This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs