FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended June 30, 1999 Commission File Number 0-3922
PATRICK INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
INDIANA 35-1057796
(State or other jurisdiction of (I.R.S. Employer
incorporated or organization) Identification No.)
1800 South 14th Street, Elkhart, IN 46516
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code (219) 294-7511
NONE
Former name, former address and former fiscal year, if changed since last
report.
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
Shares of Common Stock Outstanding as of July 31, 1999: 5,695,566
PATRICK INDUSTRIES, INC.
INDEX
Page No.
PART I: Financial Information
Unaudited Condensed Balance Sheets
June 30, 1999 & December 31, 1998 3
Unaudited Condensed Statements of Income
Three Months Ended June 30, 1999 & 1998, and
Six Months Ended June 30, 1999 & 1998 4
Unaudited Condensed Statements of Cash Flows
Six Months Ended June 30, 1999 & 1998 5
Notes to Unaudited Condensed Financial Statements 6
Management's Discussion and Analysis of Financial
Condition and Results of Operations 7
PART II: Other Information 14
Signatures 15
PART I: FINANCIAL INFORMATION
PATRICK INDUSTRIES, INC.
UNAUDITED CONDENSED BALANCE SHEETS
(Unaudited) (Note)
JUNE 30 DECEMBER 31
1999 1998
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 942,120 $ 3,704,693
Trade receivables 34,040,100 20,767,406
Inventories 48,216,568 43,498,632
Prepaid expenses 729,596 591,470
------------ ------------
Total current assets 83,928,384 68,562,201
------------ ------------
PROPERTY AND EQUIPMENT, at cost 87,594,200 84,527,846
Less accumulated depreciation 37,186,569 34,055,143
------------ ------------
50,407,631 50,472,703
------------ ------------
INTANGIBLE AND OTHER ASSETS 8,489,515 8,719,759
------------ ------------
Total assets $142,825,530 $127,754,663
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt $ 3,677,392 $ 3,985,963
Accounts payable, trade 24,418,951 13,184,295
Accrued liabilities 6,657,917 4,693,559
------------ ------------
Total current liabilities 34,754,260 21,863,817
------------ ------------
LONG-TERM DEBT, less current maturities 26,128,572 26,128,572
------------ ------------
DEFERRED COMPENSATION OBLIGATIONS 1,851,958 1,781,491
------------ ------------
DEFERRED TAX LIABILITIES 1,674,000 1,674,000
------------ ------------
SHAREHOLDERS' EQUITY
Common stock 21,749,280 22,117,481
Retained earnings 56,667,460 54,189,302
------------ ------------
Total shareholders' equity 78,416,740 76,306,783
------------ ------------
Total liabilities and shareholders' equity $142,825,530 $127,754,663
============ ============
NOTE: The balance sheet at December 31, 1998 has been taken from the audited
financial statements at that date.
See accompanying notes to Unaudited Condensed Financial Statements.
PATRICK INDUSTRIES, INC.
UNAUDITED CONDENSED STATEMENTS OF INCOME
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30 JUNE 30
1999 1998 1999 1998
NET SALES $123,029,266 $117,731,176 $230,381,300 $222,718,348
------------ ------------ ------------ ------------
COST AND EXPENSES
Cost of goods sold 106,755,446 102,268,713 200,123,628 194,002,496
Warehouse and delivery expenses 4,373,676 4,059,689 8,205,776 7,776,937
Selling, general, and administrative expenses 7,183,881 6,976,003 13,315,342 13,239,516
Interest expense, net 322,800 264,905 689,135 518,875
------------ ------------ ------------ ------------
118,635,803 113,569,310 222,333,881 215,537,824
------------ ------------ ------------ ------------
INCOME BEFORE INCOME TAXES 4,393,463 4,161,866 8,047,419 7,180,524
INCOME TAXES 1,734,600 1,664,700 3,177,900 2,872,200
------------ ------------ ------------ ------------
NET INCOME $ 2,658,863 $ 2,497,166 $ 4,869,519 $ 4,308,324
============ ============ ============ ============
BASIC AND DILUTED EARNINGS
PER COMMON SHARE $ .47 $ .42 $ .85 $ .73
============ ============ ============ ============
WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING 5,685,715 5,915,206 5,735,819 5,905,890
See accompanying notes to Unaudited Condensed Financial Statements.
