Patrick Industries Elects New Member to its Board of Directors

Tag : Industrial Laminates

ELKHART, Ind., July 24 /PRNewswire-FirstCall/ -- PatrickIndustries, Inc. (Nasdaq: PATK) today announced the appointment of Joseph M. Cerulli to the board, effective July 21, 2008.
Mr. Cerulli, 49, has been employed by Tontine Associates, LLC, aGreenwich, Conn.-based investment firm, since January 2007. Priorto that, Mr. Cerulli was an independent financial consultant from2002 to 2006. From 1985 to 2001, Mr. Cerulli was an investmentbanker with Kidder, Peabody & Co. Incorporated, PaineWebberIncorporated and UBS Warburg, LLC.
"We are pleased to welcome Joe to the board, and confident that hisleadership and experience will be an asset to the Company as weexecute on our strategic plan and continue to focus on increasingshareholder value," said Paul Hassler , Chairman and Chief Executive Officer of Patrick Industries.
About Patrick Industries
Patrick Industries, Inc. ( www.patrickind.com ) is a major manufacturer of component products and a distributorof building products serving the Manufactured Housing, RecreationalVehicle, kitchen cabinet, home and office furniture, fixture andcommercial furnishings, marine, and other Industrial markets andoperates coast-to-coast through locations in 14 states. Patrick'smajor manufactured products include cabinet and wall components,countertops, and aluminum extrusions. The Company also distributesdrywall and drywall finishing products, interior passage doors,flooring, vinyl and cement siding, ceramic tile, high-pressurelaminates, and other miscellaneous products. In May 2007, Patrickacquired Adorn, LLC, a manufacturer and supplier of interiorcomponents to the recreational vehicle and manufactured housingindustries.
Forward-Looking Information
This press release contains certain "forward-looking statements"within the meaning of the Private Securities Litigation Reform Actof 1995 with respect to financial condition, results of operations,business strategies, operating efficiencies or synergies,competitive position, growth opportunities for existing products,plans and objectives of management, markets for the Company'scommon stock and other matters. Statements in this press releasethat are not historical facts are "forward-looking statements" forthe purpose of the safe harbor provided by Section 21E of theExchange Act and Section 27A of the Securities Act. Forward-lookingstatements, including, without limitation, those relating to ourfuture business prospects, revenues and income, wherever they occurin this press release, are necessarily estimates reflecting thebest judgment of our senior management at the time such statementswere made, and involve a number of risks and uncertainties thatcould cause actual results to differ materially from thosesuggested by forward-looking statements. The Company does notundertake to update forward-looking statements to reflectcircumstances or events that occur after the date theforward-looking statements are made. You should considerforward-looking statements, therefore, in light of variousimportant factors, including those set forth in this press release.There are a number of factors, many of which are beyond theCompany's control, which could cause actual results and events todiffer materially from those described in the forward-lookingstatements. These factors include pricing pressures due tocompetition, costs and availability of raw materials, availabilityof retail and wholesale financing for manufactured homes,availability and costs of labor, inventory levels of retailers andmanufacturers, levels of repossessed manufactured homes, thefinancial condition of our customers, interest rates, oil andgasoline prices, the outcome of litigation, volume of ordersrelated to hurricane damage and operating margins on such business,and adverse weather conditions impacting retail sales. In addition,national and regional economic conditions and consumer confidencemay affect the retail sale of recreational vehicles andmanufactured homes.
SOURCE Patrick Industries, Inc.