SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
(Amendment No. )
Filed by the Registrant [X ]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-
6(e)(2))
[X ] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Sections 240.14a-11(c) or Section 240.14a-
12
PATRICK INDUSTRIES, INC.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[ X] No fee required
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11
1) Title of each class of securities to which transaction applies:
2) Aggregate number of securities to which transaction applies:
3) Per unit price or other underlying value of transaction computed pursuant
to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is
calculated and state how it was determined):
4) Proposed maximum aggregate value of transaction:
5) Total fee paid:
[ ] Fee paid previously with preliminary materials
[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.
1) Amount Previously Paid:
2) Form, Schedule or Registration Statement No.:
3) Filing Party:
4) Date Filed:
PATRICK INDUSTRIES, INC.
1800 South 14th Street
P.O. Box 638
Elkhart, Indiana 46515
219-294-7511
____________
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
To Be Held May 15, 1998
TO THE SHAREHOLDERS:
NOTICE IS HEREBY GIVEN that the Annual Meeting of Shareholders of Patrick
Industries, Inc., an Indiana corporation, will be held at the Company's Patrick
Metals Division offices, 5020 Lincolnway East, Mishawaka, Indiana, on Friday May
15, 1998 at 10:30 a.m., Mishawaka time, for the following purposes:
1. To elect four directors of the Company to serve until 2001.
2. To consider and transact such other business as may properly come before
the meeting or any adjournments thereof.
The Board of Directors has fixed the close of business on March 20, 1998, as
the record date for the determination of the holders of shares of the Company's
outstanding Common Stock entitled to notice of and to vote at the Annual Meeting
of Shareholders. Each shareholder is entitled to one vote per share on all
matters to be voted on at the meeting.
Whether or not you expect to attend the meeting, you are urged to sign, date,
and return the enclosed proxy in the enclosed envelope.
By Order of the Board of Directors,
KEITH V. KANKEL
SECRETARY
April 10, 1998
PLEASE DATE, SIGN AND MAIL THE ENCLOSED PROXY IN THE ENVELOPE PROVIDED WHICH
REQUIRES NO POSTAGE FOR MAILING IN THE UNITED STATES. A PROMPT RESPONSE IS
HELPFUL, AND YOUR COOPERATION WILL BE APPRECIATED.
PATRICK INDUSTRIES, INC.
1800 SOUTH 14TH STREET
P.O. BOX 638
ELKHART, INDIANA 46515
219-294-7511
_____________________
PROXY STATEMENT
ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD MAY 15, 1998
_______________________________
This Proxy Statement is being mailed to shareholders of Patrick Industries,
Inc. (the "Company") on or about April 10, 1998, and is furnished in connection
with the Board of Directors' solicitation of proxies for the Annual Meeting of
Shareholders to be held on May 15, 1998 for the purpose of considering and
acting upon the matters specified in the Notice of Annual Meeting of
Shareholders accompanying this Proxy Statement. If the form of proxy which
accompanies this Proxy Statement is executed and returned, it may be revoked by
the person giving it at any time prior to the voting thereof by written notice
to the Secretary, by delivery of a later dated proxy or by requesting to vote in
person at the meeting. Additional solicitations, in person or by telephone or
telegraph, may be made by certain directors, officers and employees of the
Company without additional compensation. Expenses incurred in the solicitation
of proxies, including postage, printing and handling, and actual expenses
incurred by brokerage houses, custodians, nominees, and fiduciaries in
forwarding documents to beneficial owners, will be paid by the Company.
The Annual Report to shareholders for the year ended December 31, 1997,
accompanies this Proxy Statement. Additional copies of the Annual Report may be
obtained by writing the Secretary of the Company.
VOTING INFORMATION
Each shareholder is entitled to one vote for each share of the Company's
Common Stock held as of the record date. For purposes of the meeting, a quorum
means a majority of the outstanding shares. As of the close of business on
March 20, 1998, the record date for shareholders entitled to vote at the annual
meeting, there were outstanding 5,897,766 shares of Common Stock, entitled to
one vote each. In determining whether a quorum exists at the meeting, all
shares represented in person or by proxy will be counted. A shareholder may,
with respect to the election of directors, (i) vote for the election of all
named director nominees, (ii) withhold authority to vote for all named director
nominees or (iii) vote for the election of all named director nominees other
than any nominee with respect to whom the shareholder withholds authority to
vote by so indicating in the appropriate space on the proxy. Proxies properly
executed and received by the Company prior to the meeting and not revoked will
be voted as directed therein on all matters presented at the meeting. In the
absence of a specific direction from the shareholder, proxies will be voted for
the election of all named director nominees.
