Patrick Industries splits shares
as the wood component maker
sales jumps 34 percent
Wood components giant Patrick Industries,
Inc. (NASDAQ: PATK) board approved a
three-for-two stock split of its common stock.
Existing shareholders will get one additional
share of common stock for every two shares
they hold as of November 24, 2017.
The split will increase the number of outstanding shares of the Company’s common
stock from approximately 16. 8 million to 25. 2
Late last month Patrick Industries reported
a 34 percent increase in net income for the
third quarter, with sales jumping by $103.3
million to reach $407.5 million. For several
years Patrick has been growing by acquisitions which have also led to market share
gains, and was listed in August in Industry-Week’s Top 50 Manufacturers.