ELKHART, IN - Wood components manufacturer Patrick Industries, Inc. (NASDAQ: PATK), says first quarter sales rose 9.4 percent rise to $69.5 million, tracking an improvement in unit shipments in the recreational vehicle industry, which accounts for 65% of its sales. The company swung to a $1.2 million loss, in part resulting from refinance a credit facility. Patrick Industries is a major manufacturer of component products for the recreational vehicle, manufactured housing, kitchen cabinet, household furniture, fixtures and commercial furnishings and marine markets. It has locations in 12 states.
Patrick's major manufactured products include decorative vinyl and paper panels, wrapped profile mouldings, cabinet doors and components, interior passage doors, slotwall and slotwall components, and countertops.
Wood products and other sales to the manufactured home industry, which represents 20% of Patrick Industries' first quarter sales, were down 18 percent for the first quarter ended March 31. Patrick Industries says its industrial market sector, 15% of its first quarter 2011 sales, is tied to the residential housing market, where new housing starts decreased by 10% from the first quarter of 2010.
Gross profit for wood products and other production as a percentage of net sales rose to 11.4% from 10.2% during the first quarter, reflecting improved labor and production efficiencies at one of our significant manufacturing operating units that resulted from organizational changes, process changes, and pricing improvements, according to Patrick Industries.
"In conjunction with the support of our new credit facility," said Todd
Cleveland, president and CEO, "we plan to continue to make targeted
capital investments and acquisitions." On March 31, Patrick Industries entered into a new credit agreement with Wells Fargo Capital Finance, for a four-year $50 million revolving secured senior credit facility and short-term indebtedness was reclassified as long-term liability. Additional subordinated debt financing of $5 million was provided by Tontine Capital, a shareholder of Patrick.
| Chronology of Patrick Industries
|1959 Mervin Lung founds Merv Lung Building Company in Elkhart, IN.
1961 Mervin Lung named President as the company incorporates.
1963 First expansion into a new distribution warehouse in Georgia.
1968 Mervin Lung names company Patrick Industries and takes it public. Opens up facilities in Kansas, Pennsylvania, Texas, North Carolina, and Florida. Purchases Midwest Laminated Products and Mobilcraft.
1972 Patrick starts Custom Vinyls Laminating Division.
1973 Acquires Nickell Enterprises, a drawer side manufacturer.
1980 Acquires ILC Products Company, Inc. and it's Conroth Distribution division, which were manufacturers of windows and aluminum products.
1991 Starts Sun Adhesives.
1994 Purchases Harlan Machinery in Boulder City, Nevada.
1995 Buys US Door in Phoenix, Arizona, and reaches net sales of $360 million.
1996 Opens $7 million Woodburn, Oregon facility, a custom vinyls and distribution center.
1998 Acquires WoodTek Industries, a supplier of doors to the Recreational Vehicle and Manufactured Housing industry.
1999 Mervin Lung is inducted into the RV/MH Hall of Fame.
1999 Acquires Lanmark Distribution, a Northern California warehouse Distribution Center.
2000 David Lung, President, named CEO of the company.
2001 Mervin Lung named Chairman Emeritus, and Harold Wyland appointed Chairman of the Board.
2003 David Lung retires as President and CEO of the company.
2003 Keith V. Kankel elected interim President and CEO.
2004 Paul E. Hassler elected as President and CEO.
2007 Acquires Phoenix, AZ based American Hardwoods
2007 Acquires Elkhart, IN based Adorn Holdings, Inc.
2009 Patrick adds Electronics to its product mix.
2009 Completes the sales of American Hardwoods and the aluminum extrusion operation (Patrick Metals).
2010 Acquires certain assets of Quality Hardwoods and Blazon International Group.
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