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For Immediate Release
Patrick Industries, Inc. Reports Fourth Quarter and
Full Year 2012 Financial Results
ELKHART, IN February 21, 2013 Patrick Industries, Inc. (NASDAQ: PATK), a major manufacturer and distributor of building and component products for the recreational vehicle (RV), manufactured housing (MH) and industrial markets, today reported its financial results for the fourth quarter and full year ended December 31, 2012, including record net income for the full year ended December 31, 2012.
Fourth Quarter 2012 Financial Results
Net sales for the fourth quarter of 2012 increased $27.8 million or 35.6%, to $106.1 million from $78.3 million in the same quarter of 2011. The increase was primarily attributable to a 54% increase in the Companys revenue from the RV industry, which represented approximately 68% of its fourth quarter 2012 sales. Approximately $21.1 million of the revenue increase was attributable to the incremental impact of acquisitions completed in 2011 and 2012, including related market share growth. The remaining $6.7 million of the sales increase was primarily attributable to increased RV market penetration and a 23% increase in quarterly wholesale unit shipments in the RV industry. The MH industry, which represented 20% of the Companys fourth quarter sales, saw wholesale unit shipments decline approximately 10% from the fourth quarter of 2011. Sales to the industrial market sector, which is primarily tied to the residential housing and commercial and retail fixture markets, accounted for 12% of the Companys fourth quarter 2012 sales. The industrial market reflected an approximate 36% increase in new housing starts in the quarter compared to the prior year period. The Companys sales to the industrial markets generally lag new housing starts by approximately six to nine months.
The Company reported net income in the fourth quarter of 2012 of $3.2 million or $0.30 per diluted share, compared to net income of $1.5 million or $0.14 per diluted share in the fourth quarter of 2011. Fourth quarter 2012 net income was positively impacted by a non-cash income tax credit of $0.2 million or $0.02 per diluted share as described below under the full year 2012 results. In addition, fourth quarter 2012 net income included a non-cash charge of $0.7 million or $0.06 per diluted share for the write-off of the remaining unamortized debt discount on the senior secured subordinated notes (the Notes) that were prepaid in full during the fourth quarter of 2012, and a charge of $0.3 million or $0.02 per diluted share for premiums paid in conjunction with the prepayment of the Notes. Fourth quarter 2011 net income included a non-cash charge of $0.8 million or $0.07 per diluted share related to mark-to-market accounting for common stock warrants.
As previously announced, on October 24, 2012, the Company entered into a five-year $80 million revolving secured senior credit facility, with an additional $20 million of capacity if needed, that replaced the four-year $50 million asset-based revolving secured senior credit facility that was established in March 2011. In addition, Patrick acquired Middlebury, Indiana-based Middlebury Hardwood Products (Middlebury Hardwoods) on October 26, 2012. Middlebury Hardwoods, a major manufacturer of hardwood cabinet doors, components, fascia and other hardwood products for the RV, MH and residential kitchen cabinet industries, was the Companys fourth acquisition of the year following the acquisition of Décor Mfg. in March 2012, Gustafson Lighting in July 2012, and Creative Wood Designs in September 2012.
The following information was filed by Patrick Industries Inc (PATK) on Monday, February 25, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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