The affirmative vote of the holders of a majority of the shares present in
person or by proxy at the meeting and entitled to vote is required in the
election of directors. Withholding authority to vote for a director nominee
will in effect count as a vote against the director nominee. Any other matter
which may properly come before the meeting will be approved if the votes cast
favoring the action exceed the votes cast opposing the action. Broker non-votes
will have no effect on any matter at the Annual Meeting.
The Board of Directors knows of no other matter which may come up for action
at the meeting. However, if any other matter properly comes before the meeting,
the persons named in the proxy form enclosed will vote in accordance with their
judgment upon such matter.
Shareholder proposals for inclusion in proxy materials for the next Annual
Meeting should be addressed to the Company's Secretary, P.O. Box 638, Elkhart,
Indiana 46515, and must be received no later than December 11, 1998. In
addition, the Company's By-laws require notice of any other business to be
brought before a meeting by a shareholder to be delivered to the Company's
Secretary, together with certain prescribed information, not less than 20 nor
more than 50 days prior to such meeting. Likewise, the Articles of
Incorporation and By-laws require than shareholder nominations to the Board of
Directors be delivered to the Secretary, together with certain prescribed
information, not less than 20 no more than 50 days prior to a meeting at which
directors are to be elected.
STOCK OWNERSHIP INFORMATION
The following table sets forth, as of the record date, information concerning
the only parties known to the Company having beneficial ownership of more than 5
percent of its outstanding Common Stock and information with respect to the
stock ownership of all directors and executive officers of the Company as a
group.
<TABLE>
<CAPTION> NUMBER OF
SHARES
BENEFICIALLY PERCENT
NAME AND ADDRESS OF BENEFICIAL OWNER OWNED OF CLASS
<S> <C> <C>
Mervin D. Lung . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 985,286 16.57%(1)
Chairman of the Company
P.O. Box 638
Elkhart, Indiana 46515
Dimensional Fund Advisors, Inc. . . . . . . . . . . . . . . . . . . . . . 321,342 5.40%(2)
1299 Ocean Avenue, 11th Floor
Santa Monica, California 90401
FMR Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450,500 7.57%
82 Devonshire Street
Boston, Massachusetts 02109
Heartland Advisors, Inc. . . . . . . . . . . . .. . . . .. . . . . . . . . 878,500 14.77%
790 North Milwaukee Street
Milwaukee, Wisconsin 53202
Directors and Executive Officers as a group (10 persons) . . 1,260,986 21.20%(3)
_________
(1) Includes 10,000 shares held under options exercisable within 60 days of the
record date of the annual meeting.
(2) Dimensional Fund Advisors, Inc. ("Dimensional"), a registered investment
advisor, is deemed to have beneficial ownership of 321,342 shares of the
Company's Common Stock as of December 31, 1997, all of which shares are
held in portfolios of DFA Investment Dimensions Group, Inc., a registered
open-end investment company, or in series of the DFA Investment Trust
Company, a Delaware business trust, or the DFA Group Trust and DFA
Participation Group Trust, investment vehicles for qualified employee
benefit plans, all of which Dimensional Fund Advisors, Inc. serves as
investment manager. Dimensional disclaims beneficial ownership of all such
shares.
(3) The stock ownership of the executive officers named in the Summary
Compensation Table is set forth under the heading "Election of Directors."
</TABLE>
SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Section 16(a) of the Securities Exchange Act of 1934 requires that certain of
the Company's officers, its directors and 10% shareholders file with the
Securities and Exchange Commission and Nasdaq an initial statement of beneficial
ownership and certain statements of changes in beneficial ownership of Common
Stock of the Company. Based solely on its review of such forms received by the
Company and written representation from the directors and officers that no other
reports were required, the Company is unaware of any instances of noncompliance,
or late compliance, with such filings during the fiscal year ended December 31,
1997.
