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Patrick Industries Inc., supplier to the RV, manufactured housing and several other industries, returned to profitability during the second quarter, although it earned only $25,000 on almost $71 million in sales revenue.
The company’s earnings during the three months ended June 30 compares with $636,000 earned during the April-through-June portion of 2002.
Patrick’s sales of almost $71 million represents a 14% decline from its $82.6 million in sales during the second quarter of 2002.
For the first half of this year, Patrick reports a loss of $875,000, compared with net income of $906,000 earned during the first half of 2002.
The company’s first-half sales declined 12% to $138.2 million, compared with $157.8 million a year earlier.
Sales to RV industry customers accounts for 32% of Patrick’s total revenue and manufactured housing accounts for 40%. Sharply lower manufactured housing shipments accounted for Patrick’s decline in sales revenue, although the company’s profit margins improved during the second quarter, said David Lung, president and CEO of the Nasdaq Stock Market-traded company.