PATRICK INDUSTRIES, INC.
UNAUDITED CONDENSED STATEMENTS OF
CASH FLOWS
SIX MONTHS ENDED
JUNE 30
1999 1998
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 4,869,519 $ 4,308,324
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 4,252,966 3,568,864
(Gain) Loss on sale of fixed assets (641,096) 18,183
Other 70,467 186,000
Change in assets and liabilities:
Decrease (Increase) in:
Trade receivables (13,272,694) (13,978,204)
Inventories (4,717,936) (3,712,782)
Prepaid expenses (138,126) 271,408
Increase in:
Accounts payable and accrued liabilities 11,619,587 12,979,587
Income taxes payable 1,586,360 494,919
------------ ------------
Net cash provided by operating activities 3,629,047 4,136,299
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (3,881,608) (4,174,394)
Proceeds from sale of fixed assets 861,976 57,270
Acquisition of business - - - (2,581,490)
Other (42,000) (42,000)
------------ ------------
Net cash (used in) investing activities (3,061,632) (6,740,614)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on long-term debt (308,571) (230,151)
Proceeds from exercise of common stock options 21,500 69,875
Repurchase of common stock (2,537,208) - - -
Cash dividends paid (464,536) (471,592)
Other (41,173) (2,500)
------------ ------------
Net cash (used in) financing activities (3,329,988) (634,368)
------------ ------------
(Decrease) in cash and cash equivalents (2,762,573) (3,238,683)
Cash and cash equivalents, beginning 3,704,693 3,765,171
------------ ------------
Cash and cash equivalents, ending $ 942,120 $ 526,488
============ ============
See accompanying notes to Unaudited Condensed Financial Statements
PATRICK INDUSTRIES, INC.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
1. In the opinion of the Registrant, the accompanying unaudited condensed
financial statements contain all adjustments (consisting of only normal
recurring accruals) necessary to present fairly financial position as of
June 30, 1999, and December 31, 1998, and the results of operations and
cash flows for the three months and the six months ended June 30, 1999
and 1998.
2. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. It is suggested
that these condensed financial statements be read in conjunction with the
financial statements and notes thereto included in Registrant's December
31, 1998 audited financial statements. The results of operations for the
three months and six months periods ended June 30, 1999 and 1998 are not
necessarily indicative of the results to be expected for the full year.
3. The inventories on June 30, 1999 and December 31, 1998 consist of the
following classes:
June 30 December 31
1999 1998
Raw materials $29,397,963 $26,676,674
Work in process 1,593,578 1,278,367
Finished 4,144,632 3,103,860
----------- -----------
Total manufactured goods $35,136,173 $31,058,901
Distribution products 13,080,395 12,439,731
----------- -----------
TOTAL INVENTORIES $48,216,568 $43,498,632
=========== ===========
The inventories are stated at the lower of cost, First-In First-Out
(FIFO) method, or market.
4. Stock options outstanding are immaterial and had no effect on earnings per
share.
Earnings per common share for the six months ended June 30, 1999 and 1998
have been computed based on the weighted average common shares outstanding
of 5,735,819 and 5,905,890 respectively.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS.
GENERAL
The Company's business has shown significant revenue growth since 1991,
as net sales increased annually from $143 million to over $453 million in seven
years. The sales in 1998 were 10.5% ahead of the 1997 record year. The increase
in sales resulted from the continued strength of both the economy and the
manufactured housing and recreational vehicle industries, as well as strategic
business acquisitions made during late 1997 and fiscal 1998. The first
six-months of 1999 resulted in a 3.4% increase in sales.
