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Supplier firm Patrick Industries Inc. reports it lost $900,000 during the first quarter despite a 10% increase in shipments to the RV industry, according to David Lung, president and CEO.
However, the RV industry represents 33% of Patrick’s total volume, while the manufactured housing industry, which accounts of 39% of Patrick’s volume, experienced a 26% decline in shipments during the first quarter, Lung said.
Consequently, Patrick’s RV industry-related growth in the first quarter was not enough to completely offset the manufactured home-related decline, he said.
“While we are disappointed with the first quarter results, we are continuing to focus on strategic growth opportunities, diversification efforts and new product opportunities as well as keeping our costs aligned with revenues in these difficult times,” Lung said. “We feel that we are ready to take advantage of any upturn in the market.”
Patrick’s net loss of $900,000 during the three months ended March 31 compares with a net profit of $270,000 earned during the first three months of 2002.
Meanwhile, the Nasdaq Stock Market-listed company’s first quarter sales revenue declined 11% to $67.3 million, compared with $75.2 million a year earlier.