The Company's principal business is the distribution, blending, and formulation of bulk and chemicals, which it conducts in three principal segments: Water Treatment, Industrial and Pharmaceutical.
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HWKN (Hawkins Inc.)
This Minneapolis based chemicals company has been in business since 1938, and has two segments of Industrial (65% of sales) and Water Treatment (35% of sales). As you could predict, the Industrial segment was down, and off by 23% last quarter, hit by the recession, but the Water Treatment segment (apparently if you live in the Midwest you've drunk water treated by their chemicals) was stable as it declined by less than 5% in sales.
So basically you have a small, but stable, long term slow growth company, and it is trading at an attractive valuation of just 9 times trailing earnings and 10 times forward estimates. They also have a cash hoard of $37 million built up, along with no debt, making the company a further bargain yet. The stock pays out a 2.5% dividend, which is not in jeopardy at all considering it is a small fraction of their earnings. A ten year chart is interesting to look at to see how slow and steady the stock has been up until this year. Since it has had a large rally this year, I'm just going to keep it on my radar screen and purchase only if the stock pulls back in a bit, even though fundamentally it does still seem priced attractively.
RK