The following table sets forth the percentage relationship to net sales
of certain items in the Company's Statements of Operations:
Three Months Six Months
Ended June 30 Ended June 30
1999 1998 1999 1998
Net sales 100.0% 100.0% 100.0% 100.0%
Cost of sales 86.8 86.9 86.9 87.1
Gross profit 13.2 13.1 13.1 12.9
Warehouse and delivery 3.6 3.4 3.5 3.5
Selling, general, & administrative 5.8 5.9 5.8 5.9
Operating income 3.8 3.8 3.8 3.5
Net income 2.2 2.1 2.1 1.9
RESULTS OF OPERATIONS
Quarter Ended June 30, 1999 Compared to Quarter Ended June 30, 1998
Net Sales. Net sales increased by $5.3 million, or 4.5%, from $117.7
million for the quarter ended June 30, 1998, to $123.0 million in the quarter
ended June 30, 1999. This sales increase was attributable to increases in the
number of units produced in both the manufactured housing and recreational
vehicle industries. The Company's sales in the quarter were 62% to manufactured
housing, 23% to recreational vehicle, and 15% to other industries.
Gross Profit. Gross profit increased by approximately $.8 million, or
5.2%, from $15.4 million in the second quarter of 1998, to $16.2 million in the
same 1999 quarter. As a percentage of net sales, gross profit increased from
13.1% in 1998 to 13.2% in the second quarter of 1999. The increase in gross
profit was due to certain manufacturing operations showing improvement in volume
and efficiencies over the same 1998 period. In certain markets highly
competitive pricing continues to have a negative impact on normal gross profits.
Warehouse and Delivery Expenses. Warehouse and delivery expenses
increased approximately $.3 million, or 7.7%, from $4.1 million in 1998, to $4.4
million in the second quarter of 1999. As a percentage of net sales, warehouse
and delivery expenses increased from 3.4% in 1998 to 3/6% in the 1999 second
quarter, mainly due to increased sales in the Company's distribution segment.
Selling, General, and Administrative Expenses. Selling, general, and
administrative expenses increased by $.2 million, or 3.0%, from $7.0 million in
1998, to $7.2 million in 1999. As a percentage of net sales, selling, general,
and administrative expenses decreased from 5.9% in 1998 to 5.8% in the second
quarter of 1999.
Operating Income. Operating income increased by approximately $290,000
because of the increased sales and the increased gross profits. As a percentage
of sales, operating income remained the same at 3.8% for both second quarters.
Interest Expense, Net. Interest expense, net, increased by approximately
$58,000 from $265,000 in 1998 to $323,000 in the second quarter of 1999. The
Company's borrowing levels during the 1999 period were higher than those in
1998.
Net Income. Net income increased by approximately $162,000 from $2.5
million in 1998 to $2.6 million in 1999 for the second quarter ended June 30.
This increase is attributable to the factors described above. As a percentage of
net sales, net income increased from 2.1% in 1998 to 2.2% in 1999.
Six Months Ended June 30, 1999 Compared to Six Months Ended June 30, 1998
Net Sales. Net sales increased by $7.7 million, or 3.4%, from $222.7
million for the six months ended June 30, 1998, to $230.4 million in the six
months ended June 30, 1999. This sales increase was attributable to increases in
the number of units produced in both the manufactured housing and recreational
vehicle industries. The Company's sales in the first six months were 61% to
manufactured housing, 22% to recreational vehicle, and 17% to other industries.
Gross Profit. Gross profit increased by $1.5 million, or 5.4%, from $28.7
million in the first six months of 1998, to $30.2 million in the same period in
1999. As a percentage of net sales, gross profit increased from 12.9% in the
first six months of 1998 to 13.1% in 1999. The increase in gross profit was due
to certain manufacturing operations showing improvement in volume and
efficiencies over the same 1998 period. In certain markets highly competitive
pricing continues to have a negative impact on expected gross profits.
Warehouse and Delivery Expenses. Warehouse and delivery expenses
increased approximately $429,000, or 5.5%, from $7.8 million in 1998, to $8.2
million in the first six months of 1999. As a percentage of net sales, warehouse
and delivery expenses remained the same.
Selling, General, and Administrative Expenses. Selling, general, and
administrative expenses increased by approximately $76,000, or 0.6%, from $13.2
million in 1998, to $13.3 million in 1999. As a percentage of net sales,
selling, general, and administrative expenses decreased from 5.9% for 1998 to
5.8% in 1999.
