This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Raven Industries Reports Fourth Quarter And Fiscal 2010 Results

SIOUX FALLS, S.D., March 11 /PRNewswire-FirstCall/ -- Raven Industries, Inc. (Nasdaq: RAVN) today announced its performance for the three months and fiscal year ended January 31, 2010. Lower sales reflected weaker economic conditions in Raven's markets. However, cost reductions and operating efficiencies led to improved profitability.  In the fourth quarter, the Company produced a 25 percent increase in net income on 7 percent lower sales. Earnings per diluted share in the fourth quarter increased to 32 cents compared with 26 cents in the prior year period.

For the full year, sales were down 15 percent to $237.8 million from a record $279.9 million in fiscal 2009. This reflected lower revenues at the Applied Technology and Engineered Films divisions and slight increases at Electronic Systems and Aerostar. Net income decreased 7 percent to $28.6 million, or $1.58 per diluted share, compared with the year-ago record of $30.8 million, or $1.70 per diluted share. Return on sales improved to 12.0 percent from 11.0 percent.

"Raven had a good year, but not a record year as our markets deteriorated," said Ronald M. Moquist, chief executive officer. "However, we responded quickly in the face of this situation. Cuts were made and spending was aggressively managed. Things under our control, such as efficiency, productivity and quality, showed significant improvement. While we operated in a more defensive mode, we did make new investments in selected growth opportunities."  

For the fourth quarter, sales of $55.8 million decreased 7 percent from $59.9 million for the year-ago period. While net income in the previous year's fourth quarter was hurt by losses in Engineered Films, their rapid response to the recession returned the division to profitability. As a result, consolidated net income for the latest three months increased 25 percent to $5.8 million, from $4.7 million.

Applied Technology Invests in Long-term Growth

Annual revenues for the Applied Technology Division, at $86.2 million compared with the fiscal 2009 record of $103.1 million, showed a 16 percent decline. Operating income was off 24 percent, to $25.7 million, compared with $33.9 million for the prior year.

For the fourth quarter, sales were $17.3 million versus $19.6 million, or a 12 percent decrease. Operating income in the latest quarter was down 21 percent to $4.1 million from $5.3 million.

High input costs, combined with lower commodity prices, reduced profits for many American growers. Caution about equipment purchases reduced sales in this division. While revenues from international markets were also down for the year, they increased 17 percent in the fourth quarter—reaching 20 percent of division annual sales versus 18 percent a year ago.  

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
RAVN $20.79 0.00%
AAPL $130.28 0.00%
FB $81.53 0.00%
GOOG $565.06 0.00%
TSLA $218.42 0.00%


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs