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For Immediate Release
Patrick Industries, Inc. Reports Fourth Quarter and
Full Year 2014 Financial Results and Announces Increased
Share Repurchase Authorization
ELKHART, IN – February 19, 2015 – 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, 2014.
Fourth Quarter 2014 Financial Results
Net sales for the fourth quarter of 2014 increased $43.0 million or 29.3%, to $189.6 million from $146.6 million in the same quarter of 2013. Revenue from the RV industry, which represented 74% of the Company’s fourth quarter 2014 sales, increased 36%. According to industry sources, RV industry wholesale unit shipments increased approximately 18% in the fourth quarter of 2014 compared to the fourth quarter of 2013. Revenue from the MH industry, which represented 16% of the Company’s fourth quarter 2014 sales, increased 24%. According to industry sources, MH industry wholesale unit shipments rose approximately 8% from the fourth quarter of 2013. The industrial market sector, which is primarily tied to the residential housing and commercial and retail fixtures markets, accounted for 10% of the Company’s fourth quarter 2014 sales. According to industry sources, new housing starts in the fourth quarter of 2014 compared to the prior year increased approximately 6%.
The Company estimates its organic growth in the fourth quarter of 2014 at approximately 13%, or $19.7 million, of its total revenue increase. The remaining $23.3 million of the revenue increase in the fourth quarter of 2014 reflects the contribution of the four acquisitions completed in 2014: Charleston Corporation (“Charleston”) in November 2014; Precision Painting, Inc., Carrera Custom Painting, Inc., Millennium Paint, Inc., and TDM Transport, Inc. (collectively, “Precision”) in June 2014; Foremost Fabricators, LLC in June 2014; and PolyDyn3 LLC in September 2014. In addition, as recently announced, the Company acquired the business and certain assets of Better Way Partners, LLC d/b/a Better Way Products (“Better Way”) in February 2015.
Patrick reported operating income of $11.7 million in the fourth quarter of 2014, an increase of $3.1 million or 35.4%, from the $8.6 million reported in the fourth quarter of 2013. Fourth quarter 2014 net income was $7.3 million or $0.69 per diluted share, compared to net income of $5.0 million or $0.47 per diluted share, in the fourth quarter of 2013.
Full Year 2014 Financial Results
Net sales for the twelve months of 2014 increased $140.8 million or 23.7%, to $735.7 million from $594.9 million in 2013. Revenue from the RV industry, which represented 74% of 2014 sales, increased by 27% compared to the prior year as RV wholesale unit shipments increased by approximately 11%. Revenue from the MH industry, which represented 15% of 2014 sales, rose 13% compared to the prior year as MH wholesale unit shipments increased by approximately 7%. Revenue from the industrial markets, which accounted for 11% of 2014 sales, increased 16% compared to the prior year and benefited primarily from improved residential cabinet and office, medical, and institutional furnishings sales. New housing starts increased by approximately 9% for 2014 compared to the prior year. The Company estimates that approximately 56% of its industrial market sales are tied to the residential housing sector and its sales to the industrial markets generally lag new housing starts by approximately six to nine months.
The following information was filed by Patrick Industries Inc (PATK) on Thursday, February 19, 2015 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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