Operating Income. Operating income increased by approximately $1.0
million in the first six months of 1999 as compared to 1998, and as a percentage
of sales increased from 3.5% in 1998 to 3.8% in 1999. This was due to increased
sales and gross profits.
Interest Expense, Net. Interest expense, net, increased by approximately
$170,000 from $519,000 in 1998, to $689,000 in 1999. This increase was due to
higher borrowings during the first six months of 1999.
Net Income. Net income increased by approximately $561,000 from $4.3
million in 1998 to $4.8 million in 1999. As a percentage of net sales, net
income increased from 1.9% in 1998 to 2.1% in 1999. This is primarily
attributable to the factors described above.
BUSINESS SEGMENTS
The Company's reportable segments are as follows:
Laminating - Utilizes various materials including gypsum, particleboard,
plywood, and fiberboard which are bonded by adhesives or a heating process to a
number of products including vinyl, paper, foil, and high pressure laminate.
These laminated products are utilized to produce furniture, shelving, wall,
counter, and cabinet products with a wide variety of finishes and textures.
Distribution - Distributes primarily pre-finished wall and ceiling panels,
particleboard, hardboard, vinyl siding, roofing products, passage doors,
building hardware, insulation, and other products.
Wood - Uses raw lumber including solid oak, other hardwood materials, and
laminated particleboard or plywood to produce cabinet door product lines.
Other - Includes aluminum extrusion and painting, distribution, manufacture of
adhesive products, pleated shades, plastic thermoforming, and manufacture of
laminating equipment.
The table below presents unaudited information about the revenue and
operating income of those segments:
THREE MONTHS ENDED JUNE 30, 1999
--------------------------------
SEGMENT
LAMINATING DISTRIBUTION WOOD OTHER TOTAL
---------- ------------ ---- ----- -----
Net outside sales $ 49,500,790 $ 49,660,494 $ 11,512,130 $ 12,040,940 $122,714,354
Intersegment sales 1,710,739 147 373,740 6,075,396 8,160,022
---------------------------------------------------------------------------------------
Total sales $ 51,211,529 $ 49,660,641 $ 11,885,870 $ 18,116,336 $130,874,376*
----------------------------------------------------------------------------------------
EBIT** $ 1,807,166 $ 1,360,983 $ (791,510) $ 1,062,428 $ 3,439,067
THREE MONTHS ENDED JUNE 30, 1998
--------------------------------
Net outside sales $ 49,184,562 $ 44,100,744 $ 12,361,029 $ 11,727,113 $117,373,448
Intersegment sales 2,248,731 924 1,880,384 5,785,688 9,915,727
-----------------------------------------------------------------------------------------
Total sales $ 51,433,293 $ 44,101,668 $ 14,241,413 $ 17,512,801 $127,289,175*
-----------------------------------------------------------------------------------------
EBIT** $ 2,136,181 $ 1,092,870 $ (505,048) $ 1,156,639 $ 3,880,642
SIX MONTHS ENDED JUNE 30, 1999
------------------------------
SEGMENT
LAMINATING DISTRIBUTION WOOD OTHER TOTAL
---------- ------------ ---- ----- -----
Net outside sales $ 94,603,596 $ 90,864,958 $ 22,199,100 $ 22,223,201 $229,890,855
Intersegment sales 3,328,170 1,374 590,901 11,269,326 15,189,771
-----------------------------------------------------------------------------------------
Total sales $ 97,931,766 $ 90,866,332 $ 22,790,001 $ 33,492,527 $245,080,626*
-----------------------------------------------------------------------------------------
EBIT** $ 4,181,670 $ 2,443,075 $(1,563,135) $ 1,664,451 $ 6,726,061
SIX MONTHS ENDED JUNE 30, 1998
------------------------------
Net outside sales $ 97,741,019 $ 78,906,067 $ 21,303,200 $ 24,095,272 $222,045,558
Intersegment sales 4,624,862 924 3,284,140 11,288,543 19,198,469
-------------- ------------ ------------ ------------- --------------
Total sales $ 102,365,881 $ 78,906,991 $ 24,587,340 $ 35,383,815 $241,244,027*
-------------- ------------ ------------ ------------- ------------
EBIT** $ 4,167,072 $ 1,678,219 $(1,313,150) $ 2,389,115 $ 6,921,256
Reconciliation of segment operating income to consolidated operating income
3 Months Ended 6 Months Ended
June 30, June 30,
1999 1998 1999 1998
---- ---- ---- ----
EBIT** for segments $3,439,067 $3,880,642 $6,726,061 $6,921,256
Consolidation reclassifications (204,362) (183,992) (393,159) (276,524)
Gain on sale of real estate --- --- 638,672 ---
Other 1,481,558 730,121 1,764,980 1,054,667
----------- ------------ ----------- ----------
Consolidated EBIT** $4,716,263 $4,426,771 $8,736,554 $7,699,399
========== ========== ========== ==========
There has been no material change in assets in the above segments.
