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Patrick Will Release 2Q Financials on July 29

July 16, 2014 by · Leave a Comment 

patrick-industries-logoPatrick Industries Inc. expects to release its second quarter 2014 financial results before the market opens on July 29.

Patrick Industries also expects to conduct a conference call on July 29 at 10 a.m. EDT to discuss second-quarter results and other business matters. The call will feature remarks by Todd Cleveland, president and CEO, and CFO Andy Nemeth.

The Elkhart, Ind.-based supplier said it is adjusting its pattern of scheduled earnings announcement dates in order to better align with the expected formal publication by the Recreation Vehicle Industry Association (RVIA) of final quarterly RV wholesale unit shipment data. Patrick uses this industry data in its assessment and disclosure of overall industry improvement, company market share changes, RV content per unit, and its industry outlook. If the formal RVIA figures have not been published by the earnings release date, the company will use management estimates of RV wholesale unit shipments as it has done in the past.

Participation in the question-and-answer session of the call will be limited to institutional investors and analysts. The dial-in number for the live conference call is (800) 708-4540. The access code is 37693470. Interested parties are invited to listen to a live webcast of the call on Patrick’s website at www.patrickind.com under “Investor Relations.” A replay of the conference call will also be available via the company’s investor relations website.

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Patrick Acquiring ‘Precision Painting Group’

June 9, 2014 by · Leave a Comment 

Patrick Industries logoPatrick Industries Inc. announced today (June 9) the acquisition of the businesses and certain assets of Indiana-based Precision Painting Group, which includes, Precision Painting Inc., Carrera Custom Painting Inc., Millennium Pain, Inc. and TDM Transport Inc.

The Precision Painting Group is comprised of three full service exterior full-body painting operations that also offer interior refurbishing and painting for both OEMs and existing recreational vehicle and fleet owners, and a transportation operation that services their in-house customers.  The Precision Painting Group, in the aggregate, has projected 2014 annual revenues of approximately $28 million.

“The acquisition of the Precision Painting Group, the industry leader in premium exterior full-body painting, adds to our stable of high quality innovative decorative product lines that will help to continue to bring added value to our customer base,” said Todd Cleveland, president and CEO of Elkhart-based Patrick. “Consistent with our acquisition model, we are excited to have the opportunity to allow the entrepreneurial spirit of these operations to continue to thrive while supporting the businesses with the financial and operational foundation that will enable them to align with our company mission of bringing the highest quality products, service and value to our customers.”

Todd Hundt, president and Founder of Precision, noted, “After partnering with Mike Leman, Dan Miller, and the exceptional team at Precision for more than 13 years, I am both excited and energized to join the Patrick organization whose core values, competencies, relationships and customer-first approach mirror those that we have worked hard to build and maintain on a consistent high quality basis. Mike, Dan and I look forward to becoming a part of the Patrick team, while still having the freedom and additional resources to continue to drive the growth of our brands. Patrick is a natural fit for our operation, and the additional manufacturing expertise and financial resources that they bring can help propel Precision to the next level.”

The purchase of Precision was funded under Patrick’s existing credit facility and includes the acquisition of accounts receivable, inventory, prepaid expenses, and machinery and equipment. Patrick will continue to operate the businesses on a stand-alone basis under the Precision, Carrera and Millennium brand names in their existing facilities. The company expects the acquisition to be immediately accretive to 2014 net income per share.

“Precision’s excellent reputation in the industry, which has been built upon years of providing high quality products and service and industry leading expertise to its customer base, will allow us to establish a strong presence in the painting market while providing opportunities to expand our array of products and services to the RV market through existing sales channels,” said Mr. Cleveland.

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Motley Fool: Patrick ‘ROI’ Outshines RV Peers

May 28, 2014 by · Leave a Comment 

Editor’s Note: The following is a column by The Motley Fool analyzing the growth of Patrick Industries Inc. and its healthy return on investment.

Patrick Industries, a national manufacturer and distributor of a wide variety of building and component products for the recreational vehicle industry, has outshone its peers in the past few years.

A dollar invested in a customized group of eight listed peers in 2008, including companies like Thor Industries Inc. and Drew Industries Inc., would have made the investor $7.50 by the end of 2013. In contrast, the same dollar invested in Patrick industries would have returned $45 to that investor over the same period.

Industry growth

Following the 58% decline in RV wholesale unit shipments from about 391,000 in 2006 to 166,000 in 2009, the RV industry is now seeing clearer skies. RV wholesale unit shipments have recovered strongly to almost double to 321,000 units in 2013, with expectations of a 6% year-on-year growth in 2014.

More than 9 million Americans are currently RV owners, with RVs gaining acceptance as a mainstream option for vacation travel and other leisure activities. Looking ahead, with more aging baby boomers near retirement age, RV ownership should grow further, as most people buy their first RV at a later age.

