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Manufactured housing and RV industry supplier firm Patrick Industries Inc. reports it earned $592,000 during the fourth quarter of 2003 but it still was unable to avoid posting a loss for the year.
The Nasdaq Stock Market-listed firm’s fourth-quarter net profit compares with a net loss of $964,000 incurred in the final three months of 2002.
Patrick’s fourth-quarter profit included a pretax gain of $1.2 million from the sale of a building and equipment as a result of a plant closing. The 2002 fourth-quarter loss included a pre-tax loss of $1.6 million because of the write-off of receivables as a result of Oakwood Homes Corp.’s bankruptcy filing late that year.
For all of 2003, Patrick’s net loss amounted to $55,000, compared with net income of $95,000 in 2002.
The company’s fourth-quarter sales revenue declined 6% to $66.2 million and its 2003 sales were down 11% to $274.7 million.
The manufactured housing industry accounted for 41% of Patrick’s sales during 2003 and it was that industry’s 22% decline in shipments last year that hampered Patrick’s financial performance, said Keith Kankel, president and CEO.
In contrast, the RV industry, which accounted for 31% of Patrick’s sales last year, experienced a 3.2% increase in shipments, which benefitted Patrick, Kankel said.
Going forward, Patrick will rely on “diversification efforts and new product introductions.”
Kankel said he believed the company was “well positioned to take advantage of any upturn in the manufactured housing market as well as to increase penetration into the other markets that it serves.”