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Patrick Industries Continues Acquisitive Cycle

December 20, 2011 by · Leave a Comment 

Elkhart, Ind.-based supplier Patrick Industries Inc. announced today (Dec. 20) that it has completed the acquisition of the business and certain assets of Performance Graphics, also of Elkhart.

According to a press release, Performance Graphics is a designer, producer and installer of exterior graphics for the recreational vehicle, marine, automotive, racing and enclosed trailer industries.

“The acquisition of Performance Graphics, along with the recent acquisitions of the Praxis Group and A.I.A. Countertops LLC, will allow the company to further expand its penetration into the RV and industrial market sectors and increase its market share and per unit content,” stated Todd Cleveland, Patrick president and CEO. “In addition, the acquisition presents synergistic opportunities not only for the company, but for our customers. We are excited to leverage our operational talent and expertise and financial resources to help Performance Graphics meet our customers’ graphics needs.”

Performance Graphics’ projected annualized 2011 revenues are approximately $1.7 million. The acquisition was primarily funded through borrowings under Patrick’s revolving credit facility. The business will continue to operate on a stand-alone basis under the “Performance Graphics” name in its existing manufacturing facility.

“Performance Graphics is a natural fit with Patrick’s existing RV and commercial businesses, as it affords us the opportunity to enter a new product market with significant potential as a primary local supplier that is not only complementary to our existing product lines, but will bring value to our customers in terms of innovation, price, flexibility and creativity,” said Cleveland. “Additionally, the synergies between our existing talented design department and the creative Performance Graphics team will be an asset to both our customers and our organization.”

 

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Patrick Buys Certain Assets of RV Supplier AIA

September 19, 2011 by · Leave a Comment 

Patrick Industries Inc. announced today (Sept. 19) that it has completed the acquisition of certain assets of Syracuse, Ind.-based AIA Countertops LLC, a premier fabricator of DuPont Corian countertops, backsplashes, tables, signs and other products for the RV and commercial markets, for a net purchase price of approximately $5.7 million. AIA’s projected annualized revenues are approximately $20 million.

“The acquisition of AIA is a natural fit with Patrick’s existing RV and commercial businesses as it will afford us the opportunity to gain additional penetration and foothold in the RV and industrial market sectors and bring added value to our customers in terms of innovation, price, flexibility and product offering,” said Todd Cleveland, president and CEO for Elkhart, Ind.-based Patrick Industries. “Additionally, the strength and dedication of AIA’s management team, with more than 27 years of industry and operational experience, and its solid reputation in the marketplace will be an asset to our organization as we continue to capitalize on our core competencies and execute on our strategic initiatives.”

Patrick Industries said that the acquisition was primarily funded through borrowings under the company’s revolving credit facility and subordinated financing provided by Northcreek Mezzanine Fund I L.P. and an affiliate of Northcreek, in the form of secured senior subordinated notes. Northcreek is an existing lender to and shareholder of Patrick.

In addition, certain former members of AIA’s ownership group will carry a note receivable from Patrick Industries. AIA’s current management team will continue to manage the operation under the AIA name in its existing manufacturing facility following the closing.

 

 

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Patrick Appoints Utilimaster President to Board

August 22, 2011 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, today (Aug. 22) announced the appointment of John A. Forbes to its board, effective Aug. 18, 2011.

Forbes, 51, is the president of Utilimaster Corp., a subsidiary of Spartan Motors Inc. based in Wakarusa, Ind. Prior to being named president in July 2010, Forbes was the CFO of Utilimaster from May 2009 to July 2010, the CFO of Nautic Global Group from 2007 to 2009, and the CFO of Adorn, LLC from 2003 to 2007.

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

 

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Patrick Reports 2Q Profit Increases, Sales Flat

July 29, 2011 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, today (July 29) reported its financial results for the second quarter and six months ended June 26.