However, this doesn’t fully explain Patrick Industries’ outperformance relative to its peers.

New products

In addition to adding more customers, selling more items to each customer is another way to drive revenue growth. In 2013, Patrick Industries launched 60 new products. Examples include new styles of interior passage doors, an expanded range of cabinet door styles, and new variations with respect to colors, patterns, and wood types for panels and mouldings.

Apart from leveraging on acquisitions to expand its product range, Patrick Industries also worked on upgrading its manufacturing and distribution capabilities. Firstly, it bought over a previously leased distribution facility in 2013 to expand its inventory holding capacity. Secondly, Patrick Industries also upgraded some of its existing manufacturing equipment to enhance production efficiency last year.

For the full story click here.

 

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RV Performance Pushes Patrick to Gains in 1Q

April 24, 2014 by · Leave a Comment 

                                                                Elkhart, Ind.-based Patrick Industries Inc., a leading manufacturer and distributor of building and component products for the recreational vehicle, manufactured housing and industrial markets, today reported its financial results for the first quarter ended March 30, 2014.

First quarter net income was $6.9 million, or 64 cents per diluted share, compared to net income of $6 million, or 55 cents per diluted share, in the first quarter of 2013.

Sales during the period increased $28 million, or 19.7%, to $170.1 million from $142.1 million in the same quarter last year. The increase was primarily attributable to a 21% increase in revenue from the RV industry, which represented approximately 76% of the company’s first quarter 2014 sales.  Sales to the MH industry increased 12%, while sales to the industrial markets increased 24%.

“We are pleased with our revenues and our operating income performance in the first quarter of 2014.  The severe winter weather we experienced in the Midwest in early 2014 did cause some additional costs related to production, scheduling, and delivery inefficiencies, but the impact was not significant to our overall operating results in the first quarter,” said Todd Cleveland, president and CEO. ”We did see a continuing seasonal sales pickup each month consistent with our expectations and general positive industry sentiment, and we continue to believe that all three of the primary markets we serve are well positioned for further growth in 2014.”

Patrick’s RV content per unit for the first quarter of 2014 increased approximately 20% to an estimated $1,373 from $1,142 a year ago. The MH content per unit for the first quarter of 2014 increased approximately 2% to an estimated $1,605 from $1,580 for the same period in 2013.

To view the full report click here.

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Patrick Industries to Issue 1Q Earnings April 24

April 16, 2014 by · Leave a Comment 

                                                                Elkhart, Ind.-based Patrick Industries Inc., a major manufacturer and distributor of building and component products for the recreational vehicle, manufactured housing and industrial markets, expects to release its first quarter 2014 financial results before the market opens on April 24.

Patrick Industries also plans to conduct a conference call on April 24 at 10 a.m. EDT to discuss first quarter results and other business matters.  The call will feature remarks by Todd Cleveland, president and CEO, and CFO Andy Nemeth.

Participation in the question-and-answer session of the call will be limited to institutional investors and analysts.  The dial-in number for the live conference call is (800) 773-2954.  The access code is 37065441.

Interested parties are invited to listen to a live webcast of the call on Patrick’s website at www.patrickind.com under “Investor Relations.”  A replay of the conference call will also be available via the Company’s investor relations website.

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Patrick Posts Record Sales, Earnings During 4Q

February 20, 2014 by · Leave a Comment 

Patrick Industries Inc., a major supplier to the recreational vehicle, manufactured housing and industrial markets, reported the best sales and earnings in its history for the fourth quarter, punctuated by record revenue for its full year.

Net sales for the fourth quarter, ended Dec. 31, increased $40.5 million, or 38.1%, to $146.6 million from $106.1 million in the same quarter of 2012.  The increase was primarily attributable to a 43% increase in the company’s revenue from the RV industry, which represented approximately 71% of fourth-quarter sales.

Fourth-quarter net income was $5.0 million, or 47 cents per diluted share, which reflected an effective tax rate of 38%.  This compares to net income of $3.2 million, or $0.30 cents per diluted share, in the fourth quarter of 2012, when the company reported an income tax credit of approximately $0.2 million, or 2 cents per diluted share, related to the reversal of the valuation allowance against its deferred tax assets.

Todd Cleveland, president and CEO of Elkhart, Ind.-based Patrick, said, “We are pleased with our fourth-quarter revenue and profitability growth compared to 2012 as we continue to realize the benefits of  our strategic and operational initiatives executed in 2012 and 2013 as well as growth in all three of the end markets we serve.  Our gross margin in the fourth quarter of 2013 improved over the prior year quarter reflecting the positive contribution of acquisitions, market share gains, and an increase in our RV industry unit content.”

