-based compensation expense | 1,084 | $ 0 | 1,084 | 0 | 0 |
ESPP shares issued (shares) | 32,829 | ||||
ESPP shares issued | $ 1,011 | $ 1 | 1,010 | 0 | 0 |
Shares repurchased (shares) | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax | $ (139) | 0 | 0 | 0 | (139) |
Net income | 10,733 | $ 0 | 0 | 10,733 | 0 |
Shares outstanding, ending balance at Jan. 01, 2023 | 20,850,454 | ||||
Stockholders' equity, ending balance at Jan. 01, 2023 | $ 341,160 | $ 209 | $ 43,388 | $ 293,969 | $ 3,594 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.14 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.14 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jan. 01, 2023 | Dec. 26, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 48,428 | $ 40,965 |
Reconciliation to cash flows: | ||
Depreciation and amortization | 20,373 | 17,859 |
Operating leases | 1,442 | 1,416 |
Loss (Gain) on deferred compensation assets | 744 | (548) |
Stock compensation expense | 2,764 | 2,707 |
Other | 225 | 379 |
Changes in operating accounts providing (using) cash: | ||
Trade receivables | (2,336) | (10,847) |
Inventories | (6,596) | (12,311) |
Accounts payable | (16,231) | 6,094 |
Accrued liabilities | (3,652) | (1,589) |
Lease liabilities | (1,453) | (1,431) |
Income taxes | 1,762 | (635) |
Other | (929) | (3,350) |
Net cash provided by operating activities | 44,541 | 38,709 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant, and equipment | (32,307) | (15,700) |
Acquisitions | 0 | (2,575) |
Other | 352 | 230 |
Net cash used in investing activities | (31,955) | (18,045) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash dividends declared and paid | (8,843) | (8,101) |
New shares issued | 2,014 | 889 |
Payroll taxes paid in exchange for shares withheld | (1,550) | (1,467) |
Shares repurchased | (6,557) | (8,545) |
Payments on revolving loan | (40,000) | (15,000) |
Proceeds from revolving loan borrowings | 45,000 | 32,000 |
Net cash used in financing activities | (9,936) | (224) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 2,650 | 20,440 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | 6,146 | 23,438 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid for income taxes | 14,847 | 15,208 |
Cash paid for interest | 3,345 | 746 |
Noncash investing activities - capital expenditures in accounts payable | $ 3,844 | $ 1,018 |
Accounting Policies
Accounting Policies | 9 Months Ended |
Jan. 01, 2023 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 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 April 3, 2022 , 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 results of operations for the nine months ended January 1, 2023 are not necessarily indicative of the results that may be expected for the full year. References to fiscal 2022 refer to the fiscal year ended April 3, 2022 and references to fiscal 2023 refer to the fiscal year ending April 2, 2023. Use of Estimates. The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, particularly receivables, inventories, property, plant and equipment, right-of-use assets, goodwill, intangibles, accrued expenses, short-term and long-term lease liability, income taxes and related accounts and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Accounting Policies. The accounting policies we follow are set forth in 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 April 3, 2022 , previously filed with the SEC. There has been no significant change in our accounting policies since the end of fiscal 2022. |
Business Combinations
Business Combinations | 9 Months Ended |
Jan. 01, 2023 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | Acquisitions Acquisition of NAPCO Chemical Company, Inc.: In the fourth quarter of fiscal 2022, we acquired substantially all the assets of NAPCO Chemical Company, Inc. ("NAPCO") for $19.0 million, under the terms of an asset purchase agreement with NAPCO and certain other parties thereto, to further the geographic reach of our Water Treatment segment. NAPCO manufactured and distributed water treatment chemicals from three locations in Texas. 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 and were expensed as incurred. Acquisition of Water and Waste Specialties, Inc.: In the third quarter of fiscal 2022, we acquired substantially all the assets of Water and Waste Specialties, Inc. for $1.4 million, under the terms of a purchase agreement with Water and Waste Specialties and its shareholders. Water and Waste Specialties was a water treatment chemical distribution company operating primarily in Alabama. 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 and were expensed as incurred. |
Revenue
Revenue | 9 Months Ended |
Jan. 01, 2023 | |
Disaggregation of Revenue [Abstract] | |
