Rochester,NY 7/10/2009 2:47:35 AM
Afternoon Report - PATK - Form 8-K for PATRICK INDUSTRIES INC - Sourced WhisperFromWallStreet.com
Patrick Industries Inc
Afternoon Report - PATK - Form 8-K for PATRICK INDUSTRIES INC - Sourced WhisperFromWallStreet.com
Patrick Industries Inc.PATK
On June 22, 2009, the Audit Committee (the "Audit Committee") of the Board of Directors of Patrick Industries, Inc. (the "Company"), selected Crowe Horwath LLP ("Crowe Horwath") as its independent registered public accounting firm for the fiscal year ending December 31, 2009.
Also on June 22, 2009, the Audit Committee informed Ernst & Young LLP ("E&Y") that it will be dismissed as the Company's independent registered public accounting firm.
The decision to change independent registered accounting firms was made by the Company's Audit Committee following the solicitation of proposals from three other registered public accounting firms. The decision of the Audit Committee was ratified by the Board of Directors.
The decision was made following a review of the proposals submitted, including the price and services to be provided. The Audit Committee also gave significant consideration to changes in the condition of the overall economic environment, the industries in which the Company operates, and in the markets it serves.
During the fiscal years ended December 31, 2008 and 2007 and the subsequent interim period through June 22, 2009, the Company had (i) no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, any of which that, if not resolved to E&Y's satisfaction, would have caused it to make reference to the subject matter of any such disagreement in connection with its reports for such years and interim period and (ii) no reportable events within the meaning of Item 304(a)(1)(v) of Regulation S-K during the two most recent fiscal years or the subsequent interim period.
E&Y's reports on the Company's consolidated financial statements for the fiscal years ended December 31, 2008 and 2007 do not contain any adverse opinion or disclaimer of opinion, nor are they qualified or modified as to uncertainty, audit scope, or accounting principles.
During the Company's two most recent fiscal years ended December 31, 2008 and 2007, and the subsequent interim period through the date of the Company's appointment of Crowe Horwath on June 22, 2009, neither the Company nor anyone on its behalf consulted with Crowe Horwath regarding any of the matters or events set forth in Item 304(a)(2)(i) or (ii) of Regulation S-K.
Last Trade: 1.53
Day's Range: 1.47 - 1.65
52wk Range: 0.01 - 9.03
Volume: 55,019
ABOUT Patrick Industries Inc
Patrick Industries, Inc. engages in the manufacture and distribution of building products and materials to manufactured housing and recreational vehicle markets in the United States and Canada. The company manufactures various products, including decorative vinyl and paper panels, wrapped moldings, stiles and battens, hardwood, foil and membrane pressed cabinet doors, drawer sides and bottoms, high pressure laminate, slotwall and slotwall components, components for electronic desks, countertops, and printed decorative vinyl and paper. It also provides processes, including custom fabrication, edge-banding, drilling, and cut to size capabilities. In addition, the company distributes pre-finished wall and ceiling panels, drywall and drywall finishing products, floor covering products, vinyl and cement siding, interior passage doors, roofing products, ceramic tile, electronics, insulation, particleboard, vinyl and cement siding, and other related products, as well as decorative tile, mirrors, and glass. It also serves other industrial markets, such as kitchen cabinet, home and office furniture, commercial fixtures and furnishings, marine, architectural, and the automotive aftermarket. The company was founded in 1959 and is based in Elkhart, Indiana.
---
During 2009 we have sent 40+ alerts with an average gain of over 80%. Below are a few alerts sent only to our whisperfromwallstreet.com members.
SPNG 1800%
AMNG 241%
RKBD 300%
UTRM 169%
TLLE 266%
Sign up now to receive free stock alerts
---
Please Read Our Disclaimer at http://whisperfromwallstreet.com/disclaimer.php