For the second quarter, Patrick reported net income of $3.7 million, or $0.36 per diluted share, on net sales of $82.6 million, compared to net income of $1.9 million, or $0.19 per diluted share, on net sales of $83.9 million in the second quarter of 2010.

Second quarter 2011 net income included the positive impact of a non-cash credit of $0.3 million or $0.03 per diluted share related to mark-to-market accounting for common stock warrants and a net gain on the sale of fixed assets and on the acquisition of a business of $0.2 million or $0.02 per diluted share, which were partially offset by a non-cash charge of $0.2 million or $0.02 per diluted share for the write-off of financing costs related to the refinancing of Patrick’s former credit facility. This compares to the same period of 2010 that included a non-cash credit of $0.3 million or $0.04 per diluted share related to stock warrant accounting.

The increase in net income primarily reflected improved profitability at one of the company’s Midwest manufacturing divisions that had underperformed in 2010 compared to historical levels, and an acquisition completed in the third quarter of 2010. The Midwest manufacturing division benefited from margin improvements and ongoing organizational and process changes that enhanced labor efficiencies, reduced scrap and returns, and increased material yields.

Net sales for the quarter decreased approximately $1.3 million or 1.5%, primarily reflecting the impact of softer than expected conditions in the MH industry. The company estimates that unit shipments in the MH industry, which represented 24% of the company’s second quarter sales, were down approximately 15% from the second quarter of 2010. According to industry associations, wholesale unit shipments in the RV industry, which represented 60% of the company’s sales in the quarter, increased approximately 4% in the second quarter of 2011 compared to the prior year period. The industrial market sector, which is tied to the residential housing market and accounted for 16% of the company’s second quarter 2011 sales, saw a 4% decrease in new housing starts in the quarter compared to the prior year.

To read the entire report courtesy of MarketWatch click here.

 

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Patrick Industries Acquires Supplier Praxis

June 16, 2011 by · Leave a Comment 

Recreational vehicle and manufactured housing supplier Patrick Industries Inc. announced today (June 16) that it has completed the acquisition of certain assets of Elkhart, Ind.-based Praxis Group.

According to a press release, Praxis is a manufacturer and distributor of countertops, foam products, shower doors and furniture products to the RV industry with projected annualized revenues of approximately $4 million.

“We are very excited to work with the Praxis team and be afforded the opportunity to continue to bring new products to our existing customer base and potentially to other customers outside of the RV industry,” said Todd Cleveland, president and CEO for Patrick, also based in Elkhart.

He added, “The Praxis team has deep customer relationships and a highly innovative approach to the manufacturing and distribution of products within the RV industry that will provide a direct complement to our strategic focus.”

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Patrick Industries Reports 9% Q1 Sales Rise

April 28, 2011 by · Leave a Comment 

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.

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Patrick Industries Signs Senior Credit Facility

March 31, 2011 by · Leave a Comment 

Patrick Industries Inc. announced today (March 31) that it has entered into a credit agreement with Wells Fargo Capital Finance LLC as the lender and agent, establishing a four-year $50 million revolving secured senior credit facility.

Additional subordinated debt financing of $5 million was provided by Tontine Capital Overseas Master Fund II LP, a significant shareholder of Patrick, and Northcreek Mezzanine Fund I LP in the form of secured senior subordinated notes, according to a news release. As part of the consideration for the notes, the company issued warrants to purchase 125,000 shares of common stock to each of Tontine and Northcreek at an exercise price of $0.01 per share. The warrants are immediately exercisable and expire on March 31, 2016.

Patrick, an Elkhart, Ind.-based supplier to the RV and manufactured housing industries, used the proceeds of these financings to repay in full its existing senior credit facility at par. In addition, the company terminated and paid off its existing interest rate swap agreements. The swaps had a total fair value in the amount of $1.1 million on the termination date.

