Patrick Industries Remains Profitable
Supplier/distributor Patrick Industries Inc. reports it earned $153,000 in the third quarter, despite the manufactured housing industry’s continuing woes.
Meanwhile, the RV industry, which accounts for 29% of Patrick’s sales revenue, remains a bright spot for the Elkhart, Ind. firm.
Patrick’s net profit of $153,000 during the three months ended Sept. 30 compares with a net loss of $729,000 incurred a year earlier.
In the first nine months of this year, Patrick earned a total of $1.1 million, compared with a net loss of $2.3 million incurred in the same portion of 2001.
The company’s total sales revenue increased 4% during the third quarter to $80.8 million because RV shipments, industrywide, are up 17%. In the first nine months of this year, Patrick’s total sales climbed 6% higher to $238.7 million.
The manufactured housing industry, which accounts for 48% of Patrick’s sales, will continue to struggle at least through the first quarter of 2003 because of the “high inventory of new and repossessed homes and the continued lack of dealer and retail financing alternatives as a result of the recent developments with two of the major industry lenders,” said David Lung, president and CEO.
Patrick shares trade on the Nasdaq Stock Market.