Revenue from Contract with Customer | Revenue Our revenue arrangements generally consist of a single performance obligation to transfer promised goods or services. We disaggregate revenues from contracts with customers by operating segments as well as types of products sold. Reporting by operating segment is pertinent to understanding our revenues, as it aligns to how we review the financial performance of our operations. Types of products sold within each operating segment help us to further evaluate the financial performance of our segments. The following tables disaggregate external customer net sales by major revenue stream for the three and nine months ended January 1, 2023 and December 26, 2021: Three months ended January 1, 2023 (In thousands) Industrial Water Health and Total Manufactured, blended or repackaged products (1) $ 91,658 $ 60,583 $ 11,935 $ 164,176 Distributed specialty products (2) — — 23,833 23,833 Bulk products (3) 20,364 6,649 — 27,013 Other 2,414 1,317 465 4,196 Total external customer sales $ 114,436 $ 68,549 $ 36,233 $ 219,218 Three months ended December 26, 2021 (In thousands) Industrial Water Health and Total Manufactured, blended or repackaged products (1) $ 82,905 $ 44,241 $ 7,750 $ 134,896 Distributed specialty products (2) — — 29,082 29,082 Bulk products (3) 15,659 4,689 — 20,348 Other 1,990 826 (92) 2,724 Total external customer sales $ 100,554 $ 49,756 $ 36,740 $ 187,050 Nine months ended January 1, 2023 (In thousands) Industrial Water Health and Total Manufactured, blended or repackaged products (1) $ 286,818 $ 208,112 $ 35,632 $ 530,562 Distributed specialty products (2) — — 83,599 83,599 Bulk products (3) 58,951 21,159 — 80,110 Other 7,316 4,256 1,110 12,682 Total external customer sales $ 353,085 $ 233,527 $ 120,341 $ 706,953 Nine months ended December 26, 2021 (In thousands) Industrial Water Health and Total Manufactured, blended or repackaged products (1) $ 223,621 $ 151,842 $ 23,684 $ 399,147 Distributed specialty products (2) — — 90,086 90,086 Bulk products (3) 41,165 14,484 — 55,649 Other 4,786 1,779 121 6,686 Total external customer sales $ 269,572 $ 168,105 $ 113,891 $ 551,568 (1) For our Industrial and Water Treatment segments, this line includes our non-bulk specialty products that we either manufacture, blend, repackage, resell in their original form, or direct ship to our customers in smaller quantities, and services we provide for our customers. For our Health and Nutrition segment, this line includes products manufactured, processed or repackaged in our facility and/or with our equipment. (2) This line includes non-manufactured distributed specialty products in our Health and Nutrition segment, which may be sold out of one of our facilities or direct shipped to our customers. (3) This line includes bulk products in our Industrial and Water Treatment segments that we do not modify in any way, but receive, store, and ship from our facilities, or direct ship to our customers in large quantities. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Jan. 01, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net earnings by the weighted-average number of common shares outstanding. Diluted EPS includes the dilutive impact of 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 January 01, 2023 December 26, 2021 January 01, 2023 December 26, 2021 Weighted-average common shares outstanding—basic 20,818,347 20,885,232 20,847,285 20,968,692 Dilutive impact of performance units and restricted stock 155,917 169,371 157,564 173,823 Weighted-average common shares outstanding—diluted 20,974,264 21,054,603 21,004,849 21,142,515 For each of the periods presented, there were no shares excluded from the calculation of weighted-average common shares for diluted EPS. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Jan. 01, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Fair Value Measurements Our financial assets and liabilities are measured at fair value at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The carrying value of cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value because of the short-term nature of these instruments. Because of the variable-rate nature of our debt under our credit facility, our debt also approximates fair value. Assets and Liabilities Measured at Fair Value on a Recurring Basis. The fair value hierarchy requires the use of observable market data when available. In instances where inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. Our financial assets that are measured at fair value on a recurring basis are an interest rate swap and assets held in a deferred compensation retirement plan. Both of these assets are classified as long-term assets on our balance sheet, with the portion of the deferred compensation retirement plan assets expected