Patrick Industries saw RV-driven growth in 2012
Posted: 02/21/2013 at 11:00 am
By: Justin Leighty
”We are both excited and energized by our full-year 2012 performance as we have successfully executed on a number of strategic and operational initiatives over the past two years. In 2012, as part of our overall strategic plan, we invested over $29 million in four acquisitions,” said Todd Cleveland, president and CEO of Patrick, in a written announcement about the year-end and fourth-quarter results.
Patrick is a major supplier to the RV industry, which is heavily centralized in Elkhart County and the surrounding area, and to the manufactured housing industry, which also has a strong presence in the area.
During the year Patrick bought Middlebury Hardwood Products, Decor Manufacturing, Gustafson Lighting and Creative Wood Designs.
The company reported fourth-quarter net income of $3.2 million on $106.1 million in net sales. That compares to $1.5 million net income in the fourth quarter of 2011 on sales of $78.3 million.
Fourth-quarter income was 30 cents per share, compared to 14 cents per share in 2011’s fourth quarter. The RV industry helped buoy Patrick for the year, with total sales up 42.1 percent over 2011 and a sales increase of 59 percent to the RV industry over the previous year.
For the year, Patrick saw net income of $28.1 million and $2.64 per share on net sales of $437.4 million, an increase of $129.6 million over 2011.
Sales to the RV industry represented about 69 percent of Patrick’s total sales last year, with the manufactured housing industry representing about 19 percent of annual sales. The other 12 percent went to the industrial market sector, which is mainly tied to residential housing and commercial/retail fixtures.
The company, which employs more than 1,700 people, invested $8 million last year in computer systems, a new building and equipment upgrades at several manufacturing operations, according to Cleveland. The company, headquartered in Elkhart, has facilities in a dozen states.