Raven announces Q4 and FY results
Mar 13, 2007
Raven Industries, Inc. (Nasdaq: RAVN) reported sales and earnings for its fourth quarter and full year ended January 31, 2007.
For the fiscal year, Raven reported total sales of $217.5 million, an increase of 6 percent from the $204.5 million a year earlier. Strong performances from the Engineered Films and Electronic Systems divisions were countered by weakness in the Flow Controls Division and Aerostar. Net income for this period rose 5 percent to $25.4 million, or $1.39 cents per share, from $24.3 million, or $1.32 cents per share.
For the fourth quarter, net sales decreased 6 percent to $51.2 million from $54.4 million in the same quarter of the previous year. While the Electronic Systems Division posted a solid improvement in revenues, this was not enough to offset the lack of disaster film shipments in the Engineered Films Division, which were very strong in the quarter ended January 31, 2006. Operating income for the most recent quarter was up slightly to $8.4 million versus $8.3 million for last year's fourth quarter. Net income for the quarter rose 7 percent to $5.8 million, or $0.32 per share, from $5.5 million, or $0.30 per share, in the prior-year period.