to be paid within twelve months classified as current assets. The fair value of the interest rate swap is determined by the respective counterparties based on interest rate changes. Interest rate swaps are valued based on observable interest rate yield curves for similar instruments. The deferred compensation plan assets relate to contributions made to a non-qualified compensation plan on behalf of certain employees who are classified as “highly compensated employees” as determined by IRS guidelines. The assets are part of a rabbi trust and the funds are held in mutual funds. The fair value of the deferred compensation is based on the quoted market prices for the mutual funds at the end of the period. The following tables summarize the balances of assets and liabilities measured at fair value on a recurring basis as of January 1, 2023 and April 3, 2022. 0 (In thousands) January 1, 2023 April 3, 2022 Assets Deferred compensation plan assets Level 1 $ 7,551 $ 7,038 Interest rate swap Level 2 $ 4,924 $ 1,769 |
Inventories
Inventories | 9 Months Ended |
Jan. 01, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories at January 1, 2023 and April 3, 2022 consisted of the following: January 1, April 3, (In thousands) Inventory (FIFO basis) $ 135,618 $ 116,325 LIFO reserve (34,037) (21,340) Net inventory $ 101,581 $ 94,985 The first in, first out (“FIFO”) value of inventories accounted for under the last in, first out (“LIFO”) method was $104.7 million at January 1, 2023 and $83.7 million at April 3, 2022. The remainder of the inventory was valued and accounted for under the FIFO method. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Jan. 01, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The carrying amount of goodwill was $77.4 million as of January 1, 2023 and April 3, 2022, of which $44.9 million was related to our Health and Nutrition segment, $26.0 million was related to our Water Treatment segment, and $6.5 million was related to our Industrial segment. A summary of our intangible assets as of January 1, 2023 and April 3, 2022 is as follows: January 1, 2023 April 3, 2022 (In thousands) Gross Accumulated Net Gross Accumulated Net Finite-life intangible assets Customer relationships $ 109,644 $ (37,128) $ 72,516 $ 109,644 $ (32,399) $ 77,245 Trademarks and trade names 6,370 (5,167) 1,203 6,370 (4,746) 1,624 Other finite-life intangible assets 3,904 (3,904) — 3,904 (3,807) 97 Total finite-life intangible assets 119,918 (46,199) 73,719 119,918 (40,952) 78,966 Indefinite-life intangible assets 1,227 — 1,227 1,227 — 1,227 Total intangible assets $ 121,145 $ (46,199) $ 74,946 $ 121,145 $ (40,952) $ 80,193 |
Debt
Debt | 9 Months Ended |
Jan. 01, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt at January 1, 2023 and April 3, 2022 consisted of the following: January 1, April 3, (In thousands) Senior secured revolving loan $ 131,000 $ 126,000 Less: unamortized debt issuance costs (377) (443) Total debt, net of debt issuance costs 130,623 125,557 Less: current portion of long-term debt (9,913) (9,913) Total long-term debt $ 120,710 $ 115,644 We were in compliance with all covenants of our credit agreement as of January 1, 2023. |
Income Taxes
Income Taxes | 9 Months Ended |
Jan. 01, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes We are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The tax years prior to our fiscal year ended March 31, 2019 are closed to examination by the Internal Revenue Service, and with few exceptions, state and local income tax jurisdictions. Our effective income tax rate was 26% for both the nine months ended January 1, 2023 and the nine months ended December 26, 2021. The effective tax rate is impacted by projected levels of annual taxable income, permanent items, and state taxes. |
Leases
Leases | 9 Months Ended |
Jan. 01, 2023 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases Lease Obligations. As of January 1, 2023, we were obligated under operating lease agreements for certain manufacturing facilities, warehouse space, the land on which some of our facilities sit, vehicles and information technology equipment. Our leases have remaining original lease terms of 1 year to 22 years, some of which include options to extend the lease for up to 10 years. As of January 1, 2023, our operating lease components with initial or remaining terms in excess of one year were classified on the condensed consolidated balance sheet within right of use assets, short-term lease liability and long-term lease liability. Expense for leases less than 12 months was not material for the three and nine months ended January 1, 2023 and December 26, 2021. Total lease expense was $0.8 million for the three months ended January 1, 2023 and $0.7 million for the three months ended December 26, 2021, and was $2.4 million for the nine months ended January 1, 2023 and $2.1 million for the nine months ended December 26, 2021. Other information related to our operating leases was as follows: January 1, 2023 April 3, 2022 Lease Term and Discount Rate Weighted average remaining lease term (years) 8.02 8.91 Weighted average discount rate 2.8 % 2.6 % Maturities of lease liabilities as of January 1, 2023 were as follows: (In thousands) Operating Leases Remaining fiscal 2023 $ 475 Fiscal 2024 1,850 Fiscal 2025 1,742 Fiscal 2026 1,598 Fiscal 2027 1,340 Thereafter 5,145 Total $ 12,150 Less: Interest (1,379) Present value of lease liabilities $ 10,771 |
