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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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Patrick Industries to Issue 2Q Earnings July 25

July 16, 2013 by · Leave a Comment 

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 second quarter financial results before the market opens on July 25.

In April, the Elkhart, Ind.-based Patrick firm reported a 38.4% increase in revenue for its first quarter driven by strong performance in RV-related sales.

Patrick also reported first-quarter net income of $6 million, or 55 cents per diluted share, an increase of $1 million from net income of $5 million, or $0.47 per diluted share, in the first quarter of 2012.

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Patrick’s Strong 1Q Sales Lifted by RV Sector

April 25, 2013 by · Leave a Comment 

Elkhart, Ind.-based Patrick Industries Inc., a key supplier to the RV, manufactured housing and industrial markets, reported a 38.4% increase in revenue for its first quarter, ended March 31, driven by strong performance in RV-related sales.

Sales for the first quarter increased $39.4 million to $142.1 million from $102.7 million in the first quarter of 2012. The increase was primarily attributable to a 51% increase in the company’s revenue from the RV industry, which represented approximately 75% of its first quarter sales. Manufactured housing revenue grew 6% while sales to the industrial industry were up 17%.

Patrick reported first quarter net income of $6 million, or 55 cents per diluted share, an increase of $1 million from net income of $5 million, or $0.47 per diluted share, in the first quarter of 2012. The company said that earnings include the impact of a tax provision of $3.8 million at the full estimated combined federal and state statutory rate of 39% compared to the first quarter of 2012 where the company carried a full valuation allowance against its deferred taxes and had an effective tax rate of 0%. The first quarter of 2012 includes the impact of a non-cash charge of $1.7 million related to mark-to-market accounting for common stock warrants. Exclusive of the non-cash charge for stock warrant accounting and assuming the same full estimated combined statutory tax rate of 39% in the first quarter of 2012, net income would have been $4.1 million or $0.38 per diluted share.

President and CEO Todd Cleveland noted, “We are pleased with our first quarter revenues which were bolstered by a strong start to the year in the RV industry and positive indicators in the industrial markets. Both the RV and industrial markets look to continue their growth into the second quarter which we believe will also include a seasonal pickup in MH shipments.”

He added, “We have continued to report solid profitability on a quarterly basis and we are excited about our first quarter results which were consistent with our expectations including exceeding our first quarter 2012 reported net income which had the benefit of a 0% effective tax rate.”

On Feb. 22, the company’s board authorized a stock repurchase program for purchasing up to $10 million of common stock. As of April 19, the company had repurchased 330,358 shares at an average price of $13.90 per share for a total cost of approximately $4.6 million.

“We continue to focus on leveraging our operating position to drive profitability with increased revenues and hold ourselves and our team members accountable to the high standards that we have set internally as an organization,” said Cleveland. “Additionally, central to our organization’s success is the continued attention to bringing value to our customer base through value added ingenuity, new and innovative product lines, and as always the highest quality customer service. Our team continues to perform with a dedication to our core values and executing our strategic initiatives with a goal of further increasing growth and profitability consistent with our expectations of continuously increasing shareholder value.”

To view the entire report click here.

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Patrick Adds Former Utilimaster CEO to Board

March 20, 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, announced the appointment of Michael A. Kitson to its board.

Kitson, 54, is the CEO of Nautic Global Group, a manufacturer of recreational boats. Prior to being named CEO in March 2011, Kitson was the CFO of Nautic from August 2010 to March 2011, president and CEO of Utilimaster Corp. from 2007 to 2010, and Utilimaster’s CFO from 1999 to 2007.

“We are pleased to welcome Mike to our board, and are confident that his leadership, experience, passion, and enthusiasm will be an asset to Patrick as we execute on our strategic plan and continue to focus on increasing shareholder value,” said Todd Cleveland, president and CEO for Patrick.

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Supplier Patrick Ind. Appoints Rodino as COO

March 4, 2013 by · Leave a Comment 

Elkhart, Ind,-based Patrick Industries Inc. announced today (March 4) that Jeffrey M. Rodino, executive vice president of sales and operations, has been promoted to the position of COO.