*Does not agree to Financial Statements due to consolidation eliminations.
**Earnings before interest and taxes.
Three Months Ended June 30, 1999 Compared to Three Months Ended June 30, 1998
Laminating Segment Discussion
Net sales were about the same in this segment in both second quarters,
with 1999 showing only $222,000 less than 1998 on totals of over $51 million.
The operating income in the laminating segment was down approximately
$330,000, or 15%, in the 1999 quarter primarily due to increased material costs
and new product start-up costs at one division.
Distribution Segment Discussion
Net sales increased in the 1999 second quarter by 12.6% primarily because
of increased production in the recreational vehicle and manufactured housing
industries, which this segment serves.
The operating income in this segment was 24.5% higher in 1999 because of
increased sales and lower warehouse and delivery expenses as percentages of
sales.
Wood Segment Discussion
Net sales were lower in the 1999 second quarter by 16.5% because of one
division in this segment. This division closed an operation which was all
intersegment sales and that accounted for 8.3% of the sales reduction. The
balance of the sales decrease in this segment came about when this same division
chose not to serve certain markets because of declining gross profit margins.
The operating results for this segment in the second quarter were
affected by this same division. The sales decline and continued competitive
pricing situations caused this division and the segment to report negative
operating results.
Other Segment Discussion
Net sales in this segment increased 3.4% in the second quarter of 1999
with all divisions, except one, showing sales growth.
The operating income in this segment was lower by 8.1% in 1999 because of
inventory cost increases in one division, and the lower sales in another
division.
Six Months Ended June 30, 1999 Compared to Six Months Ended June 30, 1998
Laminating Segment Discussion
Net sales were lower by 4.3% in the first half of 1999 due primarily to
the closing of a facility in this segment in the second half of 1998.
The operating income in laminating in the first half year of 1999 showed
a small improvement, even after one division had new product start-up costs and
material cost increases.
Distribution Segment Discussion
Net sales increased in the first six months of this year by 15.2% because
of increased production in the recreational vehicle and manufactured housing
industries, which this segment services.
The operating income in this segment was 45.6% higher in this years first
half because of the increased sales and lower operating expenses as percentages
of those sales.
Wood Segment Discussion
Net sales in this segment were lower by 7.3% in the first half of 1999,
primarily because of one division. That division closed an operation which was
all intersegment sales and also stopped serving certain markets because of low
gross profit margins.
The operating results in the first six months were affected by this same
division. The sales decline and continued competitive pricing situations caused
this division to report negative operating results. Certain other operations in
this segment did not reach profitable operating levels because of competitive
pricing situations.
Other Segment Discussion
Net sales were 5.3% lower in 1999 in this segment primarily due to one
division losing production time in the first quarter because of equipment
breakdowns.
The operating income in this segment decreased 30.3% because of the lost
production time at one division due to equipment failure and to inventory cost
increases at one other division.
LIQUIDITY AND CAPITAL RESOURCES
The Company's primary capital requirements are to meet working capital
needs, support its capital expenditure plans, and meet debt service
requirements.
The Company, in September, 1995, issued to an insurance company in a
private placement $18,000,000 of senior unsecured notes. The ten year notes bear
interest at 6.82%, with semi-annual interest payments that began in 1996 and
seven annual principal repayments of $2,571,428 beginning September 15, 1999.
