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Recreational vehicle and manufactured housing supplier Patrick Industries Inc. reported increased sales and earnings for its first quarter, ended March 31.
Sales during the three-month period increased 12% to $89.3 million compared to $79.7 million in the first quarter of 2005 while net income improved to $0.7 million from a net loss of $0.1 million.
“The momentum from the fourth quarter of 2005 carried through the first quarter of 2006 as a result of increased production levels at certain of our customers and a small amount of remaining FEMA-related business,” said Paul E. Hassler, President and CEO of the Elkhart, Ind.-based company. “This increased capacity utilization and our focus on cost control and lean operating structure helped to solidify our best first quarter results since 1999. We were able to keep variable costs aligned with revenues with the exception of freight costs which increased due to increased gasoline prices and freight surcharges from period to period.”
The company noted that future market conditions in the RV and MH sectors “remain uncertain as rising energy and fuel costs could affect consumer spending for these products, and financing in the manufactured housing industry remains questionable.”