SIOUX FALLS, S.D., March 22 /PRNewswire-FirstCall/ -- Raven Industries, Inc. (Nasdaq: RAVN) announced today that its board of directors approved a 14 percent increase in the company's regular quarterly cash dividend to 16 cents per share. The dividend is payable April 15, 2010, to shareholders of record on March 31, 2010. This is the company's 24th consecutive annual cash dividend increase.
"Despite the weak economy, Raven has retained its strong balance sheet and operating cash flows," said Ronald Moquist, president and chief executive officer. "Our shareholders expect solid cash returns on their investment in Raven and we are pleased to increase our dividend payout. Although we believe the tough marketplace will continue throughout this year, we plan to deliver solid growth via new products and geographic expansion. Based on this strategy we remain confident in our ability to sustain this increased dividend level."
About Raven Industries, Inc.
Raven is an industrial manufacturer that provides electronic precision-agriculture products, reinforced plastic sheeting, electronics manufacturing services and specialty aerostats and sewn products to niche markets.Forward-Looking Statements This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expectations, beliefs, intentions or strategies regarding the future. Without limiting the foregoing, the words "anticipates," "believes," "expects," "intends," "may," "plans," and similar expressions are intended to identify forward-looking statements. The company intends that all forward-looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act. Although management believes that the expectations reflected in forward-looking statements are based on reasonable assumptions, there is no assurance these assumptions are correct or that these expectations will be achieved. Assumptions involve important risks and uncertainties that could significantly affect results in the future. These risks and uncertainties include, but are not limited to, those relating to weather conditions and commodity prices, which could affect sales and profitability in some of the company's primary markets, such as agriculture, construction and oil and gas drilling; or changes in competition, raw material availability, technology or relationships with the company's largest customers—any of which could adversely affect any of the company's product lines—as well as other risks described in the company's 10-K under Item 1A. This list is not exhaustive, and the company does not have an obligation to revise any forward-looking statements to reflect events or circumstances after the date these statements are made.