$PATK
PATRICK INDUSTRIES INC

2015 Q2 Form 10-Q Financial Statement

#000143774915015084 Filed on August 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $233.5M $187.9M
YoY Change 24.29% 17.7%
Cost Of Revenue $193.1M $156.0M
YoY Change 23.75% 16.1%
Gross Profit $40.39M $31.82M
YoY Change 26.95% 26.27%
Gross Profit Margin 17.3% 16.94%
Selling, General & Admin $11.22M $8.765M
YoY Change 28.0% -28.16%
% of Gross Profit 27.77% 27.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.800M $2.200M
YoY Change 72.73% 29.41%
% of Gross Profit 9.41% 6.91%
Operating Expenses $20.02M $16.30M
YoY Change 22.82% 28.36%
Operating Profit $20.37M $15.52M
YoY Change 31.28% 24.14%
Interest Expense -$900.0K -$500.0K
YoY Change 80.0% 0.0%
% of Operating Profit -4.42% -3.22%
Other Income/Expense, Net
YoY Change
Pretax Income $19.47M $15.01M
YoY Change 29.73% 21.05%
Income Tax $7.400M $5.779M
% Of Pretax Income 38.0% 38.5%
Net Earnings $12.07M $9.231M
YoY Change 30.79% 21.46%
Net Earnings / Revenue 5.17% 4.91%
Basic Earnings Per Share $0.79 $0.57
Diluted Earnings Per Share $0.78 $0.57
COMMON SHARES
Basic Shares Outstanding 15.31M 16.06M
Diluted Shares Outstanding 15.51M 16.14M

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.600M $3.300M
YoY Change 100.0% -38.89%
Cash & Equivalents $6.606M $3.323M
Short-Term Investments
Other Short-Term Assets $1.232M $6.500M
YoY Change -81.05% 12.07%
Inventory $73.43M $73.30M
Prepaid Expenses
Receivables $51.35M $45.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $138.9M $128.6M
YoY Change 8.01% 35.65%
LONG-TERM ASSETS
Property, Plant & Equipment $61.47M $46.80M
YoY Change 31.34% 24.47%
Goodwill $49.55M
YoY Change
Intangibles $77.25M
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.700M $2.100M
YoY Change 76.19% -32.26%
Total Long-Term Assets $191.9M $126.3M
YoY Change 51.95% 82.51%
TOTAL ASSETS
Total Short-Term Assets $138.9M $128.6M
Total Long-Term Assets $191.9M $126.3M
Total Assets $330.8M $254.9M
YoY Change 29.78% 55.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.43M $38.80M
YoY Change -6.11% 20.87%
Accrued Expenses $17.13M $13.80M
YoY Change 24.14% 16.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $10.71M
YoY Change
Total Short-Term Liabilities $64.27M $52.60M
YoY Change 22.19% 19.82%
LONG-TERM LIABILITIES
Long-Term Debt $139.3M $101.7M
YoY Change 36.96% 121.09%
Other Long-Term Liabilities $2.200M $2.200M
YoY Change 0.0% -26.67%
Total Long-Term Liabilities $139.3M $103.9M
YoY Change 34.06% 112.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.27M $52.60M
Total Long-Term Liabilities $139.3M $103.9M
Total Liabilities $209.4M $158.1M
YoY Change 32.46% 70.18%
SHAREHOLDERS EQUITY
Retained Earnings $56.87M
YoY Change
Common Stock $8.579M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $121.4M $96.80M
YoY Change
Total Liabilities & Shareholders Equity $330.8M $254.9M
YoY Change 29.78% 55.43%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $12.07M $9.231M
YoY Change 30.79% 21.46%
Depreciation, Depletion And Amortization $3.800M $2.200M
YoY Change 72.73% 29.41%
Cash From Operating Activities $30.20M $9.200M
YoY Change 228.26% -33.81%
INVESTING ACTIVITIES
Capital Expenditures -$1.300M -$1.500M
YoY Change -13.33% -31.82%
Acquisitions
YoY Change
Other Investing Activities -$20.90M -$55.10M
YoY Change -62.07% -11120.0%
Cash From Investing Activities -$22.30M -$56.50M
YoY Change -60.53% 3223.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.300M 50.60M
YoY Change -102.57% -717.07%
NET CHANGE
Cash From Operating Activities 30.20M 9.200M
Cash From Investing Activities -22.30M -56.50M
Cash From Financing Activities -1.300M 50.60M
Net Change In Cash 6.600M 3.300M
YoY Change 100.0% -17.5%
FREE CASH FLOW
Cash From Operating Activities $30.20M $9.200M
Capital Expenditures -$1.300M -$1.500M
Free Cash Flow $31.50M $10.70M
YoY Change 194.39% -33.54%

Facts In Submission

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PATRICK INDUSTRIES INC
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3235000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2368000
CY2014Q4 us-gaap Other Assets Current
OtherAssetsCurrent
1214000
CY2015Q2 us-gaap Other Inventory Purchased Goods
OtherInventoryPurchasedGoods
26037000
CY2014Q4 us-gaap Other Inventory Purchased Goods
OtherInventoryPurchasedGoods
23049000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
13000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
61000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
5650000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3683000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1611000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
4000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
60513000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
55027000
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3097000
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6453000
us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities
48946000
us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities
46685000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
17000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
37000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
16000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
26000
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
61466000
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
57353000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
52000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
73000
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
56871000
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
40509000
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
233481000
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
187855000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
456869000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
358005000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
75000
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
201000
CY2014Q2 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
6659000
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
81000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
179000
us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
13485000
us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
12771000
CY2015Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
20000000
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
121392000
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
102768000
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
28.86
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
19.38
CY2015Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
195750
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1323870
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
5700000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
25700000
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11219000
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8765000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
22738000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
17265000
us-gaap Share Based Compensation
ShareBasedCompensation
2194000
us-gaap Share Based Compensation
ShareBasedCompensation
1626000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
51000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
98502
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
15840
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
444
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
127629
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
300
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
12064
CY2015Q2 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
6826000
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15513000
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16142000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15498000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16132000
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15312000
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16061000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15319000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16057000

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