$PATK
PATRICK INDUSTRIES INC

2016 Q2 Form 10-Q Financial Statement

#000143774916036484 Filed on August 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q4 2015 Q2
Revenue $315.2M $248.7M $233.5M
YoY Change 34.98% 31.17% 24.29%
Cost Of Revenue $259.9M $207.2M $193.1M
YoY Change 34.59% 29.42% 23.75%
Gross Profit $55.28M $41.45M $40.39M
YoY Change 36.87% 40.47% 26.95%
Gross Profit Margin 17.54% 16.67% 17.3%
Selling, General & Admin $14.77M $19.80M $11.22M
YoY Change 31.62% 21.47% 28.0%
% of Gross Profit 26.71% 47.77% 27.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.900M $5.000M $3.800M
YoY Change 55.26% 56.25% 72.73%
% of Gross Profit 10.67% 12.06% 9.41%
Operating Expenses $27.28M $22.60M $20.02M
YoY Change 36.24% 27.68% 22.82%
Operating Profit $28.01M $18.85M $20.37M
YoY Change 37.48% 59.63% 31.28%
Interest Expense -$1.632M -$1.500M -$900.0K
YoY Change 81.33% 150.0% 80.0%
% of Operating Profit -5.83% -7.96% -4.42%
Other Income/Expense, Net
YoY Change
Pretax Income $26.38M $17.30M $19.47M
YoY Change 35.44% 55.86% 29.73%
Income Tax $9.406M $5.300M $7.400M
% Of Pretax Income 35.66% 30.64% 38.0%
Net Earnings $16.97M $12.04M $12.07M
YoY Change 40.55% 65.03% 30.79%
Net Earnings / Revenue 5.38% 4.84% 5.17%
Basic Earnings Per Share $0.75 $0.79 $0.79
Diluted Earnings Per Share $0.74 $0.78 $0.78
COMMON SHARES
Basic Shares Outstanding 15.01M shares 15.31M
Diluted Shares Outstanding 15.23M shares 15.51M

Balance Sheet

Concept 2016 Q2 2015 Q4 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $100.0K $6.600M
YoY Change -100.0% 0.0% 100.0%
Cash & Equivalents $35.00K $87.00K $6.606M
Short-Term Investments
Other Short-Term Assets $543.0K $555.0K $1.232M
YoY Change -55.93% -54.28% -81.05%
Inventory $102.1M $89.48M $73.43M
Prepaid Expenses
Receivables $91.29M $38.21M $51.35M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $198.0M $133.9M $138.9M
YoY Change 42.54% 16.64% 8.01%
LONG-TERM ASSETS
Property, Plant & Equipment $78.44M $67.88M $61.47M
YoY Change 27.61% 18.35% 31.34%
Goodwill $84.04M $68.61M $49.55M
YoY Change 69.61% 116.9%
Intangibles $129.9M $106.8M $77.25M
YoY Change 68.18% 115.48%
Long-Term Investments
YoY Change
Other Assets $6.100M $555.0K $3.700M
YoY Change 64.86% -74.77% 76.19%
Total Long-Term Assets $298.5M $247.7M $191.9M
YoY Change 55.55% 75.96% 51.95%
TOTAL ASSETS
Total Short-Term Assets $198.0M $133.9M $138.9M
Total Long-Term Assets $298.5M $247.7M $191.9M
Total Assets $496.5M $381.6M $330.8M
YoY Change 50.09% 49.31% 29.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.07M $28.74M $36.43M
YoY Change 45.68% -3.39% -6.11%
Accrued Expenses $23.36M $18.47M $17.13M
YoY Change 36.38% 20.02% 24.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.71M $10.71M $10.71M
YoY Change 0.0%
Total Short-Term Liabilities $87.15M $57.93M $64.27M
YoY Change 35.59% 28.32% 22.19%
LONG-TERM LIABILITIES
Long-Term Debt $250.4M $193.1M $139.3M
YoY Change 79.8% 91.13% 36.96%
Other Long-Term Liabilities $1.900M $1.900M $2.200M
YoY Change -13.64% -13.64% 0.0%
Total Long-Term Liabilities $250.4M $193.1M $139.3M
YoY Change 79.8% 91.13% 34.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $87.15M $57.93M $64.27M
Total Long-Term Liabilities $250.4M $193.1M $139.3M
Total Liabilities $339.5M $253.0M $209.4M
YoY Change 62.09% 65.57% 32.46%
SHAREHOLDERS EQUITY
Retained Earnings $87.13M $62.57M $56.87M
YoY Change 53.2% 54.47%
Common Stock $9.456M $8.308M $8.579M
YoY Change 10.22% 11.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $157.1M $128.6M $121.4M
YoY Change
Total Liabilities & Shareholders Equity $496.5M $381.6M $330.8M
YoY Change 50.09% 49.31% 29.78%

