Exhibit 99.1

 

For Immediate Release

 

 

Patrick Industries, Inc. Reports Fourth Quarter

and Full Year 2015 Financial Results

 

ELKHART, IN – February 18, 2016 – 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, 2015.

 

Fourth Quarter 2015 Financial Results

Net sales for the fourth quarter of 2015 increased $59.1 million or 31%, to $248.7 million from $189.6 million in the same quarter of 2014. The increase was primarily attributable to a 32% increase in the Company’s revenue from the RV industry, which reflected the incremental contribution from acquisitions completed in 2014 and in 2015, market share gains and industry growth. According to industry sources, RV industry wholesale unit shipments increased approximately 4% in the fourth quarter of 2015 compared to the prior year. Sales to the RV industry represented 75% of the Company’s fourth quarter 2015 sales. Revenue from the MH industry, which represented 14% of the Company’s fourth quarter 2015 sales, increased 21%. According to industry sources, MH industry wholesale unit shipments rose approximately 14% from the fourth quarter of 2014. Additionally, sales to the industrial markets increased 41% quarter over quarter. The industrial market sector, which is primarily tied to the residential housing and commercial and retail fixtures markets, accounted for 11% of the Company’s fourth quarter 2015 sales. According to industry sources, new housing starts in the fourth quarter of 2015 increased approximately 7% compared to the prior year.

 

For the fourth quarter of 2015, Patrick reported operating income of $18.8 million, an increase of 60%, or $7.1 million, from the $11.7 million reported in the fourth quarter of 2014. Net income in the fourth quarter of 2015 increased 65% to $12.0 million from $7.3 million in the fourth quarter of 2014, while net income per diluted share increased 70% to $0.78 from $0.46.

 

Todd Cleveland, Chief Executive Officer, said, “We were pleased with our strong financial performance in the fourth quarter, which was primarily driven by strategic acquisitions, market share gains, product expansion and growth in all three of the markets we serve. We are optimistic about the long-term growth potential in the RV industry given favorable industry conditions and demographic trends. In the MH sector of our business, we achieved market share gains and an increase in unit content during the fourth quarter and full year 2015. In the industrial markets, we continue to increase our market penetration, particularly in the retail fixture and commercial furnishings segments.”

 

 
 

The following information was filed by Patrick Industries Inc (PATK) on Thursday, February 18, 2016 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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