Components manufacturer and building products distributor Patrick Industries Inc. returned to profitability during the second quarter of 2004, the Elkhart, Ind., firm reports.
Patrick, which has RV and manufactured housing industry customers, earned $555,000 during the three months ended June 30, basically offsetting the $522,000 net loss it incurred during the first quarter of this year.
Consequently, Patrick’s net income during the first half of this year amounted to $33,000, compared with a net loss of $875,000 it incurred during the first half of 2003.
“Strong recreational vehicle industry shipments and product price increases have contributed to the increased sales (revenue) levels, and our restructuring efforts in 2003 have contributed to increased profitability,” said Paul Hassler, Patrick’s president and CEO.
Patrick’s total sales revenue increased 11% during the April-through-June period to $78.6 million and sales to RV industry customers accounted for 32% of the company’s total revenue, according to Hassler. Patrick’s RV industry-related sales increased 20% over the same period a year earlier, Hassler added.
During the first half of this year, Patrick’s total sales revenue increased 4% to $144.3 million.
Patrick will continue to seek more customers from outside of the RV and manufactured housing industries, Hassler said. However, he added that the company’s efforts to become more efficient have provided it with “the capacity to support the strong recreational vehicle industry and an upturn in the manufactured housing industry,” in addition to allowing Patrick to continue with its diversification effort.