Sales up 21 percent for Patrick Industries

ELKHART, Ind. – Patrick Industries, a component products manufacturer and supplier of building products serving the marine aftermarket, experienced a net sales increase of 21 percent for the first quarter of 2005, the company said in a recent release.

Net sales increased $14,018,000, from $65,712,000 in the first three months of 2004 to $79,730,000 in the same period in 2005. Net losses decreased by $391,000, or 75 percent, from a loss of $522,000, or $.11 per share in the first quarter of 2004, to a loss of $131,000, or $.03 per share in the first quarter of 2005, the company said.

The Recreational Vehicle industry, which represents 31 percent of the company’s first quarter sales, experienced shipment increases of more than 8 percent through February.

“We are pleased with the revenue increases, however, industry conditions remain highly competitive in all of the markets which we serve,” said Paul E. Hassler, president and CEO. “Our capital plan is nearly complete and we are actively focused on increasing market share, maintaining a lean cost structure, improving operating efficiencies and plant safety standards, and filling up idle plant capacity.”

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