Patrick Industries Inc., a manufacturer of components parts and a distributor of building materials to the RV and manufactured housing industries, reported its fourth quarter and full year 2001 losses expanded, largely due to asset impairment and restructuring charges.
The Elkhart, Ind.-based company lost $3.5 million during the three months ended Dec. 31, compared with $1.4 million lost a year earlier.
The asset impairment charge taken during the fourth quarter amounted to $2.8 million pretax. The charge was taken to reflect “the implications of changing markets, the weak economy and continued competitive pricing situations adversely affecting margins and operating performance at certain divisions,” according to the company.
Restructuring charges amounting to $423,000 pretax also were taken in the fourth quarter for one-time-only expenses related to a factory closing and the consolidation of two other operations.
Meanwhile, Patrick’s sales revenue declined 4% during the fourth quarter to $68.3 million. During the full year 2001, its sales slipped 19% to $293.1 million.
Patrick lost a total of $5.8 million in 2001, compared with a $4.5 million loss incurred in 2000.