ELECTION OF DIRECTORS
The Board of Directors is divided into three classes, with the members of
each class serving staggered three-year terms. Accordingly, at the 1998 Annual
Meeting four directors will be elected to hold office until the 2001 Annual
Meeting or until their successors are duly elected and qualified.
It is intended that the proxies will be voted for the nominees listed below,
unless otherwise indicated on the proxy form. It is expected that these
nominees will serve, but, if for any unforeseen cause any such nominee should
decline or be unable to serve, the proxies will be voted to fill any vacancy so
arising in accordance with the discretionary authority of the persons named in
the proxies.
The following information concerning principal occupations and the number of
shares of Common Stock of the Company owned beneficially as of March 20, 1998,
has been furnished by the nominees and directors continuing in office:
<TABLE>
<CAPTION>
COMMON PERCENT
FIRST STOCK OF
YEAR OF THE COMMON
PRINCIPAL OCCUPATION ELECTED COMPANY STOCK
NAME AND AGE AND OTHER DIRECTORSHIPS DIRECTOR OWNED(1) OWNED
<S> <C> <C> <C>
Nominees to Serve Until the 2001 Annual Meeting:
Keith V. Kankel, 55 . . . . . Vice President of Finance since 1987 1977 26,686(2) less
and Secretary-Treasurer since 1974. than
1%
Mervin D. Lung, 75 . . . . . Chairman (Chief Executive Officer) in 1961 985,286(2) 16.57%
1989, President since incorporation
in 1961 until 1989, husband of Dorothy
M. Lung and father of David D. Lung.
John H. McDermott, 66 . . . President of John H. McDermott, P.C., 1969 23,000 less
a partner in the Chicago, Illinois than
law firm of McDermott, Will & Emery, 1%
which firm has been retained by the
Company since 1968 for certain legal
matters.
Harold E. Wyland, 61 . . . . Vice President of Sales since 1990. 1989 15,800 less
National Sales Manager since 1987. than
1%
Directors to Serve Until the 2000 Annual Meeting:
Thomas G. Baer, 66 . . . . . Vice President of Operations since 1970 13,008(2) less
1975. than1%
Merlin D. Knispel, 66 . . . Retired Vice President and Chief 1985 24,300 less
Operating Officer of Vitco, Inc. than
(porcelain enameler) since 1986. 1%
David D. Lung, 50 . . . . . President (Chief Operating Officer) 1977 85,556(2) 1.44%
since 1989, Vice President of
Administration and Purchasing since
1987. Son of Mervin and Dorothy M.
Lung.
Directors to Serve Until the 1999 Annual Meeting:
Clyde H. Keith, 85 . . . . . Retired trustee of Closed-End Funds 1981 20,450 less
and Variable Annuity Funds, retired than
former Chairman of the Board of an 1%
investment banking firm.
COMMON PERCENT
FIRST STOCK OF
YEAR OF THE COMMON
PRINCIPAL OCCUPATION ELECTED COMPANY STOCK
NAME AND AGE AND OTHER DIRECTORSHIPS DIRECTOR OWNED(1) OWNED
Dorothy M. Lung, 70 . . . Vice President and Director of Gano 1986 33,600 less
Plywood, Inc. (construction than
materials), wife of Mervin D. Lung 1%
and mother of David D. Lung
Robert C. Timmins, 76 . . . Retired Vice President and Director of 1987 33,300 less
a Musical Instrument Company and than
CPA and Partner of McGladrey & 1%
Pullen (certified public accountants)
until 1985.
- - - - - - - -
(1) Each individual has sole voting and dispositive power over the shares
indicated.
(2) Includes 10,000 shares held under stock options exercisable within 60 days
of the record date of the annual meeting.
</TABLE>
COMPENSATION OF EXECUTIVE OFFICERS AND DIRECTORS
<TABLE>
SUMMARY COMPENSATION TABLE
<CAPTION>
ANNUAL COMPENSATION ALL OTHER
NAME AND PRINCIPAL POSITION YEAR SALARY ($) BONUS ($) COMPENSATION ($)(1)
<S> <C> <C> <C> <C>
Mervin D. Lung 1997 219,408 168,862 665
Chairman and CEO 1996 208,948 220,843 950
1995 202,784 223,745 924
David D. Lung 1997 182,853 168,862 665
President and COO 1996 174,128 220,843 950
1995 169,158 223,745 924
Thomas G. Baer 1997 127,955 168,862 665
Vice President of Operations 1996 121,858 220,843 950
1995 118,648 223,745 924
Keith V. Kankel 1997 127,955 168,862 665
Vice President of Finance 1996 121,858 220,843 950
1995 118,648 223,745 924
Harold E. Wyland 1997 127,955 168,862 665
Vice President Sales 1996 121,858 220,843 950
1995 118,648 223,745 924
_ _ _ _ _ _ _ _ _
(1) Company contributions to 401(k) Savings Plan.