“Jeff has provided exceptional sales and operational leadership during his tenure with Patrick and has been instrumental in embedding the linkage between our business units and our customer base,” said Todd Cleveland, Patrick president and CEO.  “Jeff has a solid track record of cultivating deep and valued relationships as well as executing on our organizational strategic agenda as we strive to provide the highest quality products and services to our customers and further drive shareholder value.”

Rodino stated, “The dedication and support of the Patrick team members over the past several years has been truly inspiring, and I’m both excited and honored to be a part of this exceptional organization as we continue on our path to be the market leader in the innovative products and services we bring to our customers in all of the markets that we serve.”

Prior to assuming the position of executive vice president of sales and operations in December 2011, Rodino, 42, served as vice president of sales for Patrick’s Midwest division since August 2009. Rodino also served in a variety of top-level sales and marketing roles after joining Patrick in 2007 and has over 19 years of experience in serving the recreational vehicle, manufacturing housing and industrial markets in various capacities.

Patrick Industries is a major manufacturer of component products and distributor of building products serving the recreational vehicle, manufactured housing, kitchen cabinet, household furniture, fixtures and commercial furnishings, marine and other industrial markets, and operates coast-to-coast through locations in 11 states.

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Patrick Ind. Initiates $10M Stock Buyback Plan

February 22, 2013 by · Leave a Comment 

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

 

 

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Patrick Posts Record Profit for ’12, Sales Surge

February 21, 2013 by · Leave a Comment 

Patrick Industries Inc. reported record earnings on double-digit growth in sales for its full year, ended Dec. 31, boosted by strong performance in the fourth quarter.

Elkhart, Ind.-based Patrick, a major manufacturer and distributor of building and component products for the recreational vehicle, manufactured housing and industrial markets, said sales for the fourth quarter increased $27.8 million, or 35.6%, to $106.1 million from $78.3 million in the same quarter of 2011.

The increase was primarily attributable to a 54% increase in the company’s revenue from the RV industry, which represented approximately 68% of its fourth quarter 2012 sales. Approximately $21.1 million of the revenue increase was attributable to the incremental impact of acquisitions completed in 2011 and 2012, including related market share growth.

Net income in the fourth quarter totaled $3.2 million, or 30 cents per diluted share, compared to net income of $1.5 million, or 14 cents per diluted share, in the fourth quarter of 2011.

“We are pleased by our fourth quarter revenue and profitability growth compared to 2011 as we continue to realize the benefits of our strategic and operational initiatives executed in 2011 and 2012,” said Todd Cleveland, President and CEO. “We believe the newest member of our Patrick family, Middlebury Hardwoods, and the other acquisitions we have completed in the last two years will continue to bring new and innovative products to our customers, provide positive contributions to our operating profitability, and allow us to gain additional penetration in the RV, MH, and industrial market sectors.”

Patrick acquired Middlebury, Ind.-based Middlebury Hardwood Products in October 2012. It was the company’s fourth acquisition of the year following the acquisition of Decor Mfg. in March 2012, Gustafson Lighting in July 2012, and Creative Wood Designs in September 2012.

For the 12 months, sales increased approximately $129.6 million, or 42.1%, to $437.4 million from $307.8 million in the same period in 2011. The sales increase reflected a 59% increase in the company’s revenue from the RV industry, which represented approximately 69% of its 2012 sales. Approximately $66.6 million of the revenue improvement was attributable to the incremental impact of business acquisitions completed in 2011 and 2012, including related market share growth.

For the full year, Patrick reported net income and diluted earnings per share of $28.1 million and $2.64, respectively – the highest in the company’s history – compared to net income of $8.5 million, or 83 cents per diluted share, in the same period in 2011.

Looking ahead, Cleveland stated, “As we begin a new year in 2013, we believe the investments we made in our businesses in 2011 and 2012 will positively impact both our top and bottom line results. In conjunction with the support of our new credit facility, our organizational strategic agenda, and the dedication and creativity of our more than 1,700 team members, we will continue to focus our efforts on the addition of new product lines and strategic acquisitions that will bring value to our customers in terms of innovation, price, flexibility and creativity both in the short-term and on a long-term basis.”

To view the complete report click here.

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