Manufactured home and RV industry OEM supplier/distributor Patrick Industries Inc. lost $729,000 during the third quarter because of lower production volumes in both industries, according to David Lung, president and CEO.
The company’s third quarter sales declined 14% to $77.5 million and its revenue during the first nine months of this year was down 23% to $224.7 million.
During the nine months ended Sept. 30, Patrick lost a total of $2.3 million, compared with a $3.1 million loss incurred during the first nine months of 2000.
So far this year, total manufactured housing industry shipments are down 30% and total RV deliveries to dealers are down 16%, Lung said. And he added that the terrorist attacks on Sept. 11 “had an immediate negative economic impact.”
Consequently, Lung said, “The on-going problems in Patrick’s two largest industries and the declining economy will probably not allow growth until after the first quarter of 2002.”