</TABLE>
AGGREGATED OPTION EXERCISES IN LAST FISCAL YEAR AND FY-END OPTION VALUES
<TABLE>
<CAPTION>
NUMBER OF VALUE OF
SECURITIES UNDERLYING UNEXERCISED
UNEXERCISED IN-THE-MONEY
SHARES OPTIONS AT FY- OPTIONS AT FY-
ACQUIRED ON END (#) END ($)*
NAME EXERCISE (#) VALUE REALIZED ($) ALL EXERCISABLE ALL EXERCISABLE
<S> <C> <C> <C> <C>
Mervin D. Lung . . . . . . --- --- 10,000 $40,000
David D. Lung . . . . . . . --- --- 10,000 $40,000
Thomas G. Baer . . . . . . --- --- 10,000 $40,000
Keith V. Kankel . . . . . . --- --- 10,000 $40,000
Harold E. Wyland . . . . --- --- 10,000 $40,000
- - - - - - -
* Market value of the underlying stock at exercise date or year-end as the case
may be, minus the exercise price of the options.
</TABLE>
Under the Company's 1987 Stock Option Program, the Company may grant to key
employees (including employees who may also be officers and directors, as long
as they do not serve on the committee overseeing the administration of the
Program) stock options that may either be incentive stock options or non-
qualified stock options, related stock appreciation rights and stock awards.
During 1997 no stock options were granted.
The executive officers of the Company have deferred compensation agreements
which provide that the Company will pay each of these employees or their
beneficiaries 60% of their base salary for 120 months upon retirement (if the
employee continues in the employ of the Company until the age of 65) or upon the
employee's death or total disability, up to a maximum of $102,000 per year for
Mervin D. Lung, $82,000 per year for David D. Lung, and $72,000 for Harold E.
Wyland, Keith V. Kankel, and Thomas G. Baer. The cost of these agreements is
being funded with insurance contracts purchased by the Company.
BOARD OF DIRECTORS AND COMMITTEES
The Board of Directors has an Audit Committee comprised of Clyde H. Keith,
Merlin D. Knispel and Robert C. Timmins, who are not employees of the Company,
and Mervin D. Lung and Keith V. Kankel, who are employees of the Company. The
Audit Committee's responsibilities include recommending to the Board of
Directors the independent accountants to be employed for the purpose of
conducting the annual examination of the Company's financial statement,
discussing with the independent accountants the scope of their examination,
reviewing the Company's financial statements and the independent accountants'
report thereon with Company personnel and the independent accountants, and
inviting the recommendations of the independent accountants regarding internal
controls and other matters. The Audit Committee met four times during 1997.
The Board of Directors also has a Stock Option Committee, comprised of John
H. McDermott, Clyde H. Keith and Robert C. Timmins. The Stock Option Committee
did not meet in 1997.
The Board of Directors also has a Compensation Committee which met twice in
1997 and their actions are described on the following pages of this Proxy
Statement.
The Board of Directors had five meetings in 1997 and all directors attended
at least four meetings. Non-employee directors are paid $600 for each meeting
they attend. Employee directors receive no compensation as such. On a bi-
annual basis in May, each non-employee director is automatically granted a
restricted stock award for 6,000 shares of the Company's Common Stock which will
vest upon such director's continued service as a member of the Board of
Directors for two years or earlier upon certain events.
COMPENSATION COMMITTEE REPORT ON EXECUTIVE COMPENSATION
This report of the Compensation Committee and the following Performance Graph
shall not be deemed incorporated by reference by any general statement
incorporating by reference this Proxy Statement into any filing under the
Securities Act of 1933 or under the Securities Exchange Act of 1934, except to
the extent that the Company specifically incorporates this information by
reference, and shall not otherwise be deemed filed under such Acts.
