Patrick Industries second quarter results released

E:\1 SK MHMSM\Daily Buisness News\patrick-industries-logo-300x62_on_MHMSM.com_MHProNews.pngPRNewswire released Patrick Industries (PATK) second quarter results. The company is a major manufacturer and distributor of building and component products for the recreational vehicle (“RV”), manufactured housing (“MH”) and industrial markets. Patrick reported net income of $3.7 million or $0.36 per diluted share on net sales of $82.6 million, compared to net income of $1.9 million or $0.19 per diluted share on net sales of $83.9 million in the second quarter of 2010. The increase in net income primarily reflected improved profitability at one of the Company’s Midwest manufacturing divisions that had underperformed in 2010 compared to historical levels, and an acquisition completed in the third quarter of 2010.  The Midwest manufacturing division benefited from margin improvements and ongoing organizational and process changes that enhanced labor efficiencies, reduced scrap and returns, and increased material yields. Patrick is based in Elkhart, IN.

(Graphic credit: Logo courtesy of Patrick Industries)

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