This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Raven Industries Reports Fourth-Quarter Results, Record Fiscal 2013 Year

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."

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs