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Raven Industries Reports Fourth Quarter And Fiscal 2010 Results

For more information on Raven Industries, please visit www.ravenind.com .

FINANCIAL TABLES FOLLOW…

    
    
                                    RAVEN INDUSTRIES, INC.           
                         CONDENSED CONSOLIDATED STATEMENTS OF INCOME  
                          (In thousands, except earnings per share)    
                                                                          
                                                                         
                            Three Months Ended       Twelve Months Ended
                                January 31                January 31  
                             ------------------       ------------------- 
                                        Fav (Unfav)                Fav (Unfav)
                          2010    2009    Change    2010     2009     Change  
                          ----    ----     ------   ----     ----     ------  
    Net sales            $55,816 $59,931    (7)%  $237,782  $279,913    (15)%
    Cost of                                                          
     goods sold           41,782  47,852           175,447   212,032          
                          ------  ------           -------   -------          
      Gross profit        14,034  12,079    16%     62,335    67,881     (8)%
                                                                             
    Selling,                                                                 
     general and                                                             
     administrative                                                        
     expenses              5,352   5,009            19,115    21,487          
                           -----   -----            ------    ------          
      Operating                                                              
       income              8,682   7,070    23%     43,220    46,394     (7)%
                                                                             
    Other expense                                                          
     (income), net             1     (36)             (102)     (507)         
                              --     ---              ----      ----          
      Income before                                                          
       income taxes        8,681   7,106    22%     43,322    46,901     (8)%
                                                                             
    Income taxes           2,835   2,418            14,748    16,131          
                           -----   -----            ------    ------          
                                                                             
      Net income          $5,846  $4,688    25%    $28,574   $30,770     (7)%
                          ======  ======           =======   =======          
                                                                             
    Net income                                                               
     per common                                                              
     share:                                                                  
      -basic               $0.32   $0.26    23%      $1.58     $1.71     (8)%
      -diluted             $0.32   $0.26    23%      $1.58     $1.70     (7)%
                                                                             
    Weighted average                                                        
     common shares                                                  
     outstanding:                                                          
      -basic              18,050  18,026            18,040    18,044          
      -diluted            18,051  18,031            18,043    18,080          
    
    
    
                                    RAVEN INDUSTRIES, INC.        
                            SALES AND OPERATING INCOME BY SEGMENT        
                                       (In thousands)                     
                                                                            
                           Three Months Ended        Twelve Months Ended     
                               January 31                January 31         
                           ------------------        -------------------     
                                         Fav (Unfav)               Fav (Unfav)
                          2010    2009     Change    2010     2009    Change 
                          ----    ----     ------    ----     ----    ------ 
    Net sales:                                                              
      Applied                                                               
       Technology       $17,258  $19,644    (12)%  $86,217  $103,098    (16)%
      Engineered                                                            
       Films             16,734   14,520     15%    63,783    89,858    (29)%
      Electronic                                                            
       Systems           13,788   16,050    (14)%   63,525    61,983     2% 
      Aerostar            8,918   10,176    (12)%   27,244    27,186     0% 
      Intersegment                                                          
       eliminations        (882)    (459)           (2,987)   (2,212)       
                           ----     ----            ------    ------        
        Total                                                             
         company        $55,816  $59,931     (7)% $237,782  $279,913    (15)%
                        =======  =======          ========  ========        
                                                                            
    Operating income                                                    
     (loss):                                                                
      Applied                                                               
       Technology        $4,139   $5,256    (21)%  $25,722   $33,884    (24)%
      Engineered Films    2,403     (178)           10,232    10,919    (6)%
      Electronic                                                            
       Systems            1,955    2,243    (13)%    8,979     5,926    52% 
      Aerostar            2,082    1,783     17%     5,634     4,219    34% 
      Intersegment                                                          
       eliminations          47      (41)               60       (52)       
                             --      ---                --       ---        
        Total segment                                                     
         income          10,626    9,063            50,627    54,896        
      Corporate                                                             
       expenses          (1,944)  (1,993)     2%    (7,407)   (8,502)   13% 
                         ------   ------            ------    ------        
        Total                                                             
         company         $8,682   $7,070     23%   $43,220   $46,394    (7)%
                         ======   ======           =======   =======        
    
    
    
                            RAVEN INDUSTRIES, INC.                        
                     CONDENSED CONSOLIDATED BALANCE SHEETS                
                                (In thousands)                            
                                                                          
                                                    January 31   January 31 
                                                       2010        2009 
                                                       ----        ---- 
    ASSETS                                                                
    Cash, cash equivalents and short-term                                 
     investments                                      $43,684     $16,267 
    Accounts receivable, net                           34,327      40,278 
    Inventories                                        34,475      35,977 
    Other current assets                                5,261       5,551 
                                                        -----       ----- 
        Total current assets                          117,747      98,073 
                                                                          
    Property, plant and equipment, net                 33,029      35,880 
    Other assets, net                                  19,533      10,462 
                                                       ------      ------ 
                                                     $170,309    $144,415 
                                                     ========    ======== 
                                                                          
    LIABILITIES AND SHAREHOLDERS' EQUITY                                  
    Accounts payable                                  $12,398      $9,433 
    Accrued and other liabilities                      13,562      13,889 
                                                       ------      ------ 
        Total current liabilities                      25,960      23,322 
                                                                          
    Other liabilities                                  11,098       7,537 
    Shareholders' equity                              133,251     113,556 
                                                      -------     ------- 
                                                     $170,309    $144,415 
                                                     ========    ======== 
                                                                          
    
                                                                          
                            RAVEN INDUSTRIES, INC.                        
                       CONDENSED CONSOLIDATED CASH FLOWS                  
                                (In thousands)                            
                                                                          
                                                     Twelve Months Ended  
                                                          January 31      
                                                     -------------------  
                                                       2010         2009 
                                                       ----         ---- 
    Cash flows from operating activities:                                 
      Net income                                      $28,574     $30,770 
      Adjustments to reconcile net income to net cash                     
      provided by operating activities:                                   
        Depreciation and amortization                   7,108       7,758 
        Other operating activities, net                11,961         509 
                                                       ------         --- 
      Net cash provided by operating activities        47,643      39,037 
                                                       ------      ------ 
                                                                          
    Cash flows from investing activities:                                 
      Capital expenditures                             (3,302)     (8,001)
      Investment in and acquisition of businesses      (7,000)       (488)
      Other investing activities, net                  (3,094)      1,489 
                                                       ------       ----- 
      Net cash used in investing activities           (13,396)     (7,000)
                                                      -------      ------ 
                                                                          
    Cash flows from financing activities:                                 
      Dividends paid                                   (9,911)    (31,884)
      Purchase of treasury stock                            -      (5,180)
      Other financing activities, net                      44          95 
                                                           --          -- 
      Net cash used in financing activities            (9,867)    (36,969)
                                                       ------     ------- 
                                                                          
    Effect of exchange rate changes on cash                37         (73)
                                                           --         --- 
                                                                          
    Net increase (decrease) in cash and cash                              
     equivalents                                       24,417      (5,005)
    Cash and cash equivalents at beginning of                             
     period                                            16,267      21,272 
                                                       ------      ------ 
    Cash and cash equivalents at end of period         40,684      16,267 
    Short-term investments                              3,000           - 
                                                        -----          -- 
    Cash, cash equivalents and short-term                                 
     investments                                      $43,684     $16,267 
                                                      =======     ======= 
    
    
    

SOURCE Raven Industries, Inc.

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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