Patrick Industries Releases Financials for 2013

Harking back to Feb. 11, 2014, Patrick Industries, Inc. (PATK) released its financial for Q4 2013 and 2013. Fourth quarter 2013 net income was $5.0 million or $0.47 per diluted share. This compares to net income of $3.2 million or $0.30 per diluted share in the comparable period 2012. Net sales for the fourth quarter rose 40.5 percent to $146.6 million from $106.1 million in the same quarter of 2012, a jump of 38.1 percent, according to While the increase was primarily attributable to the recreational vehicle industry, which accounted for 71 percent of all sales, wholesale unit shipments to the manufactured housing (MH) industry rose 15 percent from the same quarter 2012.

On the year, net sales for 2013 increased $157.5 million or 36.0%, to $594.9 million from $437.4 million in 2012, producing net income of $24.0 million or $2.23 per diluted share. For the full year 2012, the Company reported net income of $28.1 million or $2.64 per diluted share. Revenues from the MH industry, which represented 16% of the company’s 2013 sales, increased 13% compared to the prior year as wholesale unit shipments grew by approximately 10%. As of 12.31, 2013 Patrick’s assets totaled $174.2 million, up from $143.5 million at the end of 2012, due in part to acquisitions and overall growth. ##

(Image credit: Patrick Industries, Inc.)

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