-----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, QQqh/qxzHpRMbr7x3EoCnGUePGEQJGThDIrSG4swdIOB6XXHAvHWBworxj1Vr7Tx 0E+AKd1J6A3v/r9ENu6Bvg== 0000914760-04-000073.txt : 20040430 0000914760-04-000073.hdr.sgml : 20040430 20040430104218 ACCESSION NUMBER: 0000914760-04-000073 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040423 ITEM INFORMATION: FILED AS OF DATE: 20040430 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: 04767846 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_8kapril30.txt APRIL 30, 2004 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ----------------- CHI99 4292871-1.002534.0010 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 23, 2004 ----------------- 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) ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On April 23, 2004, Patrick Industries, Inc. issued a press release setting forth Patrick Industries, Inc.'s first quarter 2004 results. A copy of the press release is furnished herewith as Exhibit 99.1. The information in this Form 8-K is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information in this Form 8-K shall not be incorporated by reference in any other filing under the Securities Exchange Act or Securities Act of 1933 except as shall be expressly set forth by specific reference to this Form 8-K in such filing. 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 30, 2004 BY /s/ Andy L. Nemeth --------------------------------------- Andy L. Nemeth Vice President - Finance and Chief Financial Officer EX-99.1 2 p02534_8kapril30x99.txt PRESS RELEASE PATRICK INDUSTRIES, INC. 1800 S. 14TH STREET o P.O. BOX 638 o ELKHART, IN 46515 [PATRICK LOGO] PHONE: (574) 294-7511 o FAX (574) 522-5213 NEWS RELEASE APRIL 23, 2004 FOR IMMEDIATE RELEASE CONTACT: Andy L. Nemeth PATRICK INDUSTRIES, INC. REPORTS FIRST QUARTER RESULTS ELKHART, Indiana - - - - Paul E. Hassler, President and Chief Executive Officer, today announced net sales and operating results for the first quarter of 2004. Net sales decreased $1,573,000, or 2.3%, from $67,285,000 in the first three months of 2003 to $65,712,000 in the same period in 2004. Net losses decreased by $378,000, or 42.1%, from a loss of $900,000, or $.20 per share in the first quarter of 2003, to a loss of $522,000, or $.11 per share in the first quarter of 2004. Mr. Hassler said, "The Company's sales levels continue to be impacted by shipment levels in the Manufactured Housing and Recreational Vehicle Industries, which account for 71% of total sales at March 31, 2004. While we saw some margin improvement from 2003 as a result of our restructuring efforts, we continue to be faced with extremely competitive market pricing that is affecting profitability at these volume levels." The Manufactured Housing Industry, which comprises 38% of first quarter 2004 sales, experienced shipment declines of more than 12% through February when compared to 2003, and continue to be at more than 40 year lows. Shipment increases of more than 12% in the Recreational Vehicle Industry, which accounts for 33% of first quarter 2004 sales, partially offset the Manufactured Housing declines as well as the Company gaining market share in the Industrial and other markets. Mr. Hassler said, "The Company is proceeding with its strategic planning efforts and increased investment in capital equipment, facilities, and personnel to help establish a stronger foundation for future growth. We recently completed negotiations to increase our line of credit by $5 million to bring our total availability to $15 million, none of which is borrowed on at March 31, 2004. We will continue to evaluate our cost structures at these low sales levels, which are approximately close to break-even, and make adjustments where necessary. We remain focused on providing exceptional customer service, increasing our penetration into the Industrial and other markets, in addition to the Manufactured Housing and Recreational Vehicle markets, and maximizing shareholder value." Patrick Industries is a major manufacturer of component products and distributor of building products serving the Manufactured Housing, Recreational Vehicle, Furniture, Marine, and Industrial markets and operates coast to coast in thirteen states. # # # PATRICK INDUSTRIES, INC. UNAUDITED FINANCIAL HIGHLIGHTS INCOME STATEMENT ---------------- THREE MONTHS ENDED MARCH 31 2004 2003 ---- ---- Net sales $ 65,712,000 $ 67,285,000 Cost of goods sold 58,119,000 60,214,000 Warehouse and delivery expenses 3,161,000 3,194,000 Selling, general, and administrative expenses 5,156,000 5,171,000 Interest expense, net 138,000 194,000 ------------ ------------ Income (loss) before income taxes (862,000) (1,488,000) Income taxes (credit) (340,000) (588,000) ------------ ------------ NET INCOME (LOSS) $ (522,000) $ (900,000) ============ ============ EARNINGS (LOSS) PER COMMON SHARE $ (.11) $ (.20) ============ ============ Weighted average shares outstanding 4,640,741 4,584,261 BALANCE SHEET ------------- MARCH 31 2004 2003 ---- ---- CURRENT ASSETS Cash and cash equivalents $ 1,337,000 $ 1,790,000 Trade receivables, net 19,905,000 17,520,000 Inventories 27,634,000 31,906,000 Income taxes receivable - - - 1,053,000 Prepaid expenses 919,000 1,324,000 Deferred tax assets 1,954,000 1,981,000 ------------ ------------ Total current assets 51,749,000 55,574,000 ------------ ------------ PROPERTY AND EQUIPMENT, NET 33,406,000 31,422,000 ------------ ------------ INTANGIBLE AND OTHER ASSETS 3,239,000 2,751,000 ------------ ------------ TOTAL ASSETS $ 88,394,000 $ 89,747,000 ============ ============ CURRENT LIABILITIES Current maturities of long-term debt $ 3,671,000 $ 3,671,000 Accounts payable and accrued liabilities 15,615,000 14,036,000 ------------ ------------ Total current liabilities 19,286,000 17,707,000 ------------ ------------ LONG-TERM DEBT, LESS CURRENT MATURITIES 7,771,000 11,443,000 ------------ ------------ DEFERRED LIABILITIES 2,209,000 2,401,000 ------------ ------------ SHAREHOLDERS' EQUITY 59,128,000 58,196,000 ------------ ------------ TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 88,394,000 $ 89,747,000 ============ ============ -----END PRIVACY-ENHANCED MESSAGE-----