Patrick Industries, Inc. reported net income of $0.9 million, or $0.09 per diluted share, for the fourth quarter of 2009. This was a significant improvement from the net loss of $69.2 million, or $7.59 per diluted share, in the same quarter of 2008.
The loss in the fourth quarter of 2008 included a deferred tax asset valuation allowance of approximately $18.0 million, or $1.97 per diluted share. Revenues fell slightly on a year over basis from $55.9 million in the fourth quarter of 2008 to $53.4 million in 2009.
Management said that it saw a mixed performance during the quarter, with strength in the recreational vehicle market offset by weakness in the manufactured housing market.
“The RV industry showed signs of recovery in the fourth quarter of 2009 as wholesale unit shipments increased approximately 76% over the fourth quarter of 2008. This quarter-over-quarter increase in unit shipment levels represents the first quarter-over-quarter increase since 2006. The MH industry, on the other hand, continues to be negatively impacted by a lack of financing and depressed economic conditions in the residential housing market,” said Todd Cleveland, the CEO of Patrick Industries, Inc.
Patrick Industries, Inc. manufactures and sells products for use in recreational vehicle, and manufactured housing units. Products include moldings, doors, drywall, countertops, vinyl panels and cabinets.
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