Supplier/distributor Patrick Industries Inc. was marginally profitable in 2002 despite reporting a net loss of $964,000 in the fourth quarter.
The net profit of $95,000 that Patrick earned in 2002 compares with a net loss of $5.8 million it incurred in 2001.
The Elkhart, Ind.-based company lost $964,000 during the three months ended Dec. 31 because it had to write off $1.6 million, pre-tax, worth of receivables and certain other assets as a result of the Chapter 11 bankruptcy filing last Nov. 15 by Oakwood Homes Corp., a major manufactured home builder.
Patrick’s loss in the fourth quarter of 2002 was smaller than its loss in the fourth quarter of 2001, which totaled $3.5 million.
Meanwhile, Patrick’s fourth-quarter sales revenue increased 3% to $70.1 million and its full-year 2002 sales increased by 5% to $308.8 million.
The RV industry now accounts for 30% of Patrick’s sales revenue while the manufactured housing industry accounts for 47%, said President and CEO David Lung, who added that the company will continue trying to diversify.
Lung said the 21% increase in RV shipments industrywide helped Patrick’s sales and earnings in 2002. Patrick also gained market share in manufactured homes, although that industry’s shipments declined 12% last year, when compared with 2001, he said.