Patrick Industries (PATK) Raises Buyback Plan to $50 Million

Patrick Industries, Inc. (NASDAQ: PATK) ("Patrick" or the "Company") announced today that its Board of Directors (the "Board") approved an increase in the amount of the Company's common stock that may be acquired over the next 24 months under the Company's current stock repurchase program to $50.0 million, including the amount remaining under the previous authorization.

As previously announced in January 2018, the Board authorized repurchases of up to $50 million over a 24-month period (the "2018 Repurchase Plan"). Year-to-date through May 17, 2018, the Company has repurchased, in the aggregate, 747,995 shares at an average price of $57.63 per share for a total cost of approximately $43.1 million under the 2018 Repurchase Plan. Share repurchases will be made from time to time through open market transactions at prevailing market prices, or in privately negotiated transactions or otherwise.

"The increase in our stock repurchase authorization reflects the confidence that our Board of Directors and management team have in Patrick's outlook and market conditions, and is consistent with our capital allocation strategy and our commitment to driving shareholder value," said Todd M. Cleveland, Chief Executive Officer.

The timing and amount of purchases under the program are discretionary and will be determined by management and the Board of Directors based upon market and business conditions, stock price and other factors. The repurchase of any shares under the stock repurchase program will be subject to restrictions under insider trading laws and the Company's self-imposed blackout periods, as well as the timing of the release of the Company's financial results for future fiscal periods. All or part of the repurchases may be implemented under a Rule 10b5-1 trading plan, which would allow repurchases under pre-set terms at times when the Company might otherwise be prevented from doing so under insider trading laws or because of self-imposed blackout periods.

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