Patrick Industries Inc. has reported financial results for the first quarter ended March 29.
The Elkhart, Ind.-based manufacturer and distributor of building and component products to the RV and manufactured housing industries reported a net loss of $4.1 million for the quarter, compared to a net loss of $1.9 million for 2008, including the impact of businesses reclassified to discontinued operations.
The net loss from continuing operations was $4.6 million, compared to a net loss of $1.9 million for the prior year quarter.
Net sales were $44.9 million in first quarter 2009 compared to $97.0 million in 2008.
“During the first quarter, RV and MH retailers and manufacturers continued to lower their inventory levels as a result of weak consumer demand and restricted floor plan and consumer financing availability, which in turn negatively impacted the sale of Patrick’s products,” said Todd Cleveland, Patrick president and CEO. “Our operating plans reflect the impact of lower sales volumes stemming from the recession and low consumer confidence that we believe will continue for at least the next nine to 12 months.”
The MH and RV market sectors represent approximately 40% and 34%, respectively, of Patrick’s sales in the first quarter 2009 period. Industrial and other sales, which include sales to the kitchen cabinet, office furniture, store fixtures and other industries, represent approximately 26% of the company’s sales in the same period.
Cleveland added, “Over the past year, the entire Patrick team has made tremendous sacrifices, particularly in terms of salary reductions and increased workloads, to support our organization and insure its future success during these unprecedented times in our industry. We will continue to review our operations on a regular basis to balance appropriate risks and opportunities to maximize efficiencies and to support the Company’s long-term strategic growth goals while preserving our ability to grow when the markets eventually recover.”