Patrick Industries, Inc. (PATK), producer and distributor of building and component parts to the manufactured housing (MH) and recreational vehicle markets, announces net sales for the first quarter of 2014 rose $28.0 million or 19.7%, to $170.1 million from $142.1 million in the comparable quarter of 2013. While 76 percent of the company’s revenue derives from the RV market, sales to the MH industry increased 12 percent quarter over quarter, according to wsj.com. Wholesale unit shipments to the MH industry, which accounted for roughly 13% of Q1 2014 sales, rose approximately 4% from the first quarter of 2013. Operating income rose from $10.4 million in the first quarter 2013 to $11.8 million first quarter 2014, an increase of 13 percent. MHProNews has learned first quarter net income grew from $6.0 million to $6.1 million, 2013 to 2014. Company stock closed down -1.80% at 42.67 per share in trading April 23. ##
