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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant To Section 13 OR 15(d) Of The Securities Exchange Act Of 1934
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Date of report (Date of earliest event reported) |
January 24, 2024 |
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| PATRICK INDUSTRIES, INC. |
| (Exact name of registrant as specified in its charter) |
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| Indiana |
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000-03922 |
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35-1057796 |
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(Commission File Number) |
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(IRS Employer Identification Number) |
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| 107 W. Franklin Street, P.O. Box 638 |
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| Elkhart, |
Indiana |
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46515 |
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(574) |
294-7511 |
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(Zip Code) |
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Registrant's Telephone Number, including area code |
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| (Former name or former address if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Trading Symbol |
Name of each exchange on which registered |
| Common Stock, no par value |
PATK |
NASDAQ |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 7.01 Regulation FD Disclosure
The information referenced in this Form 8-K is furnished pursuant to Item 7.01, “Regulation FD Disclosure.” Such information, including the Exhibit attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
(a) Press Release - Dated January 24, 2024 as contained in Exhibit 99.1
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit 104 - Cover Page Interactive Date File (embedded within the Inline XBRL document)
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 hereunto duly authorized.
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PATRICK INDUSTRIES, INC. |
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(Registrant) |
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| Date: January 24, 2024 |
By: |
/s/ Matthew S. Filer |
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Matthew S. Filer |
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Interim Executive Vice President - Finance, Chief Financial Officer, and Treasurer |
EX-99.1
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patk12424ex991.htm
EX-99.1
Document
Patrick Industries, Inc. Completes Acquisition of Sportech, LLC and Announces Fourth Quarter 2023 Earnings Release and Conference Call Webcast on February 8, 2024
ELKHART, IN, January 24, 2024 – Patrick Industries, Inc. (NASDAQ: PATK) (“Patrick” or the “Company”), a leading component solutions provider for the Outdoor Enthusiast and Housing markets, announced today that it has completed its previously announced $315 million acquisition of Sportech, LLC, a leading designer and manufacturer of high-value, complex component solutions to powersports OEMs, adjacent market OEMs and the aftermarket.
"This acquisition helps to solidify our presence as a key component solutions supplier to the Powersports market and aftermarket, and extends the runway for us to continue to drive our strategic growth plan in alignment with our Outdoor Enthusiast vision," said Andy Nemeth, Chief Executive Officer of Patrick. “We are very excited to officially welcome Sportech to the Patrick family of brands.”
In connection with the acquisition, the Company expects to record one-time, non-recurring pretax charges in the first quarter of 2024 of approximately $7 million related to transaction fees and non-cash purchase accounting adjustments.
Fourth Quarter 2023 Earnings Release and Conference Call Webcast
The Company also announced that it will release its fourth quarter and twelve months 2023 financial results before the market opens on Thursday, February 8, 2024.
Patrick Industries will host a conference call on Thursday, February 8, 2024 at 10:00 a.m. Eastern Time to discuss results and other business matters. Participation in the question-and-answer session of the call will be limited to institutional investors and analysts. The dial-in number for the live conference call is (877) 407-9036. Interested parties are invited to listen to a live webcast of the call on Patrick’s website at www.patrickind.com under “For Investors.” A replay of the conference call will also be available via the Company’s investor relations website.
About Patrick Industries, Inc.
Patrick Industries (NASDAQ: PATK) is a leading component solutions provider for the RV, Marine, Powersports and Housing markets. Founded in 1959, Patrick is based in Elkhart, Indiana, employing approximately 10,000 team members throughout the United States.
Forward-Looking Statements
This press release contains certain statements related to future results, 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. Any projections of financial performance or statements concerning expectations as to future developments should not be construed in any manner as a guarantee that such results or developments will, in fact, occur. There can be no assurance that any forward-looking statement will be realized or that actual results will not be significantly different from that set forth in such forward-looking statement. Information about certain risks that could affect our business and cause actual results to differ from those expressed or implied in the forward-looking statements are contained in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and in the Company's Forms 10-Q 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.
Each forward-looking statement speaks only as of the date of this press release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date on which it is made.
Contact:
Steve O’Hara
Vice President of Investor Relations
oharas@patrickind.com
574.294.7511
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