Patrick Industries Reports 9% Q1 Sales Rise
Patrick Industries Inc. today (April 28) reported its financial results for the first quarter ended March 27, 2011.
For the first quarter of 2011, Patrick reported an increase in net sales of $6 million or 9.4%, to $69.5 million from $63.5 million in the 2010 period reflecting the impact of an acquisition completed during the third quarter of 2010 and increased market penetration.
The company reported a net loss of $1.2 million or 13 cents per share in the first quarter of 2011. The net loss was impacted by non-cash charges related to the refinancing of Patrick’s former credit facility, including $600,000 or 6 cents per share for the write-off of the remaining unamortized loss on interest rate swaps that were terminated and paid off during the quarter and the write-off of $400,000 or 4 cents per share for financing costs, as well as a non-cash charge of $300,000 or $3 cents per share related to mark-to-market accounting for common stock warrants. This compares to net income of $900,000 or 9 cents per share in the same period of 2010 which included a net gain on the sale of fixed assets of $2.8 million or 28 cents per share, partially offset by a non-cash charge of $300,000 or 3 cents per share related to stock warrant accounting.