For
Immediate Release
Patrick
Industries, Inc. Completes Acquisition of Cabinet Door Business
ELKHART,
IN – January 4, 2010 – Patrick Industries, Inc. (NASDAQ: PATK), a major
manufacturer and distributor of building and component products for the
recreational vehicle, manufactured housing and industrial markets, announced
today that it has completed the previously announced acquisition of certain
assets of the cabinet door business of Quality Hardwoods Sales, a limited
liability company.
About
Patrick Industries
Patrick
Industries, Inc. (www.patrickind.com)
is a major manufacturer of component products and distributor of building
products serving the manufactured housing, recreational vehicle, kitchen
cabinet, home and office furniture, fixture 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, interior passage doors,
roofing products, vinyl and cement siding, electronic 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 retail and wholesale financing for
manufactured homes, availability and costs of labor, inventory levels of
retailers and manufacturers, levels of repossessed 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 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.
###
Contact:
Julie Ann
Kotowski
Patrick
Industries, Inc.
574-294-7511
/ kotowskj@patrickind.com