Share Based Compensation
Share Based Compensation | 9 Months Ended |
Jan. 01, 2023 | |
Share-Based Payment Arrangement [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 2023 and fiscal 2022. 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 76,863 shares in the aggregate for fiscal 2023. The restricted shares issued, if any, will fully vest approximately 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 January 1, 2023: Shares Weighted- Unvested at beginning of period 214,478 $ 25.48 Granted 88,524 38.31 Vested (102,860) 18.69 Forfeited or expired (10,884) 34.68 Unvested at end of period 189,258 $ 34.64 We recorded compensation expense for both the three months ended January 1, 2023 and December 26, 2021 related to performance share units and restricted stock of $0.8 million. We recorded compensation expense for both the nine months ended January 1, 2023 and December 26, 2021 related to performance share units and restricted stock of $2.0 million. Substantially all of the compensation expense was recorded in selling, general and administrative expenses in the condensed consolidated statements of income. Restricted Stock Awards . |
Share Repurchase Program
Share Repurchase Program | 9 Months Ended |
Jan. 01, 2023 | |
Investment Company, Capital Share Transactions, Stock Repurchased [Abstract] | |
Share Repurchase Program | Share Repurchase Program On August 4, 2022, our Board increased the number of shares authorized to be purchased from 1.6 million to 2.6 million shares of our outstanding common stock for cash on the open market or in privately negotiated transactions subject to applicable securities laws and regulations. Upon purchase of the shares, we reduce our common stock for the par value of the shares with the excess applied against additional paid-in capital. During the three months ended January 1, 2023, no shares were repurchased, and during the nine months ended January 1, 2023, we repurchased 181,657 shares at an aggregate purchase price of $6.6 million. During the three months ended December 26, 2021, we repurchased 30,538 shares at an aggregate purchase price of $1.1 million, and during the nine months ended December 26, 2021, we repurchased 240,501 shares at an aggregate purchase price of $8.5 million. As of January 1, 2023, 1,129,348 shares remained available to be repurchased under the share repurchase program. |
Segment Information
Segment Information | 9 Months Ended |
Jan. 01, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We have three reportable segments: Industrial, Water Treatment, and Health and Nutrition. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in our Annual Report on Form 10-K for the fiscal year ended April 3, 2022 . 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. We allocate certain corporate expenses to our operating segments. There are no intersegment sales and no operating segments have been aggregated. 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 Health and Nutrition Total Three months ended January 1, 2023: Sales $ 114,436 $ 68,549 $ 36,233 $ 219,218 Gross profit 15,994 13,268 7,009 36,271 Selling, general, and administrative expenses 7,978 9,003 4,023 21,004 Operating income 8,016 4,265 2,986 15,267 Three months ended December 26, 2021: Sales $ 100,554 $ 49,756 $ 36,740 $ 187,050 Gross profit 15,303 11,103 7,534 33,940 Selling, general, and administrative expenses 7,367 8,254 4,060 19,681 Operating income 7,936 2,849 3,474 14,259 Nine months ended January 1, 2023: Sales $ 353,085 $ 233,527 $ 120,341 $ 706,953 Gross profit 53,716 52,725 22,953 129,394 Selling, general and administrative expenses 21,254 26,786 11,687 59,727 Operating income 32,462 25,939 11,266 69,667 Nine months ended December 26, 2021: Sales $ 269,572 $ 168,105 $ 113,891 $ 551,568 Gross profit 42,121 44,855 23,225 110,201 Selling, general and administrative expenses 20,064 22,721 11,431 54,216 Operating income 22,057 22,134 11,794 55,985 No significant changes to identifiable assets by segment occurred during the nine months ended January 1, 2023. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Jan. 01, 2023 | |
