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Sales generated by orders from the Federal Emergency Management Agency (FEMA) for temporary housing in the Gulf Coast signaled a profitable fourth quarter and full year for recreational vehicle and manufacturing housing supplier Patrick Industries Inc.
“The surge in demand in the manufactured housing and recreational vehicle industries for temporary housing related to damage from the hurricanes in the Southeast helped to propel the company’s sales levels over the break-even point, which we had been operating at most of this year,” said Paul Hassler, president and CEO, noting it was the Elkhart, Ind., company’s strongest operating results since 1999.
Patrick reported sales during the fourth quarter increased 9% to $83.9 million from $77 million the previous year while net income was $1.2 million compared to a net loss of $0.1 million in 2004.
For the year, revenues rose 7.2% from $301.6 million in 2004 to $323.4 million and net income was up slightly at $1.4 million versus $0.6 million.
The company estimated additional fourth-quarter sales of approximately $6 million related to the disaster relief.
In addition to hurricane-related sales, Patrick attributed the performance to improved efficiencies.
“The company is structured to increase revenues in all market sectors that we serve without adding significant incremental fixed costs, and we remain diligent in our efforts to operate a lean organization,” Hassler said.