Patrick Industries Inc. (PATK, Financial) filed Quarterly Report for the period ended 2011-09-25.
Patrick Industries Inc. has a market cap of $22.9 million; its shares were traded at around $2.35 with a P/E ratio of 3.6 and P/S ratio of 0.1.
Selling, General and Administrative (SG&A) Expenses. SG&A expenses increased $0.4 million or 11.7%, to $4.2 million in third quarter 2011 from $3.8 million in third quarter 2010. For the nine months, SG&A expenses increased $1.0 million or 8.6%, to $12.2 million in 2011 from $11.2 million in 2010. The increase in SG&A expenses in the third quarter and nine months of 2011 primarily reflected a net increase in selling and administrative wages and incentives and unemployment taxes from the recent acquisitions compared to the prior year periods. As a percentage of net sales, SG&A expenses were 5.4% and 5.2% in third quarter 2011 and 2010, respectively, and were 5.3% in nine months 2011 compared to 5.1% in 2010.
Sales. Sales increased $0.9 million or 1.6%, to $61.0 million in third quarter 2011 from $60.1 million in the prior year quarter. In the first nine months of 2011, sales decreased $5.8 million or 3.1%, to $183.2 million from $189.0 million in the first nine months of 2010. This segment accounted for approximately 75% and 76% of the Company s consolidated net sales for the third quarter and the first nine months of 2011, respectively. The acquisitions of AIA and the manufacturing component of Praxis, in the second and third quarters of 2011, respectively, accounted for approximately $0.8 million and $0.9 million of the sales increase in the third quarter and the first nine months of 2011, respectively. Softer than expected conditions in the MH industry more than offset the increase in wholesale unit shipments in the RV industry of 3% in the nine months of 2011. The Company anticipates that the impact of continuing tight credit markets, high unemployment and significant increases in raw materials costs will continue to impact sales to the RV and MH markets during the remainder of 2011.
Sales. Sales increased $3.9 million or 24.6%, to $19.7 million in third quarter 2011 from $15.8 million in the prior year period. In the first nine months of 2011, sales increased $15.2 million or 37.2%, to $56.0 million from $40.8 million in the first nine months of 2010. This segment accounted for approximately 25% and 24% of the Company s consolidated net sales for the third quarter and the first nine months of 2011, respectively. The wiring, electrical and plumbing products division, which was acquired in the latter half of the third quarter of 2010, accounted for approximately $3.1 million and $13.9 million of the sales increase in the third quarter and the first nine months of 2011, respectively. The acquisition of the distribution component of Praxis late in the second quarter of 2011, accounted for approximately $0.5 million of the sales increase in both the third quarter and the first nine months of 2011. Sales were also impacted during the quarter by a 3% increase in unit shipments by the MH industry, which is the primary market this segment serves.
Gross Profit. Gross profit increased $1.0 million or 44.6%, to $3.3 million in third quarter 2011 from $2.3 million in third quarter 2010. As a percentage of sales, gross profit was 16.5% in third quarter 2011 compared to 14.3% in third quarter 2010. For the nine months, gross profit increased $2.5 million or 42.2%, to $8.5 million in 2011 from $6.0 million in 2010. As a percentage of sales, gross profit was 15.3% in nine months 2011 compared to 14.7% in nine months 2010. The increase in gross profit as a percentage of sales for the third quarter and first nine months of 2011 is primarily attributable to a higher than average gross margins on the wiring, electrical and plumbing products line that was acquired as a result of the acquisition of Blazon.
Read the The complete Report
Patrick Industries Inc. has a market cap of $22.9 million; its shares were traded at around $2.35 with a P/E ratio of 3.6 and P/S ratio of 0.1.
Highlight of Business Operations:
Gross Profit. Gross profit increased $5.4 million or 69.9%, to $13.2 million in third quarter 2011 from $7.8 million in third quarter 2010. As a percentage of net sales, gross profit increased to 17.0% in third quarter 2011 from 10.7% in the same period in 2010. For the nine months, gross profit increased $9.1 million or 38.0%, to $33.1 million in 2011 from $24.0 million in 2010. As a percentage of net sales, gross profit increased to 14.4% for the nine months of 2011 from 10.9% in the same period in 2010. The change in gross profit for both the quarter and year-to-date periods is primarily attributable to the factors described above.Selling, General and Administrative (SG&A) Expenses. SG&A expenses increased $0.4 million or 11.7%, to $4.2 million in third quarter 2011 from $3.8 million in third quarter 2010. For the nine months, SG&A expenses increased $1.0 million or 8.6%, to $12.2 million in 2011 from $11.2 million in 2010. The increase in SG&A expenses in the third quarter and nine months of 2011 primarily reflected a net increase in selling and administrative wages and incentives and unemployment taxes from the recent acquisitions compared to the prior year periods. As a percentage of net sales, SG&A expenses were 5.4% and 5.2% in third quarter 2011 and 2010, respectively, and were 5.3% in nine months 2011 compared to 5.1% in 2010.
Sales. Sales increased $0.9 million or 1.6%, to $61.0 million in third quarter 2011 from $60.1 million in the prior year quarter. In the first nine months of 2011, sales decreased $5.8 million or 3.1%, to $183.2 million from $189.0 million in the first nine months of 2010. This segment accounted for approximately 75% and 76% of the Company s consolidated net sales for the third quarter and the first nine months of 2011, respectively. The acquisitions of AIA and the manufacturing component of Praxis, in the second and third quarters of 2011, respectively, accounted for approximately $0.8 million and $0.9 million of the sales increase in the third quarter and the first nine months of 2011, respectively. Softer than expected conditions in the MH industry more than offset the increase in wholesale unit shipments in the RV industry of 3% in the nine months of 2011. The Company anticipates that the impact of continuing tight credit markets, high unemployment and significant increases in raw materials costs will continue to impact sales to the RV and MH markets during the remainder of 2011.
Sales. Sales increased $3.9 million or 24.6%, to $19.7 million in third quarter 2011 from $15.8 million in the prior year period. In the first nine months of 2011, sales increased $15.2 million or 37.2%, to $56.0 million from $40.8 million in the first nine months of 2010. This segment accounted for approximately 25% and 24% of the Company s consolidated net sales for the third quarter and the first nine months of 2011, respectively. The wiring, electrical and plumbing products division, which was acquired in the latter half of the third quarter of 2010, accounted for approximately $3.1 million and $13.9 million of the sales increase in the third quarter and the first nine months of 2011, respectively. The acquisition of the distribution component of Praxis late in the second quarter of 2011, accounted for approximately $0.5 million of the sales increase in both the third quarter and the first nine months of 2011. Sales were also impacted during the quarter by a 3% increase in unit shipments by the MH industry, which is the primary market this segment serves.
Gross Profit. Gross profit increased $1.0 million or 44.6%, to $3.3 million in third quarter 2011 from $2.3 million in third quarter 2010. As a percentage of sales, gross profit was 16.5% in third quarter 2011 compared to 14.3% in third quarter 2010. For the nine months, gross profit increased $2.5 million or 42.2%, to $8.5 million in 2011 from $6.0 million in 2010. As a percentage of sales, gross profit was 15.3% in nine months 2011 compared to 14.7% in nine months 2010. The increase in gross profit as a percentage of sales for the third quarter and first nine months of 2011 is primarily attributable to a higher than average gross margins on the wiring, electrical and plumbing products line that was acquired as a result of the acquisition of Blazon.
Read the The complete Report
