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Posts Tagged ‘10 million’

Patrick Industries Acquires a Duet

September 9th, 2013 Comments off

Elkhart, Indiana-based Patrick Industries (NASDAQ:PATK) announces the acquisition of Frontline, Mfg., Inc. and Premier Concepts, Inc., two related companies, both of nearby Warsaw, IN for $8 million. Frontline manufactures bath fixtures for the manufactured housing and recreational vehicle markets, and has projected revenues for this year of $15 million. Premier specializes in custom countertops for the RV and residential housing industries, and projects sales this year of $10 million. According to insideindianabusiness.com, the purchase was funded through a line of credit. Both companies will continue to operate in their current facilities. MHProNews knows Patrick is a supplier of a variety of components to the MH and RV markets. On the big board Fri., Sept. 6 the stock closed down -$1.86 at $26.93.

(Image credit: Patrick Industries, Inc.)

City Council Approves Tax Breaks

May 9th, 2013 Comments off

As follow-up to a post MHProNews published April 8, 2013 about Lippert Components, Inc. requesting a tax break for expanding its operations at three plants in Goshen, Ind., according to the Goshen News approval came from the Goshen City Council May 7 for tax phase-ins. Component supplier to the manufactured housing and recreational vehicle industries, Lippert intends to invest $10 million in upgrading equipment and then hire up to 376 workers by 2016. In addition, RV component supplier Falcon Corp. from Ocala, Fla. received a seven-year tax phase-in for a $3.9 million 170,000 square foot distribution center that will create 27 new jobs. Lippert is a subsidiary of Drew Industries, Inc.

(Image credit: Lippert Components, Inc.)

Thailand Firm Building Modular Homes

May 2nd, 2013 Comments off

TheNation reports the Stwo Group of Thailand will open a factory in Rangsit, Thailand in five months to manufacture modular homes and buildings following a 30 percent growth in residential development. Prerapat Srisakulpinyo, CEO of Stwo, says, “We expect to sell about 100 Aidol MYH-branded houses and buildings constructed under the modular system this year. Between 300 and 500 modular houses and buildings will be sold to our customers over three to five years.” Using technology from Germany, the new baht 150 million ($5.10 million) facility will employ 200, and the company hopes to expand its reach into neighboring countries in three years. MHProNews has learned Stwo also manufactures a full range of furnishings for the homes.

(Photo credit: aroundguides–dragon wrapped around building in Rangsit, Thailand)

RV Sector Drives Patrick Industries’ Revenue Rise

April 25th, 2013 Comments off

RVBusiness says Elkhart, Ind.-based Patrick Industries, Inc., a component supplier to the RV and MH markets, reports first quarter 2013 revenue increased 38.4 percent over the same period in 2012, moving from $102.7 million to $142.1 million in Q1 2013. Sales in the RV sector accounted for approximately 75 percent of first quarter revenue, driven by a 51 percent increase in the company’s revenue from the RV market. Manufactured homes revenue was up six percent over the first quarter of 2012. First quarter net income was $6 million, a $1 million increase over Q1 2012, a rise to $0.55 per diluted share over $0.47 per diluted share for the same period in 2012. On Feb. 22, 2013 the board of directors authorized a re-purchase of outstanding shares of common stock up to $10 million, garnering 330,358 shares as of April 19 at a cost of $4.6 million. According to the MHProNews stock report, Patrick (PATK) notched a +14.26% spike in its stock Thurs., April 25 to close at 18.22.

(Image credit: Patrick Industries, Inc.)

Lippert Seeking Tax Break

April 8th, 2013 Comments off

RVBusiness informs MHProNews Lippert Components, Inc. has asked the Goshen (Ind.) City Council for a tax break to expand its operations and hire 376 more employees by 2016, spending $10 million for new equipment. A division of Drew Industries, Inc., Lippert is a component supplier to the manufactured housing and RV industries, and currently employs 4,000 workers in Elkhart County, along with its sister industry, Kinro, Inc. Over a seven year period Lippert would save $484,380 in property taxes. The hourly wage of the new employees would average $13/hour.

