Patrick Industries Inc., a supplier of building and component products for the recreational vehicle manufactured housing and industrial markets, reported growth in sales and earnings for the Elkhart, Ind.-based company’s first quarter ended April 1.
Net sales for the first quarter of 2012 were $102.7 million compared to $69.5 million in the same quarter of 2011, an increase of $33.2 million or 47.8%. The sales increase reflected a 57% increase in the company’s revenue from the RV industry and a 36% increase in revenue from the MH industry, which represented approximately 69% and 18% of first quarter 2012 sales, respectively.
Approximately $11.6 million of the revenue improvement was attributable to acquisitions completed since June 2011, with the remaining $21.6 million increase primarily attributable to increased RV market penetration, improved residential cabinet and furniture business in the industrial market, and a 10% increase in quarterly wholesale unit shipments in the RV industry.
Patrick post net income of $5 million or 47 cents per diluted share, an increase of $6.2 million or 60 cents per diluted share, over the net loss of $1.2 million or $0.13 per diluted share in the first quarter of 2011. First quarter 2012 net income included a non-cash charge of $1.7 million or $0.16 per diluted share related to mark-to-market accounting for common stock warrants. The first quarter 2011 net loss was impacted by non-cash charges related to the refinancing of Patrick’s former credit facility.
“We are pleased and energized by our improved first quarter revenue growth and profitability as we are realizing many of the benefits of strategic and operational initiatives executed over the past three years as well as the sacrifices, commitment, and dedication of our team members,” said Todd Cleveland, president and CEO. “Our acquisition initiatives have contributed to our overall profitability and we believe the addition of key team members to the Patrick organization will continue to provide ongoing benefits as we continually focus on bringing value-added innovative products and services to our customers.”
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