-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QFNO727BrZIj7BFw0Q4sByqzSiQH0W9F46XCYJFkn8qukfwNxpvevMSaoOfo+4H6 V9Z6LHZYUwtnU4pjTmfOUQ== 0000914760-05-000129.txt : 20050503 0000914760-05-000129.hdr.sgml : 20050503 20050503101059 ACCESSION NUMBER: 0000914760-05-000129 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050429 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050503 DATE AS OF CHANGE: 20050503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PATRICK INDUSTRIES INC CENTRAL INDEX KEY: 0000076605 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS PRODUCTS, NEC [3089] IRS NUMBER: 351057796 STATE OF INCORPORATION: IN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-03922 FILM NUMBER: 05793137 BUSINESS ADDRESS: STREET 1: 1800 S 14TH ST STREET 2: P O BOX 638 CITY: ELKHART STATE: IN ZIP: 46515 BUSINESS PHONE: 2192947511 MAIL ADDRESS: STREET 1: 1800 SOUTH 14TH STREET PO BOX 638 STREET 2: 1800 SOUTH 14TH STREET PO BOX 638 CITY: ELKHART STATE: IN ZIP: 46515 8-K 1 p02534_8k042905.txt APRIL 29, 2005 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 --------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported) APRIL 29, 2005 ---------------- PATRICK INDUSTRIES, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) INDIANA 0-3922 35-1057796 ------- ------ ---------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification Number) 1800 SOUTH 14TH STREET, P.O. BOX 638, ELKHART, INDIANA 46515 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's Telephone Number, including area code (574) 294-7511 --------------- NOT APPLICABLE - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION On April 29, 2005, Patrick Industries, Inc. issued a press release announcing net sales and operating results for the first quarter of 2005. A copy of the press release is furnished herewith as Exhibit 99.1. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits Exhibit Number Description -------------- ----------- 99.1 Earnings Press Release issued April 29, 2005. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PATRICK INDUSTRIES, INC. ------------------------ (Registrant) DATE APRIL 29, 2005 BY /s/ Andy L. Nemeth ------------------------------ Andy L. Nemeth Vice President - Finance and Chief Financial Officer EX-99.1 2 p02534_x99042905.txt APRIL 29, 2005 PRESS RELEASE 1800 South 14th Street, P.O. Box 638, Elkhart, IN 46515-0638 Telephone (574) 294-7511 Fax (574) 522-5213 NEWS RELEASE APRIL 29, 2005 FOR IMMEDIATE RELEASE CONTACT: ANDY L. NEMETH PATRICK INDUSTRIES, INC. REPORTS FIRST QUARTER RESULTS Elkhart, Indiana - - - - Paul E. Hassler, President and Chief Executive Officer of Patrick Industries, Inc. (PATK), today announced net sales and operating results for the first quarter of 2005. Net sales increased $14,018,000, or 21%, from $65,712,000 in the first three months of 2004 to $79,730,000 in the same period in 2005. Net losses decreased by $391,000, or 75%, from a loss of $522,000, or $.11 per share in the first quarter of 2004, to a loss of $131,000, or $.03 per share in the first quarter of 2005. Mr. Hassler said, "Shipment increases in the first quarter in the Manufactured Housing industry contributed to increased revenues in our Distribution segment while our Primary Manufactured Products segment and Other Component Manufactured Products segment increased penetration into both the Industrial and Recreational Vehicle markets. Some of the increased market share has come at the cost of reduced margins in efforts to increase capacity utilization at our manufacturing facilities." The Manufactured Housing industry, which represents 40% of first quarter sales, experienced shipment increases of more than 7% in the first quarter. The Recreational Vehicle industry, which represents 31% of the Company's first quarter sales, experienced shipment increases of more than 8% through February. The Company's sales to the Industrial and Other market sectors, which represent 29% of the Company's first quarter sales, increased approximately 20% from 2004 to 2005. Mr. Hassler said, "We are pleased with the revenue increases, however, industry conditions remain highly competitive in all of the markets which we serve. 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." Patrick Industries is a major manufacturer of component products and distributor of building products serving the Manufactured Housing, Recreational Vehicle, Kitchen Cabinet, Furniture, Marine, and Industrial and Architectural markets and operates coast to coast in thirteen states. # # # PATRICK INDUSTRIES, INC. UNAUDITED FINANCIAL HIGHLIGHTS INCOME STATEMENT ---------------- THREE MONTHS ENDED MARCH 31 2005 2004 ---- ---- Net sales .................................... $ 79,730,000 $ 65,712,000 Cost of goods sold ........................... 70,928,000 58,119,000 Warehouse and delivery expenses .............. 3,540,000 3,161,000 Selling, general, and administrative expenses 5,210,000 5,156,000 Financial expense, net ....................... 270,000 138,000 ------------- ------------- Loss before income taxes ................... (218,000) (862,000) Income taxes (credit) ........................ (87,000) (340,000) ------------- ------------- NET LOSS ................................ $ (131,000) $ (522,000) ============= ============= LOSS PER COMMON SHARE ........................ $ (0.03) $ (0.11) ============= ============= Weighted average shares outstanding .......... 4,747,181 4,640,741 BALANCE SHEET ------------- 2005 2004 ---- ---- CURRENT ASSETS Cash and cash equivalents .................. $ 585,000 $ 1,337,000 Trade receivables, net ..................... 21,859,000 19,905,000 Inventories ................................ 37,012,000 27,634,000 Prepaid expenses ........................... 935,000 919,000 Deferred tax assets ........................ 1,658,000 1,954,000 ------------- ------------- Total current assets ..................... 62,049,000 51,749,000 ------------- ------------- PROPERTY AND EQUIPMENT, NET .................. 36,232,000 33,406,000 ------------- ------------- INTANGIBLE AND OTHER ASSETS .................. 2,914,000 3,239,000 ------------- ------------- TOTAL ASSETS ........................... $ 101,195,000 $ 88,394,000 ============= ============= CURRENT LIABILITIES Current maturities of long-term debt ....... $ 3,810,000 $ 3,671,000 Accounts payable and accrued liabilities ... 15,255,000 15,615,000 ------------- ------------- Total current liabilities ................ 19,065,000 19,286,000 ------------- ------------- LONG-TERM DEBT, LESS CURRENT MATURITIES ...... 18,961,000 7,771,000 ------------- ------------- DEFERRED LIABILITIES ......................... 2,550,000 2,209,000 ------------- ------------- SHAREHOLDERS' EQUITY ......................... 60,619,000 59,128,000 ------------- ------------- TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 101,195,000 $ 88,394,000 ============= ============= -----END PRIVACY-ENHANCED MESSAGE-----