Disaggregation of Revenue [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following tables disaggregate external customer net sales by major revenue stream for the three and nine months ended January 1, 2023 and December 26, 2021: Three months ended January 1, 2023 (In thousands) Industrial Water Health and Total Manufactured, blended or repackaged products (1) $ 91,658 $ 60,583 $ 11,935 $ 164,176 Distributed specialty products (2) — — 23,833 23,833 Bulk products (3) 20,364 6,649 — 27,013 Other 2,414 1,317 465 4,196 Total external customer sales $ 114,436 $ 68,549 $ 36,233 $ 219,218 Three months ended December 26, 2021 (In thousands) Industrial Water Health and Total Manufactured, blended or repackaged products (1) $ 82,905 $ 44,241 $ 7,750 $ 134,896 Distributed specialty products (2) — — 29,082 29,082 Bulk products (3) 15,659 4,689 — 20,348 Other 1,990 826 (92) 2,724 Total external customer sales $ 100,554 $ 49,756 $ 36,740 $ 187,050 Nine months ended January 1, 2023 (In thousands) Industrial Water Health and Total Manufactured, blended or repackaged products (1) $ 286,818 $ 208,112 $ 35,632 $ 530,562 Distributed specialty products (2) — — 83,599 83,599 Bulk products (3) 58,951 21,159 — 80,110 Other 7,316 4,256 1,110 12,682 Total external customer sales $ 353,085 $ 233,527 $ 120,341 $ 706,953 Nine months ended December 26, 2021 (In thousands) Industrial Water Health and Total Manufactured, blended or repackaged products (1) $ 223,621 $ 151,842 $ 23,684 $ 399,147 Distributed specialty products (2) — — 90,086 90,086 Bulk products (3) 41,165 14,484 — 55,649 Other 4,786 1,779 121 6,686 Total external customer sales $ 269,572 $ 168,105 $ 113,891 $ 551,568 (1) For our Industrial and Water Treatment segments, this line includes our non-bulk specialty products that we either manufacture, blend, repackage, resell in their original form, or direct ship to our customers in smaller quantities, and services we provide for our customers. For our Health and Nutrition segment, this line includes products manufactured, processed or repackaged in our facility and/or with our equipment. (2) This line includes non-manufactured distributed specialty products in our Health and Nutrition segment, which may be sold out of one of our facilities or direct shipped to our customers. (3) This line includes bulk products in our Industrial and Water Treatment segments that we do not modify in any way, but receive, store, and ship from our facilities, or direct ship to our customers in large quantities. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Jan. 01, 2023 | |
Earnings Per Share [Abstract] | |
Summary of basic and diluted EPS | Basic and diluted EPS were calculated using the following: Three Months Ended Nine Months Ended January 01, 2023 December 26, 2021 January 01, 2023 December 26, 2021 Weighted-average common shares outstanding—basic 20,818,347 20,885,232 20,847,285 20,968,692 Dilutive impact of performance units and restricted stock 155,917 169,371 157,564 173,823 Weighted-average common shares outstanding—diluted 20,974,264 21,054,603 21,004,849 21,142,515 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Jan. 01, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | The following tables summarize the balances of assets and liabilities measured at fair value on a recurring basis as of January 1, 2023 and April 3, 2022. 0 (In thousands) January 1, 2023 April 3, 2022 Assets Deferred compensation plan assets Level 1 $ 7,551 $ 7,038 Interest rate swap Level 2 $ 4,924 $ 1,769 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Jan. 01, 2023 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories at January 1, 2023 and April 3, 2022 consisted of the following: January 1, April 3, (In thousands) Inventory (FIFO basis) $ 135,618 $ 116,325 LIFO reserve (34,037) (21,340) Net inventory $ 101,581 $ 94,985 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Jan. 01, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets and goodwill | A summary of our intangible assets as of January 1, 2023 and April 3, 2022 is as follows: January 1, 2023 April 3, 2022 (In thousands) Gross Accumulated Net Gross Accumulated Net Finite-life intangible assets Customer relationships $ 109,644 $ (37,128) $ 72,516 $ 109,644 $ (32,399) $ 77,245 Trademarks and trade names 6,370 (5,167) 1,203 6,370 (4,746) 1,624 Other finite-life intangible assets 3,904 (3,904) — 3,904 (3,807) 97 Total finite-life intangible assets 119,918 (46,199) 73,719 119,918 (40,952) 78,966 Indefinite-life intangible assets 1,227 — 1,227 1,227 — 1,227 Total intangible assets $ 121,145 $ (46,199) $ 74,946 $ 121,145 $ (40,952) $ 80,193 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Jan. 01, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Debt at January 1, 2023 and April 3, 2022 consisted of the following: January 1, April 3, (In thousands) Senior secured revolving loan $ 131,000 $ 126,000 Less: unamortized debt issuance costs (377) (443) Total debt, net of debt issuance costs 130,623 125,557 Less: current portion of long-term debt (9,913) (9,913) Total long-term debt $ 120,710 $ 115,644 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Jan. 01, 2023 | |
