Patrick Industries, a major manufacturer and distributor of building and component products for the recreational vehicle (“RV”), manufactured housing (“MH”) and industrial markets, recently reported its financial results for the fourth quarter and twelve months ended December 31, 2011. The company reported the MH industry, which represented 26 percent of the company’s fourth quarter sales, saw unit shipments increase approximately 45 percent from the fourth quarter of 2010. The industrial market sector, which is primarily tied to the residential housing and retail fixture markets and accounted for 14 percent of the company’s fourth quarter 2011 sales, saw a 23 percent increase in new housing starts in the quarter compared to the prior year. Net sales for the quarter were $78.3 million compared to $58.1 million in the same quarter of 2010, an increase of $20.2 million or 35 percent. The increase was primarily attributable to a 44 percent increase in the company’s revenue from the RV industry, which represented approximately 60 percent of its fourth quarter sales. Patrick reports revenue from the MH market was down 6 percent for the full year due in part to the impact of the vertical integration efforts of one of the company’s larger MH customers that is now producing in-house one of the product lines that the Company had previously been supplying. Additionally, while unit shipments in the MH industry, which represented 24 percent of the Company’s 2011 sales, were up approximately 3 percent from 2010, MH floor shipments declined approximately 3 percent year-over-year.
