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Raven Industries Reports Fiscal 2014 Second-Quarter Results

SIOUX FALLS, S.D., Aug. 19, 2013 (GLOBE NEWSWIRE) -- Raven Industries, Inc. (Nasdaq:RAVN) today reported sales and earnings for its fiscal 2014 second quarter ended July 31, 2013.

Raven's second-quarter net income was $8.3 million, or $0.23 per diluted share, versus year-earlier net income of $11.5 million, or $0.32 per diluted share. For the second quarter, sales were $93.4 million, versus $101.7 million in the prior-year second quarter. Sales rose modestly in the Engineered Films division and were down slightly in Applied Technology. Reflecting the current constraints on federal spending, Aerostar sales declined 23 percent.

For the six months, net income totaled $22.3 million, or $0.61 per diluted share, versus $30.6 million, or $0.84 per diluted share, in fiscal 2013. First-half sales were $197.1 million, down from last year's $219.6 million. The company anticipates a better financial performance in the fiscal 2014 second half.

"As expected, the economic headwinds and near-term challenges we faced in the fiscal first quarter, persisted in our second quarter," said Daniel A. Rykhus, Raven's president and chief executive officer. "Raven continues to become a more technology-focused company—centered on solving the specific great challenges of hunger, security, energy independence and natural resource preservation—transitioning from a company with a strong contract manufacturing orientation.

"We are 100-percent committed to executing our strategy, generating profitable revenue from our existing core markets while driving growth in closely adjacent opportunities. Our pipeline of past investments in technology, capacity and market expansions, offers plenty of growth and stability while staying focused on markets and strategies that we understand."

Multi-layer Films for High-Value Agriculture Markets Drive Engineered Films Growth

For the fiscal 2014 second quarter, sales in Engineered Films rose to $37.3 million from $36.8 million a year ago. Operating income decreased to $4.8 million, from $6.8 million in the year-ago quarter.

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