1800 South 14th Street, P.O. Box 638, Elkhart, IN 46515-0638 Telephone (574) 294-7511 Fax (574) 522-5213 NEWS RELEASE APRIL 29, 2005 FOR IMMEDIATE RELEASE CONTACT: ANDY L. NEMETH PATRICK INDUSTRIES, INC. REPORTS FIRST QUARTER RESULTS Elkhart, Indiana - - - - Paul E. Hassler, President and Chief Executive Officer of Patrick Industries, Inc. (PATK), today announced net sales and operating results for the first quarter of 2005. Net sales increased $14,018,000, or 21%, from $65,712,000 in the first three months of 2004 to $79,730,000 in the same period in 2005. Net losses decreased by $391,000, or 75%, from a loss of $522,000, or $.11 per share in the first quarter of 2004, to a loss of $131,000, or $.03 per share in the first quarter of 2005. Mr. Hassler said, "Shipment increases in the first quarter in the Manufactured Housing industry contributed to increased revenues in our Distribution segment while our Primary Manufactured Products segment and Other Component Manufactured Products segment increased penetration into both the Industrial and Recreational Vehicle markets. Some of the increased market share has come at the cost of reduced margins in efforts to increase capacity utilization at our manufacturing facilities." The Manufactured Housing industry, which represents 40% of first quarter sales, experienced shipment increases of more than 7% in the first quarter. The Recreational Vehicle industry, which represents 31% of the Company's first quarter sales, experienced shipment increases of more than 8% through February. The Company's sales to the Industrial and Other market sectors, which represent 29% of the Company's first quarter sales, increased approximately 20% from 2004 to 2005. Mr. Hassler said, "We are pleased with the revenue increases, however, industry conditions remain highly competitive in all of the markets which we serve. Our capital plan is nearly complete and we are actively focused on increasing market share, maintaining a lean cost structure, improving operating efficiencies and plant safety standards, and filling up idle plant capacity." Patrick Industries is a major manufacturer of component products and distributor of building products serving the Manufactured Housing, Recreational Vehicle, Kitchen Cabinet, Furniture, Marine, and Industrial and Architectural markets and operates coast to coast in thirteen states. # # # PATRICK INDUSTRIES, INC. UNAUDITED FINANCIAL HIGHLIGHTS INCOME STATEMENT ---------------- THREE MONTHS ENDED MARCH 31 2005 2004 ---- ---- Net sales .................................... $ 79,730,000 $ 65,712,000 Cost of goods sold ........................... 70,928,000 58,119,000 Warehouse and delivery expenses .............. 3,540,000 3,161,000 Selling, general, and administrative expenses 5,210,000 5,156,000 Financial expense, net ....................... 270,000 138,000 ------------- ------------- Loss before income taxes ................... (218,000) (862,000) Income taxes (credit) ........................ (87,000) (340,000) ------------- ------------- NET LOSS ................................ $ (131,000) $ (522,000) ============= ============= LOSS PER COMMON SHARE ........................ $ (0.03) $ (0.11) ============= ============= Weighted average shares outstanding .......... 4,747,181 4,640,741 BALANCE SHEET ------------- 2005 2004 ---- ---- CURRENT ASSETS Cash and cash equivalents .................. $ 585,000 $ 1,337,000 Trade receivables, net ..................... 21,859,000 19,905,000 Inventories ................................ 37,012,000 27,634,000 Prepaid expenses ........................... 935,000 919,000 Deferred tax assets ........................ 1,658,000 1,954,000 ------------- ------------- Total current assets ..................... 62,049,000 51,749,000 ------------- ------------- PROPERTY AND EQUIPMENT, NET .................. 36,232,000 33,406,000 ------------- ------------- INTANGIBLE AND OTHER ASSETS .................. 2,914,000 3,239,000 ------------- ------------- TOTAL ASSETS ........................... $ 101,195,000 $ 88,394,000 ============= ============= CURRENT LIABILITIES Current maturities of long-term debt ....... $ 3,810,000 $ 3,671,000 Accounts payable and accrued liabilities ... 15,255,000 15,615,000 ------------- ------------- Total current liabilities ................ 19,065,000 19,286,000 ------------- ------------- LONG-TERM DEBT, LESS CURRENT MATURITIES ...... 18,961,000 7,771,000 ------------- ------------- DEFERRED LIABILITIES ......................... 2,550,000 2,209,000 ------------- ------------- SHAREHOLDERS' EQUITY ......................... 60,619,000 59,128,000 ------------- ------------- TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 101,195,000 $ 88,394,000 ============= =============