SIOUX FALLS, S.D., March 9 /PRNewswire-FirstCall/ -- The Board of
Directors of Raven Industries, Inc. (Nasdaq: RAVN) has again approved an
increase in the company's quarterly cash dividend and at the same time has
declared a special one-time cash dividend to shareholders. The board
announced the following dividend actions designed to improve shareholder value
and redeploy the company's excess cash balances:
1. A 22% increase in the regular quarterly cash dividend from 9 cents
per share to 11 cents per share; this is the 18th consecutive annual
increase in the regular dividend payout;
2. A special one-time dividend of $1.25 per share.
The special dividend will be paid May 20, 2004, to shareholders of record
as of May 3, 2004. The regular quarterly dividend of 11 cents per share
(44 cents per share annually) will be paid April 15, 2004, to shareholders of
record as of March 26, 2004.
In a separate release issued today, the company also reported an
18 percent increase in fourth-quarter net earnings to $2.6 million, a record
28 cents per share, with overall sales up 17 percent to $34 million.
As for the dividend announcements, President/CEO Ronald M. Moquist noted:
"These actions will substantially improve our returns on both equity and
assets. Today's dividend actions," Moquist continued, "have no impact on
current operations and do not in any way restrict the company's ability to
fund growth initiatives, including strategic acquisitions. We will continue
to have a strong balance sheet with significant borrowing capacity."
Raven has approximately 9,021,000 shares outstanding. The special
dividend will total approximately $11 million.
On the Internet, information is available at the company's website,
http://www.ravenind.com .
SOURCE Raven Industries, Inc.
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Related links:
http://www.ravenind.com
CONTACT:
Tom Iacarella, VP-Finance & Treasurer of
Raven Industries, Inc., +1-605-336-2750; or Dennis Waite, General
Inquiries, +1-708-246-6265, or Leslie Loyet, Analyst Inquiries,
+1-312-640-6672, or Cindy Martin, Media Inquiries,
+1-312-640-6741, all of Financial Relations Board
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