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Recreational vehicle and manufactured housing distributor Patrick Industries Inc. reported earnings growth during its fiscal third quarter, ended Sept. 30, on a 12% increase in sales.
The Elkhart, Ind.-based company reported net income of $0.4 million compared with $0.1 million the previous year while revenues rose to $90.8 million from $81.1 million.
“While market conditions in the RV and MH industry began to soften in the second and third quarters, we were able to maintain momentum in executing our strategic plan and improve our results compared to the prior year,” said Paul E. Hassler, president and CEO. “Our increased sales led to increased profitability, as we continued to keep fixed costs comparable from period to period, and remain focused on investing in new product development.
“Though we expect the RV and MH markets to remain soft as we head into 2007, we are pleased with our progress year-to-date and believe we have established a solid foundation for future growth.”
For the nine months, net income increased to $2.4 million from $0.2 million the year prior while sales grew to $274.8 million from $239.5 million.
Hassler said the company’s new products performed well and its relationships with raw materials suppliers increased margins. He added that Patrick continues to “explore strategic, accretive acquisition opportunities to further drive growth and shareholder value.”