Leases [Abstract] | |
Lease, Cost | Other information related to our operating leases was as follows: January 1, 2023 April 3, 2022 Lease Term and Discount Rate Weighted average remaining lease term (years) 8.02 8.91 Weighted average discount rate 2.8 % 2.6 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of lease liabilities as of January 1, 2023 were as follows: (In thousands) Operating Leases Remaining fiscal 2023 $ 475 Fiscal 2024 1,850 Fiscal 2025 1,742 Fiscal 2026 1,598 Fiscal 2027 1,340 Thereafter 5,145 Total $ 12,150 Less: Interest (1,379) Present value of lease liabilities $ 10,771 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 9 Months Ended |
Jan. 01, 2023 | |
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 January 1, 2023: Shares Weighted- Unvested at beginning of period 214,478 $ 25.48 Granted 88,524 38.31 Vested (102,860) 18.69 Forfeited or expired (10,884) 34.68 Unvested at end of period 189,258 $ 34.64 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Jan. 01, 2023 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | (In thousands) Industrial Water Health and Nutrition Total Three months ended January 1, 2023: Sales $ 114,436 $ 68,549 $ 36,233 $ 219,218 Gross profit 15,994 13,268 7,009 36,271 Selling, general, and administrative expenses 7,978 9,003 4,023 21,004 Operating income 8,016 4,265 2,986 15,267 Three months ended December 26, 2021: Sales $ 100,554 $ 49,756 $ 36,740 $ 187,050 Gross profit 15,303 11,103 7,534 33,940 Selling, general, and administrative expenses 7,367 8,254 4,060 19,681 Operating income 7,936 2,849 3,474 14,259 Nine months ended January 1, 2023: Sales $ 353,085 $ 233,527 $ 120,341 $ 706,953 Gross profit 53,716 52,725 22,953 129,394 Selling, general and administrative expenses 21,254 26,786 11,687 59,727 Operating income 32,462 25,939 11,266 69,667 Nine months ended December 26, 2021: Sales $ 269,572 $ 168,105 $ 113,891 $ 551,568 Gross profit 42,121 44,855 23,225 110,201 Selling, general and administrative expenses 20,064 22,721 11,431 54,216 Operating income 22,057 22,134 11,794 55,985 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Apr. 03, 2022 | Dec. 26, 2021 | Sep. 26, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | |
Asset Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 0 | $ 2,575 | |||
NAPCO Chemical Company, Inc. | |||||
Asset Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 19,000 | ||||
Water and Waste Specialties, Inc. | |||||
Asset Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 1,400 | ||||
Southeast Water Systems LLC | |||||
Asset Acquisition [Line Items] | |||||
Payments to Acquire Businesses, Gross | $ 1,200 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1,000 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2023 | Dec. 26, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 219,218 | $ 187,050 | $ 706,953 | $ 551,568 |
Manufactured, blended or repackaged products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 164,176 | 134,896 | 530,562 | 399,147 |
Distributed specialty products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 23,833 | 29,082 | 83,599 | 90,086 |
Bulk products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 27,013 | 20,348 | 80,110 | 55,649 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,196 | 2,724 | 12,682 | 6,686 |
Industrial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 114,436 | 100,554 | 353,085 | 269,572 |
Industrial [Member] | Manufactured, blended or repackaged products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 91,658 | 82,905 | 286,818 | 223,621 |
Industrial [Member] | Distributed specialty products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Industrial [Member] | Bulk products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 20,364 | 15,659 | 58,951 | 41,165 |
Industrial [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,414 | 1,990 | 7,316 | 4,786 |
Water Treatment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 68,549 | 49,756 | 233,527 | 168,105 |
Water Treatment [Member] | Manufactured, blended or repackaged products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 60,583 | 44,241 | 208,112 | 151,842 |
Water Treatment [Member] | Distributed specialty products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Water Treatment [Member] | Bulk products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 6,649 | 4,689 | 21,159 | 14,484 |
