M&A - PATRICK INDUSTRIES INC

Form Type: 10-Q

Filing Date: 2025-05-08

Corporate Action: Acquisition

Type: Update

Accession Number: 000007660525000122

Filing Summary: Patrick Industries, Inc. reported their quarterly earnings for the period ended March 30, 2025. The company experienced a robust net sales figure of $1,003.4 million, demonstrating an increase from $933.5 million year-over-year. The cost of goods sold rose to $774.8 million, resulting in a gross profit of $228.6 million. Operating expenses also increased, amounting to $163.0 million. The operating income was reported at $65.6 million, with net income of $38.2 million, reflecting slightly improved earnings per share compared to the previous year. In terms of balance sheet, total assets grew to $3.2 billion, primarily driven by increases in cash, receivables, and inventories. Additionally, the company highlighted strategic acquisitions impacting their financial health and future growth, including details on business acquisitions that netted $47.6 million during the period. This report further discusses management's analysis of financial conditions and market risks, emphasizing the overall operational stability and strategic direction of the company despite competitive pressures in the industry.

Form Type: DEF 14A

Filing Date: 2025-04-01

Corporate Action: Acquisition

Type: New

Accession Number: 000007660525000113

Filing Summary: Patrick Industries, Inc. held its Proxy Statement in connection with the 2025 Annual Meeting of Shareholders scheduled for May 15, 2025. The document outlines the decisions shareholders will be asked to vote on, including the election of nine directors, ratification of appointment for Deloitte & Touche LLP as independent registered public accounting firm for 2025, advisory vote on executive compensation for 2024, and a proposal to amend the Articles of Incorporation to increase the number of authorized shares of common stock. Additionally, it reported on the strategic diversifications in its business including the acquisitions of Sportech and RecPro, focusing on enhancing their business resilience and growth potential in the Powersports market and aftermarket solutions. The document emphasizes the company's governance, financial performance, and the importance of shareholder voting participation. The recommendation for each vote was noted, including maintaining the current executive compensation philosophy that aligns pay with performance. It also included governance highlights, detailing the composition of the board, diversity efforts, and oversight measures in place to ensure effective management.

Form Type: PRE 14A

Filing Date: 2025-03-21

Corporate Action: Acquisition

Type: New

Accession Number: 000007660525000101

Filing Summary: Patrick Industries, Inc. submitted a preliminary proxy statement in connection with its 2025 Annual Meeting of Shareholders scheduled for May 15, 2025. The document outlines critical proposals for shareholder voting, including the election of nine directors to serve until the 2026 Annual Meeting, the appointment of Deloitte & Touche LLP as independent auditors for fiscal 2025, an advisory vote on executive compensation, and a proposal to amend the company’s Articles of Incorporation to increase authorized shares of common stock from 40 million to 60 million. Moreover, it reflects on the company’s recent strategic acquisitions: Sportech, which reinforced its stake in the powersports market, and RecPro, aimed at expanding aftermarket solutions. The proxy statement elaborates on the company’s financial performance and governance, highlighting the alignment of executive compensation with corporate performance and shareholder value, showcasing a commitment to operational excellence and strategic growth. Shareholders are encouraged to participate in the voting process for maintaining governance and direction of the company.