ELKHART, Ind. - Wood components giant Patrick Industries, Inc. (NASDAQ: PATK) board approved a three-for-two stock split of its common stock. Existing shareholders will get one additional share of common stock for every two shares they hold as of November 24, 2017.
The split will increase the number of outstanding shares of the Company's common stock from approximately 16.8 million to 25.2 million.
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ARTICLE Patrick Industries tops IndustryWeek's top 50 U.S. manufacturers list In its annual list of the top 50 U.S. manufacturing companies. IndustryWeek chose Patrick Industries based on its aggressive acquisition strategy and extreme sales growth. |
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Late last month Patrick Industries reported a 34 percent increase in net income for the third quarter, with sales jumping by $103.3 million to reach $407.5 million. For several years Patrick has been growing by acquisitions which have also led to market share gains, and was listed in August in IndustryWeek's Top 50 Manufacturers.
And its focus on recreational vehicle manufacturers and manufactured home builders - two hot growth areas for wood products - have put it in a revenue sweet spot. Last month it also acquired a logistics company that delivers RVs to customers around the country.
Patrick Industries says revenues from the RV industry, which represented 67 percent of sales last quarter, increased 29 percent - ahead of overall growth of 24 percent for RVs. Components for manufactured homebuilders, 13 of Patrick's of third quarter 2017 sales, increased 24 percent over the third quarter in 2016.
"The stock dividend is a reflection of our Board of Directors' confidence in the long-term growth prospects," said Todd Cleveland, Chief Executive Officer.
Patrick Industries, Inc. is a major manufacturer of component products and distributor of building products serving the recreational vehicle, manufactured housing, marine, kitchen cabinet, office and household furniture, fixtures, and commercial furnishings, and other industrial markets and operates coast-to-coast through locations in 19 states.
Patrick's major manufactured products include decorative vinyl and paper laminated panels, countertops, fabricated aluminum products, wrapped profile moldings, slide-out trim and fascia, cabinet doors and components, hardwood furniture, fiberglass bath fixtures and tile systems, thermoformed shower surrounds, fiberglass and plastic helm systems and component products, wiring and wire harnesses, electrical systems components including instrument and dash panels, softwoods lumber, interior passage doors, RV painting, slatwall panels and components, aluminum fuel tanks, and CNC molds and composite parts and other products.
The Company also distributes drywall and drywall finishing products, electronics and audio systems components, wiring, electrical and plumbing products, cement siding, raw and processed lumber, FRP products, interior passage doors, roofing products, laminate and ceramic flooring, shower doors, furniture, fireplaces and surrounds, interior and exterior lighting products, and other miscellaneous products.
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