Water Treatment [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,317 | 826 | 4,256 | 1,779 |
Health and Nutrition [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 36,233 | 36,740 | 120,341 | 113,891 |
Health and Nutrition [Member] | Manufactured, blended or repackaged products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 11,935 | 7,750 | 35,632 | 23,684 |
Health and Nutrition [Member] | Distributed specialty products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 23,833 | 29,082 | 83,599 | 90,086 |
Health and Nutrition [Member] | Bulk products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Health and Nutrition [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 465 | $ (92) | $ 1,110 | $ 121 |
Earnings per Share (Details)
Earnings per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2023 | Dec. 26, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | |
Summary of basic and diluted EPS | ||||
Weighted-average common shares outstanding—basic | 20,818,347 | 20,885,232 | 20,847,285 | 20,968,692 |
Dilutive impact of performance units and restricted stock | 155,917 | 169,371 | 157,564 | 173,823 |
Weighted-average common shares outstanding—diluted | 20,974,264 | 21,054,603 | 21,004,849 | 21,142,515 |
Earnings per Share (Details Tex
Earnings per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2023 | Dec. 26, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | |
Earnings Per Share [Abstract] | ||||
Shares or stock options excluded from the calculation of diluted EPS | 0 | 0 | 0 | 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jan. 01, 2023 | Apr. 03, 2022 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan asset | $ 7,551 | $ 7,038 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap | $ 4,924 | $ 1,769 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jan. 01, 2023 | Apr. 03, 2022 |
Summary of Inventories | ||
Inventory, Finished Goods, Gross | $ 135,618 | $ 116,325 |
Inventory, LIFO Reserve | (34,037) | (21,340) |
Inventory, Net, Total | 101,581 | 94,985 |
LIFO Inventory Amount | $ 104,700 | $ 83,700 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2023 | Apr. 03, 2022 |
Goodwill [Line Items] | ||
Goodwill | $ 77,401 | $ 77,401 |
Health and Nutrition [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 44,900 | |
Water Treatment [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 26,000 | |
Industrial [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 6,500 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Jan. 01, 2023 | Apr. 03, 2022 |
Summary of Finite-Lived Intangible Assets [Line Items] | ||
Finite-life intangible assets, Gross Carrying Amount | $ 119,918 | $ 119,918 |
Finite-life intangible assets, Accumulated Amortization | (46,199) | (40,952) |
Total finite-life intangible assets, Net | 73,719 | 78,966 |
Indefinite-life intangible assets | 1,227 | 1,227 |
Total Intangible Assets, Gross | 121,145 | 121,145 |
Total intangible assets, net | 74,946 | 80,193 |
Customer Relationships [Member] | ||
Summary of Finite-Lived Intangible Assets [Line Items] | ||
Finite-life intangible assets, Gross Carrying Amount | 109,644 | 109,644 |
Finite-life intangible assets, Accumulated Amortization | (37,128) | (32,399) |
Total finite-life intangible assets, Net | 72,516 | 77,245 |
Trademarks [Member] | ||
Summary of Finite-Lived Intangible Assets [Line Items] | ||
Finite-life intangible assets, Gross Carrying Amount | 6,370 | 6,370 |
Finite-life intangible assets, Accumulated Amortization | (5,167) | (4,746) |
Total finite-life intangible assets, Net | 1,203 | 1,624 |
Other Intangible Assets | ||
Summary of Finite-Lived Intangible Assets [Line Items] | ||
Finite-life intangible assets, Gross Carrying Amount | 3,904 | 3,904 |
Finite-life intangible assets, Accumulated Amortization | (3,904) | (3,807) |
Total finite-life intangible assets, Net | $ 0 | $ 97 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Jan. 01, 2023 | Apr. 03, 2022 |
Debt Disclosure [Abstract] | ||
Senior secured revolving loan | $ 131,000 | $ 126,000 |
Less: unamortized debt issuance costs | (377) | (443) |
Total debt, net of debt issuance costs | 130,623 | 125,557 |
Less: current portion of long-term debt | (9,913) | (9,913) |
Total long-term debt | $ 120,710 | $ 115,644 |
Income Taxes (Details)
Income Taxes (Details) | 9 Months Ended | |
Jan. 01, 2023 | Dec. 26, 2021 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | 26% | 26% |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jan. 01, 2023 | Dec. 26, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | Apr. 03, 2022 | |
Lessee, Lease, Description [Line Items] | |||||
Lessee, Operating Lease, Option to Extend | 10 years | ||||