“We are excited to have entered into this new credit agreement which, based on our projections, provides the availability for Patrick to finance its ongoing working capital needs and general corporate purposes for the next four years,” said Todd Cleveland, president and CEO. “We are also very appreciative of the support that JPMorgan Chase and our other senior lenders have provided throughout the process of not only weathering the severe economic downturn, but in allowing us the time and opportunity to put a competitive facility in place to meet both our short-term and long-term needs. In addition, we look forward to our new partnership with Wells Fargo and Northcreek, as well as continuing our ongoing strong relationship with Tontine.”

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Patrick Industries Reporting Improved Results

March 1, 2011 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, today (March 1) reported its financial results for the fourth quarter and 12 months ended Dec. 31, 2010.

For the fourth quarter of 2010, Patrick reported an increase in net sales of approximately $4.7 million or 8.8%, to $58.1 million from $53.4 million in the 2009 period, primarily as a result of increased shipments in the RV industry and the impact of two acquisitions completed during the year, the company reported.

According to industry associations, wholesale unit shipments in the RV industry, which represented approximately 56% of the company’s sales in the quarter, increased 9% in the fourth quarter of 2010 compared to the prior year period. The MH industry, which represented approximately 29% of the company’s fourth quarter sales, experienced continued softness with unit shipments declining 16% from the fourth quarter of 2009. The company’s sales to the industrial market sector, which is tied to the residential housing market, were up slightly quarter over quarter, and accounted for approximately 15% of the Company’s fourth quarter 2010 sales.

The company reported a net loss of $900,000 or 10 cents per share in the fourth quarter of 2010 compared to net income of $900,000 or 9 cents per share in 2009. The fourth quarter 2010 net loss included a non-cash credit of approximately $100,000 or 1 cent per share related to mark-to-market accounting for common stock warrants. Fourth quarter 2009 net income included a net gain on the sale of fixed assets of approximately $1.2 million or 12 cents per share and a non-cash credit of approximately $500,000 or 5 cents per share related to stock warrant accounting.

“Although our sales increased approximately 9% in the fourth quarter over the prior year, our gross margin decreased to 9.7% from 10.8% in the 2009 quarter, reflecting increases in certain raw material prices and some production inefficiencies at one of our significant manufacturing operating units that we are in the process of resolving. Over the past several months, we have made a number of organizational changes and process and pricing improvements to enhance profitability at this facility,” said Todd Cleveland, president and CEO.

For the 12 months of 2010, net sales increased 30.9% to $278.2 million from $212.5 million in 2009. The RV industry, which represented approximately 58% of the company’s sales in 2010, saw wholesale unit shipments increase 46% when compared to the prior year. Shipments in the MH industry, which represented approximately 28% of sales in 2010, were up approximately 0.4% from 2009. The industrial market sector, which accounted for approximately 14% of the company’s full year 2010 sales, saw an increase in new housing starts of approximately 6% for the 12 months of 2010 when compared to the prior year.

Patrick reported net income of $1.2 million or 12 cents per share for the 2010 year reflecting an increase of $5.7 million or 61 cents per share, over the net loss of $4.5 million or 49 cents per share in 2009. Full year 2010 net income included a net gain on the sale of fixed assets of approximately $2.9 million or 29 cents per share which reflected the sale of the company’s Oregon and California facilities, and a non-cash credit of approximately $300,000 or 3 cents per share related to stock warrant accounting.

The full year 2009 net loss included the impact of a net gain on the sale of fixed assets of approximately $1.2 million or 13 cents per share, and the positive impact of income from discontinued operations of approximately $900,000 or 12 cents per share, which was partially offset by a non-cash charge of approximately $800,000 or 9 cents per share related to stock warrant accounting.

In 2010, the company paid down approximately $12.5 million in principal on its long-term debt. The net debt payments were funded by a combination of net proceeds from the sales of the California and Oregon facilities in the first quarter of 2010, and by utilizing cash on hand.

As previously announced, the company’s existing senior debt facility was extended to May 31, 2011, to allow sufficient time to put in place a new facility to meet both short-term and long-term operating needs. In addition, capital expenditures were $1.4 million for the full year 2010 compared to $300,000 in 2009. At Dec. 31, 2010, the company had a federal net operating loss carryforward of approximately $29.9 million that will begin to expire in 2027.