(Image credit: Lippert Components, Inc.)

ELS Sells Snoqualmie Valley Property

December 10th, 2012 Comments off

ValleyRecord says a hospital board in Snoqualmie, Washington just east of Seattle voted to close a deal with Equity LifeStyle Properties, Inc. (ELS) over two years early and take immediate possession of the property, saving $5 million and reducing debt by almost $7 million. The 22-acre property, formerly the site of Leisure Time campground on Snoqualmie Ridge, was originally scheduled for construction of the Snoqualmie Valley Hospital’s new campus, but a lawsuit between the two parties squelched the deal. Litigation resulted in a $6.7 million settlement, and now the property will cost the hospital $7.5 million. Under the original agreement, if the hospital sold the property within five years of purchase, the net above the original price would be split 50/50 with ELS. The new agreement raises the profit-sharing basis to $10 million. Rodger McCollum, the hospital’s CEO, says, “The bottom line is that the early settlement and possession allows us to put to use what will be a valuable asset to the District and the community.” As MHProNews knows, ELS is the largest MHC owner in North America with over 141,000 sites.

(Photo credit: Equity LifeStyle Properties, Inc.)

UMH Reports Third Quarter Gains

November 14th, 2012 Comments off

RTTNews reports UMH Properties, Inc. (UMH) declared its funds from operations attributable to common shareholders (FFO) for the third quarter 2012 was $2.10 million, $0.13 per share, as compared to $1.68 million, or $0.11 per share for the same quarter 2011. Total income for the third quarter rose from $9.67 million in Q3 2011 to $12.19 million in the third quarter of 2012. AS MHProNews knows, UMH owns and operates 41 manufactured home communities in six different states.

(Photo credit: UMH Properties, Inc.)

Funds Reinstated, Build will Continue

October 16th, 2012 Comments off

We covered a story Oct. 4, 2012 concerning the federal court-ordered closing of Duroville MHC in Mecca, Calif. due to poor housing conditions, and the fate of those living there. MyDesert reports 41 of the manufactured homes of the 180 homesite Mountain View Estates in nearby Oasis, Calif. had been delivered, funded with state redevelopment funds to relocate the residents. A recent law that eviscerated the redevelopment districts cut the funding, ending the build in March. The state just approved $10 million to complete the project. The 41 units will be move-in ready by the end of Nov., 2012, and work will begin on the 139 remaining the beginning of this Nov. The 190 factory-made homes still at Duroville, also known as Desert Mobile Home Park, house 1,200 to 1,500 mostly Native American and Latino farm workers. As MHProNews learned, a storm which deluged the community with almost six inches of rain Sept. 11, 2012 destroyed and/or damaged most of the homes, many of which were not in good shape to begin with, leading to the ordered closure.

(Photo credit: top–Denise Goolsby/TheDesertSun–Duroville

bottom–Omar Ornelas/TheDesertSun–Mountain View Estates)

UFPI Adds Board Feet

May 17th, 2012 Comments off

MarketWatch informs us that MH component supplier Universal Forest Products, Inc. (UFPI) has acquired through a subsidiary Haleyville, Alabama-based MSR Forest Products, LLC, a provider of roof trusses and cut-to-order lumber for the manufactured housing industry. UFPI has an existing plant in Haleyville. With annual sales of $10 million, MSR also has a facility in Waycross, Georgia that is included in the acquisition. Headquartered in Grand Rapids, Michigan, UFPI is a holding company that provides resources for subsidiaries that produce and distribute a variety of wood and wood-look products for the DYI market, engineered components for commercial and residential construction, and structural lumber for manufactured housing. MHProNews.com has learned the purchase price was not disclosed.

(Photo credit: Tim Saville/General Truss)