Last $41.45 USD
Change Today -0.67 / -1.59%
Volume 1.7K
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As of 9:42 AM 09/22/14 All times are local (Market data is delayed by at least 15 minutes).

patrick industries inc (PATK) Key Developments

Patrick Industries Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 29, 2014; Provides Revenue Guidance for the Second Half of 2014; Provides Financial Guidance for the Full Year 2014

Patrick Industries Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 29, 2014. For the quarter, the company reported net sales of $187,855,000 against $159,576,000 a year ago. Operating income was $15,517,000 against $12,914,000 a year ago. Income before income taxes was $15,010,000 against $12,392,000 a year ago. Net income was $9,231,000 against $7,557,000 a year ago. Basic and diluted earnings per share were $0.86 against $0.70 a year ago. Capital expenditures through the second quarter of 2014 were $2.4 million, which included costs related to the continued replacement of ERP system, equipment upgrades at facilities, and other strategic capital and maintenance expenditures. For the six months, the company reported net sales of $358,005,000 against $301,696,000 a year ago. Operating income was $27,278,000 against $23,330,000 a year ago. Income before income taxes was $26,222,000 against $22,256,000 a year ago. Net income was $16,127,000 against $13,576,000 a year ago. Diluted earnings per share were $1.50 against $1.25 a year ago. Operating cash flows were approximately $17 million. The company expects revenue growth to continue through the second half of 2014, while taking into consideration seasonal patterns and exclusive of revenue contributions of the acquisitions completed in September of 2013 and in June of 2014. For the full year 2014, the company estimates total capital expenditures to be approximately $8 million. The company’s execution goals for 2014 and beyond continued to be focused around driving organizational strategic agenda and utilizing capital allocation strategy to increase top line, both through acquisition and organically, and generating improved operating income, net income, earnings per share, and free cash flow.

Patrick Industries Inc., Q2 2014 Earnings Call, Jul 29, 2014

Patrick Industries Inc., Q2 2014 Earnings Call, Jul 29, 2014

Patrick Industries Inc. to Report Q2, 2014 Results on Jul 29, 2014

Patrick Industries Inc. announced that they will report Q2, 2014 results at 9:00 AM, Eastern Standard Time on Jul 29, 2014

Patrick Industries Announces Expansion of Existing Credit Facility

Patrick Industries announced it had entered into a fourth amendment, dated June 26, 2014, to its current five-year $80 million revolving secured senior credit facility that was established on October 24, 2012. The fourth amendment expands the 2012 Credit Facility to $125 million and replenishes the capacity under the credit agreement to continue to make permitted acquisitions.

Patrick Industries Inc., Annual General Meeting, May 22, 2014

Patrick Industries Inc., Annual General Meeting, May 22, 2014., at 10:00 US Eastern Standard Time. Location: 107 West Franklin Street. Agenda: To elect nine directors to the Board of Directors to serve until the 2015 Annual Meeting of Shareholders; to approve an amendment to the Patrick Industries, Inc. 2009 Omnibus Incentive Plan to increase the number of shares available for grant under the Plan by a total of 925,000 shares and to consider and reapprove the material terms of the Plan; to ratify the appointment of Crowe Horwath LLP as independent registered public accounting firm for fiscal year 2014; and to consider and transact such other business as may properly come before the meeting or any adjournment or postponement thereof.

 

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PATK

Industry Average

Valuation PATK Industry Range
Price/Earnings 17.0x
Price/Sales 0.7x
Price/Book 4.6x
Price/Cash Flow 15.1x
TEV/Sales 0.5x
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