Business Context and Reporting Period
Company: Patrick Industries, Inc. (PATK)
Filing Type: Form 8-K (Current Report)
Date of Report: May 15, 2025
Event: Results of the Annual Meeting of Shareholders held on May 15, 2025, and declaration of a quarterly cash dividend.
Key Financial Metrics
This filing does not contain revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses on corporate governance events and dividend declarations.
- Quarterly Dividend: $0.40 per share of common stock.
- Dividend Record Date: May 27, 2025.
- Dividend Payment Date: June 9, 2025.
- Shares Outstanding (Record Date March 21, 2025): 33,555,159.
- Shares Voted: 31,713,889 (94.51% of eligible votes).
Material Changes and Corporate Actions
The filing reports the successful adoption of five shareholder proposals and a change in authorized share capital:
- Board Election: All nine director nominees were elected to serve until the 2026 Annual Meeting.
- Authorized Shares Increase: Shareholders approved an amendment to the Articles of Incorporation to increase authorized common stock from 40,000,000 to 60,000,000 shares.
- Accounting Firm: Ratified the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for fiscal year 2025.
- Executive Compensation: Approved the advisory vote on named executive officer compensation for fiscal year 2024.
- Voting Frequency: Shareholders recommended an annual frequency for future advisory votes on executive compensation.
Guidance, Outlook, and Risks
The filing text does not provide management commentary on future guidance, outlook, specific risks, or contingencies beyond the standard disclosure of the dividend declaration and meeting results.
Investor Verification Checklist
- Verify the ex-dividend date to ensure eligibility for the $0.40 per share payment.
- Confirm the impact of the increased authorized share count (60,000,000) on potential future dilution.
- Review the specific vote counts for director Joseph M. Cerulli, who received a higher number of "Withheld" votes (2,539,723) compared to other nominees.
- Check the press release (Exhibit 99.1) for any additional context regarding the dividend or corporate strategy not detailed in the 8-K text.