For the 12 months, sales increased $157.5 million or 36.0%, to $594.9 million from $437.4 million in 2012. Revenue from the RV industry, which represented approximately 72% of its 2013 sales, increased by 44%. The company’s RV content per unit increased 28% to $1,338 from $1,048 for 2012.

Patrick reported net income of $28.1 million, or $2.64 per diluted share, including a non-cash income tax credit of $6.8 million, or $0.64 per diluted share. Earnings in 2012 were $24 million.

Patrick also noted that on Feb. 13, 2014, the its board authorized an increase in the amount of the company’s common stock that may be acquired under the stock buyback program over the next 12 months to $20.0 million, including approximately $3.9 million available under the previous authorization.

“We continue to be energized by our full year 2013 performance which is a reflection of our team’s efforts to execute on a number of strategic and operational initiatives,” said Cleveland. “In 2013, as part of our overall strategic plan, we invested approximately $16.5 million in the acquisitions of Frontline Mfg., Inc., Premier Concepts, Inc. and West Side Furniture, which expanded the depth and breadth of our product lines and capabilities, both in our core markets and in related markets. These three acquisitions had annualized revenues of approximately $42 million, of which approximately $12 million was included in our full year 2013 operating results.”

To view the full report click here.

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Patrick Industries Posts 30% 3Q Sales Increase

October 24, 2013 by · Leave a Comment 

Patrick Industries Inc., a manufacturer and distributor of building and component products for the recreational vehicle, manufactured housing and industrial markets, today (Oct. 24) reported a 29.8% increase in revenue for its third quarter, ended Sept. 29.

Net sales during the period increased $33.7 million to $146.6 million from $112.9 million in the same quarter of 2012. The increase was primarily attributable to a 35% increase in the company’s revenue from the RV industry, which represented approximately 70% of Patrick’s third-quarter sales. Sales to the MH industry increased 16%, while sales to the industrial markets increased 25%. The company noted that acquisitions of Frontline Mfg. Inc., Premier Concepts Inc. and West Side Furniture contributed to higher sales.

“We are pleased with our third-quarter revenue growth which was bolstered by growth in all three of the end markets we serve,” said Todd Cleveland, president and CEO of the Elkhart, Ind.-based supplier. “The positive sentiment exhibited by both dealers and OEMs during the recent RV manufacturer open houses supports the strong momentum in this industry as we head into the fourth quarter and into 2014.”

Patrick reported operating income of $9 million in the third quarter, an increase of $1.7 million, or 22.8%, from the $7.3 million reported in the prior year. Third-quarter net income was $5.5 million, or 51 cents per diluted share, compared to net income of $6.6 million, or 60 cents per diluted share, a year ago when the company had an effective tax rate of 0% due to a full valuation allowance against its deferred tax assets.

Net sales for the first nine months increased 35.3% to $448.3 million from $331.2 million in the same period in 2012. The company’s revenue from the RV industry, which represented approximately 73% of its sales, increased by 44%. Revenues from the MH industry, which represented 16% of the company’s sales rose 12% while industrial market sales increased 25%.

Net income for the nine months was $19 million, or $1.76 per diluted share, compared to $24.9 million, or $2.32 per diluted share, the year prior which included the positive impact of a non-cash income tax credit of $6.7 million related to the reversal of the tax valuation allowance against its deferred tax assets. Operating income for the nine months was $32.3 million, an increase of $9.9 million or 44.1% from the $22.4 million reported in the first nine months of 2012.

“The strong cash flows resulting from our revenue growth and operating performance thus far in 2013 have afforded us the opportunity to continue to strengthen our balance sheet, maintain an appropriate leverage position and reinvest in our business through capital expenditures, stock repurchases and acquisitions,” said Cleveland. “Our organization’s success is centered on bringing the highest level of quality products and services to our customers, and executing our strategic initiatives with the goal of further increasing growth and profitability consistent with our expectation of continuously increasing shareholder value. We intend to continue to pursue acquisitions and other avenues to increase our revenues and grow our operating income, net income, cash flows, and earnings per share through the remainder of 2013 and into 2014.”

To view the full report click here.

 

 

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Patrick Industries to Issue 3Q Earnings Oct. 24

October 15, 2013 by · Leave a Comment 

Elkhart, Ind.-based Patrick Industries Inc., a major manufacturer and distributor of building and component products for the recreational vehicle, manufactured housing and industrial markets, expects to release its third quarter 2013 financial results before the market opens on Oct. 24.

Patrick Industries also expects to conduct a conference call on Oct. 24 at 10 a.m. EDT to discuss third-quarter results and other business matters. The call will feature remarks by Todd Cleveland, president and CEO, and CFO Andy Nemeth.

Interested parties may access the call through Patrick’s website at www.patrickind.com under “Investor Relations.”

