SIOUX FALLS, S.D., March 17 /PRNewswire-FirstCall/ -- Noting its strong,
record-high performance for the fiscal year ended January 31, 2003, Raven
Industries, Inc. (Nasdaq: RAVN) announced today that its board of directors
approved a 14.3 percent hike in the company's quarterly cash dividend to eight
cents per share, payable April 15, 2003, to shareholders of record on
March 28, 2003. This is the 17th consecutive annual increase in the
shareholder payout, Raven noted.
"We continue to generate the strong earnings and cash flow needed to
support consistent dividend increases," said Ronald Moquist, Raven President
and CEO. "Dividends have always been a significant part of our shareholders'
return on investment."
The company reported earlier this month that net earnings climbed 26
percent while earnings per share rose 29 percent to a record $1.20 per diluted
share from $0.93 per share on a post-split basis. Raven declared a two-for-
one stock split effective January 15, 2003, and now has approximately 9.1
million shares outstanding.
Raven is an industrial manufacturer that provides electronics
manufacturing services, reinforced plastic sheeting and flow control devices
to various markets.
On the Internet, information is available at FRB's website,
http://www.frbinc.com , or at http://www.ravenind.com , the company's website.
SOURCE Raven Industries, Inc.
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Related links:
http://www.frbinc.com
http://www.ravenind.com
CONTACT:
Tom Iacarella, VP & CFO of Raven Industries,
Inc., +1-605-336-2750; or General-Analyst Inquiries, Leslie
Loyet, +1-312-640-6672, or Media Inquiries, Cindy Martin,
+1-312-640-6741, both of FRB Weber Shandwick
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