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SIOUX FALLS, S.D., March 12, 2013 (GLOBE NEWSWIRE) --
Raven Industries, Inc. (Nasdaq:RAVN) today reported record sales and earnings for its fiscal year ended January 31, 2013.
Raven's fourth-quarter net income was $11.1 million, or $0.30 per diluted share, consistent with the year-earlier net income record of $11.0 million, or $0.30 per diluted share. Applied Technology operating earnings were up 40 percent, and were offset by lower results from the Aerostar and Engineered Films Divisions. All earnings-per-share amounts have been adjusted to reflect a two-for-one stock split effective July 25, 2012.
For the fourth quarter, sales were $89.6 million, versus $96.3 million in the prior-year fourth quarter. The company's Applied Technology Division delivered a top-line gain of 18 percent. This was offset by continued softness in Aerostar and lower demand in Engineered Films, resulting in an overall quarterly sales decline of 7 percent.
Fiscal 2013 Results
For the 12 months, sales reached $406.2 million, a 6-percent increase from last year's $381.5 million. Net income grew 4 percent to $52.5 million, or $1.44 per diluted share, from $50.6 million, or $1.39 per diluted share, in fiscal 2012.
"Raven was able to generate record revenue and earnings for our 2013 fiscal year – topping the records set in fiscal 2012 and 2011," said Daniel A. Rykhus, Raven's president and chief executive officer. "Over that period the strong agriculture and energy markets provided opportunities for us to realize returns on the recent and aggressive investments made in our Applied Technology and Engineered Films Divisions—both of which turned in strong performances in fiscal 2013.
"Our targeted investments in new product development, capacity expansion and new market penetration were essential to our annual growth in those respective businesses and overall as a corporation. This performance was attained despite Aerostar facing reduced demand from the U.S. federal agency customers we serve and Engineered Films adjusting to more moderate energy market demand."