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Recreational vehicle and manufactured housing supplier Patrick Industries Inc. reported a 21% increase in sales for the company’s first quarter and a decrease in its net loss.
The Elkhart, Ind., firm posted sales of $79.7 million compared with $65.7 million in the previous year and reported a net loss of $391,000 versus a net loss of $522,000 during the same three-month period in 2004.
The company said shipments had increased in both the manufactured housing and the RV sectors. The RV industry represented 31% of Patrick’s first quarter sales.
“We are pleased with the revenue increases, however, industry conditions remain highly competitive in all of the markets which we serve,” said Paul E. Hassler, president and CEO. “Our capital plan is nearly complete and we are actively focused on increasing market share, maintaining a lean cost structure, improving operating efficiencies and plant safety standards, and filling up idle plant capacity.”