Manufactured housing and RV industry supplier Patrick Industries Inc. reports its first quarter net loss narrowed to $522,000, when compared with the $900,000 net loss it incurred during the first three months of 2003.
The company’s sales revenue declined 2% during the three months ended March 31 to $65.7 million primarily because manufactured housing shipments were down more than 12% during the first two months of this year, said Paul Hassler, president and CEO.
Sales to manufacturing housing industry customers accounted for 38% of Patrick’s total revenue and sales to RV industry customers accounted for 33%.
The 12% increase in RV shipments during the first two months of this year partially offset the impact of the decline in Patrick’s sales to the manufactured housing industry, Hassler added.
“While we saw some margin improvement from 2003 as a result of our restructuring efforts, we continue to be faced with extremely competitive market pricing that is affecting profitability at these volume levels,” he said.
“We continue to evaluate our cost structures at these low sales levels, which are close to break-even, and make adjustments where necessary,” Hassler continued. “We remain focused on providing exceptional customer service, increasing our penetration into the industrial and other markets, in addition to the manufactured housing and recreational vehicle markets, and maximizing shareholder value.”
Patrick is a national supplier of component parts and a distributor of building materials to the manufactured home, RV, boat, furniture and industrial markets.