Short-term Lease, Expense | $ 0 | $ 0 | |||
Operating Lease, Expense | $ 800 | $ 700 | $ 2,400 | $ 2,100 | |
Operating Lease, Weighted Average Remaining Lease Term | 8 years 7 days | 8 years 7 days | 8 years 10 months 28 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 2.80% | 2.80% | 2.60% | ||
Minimum [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, Operating Lease, Renewal Term | 1 year | 1 year | |||
Maximum [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, Operating Lease, Renewal Term | 22 years | 22 years |
Leases maturities (Details)
Leases maturities (Details) $ in Thousands | Jan. 01, 2023 USD ($) |
Leases [Abstract] | |
Remaining fiscal 2023 | $ 475 |
Fiscal 2024 | 1,850 |
Fiscal 2025 | 1,742 |
Fiscal 2026 | 1,598 |
Fiscal 2027 | 1,340 |
Thereafter | 5,145 |
Total | 12,150 |
Less: Interest | (1,379) |
Present value of lease liabilities | $ 10,771 |
Share Based Compensation (Detai
Share Based Compensation (Details) | 9 Months Ended |
Jan. 01, 2023 $ / shares shares | |
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] | |
Unvested at beginning of period (Shares) | shares | 214,478 |
Granted (Shares) | shares | 88,524 |
Vested (Shares) | shares | (102,860) |
Forfeited or expired (Shares) | shares | (10,884) |
Unvested at end of period (Shares) | shares | 189,258 |
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) | $ / shares | $ 25.48 |
Granted, Weighted average grant date fair value (usd per share) | $ / shares | 38.31 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares | 18.69 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares | 34.68 |
Ending Balance, Weighted average grant date fair value (usd per share) | $ / shares | $ 34.64 |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested at end of period (Shares) | shares | 12,565 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Ending Balance, Weighted average grant date fair value (usd per share) | $ / shares | $ 38.98 |
Share Based Compensation (Det_2
Share Based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2023 | Dec. 26, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | |
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 0 | 0 | ||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 76,863 | 76,863 | ||
Performance-Based Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 800 | $ 800 | $ 2,000 | $ 2,000 |
Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 100 | $ 100 | $ 300 | $ 200 |
Share Repurchase Program (Detai
Share Repurchase Program (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jan. 01, 2023 | Dec. 26, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | Oct. 02, 2022 | |
Investment Company, Capital Share Transactions, Stock Repurchased [Abstract] | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,600,000 | 2,600,000 | 1,600,000 | ||
Stock Repurchased During Period, Shares | 0 | 30,538 | 181,657 | 240,501 | |
Stock Repurchased During Period, Value | $ 1.1 | $ 6.6 | $ 8.5 | ||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 1,129,348 | 1,129,348 |
Segment Information (Details Te
Segment Information (Details Textual) | 9 Months Ended |
Jan. 01, 2023 Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable segments (segments) | 3 |
Intersegment sales | no |
Number of operating segments aggregated (segments) | 0 |
Number of customer representing 10 percent or more of revenue (customers) | No |
Quarterly Financial Information, Segment Reporting, Segment Assets, Material Change | No |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jan. 01, 2023 | Dec. 26, 2021 | Jan. 01, 2023 | Dec. 26, 2021 | |
Segment Reporting Information [Line Items] | ||||
Sales | $ 219,218 | $ 187,050 | $ 706,953 | $ 551,568 |
Gross profit | 36,271 | 33,940 | 129,394 | 110,201 |
Selling, general, and administrative expenses | 21,004 | 19,681 | 59,727 | 54,216 |
Operating income | 15,267 | 14,259 | 69,667 | 55,985 |
Industrial [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 114,436 | 100,554 | 353,085 | 269,572 |
Gross profit | 15,994 | 15,303 | 53,716 | 42,121 |
Selling, general, and administrative expenses | 7,978 | 7,367 | 21,254 | 20,064 |
Operating income | 8,016 | 7,936 | 32,462 | 22,057 |
Water Treatment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 68,549 | 49,756 | 233,527 | 168,105 |
Gross profit | 13,268 | 11,103 | 52,725 | 44,855 |
Selling, general, and administrative expenses | 9,003 | 8,254 | 26,786 | 22,721 |
Operating income | 4,265 | 2,849 | 25,939 | 22,134 |
Health and Nutrition [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 36,233 | 36,740 | 120,341 | 113,891 |
Gross profit | 7,009 | 7,534 | 22,953 | 23,225 |
Selling, general, and administrative expenses | 4,023 | 4,060 | 11,687 | 11,431 |
Operating income | $ 2,986 | $ 3,474 | $ 11,266 | $ 11,794 |