Saturday, April 28, 2012

PATRICK WITH ITS FIRST QUARTER 2012 FINANCIAL RESULTS

Patrick Industries, Inc. , a major manufacturer and distributor of building and component products for the recreational vehicle ("RV"), manufactured housing ("MH") and industrial markets,reported its financial results for the first quarter ended April 1, 2012.

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. Additionally, the Company estimates wholesale unit shipments in the MH industry increased approximately 25% from the first quarter of 2011. Sales to the industrial market sector, which is primarily tied to the residential housing and commercial and retail fixture markets and accounted for 13% of the Company's first quarter 2012 sales, increased 23% from the prior year period. The industrial market experienced a 19% increase in new housing starts in the quarter compared to the prior year period.

On March 30, 2012, the Company exercised its option to prepay 10%, or $770,000 in the aggregate, of the original principal amount of its secured senior subordinated notes due in 2016, at a price of 101% of the principal amount being prepaid plus accrued interest.


SOURCE: PR Newswire
 

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