These funds were used to reduce existing bank debt and for working capital
needs.
The Company has an unsecured bank Revolving Credit Agreement that
provides loan availability of $10,000,000 with maturity in the year 2000.
Pursuant to the private placement and the Credit Agreement, the Company
is required to maintain certain financial ratios, all of which are currently
complied with.
The Company believes that cash generated from operations and borrowings
under its credit agreements will be sufficient to fund its working capital
requirements and normal recurring capital expenditures as currently
contemplated. The fluctuations in inventory and accounts receivable balances,
which affect the Company's cash flows, are part of normal business cycles.
SEASONALITY
Manufacturing operations in the manufactured housing and recreational
vehicle industries historically have been seasonal and are generally at the
highest levels when the climate is moderate. Accordingly, the Company's sales
and profits are generally highest in the second and third quarters.
YEAR 2000 ISSUE
The Company began a new management information system implementation
project in the first quarter of 1996, which when fully implemented, will result
in the Company's information systems being Year 2000 compliant. The project was
started because of the need to upgrade all hardware and software to meet
capacity and information needs at present and for the future. The Year 2000
issue for internal information systems would be resolved since the new hardware
and software will be compliant when implemented.
The Company at present has successfully implemented this Year 2000
compliant system in accounting, finance, general ledger, distribution,
laminating, shade, and thermoforming operations. Implementation has also been
completed at two of six wood product operations. The remaining wood products and
two other operations are scheduled to be implemented during the year with
anticipated completion in November.
In the event that the scheduled implementations get delayed, contingency
plans allow basic conversion of existing software to the new system so it would
be Year 2000 compliant prior to the year 2000.
The Company has developed a Year 2000 plan to address risk assessment in
areas other than information technology. The Plan Committee is examining all
automated plant systems and external parties with whom the Company interacts.
This assessment is scheduled to be completed in the third quarter of 1999. The
Company's contingency plans for external party compliance are to replace any
telecommunications and other equipment that cannot be made compliant. A risk
assessment of customers, vendors, and service providers is underway and will be
on-going. At present the assessment shows that the companies responding are
either complaint or will be compliant prior to January 1, 2000.
The total cost of Year 2000 activities cannot be specifically determined
because the internal information system project was planned for management and
operation purposes and Year 2000 compliance was a benefit of that system. The
expenditures of implementing the new information hardware and software systems
has been $2.87 million in 1996, $1.93 million in 1997, $1.42 million in 1998,
and $1.0 million in the first half of 1999. Approximately $.7 million will be
expended during the balance of 1999 to complete the project. The costs of
assessment of external party compliance is minimal and costs of replacement of
telecommunications and other equipment has been and will be part of normal
scheduled upgrades.
INFLATION
The Company does not believe that inflation had a material effect on
results of operations for the periods presented.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
None
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities
None
Item 3. Defaults upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
(a) The Annual Meeting of Shareholders of the Company was held on May
13, 1999.
(b) Not applicable.
(c) 1. Set forth below is the tabulation of the votes on each nominee
for election as a director:
WITHHOLD
NAME FOR AUTHORITY
Terrence D. Brennan 5,069,059 27,770
Dorothy M. Lung 5,070,357 26,472
Robert C. Timmins 5,069,619 27,210
2. Not applicable.
(d) Not applicable.
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
27 Financial Data Schedule
(b) A Form 8-K (Item 5) was filed on June 24, 1999 regarding the
announcement that the Company had hired U.S. Bancorp Piper Jaffray, Inc. to
assist in analyzing and pursuing strategic alternatives that would maximize
shareholder value.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PATRICK INDUSTRIES, INC.
(Registrant)
Date August 11, 1999 /S/Mervin D. Lung
--------------------------
Mervin D. Lung
(Chairman of the Board)
Date August 11, 1999 /S/David D. Lung
--------------------------
David D. Lung
(President)
Date August 11, 1999 /S/Keith V. Kankel
--------------------------
Keith V. Kankel
(Vice President Finance)
(Principal Accounting Officer)