OVERVIEW
The Committee policy is to design compensation programs for salaries,
incentive bonus programs, other benefits, and long-term incentive programs for
all key executives, including the officers named in the Summary Compensation
Table. The goals and objectives of the Committee are to attract and retain top
quality management employees and ensure that an appropriate relationship exists
between executive pay and the creation of shareholder value. The criteria used
to determine the compensation of the Chief Executive Officer will also be used
in determining compensation for the other officers. The Committee will also
receive the recommendation of the Chief Executive Officer regarding the
compensation of the other officers.
Federal tax law imposes a $1 million limit on the tax deduction for certain
executive compensation payments. Because the compensation paid to any executive
office is significantly below the $1 million threshold, the Compensation
Committee has not yet had to address the issues relative thereto.
SALARIES
The executive salaries are reviewed annually. The Committee sets executive
salaries based on competitive market levels, experience, individual and company
performance, levels of responsibility, and pay practices of other companies
relating to executives of similar responsibility. The Committee considered the
compensation levels of executives at comparable companies and fixed the
compensation for the CEO and other executive officers at levels approximating
the midrange of such companies. The Committee includes in its consideration
comparable companies listed in the CRSP Index for lumber and wood products and
other in building products industries. See "Performance Graph."
ANNUAL INCENTIVE
The Company provides an annual bonus plan for executive officers that gives
them the opportunity to earn additional compensation based on the performance of
the Company. The Chief Executive Officer and the other officers share equally
in this program to achieve certain bonus amounts based on various levels of
profitability of the Company. In 1997, a bonus pool of $844,310 was split
equally among all executive officers. The basis for this bonus pool in 1997 was
5.8 percent of the Company's 1997 income before taxes. This formula has been in
use for over ten years, but the rate was reduced by 1% in 1995, and 1/2% in
1996.
STOCK OPTIONS
On an ongoing bases the Company has used stock options as a long-term
incentive program for executives and key employees. The Stock Option Committee
of the Board granted options in 1994 of 10,000 shares to each officer. No
options were granted in 1997.
Merlin D. Knispel
David D. Lung
Mervin D. Lung
John H. McDermott
COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION
Mervin D. Lung is Chairman and Chief Executive Officer of the Company and
David D. Lung is President and Chief Operating Officer of the Company. Mervin
D. Lung and David D. Lung did not participate in the final decisions with
respect to their compensation. John H. McDermott is President of John H.
McDermott, P.C., a partner in the Chicago, Illinois law firm of McDermott, Will
& Emery which provides various legal services to the Company.
CERTAIN TRANSACTIONS
The Company leases a distribution warehouse and various facilities for its
manufacturing operations from Mervin D. Lung, the Company's Chairman, under an
agreement which expires September 30, 2005, with an option to renew for three
years. The agreement provides for monthly rental of $27,801, and the payment of
property taxes and insurance premiums on the property. The Company also leases
two buildings from Mr. Lung used for distribution and manufacturing, under an
agreement expiring on September 30, 1999, with an option to renew for five
years. The agreement provides for monthly rental of $24,300, and the payment of
property taxes and insurance premiums on the property. The Company also leases
two manufacturing facilities from Mr. Lung under agreements that expire on March
31, 1999 with options to renew for three years. The agreements provide for
monthly rentals of $10,530, and the payment of property taxes and insurance
premiums on the property. The Company also leases three manufacturing
facilities from Mr. Lung under agreements that expire on August 31, 2000,
October 31, 2000, and July 31, 1998 with options to renew for three years. The
agreements provide for monthly rentals of $23,750, and the payment for property
taxes and insurance premiums on the property. The Company also leases an
aircraft from Mr. Lung under an agreement that expires on June 13, 2002. The
agreement provides for monthly rentals of $24,350, and the payment of insurance
premiums and maintenance on the aircraft.
Mr. Lung owns a building supply firm which does not serve the manufactured
housing and recreational vehicle industries. The Company purchases certain
specialty items from and sells products to such firm. During the year ended
December 31, 1997, purchases from such firm totaled $29,782 and sales to such
firm totaled $36,801.
The Company believes that the terms of each of the above transactions are at
least as favorable as those which could have been obtained from unrelated
parties.