“Overall, we are pleased with the improved profitability in 2010 versus 2009 (excluding the gains on the sale of fixed assets in both periods) as our sales increased approximately 31% and we were able to keep our fixed costs stable over a larger sales base. Our growth during this past year was largely attributable to improved conditions in the RV market, capturing market share, and the impact of acquisitions. Our attention was also focused on improving all phases of our manufacturing and distribution processes where warranted, and controlling our manufacturing and overhead expenses in all of our operating units,”  Cleveland stated.

“As we move through 2011 with the expectation of continued improving market conditions primarily in the RV industry, we will remain focused on gaining market share, new product introductions and product line extensions, strategic acquisitions in our existing businesses and similar markets, and increasing brand recognition. In addition, we will look to continue to pay down debt, renew or replace our current credit facility, and develop our employee base. A focused ‘Customer First’ performance oriented culture remains at the forefront of our organizational strategic agenda in 2011 and beyond.”

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Patrick Industries Signs Credit Amendment

December 20, 2010 by · Leave a Comment 

Patrick Industries Inc. announced today (Dec. 20) that it has entered into a fifth amendment to its senior secured credit agreement dated May 18, 2007.

The fifth amendment includes the modification of certain definitions, terms and reporting requirements and extends the revolving termination date and term maturity date of the Elkhart, Ind.-based company’s existing senior secured credit facility and related term loan to May 31, 2011, to allow a new facility to be put in place to meet both short-term and long-term operating needs, according to a news release.

Pursuant to the fifth amendment entered into on Dec. 17, financial covenants were modified to reflect the company’s updated operating and cash flow projections. Borrowings under the revolving line of credit, subject to a borrowing base up to a maximum borrowing limit of $28 million, and the interest rates for borrowings under the revolving line of credit and the term loan of the credit agreement, remained unchanged.

“We are pleased to have entered into this amendment and extension of our credit agreement while we continue our efforts to refinance or replace our existing credit facility in the first half of 2011,” said Todd Cleveland, president and CEO. “We are also very appreciative of the support that our senior lenders have continued to provide and the strong relationship we have with each of them. The significant progress we have made in strategically positioning our business model has taken a total team effort, and is a reflection of the continued support of our banking group, customers, suppliers, shareholders, and team members as we head into the new year.”

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Patrick Industries Files Form 10-Q with SEC

November 10, 2010 by · Leave a Comment 

Patrick Industries Inc. has filed its Form 10-Q with the Securities and Exchange Commission (SEC). To see a copy of the SEC filing, click here.

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Patrick Industries Reports 25% Q3 Sales Rise

October 28, 2010 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, today (Oct. 28) reported higher sales but a loss for the third quarter and nine months ended Sept. 26, 2010.

For the third quarter of 2010, Patrick reported an increase in net sales of approximately $14.5 million, or 25%, to $72.8 million from $58.3 million in the 2009 period, based largely on continued year-to-date strength in the RV industry, according to a news release.

According to industry associations, wholesale unit shipments in the RV industry, which represented approximately 56% of the company’s sales in the quarter, increased approximately 19% in the third quarter of 2010 compared to the prior year period. The company estimates that unit shipments in the MH industry, which represented approximately 30% of sales in the third quarter of 2010, were down approximately 1% from the third quarter of 2009. The industrial market sector, which is tied to the residential housing market, accounted for approximately 14% of the Company’s third quarter sales. The quarterly and year-to-date sales increases also reflected the contributions of two acquisitions completed during the year.

The company reported a net loss of $600,000 or 7 cents per share in both the third quarter of 2010 and 2009. The third quarter 2010 net loss included a non-cash credit of approximately $100,000 or 1 cent per share related to mark-to-market accounting for common stock warrants. The third quarter 2009 net loss included a non-cash charge of approximately $900,000 or 10 cents per share related to stock warrant accounting. This non-cash charge was partially offset by the positive impact of income from discontinued operations of approximately $100,000 or 1 cent per share.