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Patrick Acquires 2 Indiana-Based Supply Firms

September 9, 2013 by · Leave a Comment 

Patrick Industries Inc. announced today (Sept. 9) the acquisitions of the business and certain assets of two related Warsaw, Ind.-based companies, Frontline Mfg. Inc. and Premier Concepts Inc. in a combined transaction.

According to a press release, Frontline, a major manufacturer of fiberglass bath fixtures including tubs, showers and combination tub/shower units for the recreational vehicle, manufactured housing and residential housing markets, has projected 2013 annual revenues of approximately $15 million. Premier, a custom fabricator of solid surface, granite, and quartz countertops for the RV and residential housing industries, has projected 2013 annual revenues of approximately $10 million.

“Frontline’s reputation among its customer base for innovative designs, high quality products, and exceptional in-house engineering capabilities will allow us to establish a strong presence in the fiberglass bath fixtures market within the industries we serve while providing opportunities to bring new products to market through existing sales channels,” said Todd Cleveland, president and CEO of Elkhart, Ind.-based Patrick. “In addition, the acquisition of Premier will enhance our position as an industry leader in the RV, MH, and industrial countertop markets by leveraging our operational talent and experience with the team at Premier. Consistent with previous acquisitions, we will continue to support both of these businesses with a financial and operational foundation that will allow each to preserve the entrepreneurial spirit that has been so important to their success, and enable each to continue to bring the highest quality products, service and value to our customers.”

The combined net purchase price for both businesses of approximately $8 million was funded under the company’s $80 million revolving secured senior credit facility and includes the acquisition of accounts receivable, inventory, prepaid expenses, tooling, machinery, equipment and vehicles. Frontline and Premier will continue to operate on a stand-alone basis under their respective brand names and in their existing 75,000- and 40,000-square-foot leased facilities, respectively. Patrick expects the acquisitions to be accretive to earnings per share.

“The acquisitions of Frontline and Premier are a natural fit with Patrick’s existing RV, MH and industrial businesses and we are excited to bring these two companies into the Patrick family to increase our product offerings, market share, and per unit content. Additionally, the strength and dedication of Frontline/Premier’s management team and its solid reputation in the marketplace will be an asset to our organization as we continue to execute on our strategic initiatives,” said Cleveland.

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RV Revenue Lifts Patrick to 38% 2Q Sales Rise

July 25, 2013 by · Leave a Comment 

Patrick Industries Inc., a manufacturer and distributor of building and component products for the recreational vehicle, manufactured housing and industrial markets, reported a 38% increase in revenue for its second quarter boosted by strong performance in RV sales.

Sales during the second quarter, ended June 30, grew $44 million to $159.6 million from $115.6 million in the same quarter of 2012. The increase was primarily attributable to a 46% gain in the company’s revenue from the RV industry, which represented approximately 73% of the Patrick’s second quarter sales. Sales to the manufactured housing industry increased 13%, while sales to the industrial markets increased 33%.

Net income during the period was $7.6 million, or 70 cents per diluted share, compared to $13.3 million, or $1.22 per diluted share. The company noted that it began to record income taxes at an estimated effective tax rate of 39% in the first quarter of 2013. Net income was also impacted by an income tax provision of $4.8 million and included an after-tax gain on sale of fixed assets of $0.3 million, related to the sale of a facility in Halstead, Kansas.

For the six months, sales increased $83.4 million, or 38.2%, to $301.7 million from $218.3 million in the same period in 2012 as RV sales grew 48%. Net income was $13.6 million, or $1.25 per diluted share, compared with $18.3 million, or $1.70 per diluted share. Patrick noted that net income included the impact of an income tax provision of $8.7 million at an estimated effective tax rate of 39% along with after-tax gain on sale of fixed assets of $0.3 million related to the Kansas facility.

Todd Cleveland, president and CEO for Elkhart, Ind.-based Patrick, noted, “We are pleased with our second-quarter revenue growth as well as the energy and momentum in our end markets, especially in the RV industry, as evidenced by the solid shipment levels during the first half of the year as well as OEM and dealer sentiment. We believe the dedication of our team members and our focus on delivering value to our customer base, in combination with the acquisitions we have completed over the past several years, will continue to provide positive contributions to our operating profitability and afford us the opportunity to gain additional penetration in the RV, MH and industrial markets. In addition, we also saw the historical seasonal pickup in both the RV and MH markets as measured by higher unit shipments compared to the first quarter of 2013.”

In February, the company’s board authorized a stock repurchase program for the purchase of up to $10 million of its common stock for the following 12 months. As of July 19, the Patrick had repurchased 407,330 shares at an average price of $14.92 per share for a total cost of approximately $6.1 million.

To view the complete report click here.

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