SIOUX FALLS, S.D., March 10, 2011 (GLOBE NEWSWIRE) -- Raven Industries, Inc. (Nasdaq:RAVN) today announced record sales and earnings for the fourth quarter and fiscal year ended January 31, 2011. The company continues to benefit from its innovative products sold into markets such as energy exploration, precision agriculture and military surveillance.
For the full year, sales reached $314.7 million, a 32 percent increase from $237.8 million in fiscal 2010. Net income for the year of $40.5 million, or $2.24 per share, was 42 percent above the prior year's $28.6 million, or $1.58 per diluted share. Return on sales improved to 12.9 percent from 12.0 percent.
For the fourth quarter, sales increased 27 percent to $70.7 million from $55.8 million in the same period a year ago. The company's Engineered Films, Applied Technology and Aerostar operating units accounted for the majority of the sales increase, and recorded double-digit gains in operating income as well. Net income increased 27 percent to $7.4 million, or $0.41 per diluted share, compared with $5.8 million, or $0.32 per diluted share one year earlier."We had a strong finish to a very successful year," said Daniel A. Rykhus, president and chief executive officer. "Not only did we enjoy broad-based revenue gains but our profitability improved despite significantly higher investment spending for new capabilities and product development. While a more aggressive stance on driving growth may temper our bottom line over the near term, this is a great opportunity for Raven to take advantage of our strong presence in precision agriculture, engineered films and surveillance. Underpinning our efforts is a strong balance sheet, where cash balances remain healthy despite last year's special dividend payout." Precision Ag Demand Drives Applied Technology Annual revenues for the Applied Technology Division increased 16 percent to $100.1 million, compared with $86.2 million for fiscal 2010. Operating income was up 21 percent, to $31.1 million, compared with $25.7 million for the same period last year.
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