“While our sales levels improved in the quarter over the prior year, our operating results were negatively impacted by production inefficiencies and labor variances in one of our significant manufacturing operating units as a result of dramatic increases in total volumes from month to month at this facility. As a result, our gross margin for the third quarter decreased to 10.7% from 12.7% in the 2009 quarter,” said Todd Cleveland, president and CEO.

Cleveland further noted, “We have been vigorously working to manage these issues and made organizational changes to improve profitability at this facility on a go-forward basis. Notwithstanding the issues related to this particular operation, we believe the impact of the acquisition of several new product lines during 2010, including the cabinet door business we acquired earlier this year, and the wiring, electrical and plumbing products distribution business we acquired at the end of August, will provide positive contribution to our operating profitability in the upcoming quarters. In addition, we continue to gain product content per unit in the RV industry.”

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Patrick Completes Blazon Purchase for $3.7M

August 23, 2010 by · Leave a Comment 

Patrick Industries Inc. announced today (Aug. 23) that it has completed the previously announced acquisition of certain assets of Bristol, Ind.-based Blazon International Group , a distributor of various wiring, electrical, lighting, plumbing and other building products to the RV and manufactured housing industries, at a purchase price of approximately $3.7 million.

“We are very excited to work with the Blazon team, and that this acquisition will provide us with a broader portfolio of products to offer our valued customers in addition to the array of products that we already have in our existing distribution channels,” Todd Cleveland, president and CEO, stated in a news release.

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Patrick Industries Buys Some Blazon Assets

August 18, 2010 by · Leave a Comment 

Patrick Industries logo Patrick Industries Inc. announced today (Aug. 18) that it has signed a definitive agreement to  acquire certain assets of Blazon International Group, a distributor of various wiring,  electrical, lighting, plumbing and other building products to the RV and manufactured  housing industries. The transaction is expected to be completed by the end of August, the company stated in a news release.

A purchase price was not disclosed.

“This acquisition fits within the scope of our strategic plan by adding new products that will expand our existing RV and MH distribution presence, and further demonstrates our continued commitment to serve these industries,” stated Todd Cleveland, president and CEO of Elkhart, Ind.-based Patrick. “We are excited about establishing long-term relationships with Blazon’s supplier base, and believe we possess the financial resources and geographic footprint to further grow these relationships and product lines through our existing established distribution channels.”

“We also look forward to enhancing our customer relationships by supplying our customers with the solid product lines brought over from Blazon and with the expertise that Blazon’s associates and product managers possess,” Cleveland further added.

Blazon is based in Bristol, Ind., and has satellite locations in Alabama and Texas.

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Patrick Industries Reports 50% Sales Gain

August 2, 2010 by · Leave a Comment 

Patrick Industries logo Patrick Industries Inc. today (Aug. 2) reported increased sales and net income for the  second quarter and six months ended June 27.

For the quarter, Patrick reported a 50% increase in net sales to $83.9 million from $55.9 million in the 2009 period, based largely on improving conditions in the RV industry, according to a news release.

According to industry associations, wholesale unit shipments in the RV industry, which represented approximately 57% of the company’s sales in the quarter, increased approximately 80% in the second quarter of 2010 compared to the prior year period. The company estimates that unit shipments in the MH industry, which represented approximately 29% of sales in the second quarter of 2010, were up approximately 13% from the second quarter of 2009, marking the first quarter-over-quarter increase in unit shipments since 2006. The industrial market sector, which is tied to the residential housing market, accounted for approximately 14% of the company’s second quarter sales.

“Overall, we are pleased with our second quarter results. Sales levels were strong throughout the quarter reflecting the positive contribution of improved production levels in the RV industry and additional sales volumes related to the cabinet door business we acquired earlier this year,” said Todd Cleveland, president and CEO. “In addition, we continue to closely monitor our fixed and variable overhead costs and our operating expenses in relation to increased sales volumes to ensure we have our organization sized appropriately. During the second quarter, our gross profit increased 59% compared to the prior year, reflecting both the higher sales level and an increase in our gross profit margin from 10.9% to 11.6%. At the same time, total operating expenses as a percent of net sales improved to 8.2% from 9.9% in 2009.”

The company reported second quarter 2010 net income of $1.9 million or 19 cents per diluted share, marking improvement from a net loss of $700,000 or 7 cents per diluted share in 2009. Second quarter 2010 net income included a non-cash credit of approximately $300,000 or 4 cents per diluted share related to mark-to-market accounting for common stock warrants.

Second quarter 2009 net income included the positive impact of income from discontinued operations of approximately $500,000 or 6 cents per diluted share, which was offset by a non-cash charge of approximately $500,000 or 5 cents per diluted share related to stock warrant accounting.

For the first six months of 2010, Patrick reported a 46% increase in net sales to $147.4 million from $100.8 million in 2009. The RV industry, which represented approximately 59% of the company’s year-to-date sales, saw wholesale unit shipments increase 87% in the first six months of 2010 compared to the prior year. The company estimates that unit shipments in the MH industry, which represented approximately 27% of sales in the first six months of 2010, were up approximately 6% from 2009. The industrial market sector, which accounted for approximately 14% of the company’s six months sales, saw an increase in new housing starts of approximately 14% for the first six months of 2010 when compared to the prior year. The new housing starts increase is not expected to impact the company’s industrial revenue base until late in 2010 and into 2011 as our sales to this market generally lag new residential housing starts by six to 12 months.

“Our improved sales performance in the RV industry thus far in 2010, coupled with a reduced overall cost structure, positioned the company to increase operating income over the prior year. The cost of sales in the first half of the year benefited from the absorption of fixed costs over a larger sales base, operating efficiencies, and our diligence in keeping operating costs aligned with our revenue base and operating needs,” Cleveland further stated.

For the first six months of 2010, Patrick reported net income of $2.8 million or 28 cents per diluted share, compared to a net loss of $4.8 million or 53 cents per diluted share for 2009. Six months 2010 net income included an after-tax net gain of approximately $2.8 million or 29 cents per diluted share, on the sale of the company’s Oregon and California facilities.

Six months 2009 net income included the positive impact of income from discontinued operations of approximately $800,000 or 9 cents per diluted share, which was partially offset by a non-cash charge of approximately $400,000 or 4 cents per diluted share related to accounting for stock warrants. A net gain on the sale of certain assets and business of American Hardwoods Inc. of $300,000 after-tax or 3 cents per diluted share was included in the discontinued operations results for 2009.

“Although we are encouraged by the improvements seen in both the RV and MH industries during the first half of 2010, we remain cautious as we still face challenges in the industries we serve due to the impact of continuing tight credit markets, high unemployment and significant increases in raw materials costs. We will continue to focus our efforts throughout the remainder of 2010 on debt reduction, cash management, revenue expansion and new product development while executing on our organizational strategic agenda and driving our ‘Customer First’ performance oriented culture,” said Cleveland.

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Patrick Industries Sells California Factory

May 5, 2010 by · Leave a Comment 

A seller looking to prop up its bottom line and a buyer looking for a relatively inexpensive Southern California industrial property led to a deal in Fontana, Calif., that was announced last week, according to The Press-Enterprise, Riverside.

Ecoplast Corp., a Pomona-based plastics recycler, purchased the 122,693-square-foot manufacturing and distribution facility on Slover Avenue for an undisclosed price, according to CB Richard Ellis, which helped negotiate the deal.

The seller was Patrick Industries Inc., an Elkhart, Ind.-based operation that recently sold properties in Oregon and Florida. Patrick makes and distributes components used in the manufacture of RVs and manufactured housing.

Patrick recently reported a small profit in its first quarter after losing more than $4 million in the same quarter of 2009.

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