PERFORMANCE GRAPH*
Set forth below is a line graph comparing the yearly cumulative total
shareholder return on the Company's Common Stock against the cumulative total
return of the indices indicated for the period of five fiscal years commencing
December 31, 1992 and ended December 31, 1997. This graph assumes that $100 was
invested on December 31, 1992 and that all dividends were reinvested. The stock
price performance shown on the graph below is not necessarily indicative of
future price performance.
COMPARISON OF FIVE YEAR-CUMULATIVE TOTAL RETURNS
PERFORMANCE GRAPH FOR
PATRICK INDUSTRIES, INC.
[GRAPH]
<TABLE>
<CAPTION>
12/31/92 12/31/93 12/31/94 12/30/95 12/29/96 12/31/97
<S> <C> <C> <C> <C> <C> <C>
Patrick Industries, Inc. 100.00 347.7 218.2 392.3 421.4 414.1
CRSP Index for Nasdaq Stock Market (US 100.0 114.8 112.2 158.7 195.2 239.5
Companies)
CRSP Index for Lumber and wood products 100.0 194.3 136.1 181.4 245.5 275.7
(except furniture)
</TABLE>
LEGEND
NOTES:
A. The lines represent monthly index levels derived from
compounded daily returns that include all dividends.
B. The indexes are reweighted daily, using the market
capitalization on the previous trading day.
C. If the monthly interval, based on the fiscal year-end,
is not a trading day, the preceding trading day is used.
D. The index level for all series was set to $100.0 on
12/31/92.
________________
* Prepared by Center for Research in Securities Prices, University of
Chicago/Graduate School of Business.
ACCOUNTING INFORMATION
The Company's Certified Public Accountants for the year 1997 were McGladrey &
Pullen, and such firm has been selected by the Board of Directors to audit the
Company's accounts for the year 1998. McGladrey & Pullen is expected to have a
representative at the Annual Meeting of Shareholders and will be available to
respond to appropriate questions at that time and have an opportunity to make a
statement if they desire to do so.
By Order of the Board of Directors
KEITH V. KANKEL
Secretary
April 10, 1998
PROXY PATRICK INDUSTRIES, INC. PROXY
1800 South 14th Street, P.O. Box 638, Elkhart, Indiana 46515
This Proxy is Solicited on Behalf of the Board of Directors.
The undersigned hereby appoints Mervin D. Lung and Thomas G. Baer, and each
of them, as the undersigned's proxies, each with full power of substitution, to
represent and to vote, as designated below, all of the undersigned's Common
Stock in Patrick Industries, Inc. at the annual meeting of shareholders of
Patrick Industries, Inc. to be held on Friday, May 15, 1998, and at any
adjournment thereof, with the same authority as if the undersigned were
personally present.
THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN
BY THE UNDERSIGNED SHAREHOLDERS. IF NO SPECIFIC DIRECTION IS MADE, THIS PROXY
WILL BE VOTED FOR THE ELECTION OF DIRECTORS. THE DIRECTORS FAVOR A VOTE "FOR"
THE ELECTION OF DIRECTORS.
PLEASE MARK, SIGN, DATE AND RETURN THE PROXY CARD
PROMPTLY USING THE RETURN ENVELOPE.
(Continued and to be signed on reverse side.)
- -------------------------------------------------------------------------------
PATRICK INDUSTRIES, INC.
PLEASE MARK VOTE IN OVAL IN THE FOLLOWING MANNER USING DARK INK ONLY. /X/
[ ]
1. ELECTION OF DIRECTORS. For Withheld For All
Nominees: Mervin D. Lung, All All (Except Nominee(s) written below)
John H. McDermott, / / / / / /_____________________________
Harold E. Wyland,
Keith V. Kankel
2. In their discretion, the Proxies are
authorized to vote upon such other
business as may properly come before
the meeting.
Dated: _________________, 1998
Signature(s)
Please sign exactly as name appears hereon. For joint
accounts, all tenants should sign. Executors,
Administrators, Trustees, etc., should so indicate
when signing.
- -------------------------------------------------------------------------------
^ FOLD AND DETACH HERE ^
YOUR VOTE IS IMPORTANT!
PLEASE MARK, SIGN, DATE AND RETURN THE PROXY CARD
PROMPTLY USING THE RETURN ENVELOPE.
