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Patrick Industries, Inc. Reports Fourth Quarter And Twelve Months 2009 Financial Results

About Patrick Industries

Patrick Industries, Inc. ( www.patrickind.com) is a major manufacturer of component products and distributor of building products serving the recreational vehicle, manufactured housing, kitchen cabinet, household furniture, fixtures and commercial furnishings, marine, and other industrial markets and operates coast-to-coast through locations in 12 states.  Patrick's major manufactured products include decorative vinyl and paper panels, wrapped moldings, cabinet doors and components, slotwall and slotwall components, and countertops.  The Company also distributes drywall and drywall finishing products, electronics, adhesives, interior passage doors, roofing products, and other miscellaneous products.  

Forward-Looking Statements  

This press release contains certain statements related to future results, or states our intentions, beliefs and expectations or predictions for the future, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors.  Potential factors that could impact results include:  pricing pressures due to competition, costs and availability of raw materials, availability of commercial credit, availability of retail and wholesale financing for residential and manufactured homes, availability and costs of labor, inventory levels of retailers and manufacturers, levels of repossessed residential and manufactured homes, the financial condition of our customers, the ability to generate cash flow or obtain financing to fund growth, future growth rates in the Company's core businesses, interest rates, oil and gasoline prices, the outcome of litigation, adverse weather conditions impacting retail sales, and our ability to remain in compliance with our credit agreement covenants.  In addition, national and regional economic conditions and consumer confidence may affect the retail sale of recreational vehicles and residential and manufactured homes.  The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.  Further information regarding these and other risks, uncertainties and factors is contained in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2008, and in the Company's Form 10-Qs for subsequent quarterly periods, which are filed with the Securities and Exchange Commission ("SEC") and are available on the SEC's website at www.sec.gov .

    
    
                                  
    (thousands except per share     FOURTH QUARTER         TWELVE MONTHS    
     data)                             ENDED                   ENDED 
    
    CONSOLIDATED STATEMENTS OF
     OPERATIONS (Unaudited)       Dec. 31,   Dec. 31,     Dec. 31,  Dec. 31,
                                  2009 (1)     2008       2009 (1)    2008
                                  -------    --------     --------  --------
    NET SALES                     $53,387    $55,879      $212,522  $325,151
    Cost of goods sold             47,641     58,671       189,643   297,133
    Restructuring charges               -          -             -       779
                                  ------------------------------------------
         Gross profit (loss)        5,746    (2,792)        22,879    27,239
                                  ------------------------------------------
    
    Operating expenses:
        Warehouse and delivery      2,459      3,428        10,248    16,533
        Selling, general and
         administrative             2,463      7,608        12,132    26,859
        Goodwill impairment             -     27,374             -    27,374
        Intangible assets
         impairments                    -     29,353             -    29,353
        Restructuring charges           -          -             -       202
         Amortization of 
          intangible assets            90        429           353     1,716
        Gain on sale of fixed
         assets                   (1,157)       (31)       (1,201)   (4,566)
                                  ------------------------------------------
            Total operating
             expenses               3,855     68,161        21,532    97,471
                                  ------------------------------------------
    OPERATING INCOME (LOSS)         1,891   (70,953)         1,347  (70,232)
            Stock warrants
             revaluation            (523)          -           817         -
            Interest expense,
             net                    1,406      1,617         6,442     6,377
                                  ------------------------------------------
    Income (loss) from
     continuing operations before
     income tax benefit             1,008   (72,570)       (5,912)  (76,609)
            Income tax benefit      (469)    (8,458)         (469)   (9,952)
                                  ------------------------------------------
    Income (loss) from continuing
     operations                     1,477   (64,112)       (5,443)  (66,657)
    Income (loss) from
     discontinued operations            -    (8,010)         1,486   (7,699)
           Income taxes (benefit)     564    (2,964)           564   (2,849)
                                  ------------------------------------------
    Income (loss) from
     discontinued operations,
     net of tax                     (564)    (5,046)           922   (4,850)
                                  ------------------------------------------
        NET INCOME (LOSS)            $913  $(69,158)      $(4,521) $(71,507)
                                  ==========================================
    
    BASIC NET INCOME (LOSS) PER
     COMMON SHARE:  
          Continuing operations     $0.16    $(7.04)       $(0.59)   $(8.32)
          Discontinued
           operations              (0.06)     (0.55)          0.10    (0.61)
                                  ------------------------------------------
          Net income (loss)         $0.10    $(7.59)       $(0.49)   $(8.93)
                                  ==========================================
    
    DILUTED NET INCOME (LOSS) PER
     COMMON SHARE:
          Continuing operations     $0.15    $(7.04)       $(0.59)   $(8.32)
          Discontinued
           operations              (0.06)     (0.55)          0.10    (0.61)
                                  ------------------------------------------
          Net income (loss)         $0.09    $(7.59)       $(0.49)   $(8.93)
                                  ==========================================
    
    Weighted average shares
     outstanding – Basic            9,270       9,114       9,198     8,009
                   Diluted          9,805       9,114       9,198     8,009
    
      
    (1) Fourth quarter and twelve months 2009 results include the
        impact of a $0.6 million adjustment related to an intraperiod tax
        allocation between continuing and discontinued operations.
    
    
    (thousands)
    
    CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION      
                                                           
                                                           Dec. 31,  Dec. 31,
                                                             2009      2008
                                                           --------  --------
                                                         (Unaudited)
    CURRENT ASSETS
      Cash and cash equivalents                                  $60   $2,672
      Trade receivables, net                                  12,507    8,290
      Inventories                                             17,485   21,471
      Prepaid expenses and other                               1,981    2,803
      Assets held for sale                                     4,825   15,816
                                                             ----------------
           Total current assets                               36,858   51,052
    
    Property, plant and equipment, net                        26,433   34,621
    Goodwill                                                   2,140    2,140
    Intangible assets, net                                     7,047    7,400
    Deferred financing costs, net                              1,463    2,270
    Other non-current assets                                   3,096    3,010
                                                             ----------------
          TOTAL ASSETS                                       $77,037 $100,493
                                                             ================
    
    CURRENT LIABILITIES
      Current maturities of long-term debt                   $10,359  $14,741
      Short-term borrowings                                   13,500   18,200
      Accounts payable                                         5,874    5,156
      Accrued liabilities                                      5,275    7,252
                                                             ----------------
          Total current liabilities                           35,008   45,349
    
    Long-term debt, less current maturities and discount      18,408   27,367
    Deferred compensation and other                            5,963    5,708
    Deferred tax liabilities                                   1,309    1,309
                                                             ----------------
          TOTAL LIABILITIES                                   60,688   79,733
    
    SHAREHOLDERS' EQUITY                                      16,349   20,760
                                                             ----------------
          TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY         $77,037 $100,493
                                                             ================

SOURCE Patrick Industries, Inc.

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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