Elkhart, Ind.-based Patrick Industries Inc. reported a loss for its fourth quarter, ended Dec. 31, as delayed shipments of imported materials and pricing competition depressed profit margins.
Net sales for the quarter increased 16% to $77 million from $66 million in 2003. Patrick, a supplier to the manufactured housing and recreational vehicle industries, reported a net loss of $99,000 for the three months compared to net income of $592,000 in the same period in 2003.
For the year, revenues grew nearly 10% to $301 million compared to $275 million in 2003 while net income was $601,000 compared to a net loss in 2003 of $55,000.
Paul Hassler, president and CEO, stated, “We are encouraged by our twelve month operating results especially in light of the difficult conditions in the manufactured housing and furniture industries.
“While the company’s restructuring efforts contributed to increased profitability in 2004, significant competitive pricing pressures and late shipments of imported materials resulted in decreased margins in the fourth quarter.”