Patrick Industries, Inc. Announces $10 Million Stock Buyback Plan
ELKHART, Ind., Feb. 22, 2013
ELKHART, Ind., Feb.22, 2013 /PRNewswire/ --Patrick Industries', Inc.
(NASDAQ: PATK) Board of Directors today authorized a stock repurchase program
for purchasing up to $10 million of the Company's common stock from time to
time through open market or private transactions over the next12 months.
Share repurchases will be made from time to time for cash in open market
transactions at prevailing market prices or in privately negotiated
transactions or otherwise. The timing and amount of purchases under the
program will be determined by management based upon market conditions and
other factors. All or part of the repurchases may be implemented under a Rule
10b5-1 trading plan, which would allow repurchases under pre-set terms at
times when the Company might otherwise be prevented from doing so under
insider trading laws or because of self-imposed blackout periods.
The program does not require the Company to purchase any specific number or
amount of shares and may be modified, suspended or reinstated at any time in
the Company's discretion and without notice. Purchases will be subject to
restrictions under Patrick's credit facility.
About Patrick Industries
Patrick Industries, Inc. (www.patrickind.com) is a major manufacturer of
component products and distributor of building products serving the
recreational vehicle, manufactured housing, kitchen cabinet, household
furniture, fixtures and commercial furnishings, marine, and other industrial
markets and operates coast-to-coast through locations in 11 states. Patrick's
major manufactured products include decorative vinyl and paper laminated
panels, countertops, wrapped profile mouldings, slide out trim and fascia,
cabinet doors and components, hardwood furniture, interior passage doors,
exterior graphics, and slotwall panels and components. The Company also
distributes drywall and drywall finishing products, electronics, wiring,
electrical and plumbing products, cement siding, interior passage doors,
roofing products, laminate and ceramic flooring, shower doors, furniture,
fireplaces and surrounds, interior and exterior lighting products, and other
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: the
impact of any economic downturns especially in the residential housing market,
pricing pressures due to competition, costs and availability of raw materials,
availability of commercial credit, availability of retail and wholesale
financing for residential and manufactured homes, availability and costs of
labor, inventory levels of retailers and manufacturers, levels of repossessed
residential and manufactured homes, the financial condition of our customers,
retention and concentration of significant customers, the ability to generate
cash flow or obtain financing to fund growth, future growth rates in the
Company's core businesses, the ability to effectively manage the costs and the
implementation of the new enterprise resource management system, the
successful integration of recent acquisitions, stock price fluctuations,
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 residential and manufactured homes. The
Company does not undertake to update forward-looking statements, except as
required by law. 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,
2011, 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.
SOURCE Patrick Industries, Inc.
Contact: Julie Ann Kotowski, Patrick Industries, Inc., +1-574-294-7511,
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