Cashflow Statement

Concept 2016 Q2 2015 Q4 2015 Q2
OPERATING ACTIVITIES
Net Income $16.97M $12.04M $12.07M
YoY Change 40.55% 65.03% 30.79%
Depreciation, Depletion And Amortization $5.900M $5.000M $3.800M
YoY Change 55.26% 56.25% 72.73%
Cash From Operating Activities $3.500M $40.30M $30.20M
YoY Change -88.41% 79.11% 228.26%
INVESTING ACTIVITIES
Capital Expenditures -$3.200M -$3.300M -$1.300M
YoY Change 146.15% 43.48% -13.33%
Acquisitions
YoY Change
Other Investing Activities -$30.60M -$1.000M -$20.90M
YoY Change 46.41% -89.47% -62.07%
Cash From Investing Activities -$33.80M -$4.300M -$22.30M
YoY Change 51.57% -63.56% -60.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.60M -37.40M -1.300M
YoY Change -1607.69% 183.33% -102.57%
NET CHANGE
Cash From Operating Activities 3.500M 40.30M 30.20M
Cash From Investing Activities -33.80M -4.300M -22.30M
Cash From Financing Activities 19.60M -37.40M -1.300M
Net Change In Cash -10.70M -1.400M 6.600M
YoY Change -262.12% -44.0% 100.0%
FREE CASH FLOW
Cash From Operating Activities $3.500M $40.30M $30.20M
Capital Expenditures -$3.200M -$3.300M -$1.300M
Free Cash Flow $6.700M $43.60M $31.50M
YoY Change -78.73% 75.81% 194.39%

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CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
27277000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
20022000
us-gaap Operating Expenses
OperatingExpenses
52015000
us-gaap Operating Expenses
OperatingExpenses
39853000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
28007000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
20371000
us-gaap Operating Income Loss
OperatingIncomeLoss
48621000
us-gaap Operating Income Loss
OperatingIncomeLoss
35934000
CY2016Q2 us-gaap Other Assets Current
OtherAssetsCurrent
543000
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
555000
CY2016Q2 us-gaap Other Inventory Purchased Goods
OtherInventoryPurchasedGoods
29353000
CY2015Q4 us-gaap Other Inventory Purchased Goods
OtherInventoryPurchasedGoods
24406000
us-gaap Other Noncash Expense
OtherNoncashExpense
190000
us-gaap Other Noncash Expense
OtherNoncashExpense
159000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
13000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
13000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4667000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
5650000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
26000
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1611000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
67005000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
60513000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6070000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3235000
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4579000
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6119000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
75000000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
207497000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
92952000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-51000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-52000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
201000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
17000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1863000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
16000
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
78437000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
67878000
us-gaap Repayments Of Debt
RepaymentsOfDebt
2679000
us-gaap Repayments Of Debt
RepaymentsOfDebt
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
147588000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
119006000
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
87125000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
62574000
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
315163000
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
233481000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
593800000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
456869000
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
12064
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14764000
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11219000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
28997000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
22738000
us-gaap Share Based Compensation
ShareBasedCompensation
3133000
us-gaap Share Based Compensation
ShareBasedCompensation
2194000
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
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
447
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
2250
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
3000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
133187
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
3500
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
2000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
9294
CY2016Q2 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
9285000
CY2015Q2 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
6826000
us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
16984000
us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
13485000
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
157063000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
128597000
CY2016Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2200000
CY2015Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2500000
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
168000
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
201000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
177000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
179000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15176000
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15513000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15155000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15498000
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15008000
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15312000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14978000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15319000

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