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Raven Industries Reports Fiscal 2013 Second-Quarter Results

SIOUX FALLS, S.D., Aug. 21, 2012 (GLOBE NEWSWIRE) -- Raven Industries, Inc. (Nasdaq:RAVN) today reported sales and earnings for its fiscal 2013 second quarter ended July 31, 2012.

The top-line trends Raven saw in the 2013 fiscal first quarter continued in the second quarter, with sales rising 13 percent to $101.7 million, from the previous year's second-quarter record of $90.3 million. Revenue growth was driven by strength in the Engineered Films and Applied Technology Divisions along with the addition of Vista Research revenues in Aerostar.

Raven's second-quarter net income was $11.5 million, or $0.32 per diluted share, versus fiscal 2012 second-quarter net income of $12.5 million, or $0.34 per diluted share. The 7 percent decrease stemmed from continued volatility in the company's Aerostar Division. All earnings-per-share amounts have been adjusted to reflect a two-for-one stock split effective July 25, 2012.

For the six months, sales reached $219.6 million, a 14 percent increase from last year's $191.9 million. First-half net income grew 9 percent to $30.6 million, or $0.84 per diluted share, from $28.2 million, or $0.77 per diluted share, in fiscal 2012.

"We continue to benefit from favorable market dynamics in agriculture and energy—and we're leveraging these trends to drive revenue gains in our Engineered Films and Applied Technology Divisions," said Daniel A. Rykhus, president and chief executive officer. "Sales in these divisions continued at a record pace in the second quarter. Even though a difficult federal spending environment persisted, negatively impacting Aerostar's performance, we delivered a strong first half. The ability to do so once again highlights Raven's diversified model."

Engineered Films Delivers Record Sales

For the second quarter, Raven's Engineered Films Division posted sales of $36.8 million, a 13 percent increase from $32.5 million in the fiscal 2012 second quarter. Operating income rose 29 percent to $6.8 million, from $5.3 million in the prior-year period. Both sales and operating income were at record levels for the second quarter of the year.

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