Patrick Industries, Inc. Announces First Quarter Results

Apr 26, 2001, 01:00 ET from Patrick Industries, Inc.

    ELKHART, Ind., April 26 /PRNewswire/ -- Chief Executive Officer and
 President of Patrick Industries, Inc. (Nasdaq:   PATK), David D. Lung, announced
 that net sales in the first quarter of 2001 were $68,295,000 compared to
 $99,824,000 for the same quarter in 2000.  The Company reported a net loss for
 the first three months of 2001 of $1,748,000, or $.39 per share, and in the
 2000 first quarter it was a net loss of $4,602,000, or $.86 per share.
     Mr. Lung stated that the Manufactured Housing industry continued its
 decline in units produced during the first quarter of this year operating at
 levels over 40% less than last year.  The Recreational Vehicle industry was
 shipping at rates over 25% lower than in 2000 for the first quarter.  These
 two industries account for almost 75% of Patrick's sales and the reduced
 volume from them resulted in many of our operations not being able to operate
 profitably during the first quarter.
     Patrick Industries is a major component products manufacturer and supplier
 of building products to the manufactured housing, recreational vehicle,
 furniture, marine, architectural, and other industries, and operates from 36
 facilities nationwide in 13 states.
 
                            PATRICK INDUSTRIES, INC.
                         UNAUDITED FINANCIAL HIGHLIGHTS
 
         INCOME STATEMENT                             THREE MONTHS ENDED
                                                            MARCH 31
                                                       2001          2000
 
     Net sales                                    $68,295,000    $99,824,000
     Cost of goods sold                            61,210,000     89,071,000
     Warehouse and delivery expenses                3,411,000      4,106,000
     Selling, general, and
       administrative expenses                      6,349,000      6,862,000
     Impairment charges                                   ---      6,937,000
     Interest expense, net                            238,000        313,000
      Loss before income taxes                     (2,913,000)    (7,465,000)
     Income taxes (credit)                         (1,165,000)    (2,863,000)
 
       NET LOSS                                   $(1,748,000)   $(4,602,000)
 
     LOSS PER COMMON SHARE                             $(0.39)        $(0.86)
 
     Weighted average shares outstanding            4,517,977      5,346,346
 
 
         BALANCE SHEET
                                                            MARCH 31
                                                       2001          2000
     CURRENT ASSETS
       Cash and temporary investments              $5,997,000       $381,000
       Trade receivables, net                      19,814,000     25,834,000
       Inventories                                 29,522,000     45,700,000
       Income taxes receivable                      2,163,000            ---
       Prepaid expenses                               755,000        765,000
       Deferred tax assets                          1,946,000            ---
         Total current assets                      60,197,000     72,680,000
 
     PROPERTY AND EQUIPMENT, NET                   39,112,000     43,216,000
 
     DEFERRED ASSETS                                      ---        754,000
 
     INTANGIBLE AND OTHER ASSETS                    6,080,000      6,724,000
 
     TOTAL ASSETS                                $105,389,000   $123,374,000
 
     CURRENT LIABILITIES
       Current maturities of long-term debt        $3,671,000     $3,671,000
       Accounts payable and accrued liabilities    15,788,000     24,043,000
         Total current liabilities                 19,459,000     27,714,000
 
     LONG-TERM DEBT, LESS CURRENT MATURITIES       18,786,000     22,457,000
 
     DEFERRED LIABILITIES                           3,248,000      1,982,000
 
     SHAREHOLDERS' EQUITY                          63,896,000     71,221,000
 
       TOTAL LIABILITIES & SHAREHOLDERS' EQUITY  $105,389,000   $123,374,000
 
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SOURCE Patrick Industries, Inc.
    ELKHART, Ind., April 26 /PRNewswire/ -- Chief Executive Officer and
 President of Patrick Industries, Inc. (Nasdaq:   PATK), David D. Lung, announced
 that net sales in the first quarter of 2001 were $68,295,000 compared to
 $99,824,000 for the same quarter in 2000.  The Company reported a net loss for
 the first three months of 2001 of $1,748,000, or $.39 per share, and in the
 2000 first quarter it was a net loss of $4,602,000, or $.86 per share.
     Mr. Lung stated that the Manufactured Housing industry continued its
 decline in units produced during the first quarter of this year operating at
 levels over 40% less than last year.  The Recreational Vehicle industry was
 shipping at rates over 25% lower than in 2000 for the first quarter.  These
 two industries account for almost 75% of Patrick's sales and the reduced
 volume from them resulted in many of our operations not being able to operate
 profitably during the first quarter.
     Patrick Industries is a major component products manufacturer and supplier
 of building products to the manufactured housing, recreational vehicle,
 furniture, marine, architectural, and other industries, and operates from 36
 facilities nationwide in 13 states.
 
                            PATRICK INDUSTRIES, INC.
                         UNAUDITED FINANCIAL HIGHLIGHTS
 
         INCOME STATEMENT                             THREE MONTHS ENDED
                                                            MARCH 31
                                                       2001          2000
 
     Net sales                                    $68,295,000    $99,824,000
     Cost of goods sold                            61,210,000     89,071,000
     Warehouse and delivery expenses                3,411,000      4,106,000
     Selling, general, and
       administrative expenses                      6,349,000      6,862,000
     Impairment charges                                   ---      6,937,000
     Interest expense, net                            238,000        313,000
      Loss before income taxes                     (2,913,000)    (7,465,000)
     Income taxes (credit)                         (1,165,000)    (2,863,000)
 
       NET LOSS                                   $(1,748,000)   $(4,602,000)
 
     LOSS PER COMMON SHARE                             $(0.39)        $(0.86)
 
     Weighted average shares outstanding            4,517,977      5,346,346
 
 
         BALANCE SHEET
                                                            MARCH 31
                                                       2001          2000
     CURRENT ASSETS
       Cash and temporary investments              $5,997,000       $381,000
       Trade receivables, net                      19,814,000     25,834,000
       Inventories                                 29,522,000     45,700,000
       Income taxes receivable                      2,163,000            ---
       Prepaid expenses                               755,000        765,000
       Deferred tax assets                          1,946,000            ---
         Total current assets                      60,197,000     72,680,000
 
     PROPERTY AND EQUIPMENT, NET                   39,112,000     43,216,000
 
     DEFERRED ASSETS                                      ---        754,000
 
     INTANGIBLE AND OTHER ASSETS                    6,080,000      6,724,000
 
     TOTAL ASSETS                                $105,389,000   $123,374,000
 
     CURRENT LIABILITIES
       Current maturities of long-term debt        $3,671,000     $3,671,000
       Accounts payable and accrued liabilities    15,788,000     24,043,000
         Total current liabilities                 19,459,000     27,714,000
 
     LONG-TERM DEBT, LESS CURRENT MATURITIES       18,786,000     22,457,000
 
     DEFERRED LIABILITIES                           3,248,000      1,982,000
 
     SHAREHOLDERS' EQUITY                          63,896,000     71,221,000
 
       TOTAL LIABILITIES & SHAREHOLDERS' EQUITY  $105,389,000   $123,374,000
 
                       MAKE YOUR OPINION COUNT -  Click Here
                  http://tbutton.prnewswire.com/prn/11690X56445463
 
 SOURCE  Patrick Industries, Inc.

RELATED LINKS

http://www.patrickind.com