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For Immediate Release
Patrick Industries, Inc. Reports Fourth Quarter and
Full Year 2013 Financial Results and Announces Increased
Share Repurchase Authorization
ELKHART, IN – February 20, 2014 – 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, 2013, and announced that its board of directors has authorized an increase in the amount available to be acquired under its existing share repurchase program to $20 million. The 2013 results included the highest fourth quarter revenues, net income and net income per diluted share in the Company’s history as well as record full year revenues. Net income and net income per diluted share for full year 2013 were exceeded only by 2012’s results due to a non-cash income tax credit recorded in that year.
Fourth Quarter 2013 Financial Results
Net sales for the fourth quarter of 2013 increased $40.5 million or 38.1%, to $146.6 million from $106.1 million in the same quarter of 2012. The increase was primarily attributable to a 43% increase in the Company’s revenue from the RV industry, which represented approximately 71% of the Company’s fourth quarter 2013 sales. Sales to the MH industry increased 13%, while sales to the industrial markets increased 57%. Wholesale unit shipments to the RV industry increased approximately 13% in the fourth quarter of 2013 compared to the prior year. Additionally, wholesale unit shipments to the MH industry, which represented approximately 16% of fourth quarter 2013 sales, rose approximately 15% from the fourth quarter of 2012. The industrial market sector, which is primarily tied to the residential housing and commercial and retail fixtures markets, accounted for 13% of the Company’s fourth quarter 2013 sales, and reflected an approximate 13% increase in new housing starts in the fourth quarter of 2013 compared to the prior year. The Company estimates that approximately 60% of its industrial market sales are linked to the residential housing sector and its sales to the industrial markets generally lag new housing starts by approximately six to nine months.
Excluding the revenue contributions of acquisitions completed in 2012 and 2013, the Company estimates its organic growth in the fourth quarter of 2013 at approximately 23%, or $24.9 million of its total revenue increase. The Company estimates that this organic growth was comprised of growth resulting from market share gains of approximately 12% and growth tied to overall industry improvement of approximately 11%. The remaining $15.6 million of the revenue increase in the fourth quarter of 2013 was attributable to the incremental contribution of the 2012 and 2013 acquisitions (including related market share and industry growth), resulting in incremental growth of approximately 15%.
Todd Cleveland, President and Chief Executive Officer, said, “We are pleased with our fourth quarter revenue and profitability growth compared to 2012 as we continue to realize the benefits of our strategic and operational initiatives executed in 2012 and 2013 as well as growth in all three of the end markets we serve. Our gross margin in the fourth quarter of 2013 improved over the prior year quarter reflecting the positive contribution of acquisitions, market share gains, and an increase in our RV industry unit content.” Mr. Cleveland further noted, “Our results are a reflection of the continued drive and passion of our team members who are humbly dedicated to the goal of consistently performing at the highest level to provide exceptional customer service as part of our 'Customer 1st’ performance-oriented culture and mission.”
The following information was filed by Patrick Industries Inc (PATK) on Thursday, February 20, 2014 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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