Components manufacturer and building products distributor Patrick Industries Inc. reported an increase in revenues and earnings for the company’s third quarter and first nine months of the year, ended Sept. 30.
Elkhart, Ind.-based Patrick posted a 14.2% increase in third-quarter sales to $80.3 million compared to $70.3 million in 2003. Year to date, net sales rose 7.7% to $208.5 million.
Patrick reported net income of $667,000 for the third quarter compared with $228,000 last year. For the first nine months, Patrick had net income of $700,000 versus $647,000 in the same period of 2003.
RV operations, which represent about 31% of Patrick’s 2004 sales, continued to post strong results with shipments increasing about 18% through August.
President and CEO Paul E. Hassler said: “We are pleased with the improved operating performance in light of the difficult conditions in the manufactured housing and furniture industries. Our restructuring efforts in 2003 have increased profitability and our capital expenditure initiatives are proceeding according to plan.”