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Patrick Industries (Nasdaq: PATK) Snapshot

Updated April 5, 2010

 

Company Profile

 

Patrick Industries offers a multitude of different manufactured products from 15 manufacturing divisions which include: make-to-order laminated products using vinyl, paper, veneers and high pressure laminates (HPL) to various substrate materials using the latest in lamination technology; wrapped moldings; extruded aluminum products; manufactured drawer sides and bottoms; a variety of prefinished cabinet doors; and a full line of custom adhesives.

 

Consolidated Charting

 

Consolidated Statements
  Quarter Ending    
PATK Income Statement Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 Q3-09 Q4-09    
  Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09   ttm
Revenue  ssssss
   78,148
 113,125  136,556  107,374  111,011  109,788    88,429    15,923    44,915    55,878    58,342    53,387      212,522
Cost of Goods Sold sssssss
   69,334
 101,151  119,473    96,966    99,360    97,263    79,279    22,010    41,323    49,761    50,918    47,641      189,643
Gross Margin s
     8,814
   11,974    17,083    10,408    11,651    12,525      9,150    (6,087)      3,592      6,117      7,424      5,746       22,879
As a % of Sales 11.3% 10.6% 12.5% 9.7% 10.5% 11.4% 10.3% -38.2% 8.0% 10.9% 12.7% 10.8%   10.8%
                             
Operating Expenses                            
R&D            -            -            -            -            -            -            -            -            -            -            -            -               -
SG&A ssssss
     9,343
   12,399    14,668    12,813    12,808    11,430    11,102      8,052      6,342      5,469      5,647      4,922       22,380
Non Recurring           183            -            -      (4,328)          (5)    56,696        (11)        (17)          28            -               -
Others ssssss          1,001        429        429        429        429          88          88          87          90            353
Operating Expenses       9,343    12,582    14,668    13,814    13,237      7,531    11,526    65,177      6,419      5,540      5,762      5,012       22,733
As a % of Sales ssssss
12.0%
11.1% 10.7% 12.9% 11.9% 6.9% 13.0% 409.3% 14.3% 9.9% 9.9% 9.4%   10.7%
  s                          
Operating Income sssssssssssssssssssssssss
      (529)
      (608)      2,415    (3,406)    (1,586)      4,994    (2,376)   (71,264)    (2,827)        577      1,662        734            146
As a % of Sales -0.7% -0.5% 1.8% -3.2% -1.4% 4.5% -2.7% -447.6% -6.3% 1.0% 2.8% 1.4%   0.1%
                             
Income from Continuing Operations                            
Total Other Income/Expenses Net  sssssss              430       (430)          -            -            60       (468)       (888)      1,680            384
Earnings Before Interest And Taxes        (529)       (608)      2,415    (3,406)    (1,156)      4,564    (2,376)   (71,264)    (2,767)        109        774      2,414            530
Interest Expense  sssss
       571
     1,525      2,139      2,294      1,812      1,614      1,334      1,617      1,838      1,599    (3,437)          -               -  
Income Before Tax  s
   (1,100)
   (2,133)        276    (5,700)    (2,968)      2,950    (3,710)   (72,881)    (4,605)    (1,490)      4,211      2,414            530
Income Tax Expense  ssssss
      (446)
      (847)        110    (1,631)    (1,098)      1,092    (1,373)    (8,573)            -            -            -       (469)          (469)
Minority Interest  ssssssss
           -
           -            -            -            -            -            -            -            -            -            -            -               -
Net Income From Continuing Ops        (654)    (1,286)        166    (4,069)    (1,870)      1,858    (2,337)   (64,308)    (4,605)    (1,490)      4,211      2,883            999
                             
Non-recurring Events ssssss                          
Discontinued Operations                       -            -    (4,850)        459        824        203       (564)            922
Extraordinary Items  ssssss
           -
           -            -            -            -            -            -            -            -            -            -            -               -
Effect Of Accounting Changes  ssssss
           -
           -            -            -            -            -            -            -            -            -            -            -               -
Other Items  ssssss
           -
           -            -            -            -            -            -            -            -            -            -            -               -
Net Income        (654)    (1,286)        166    (4,069)    (1,870)      1,858    (2,337)   (69,158)    (4,146)       (666)      4,414      2,319         1,921
Preferred Stock And Other Adjustments             -            -                -                             -
Net Income Applicable To Common Shares        (654)    (1,286)        166    (4,069)    (1,870)      1,858    (2,337)   (69,158)    (4,146)       (666)      4,414      2,319         1,921
As a % of Sales -0.8% -1.1% 0.1% -3.8% -1.7% 1.7% -2.6% -434.3% -9.2% -1.2% 7.6% 4.3%   0.9%
  ssssss                          
EBITDA ssssss
       430
       911      4,584    (1,305)        783      6,662       (410)   (69,194)    (1,117)      1,789      2,408      4,333         7,413
As a % of Sales 0.6% 0.8% 3.4% -1.2% 0.7% 6.1% -0.5% -434.6% -2.5% 3.2% 4.1% 8.1%   3.5%
                             
PATK Balance Sheet Quarter Ending    
  Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09   ttm
Current Assets                            
Cash And Cash Equivalents  ssssssssss
       455
ss
         83
ss
     2,633
ss
       151
s
         66
s
   13,001
         66      2,672      2,180        900        271          60             60
Short Term Investments  ssssssssss ss ss ss s s
           -
           -            -            -            -            -            -               -
Net Receivables  ssssssssss
   24,304
ss
   35,579
ss
   31,243
ss
   20,584
s
   31,163
s
   30,199
   27,716      8,327    12,152    16,971    18,494    12,507       12,507
Inventory  ssssssssss
   42,754
ss
   48,484
ss
   48,790
ss
   43,566
s
   42,871
s
   41,985
   39,031    37,287    34,292    30,125    19,564    17,485       17,485
Other Current Assets  ssssssssss
     1,342
ss
     3,343
ss
     7,689
ss
     4,621
s
     2,081
s
     2,377
     2,780      2,766      2,114      2,252      3,651      6,806         6,806
Total Current Assets     68,855    87,489    90,355    68,922    76,181    87,562    69,593    51,052    50,738    50,248    41,980    36,858       36,858
                             
Long Term Assets                            
Long Term Investments                            
Property Plant and Equipment  ssssssssss
   46,627
ss
   58,753
ss
   56,436
ss
   54,755
s
   53,007
s
   52,464
   51,473    34,621    33,432    32,213    30,715    26,433       26,433
Goodwill       29,777    70,822    29,514    29,514    29,514    29,514      2,140      2,140      2,140      2,140      2,140         2,140
Intangible Assets  ssssssssss ss
   39,327
ss ss
   38,469
s
   38,040
s
   37,611
   37,182      7,400      7,312      7,224      7,137      7,047         7,047
Accumulated Amortization                       -            -            -            -            -            -            -               -
Other Long Term Assets  ssssssssss
     3,011
ss
     3,489
ss
     3,007
ss
     2,721
s
     3,002
s
     2,932
     2,870      3,010      2,954      2,910      2,894      3,096         3,096
Deferred Long Term Asset Charges             -      2,096            -      1,861      2,091      1,974      1,859      2,270      1,991      1,967      1,675      1,463         1,463
Total Long Term Assets    49,638  133,442  130,265  127,320  125,654  124,495  122,898    49,441    47,829    46,454    44,561    40,179       40,179
                             
Total Assets   118,493  220,931  220,620  196,242  201,835  212,057  192,491  100,493    98,567    96,702    86,541    77,037