Patrick Ind. Initiates $10M Stock Buyback Plan
Elkhart, Ind.-based Patrick Industries Inc.’s board today (Feb. 22) authorized a stock repurchase program for up to $10 million of the company’s common stock through open market or private transactions over the next 12 months.
According to a news release, share repurchases will be made for cash in open market transactions at prevailing market prices or in privately negotiated transactions, or otherwise. The timing and amount of purchases under the program will be determined by management based upon market conditions and other factors.
The program does not require Patrick to purchase any specific number or amount of shares and may be modified, suspended or reinstated at any time in the company’s discretion and without notice. Purchases will be subject to restrictions under Patrick’s credit facility.
Thursday, the company reported record earnings for its full year on a 42% increase in sales. Patrick is a major manufacturer and distributor of building and component products for the recreational vehicle, manufactured housing and industrial markets