SIOUX FALLS, S.D., March 18 /PRNewswire-FirstCall/ --
Raven Industries, Inc. (Nasdaq: RAVN) today announced that its wholly owned
subsidiary, Aerostar International, Inc., has won a second major government
contract to manufacture cargo parachutes for the U.S. Army. The new agreement
is for $7.75 million over approximately 12 months and is to begin in February
2004, after full shipments of the first contract of $7.65 million have been
completed.
The parachutes are used to drop supplies and equipment for the military.
Under the terms of the first contract, the Army could exercise an option to
double the size of the requirement and extend the program an additional year,
which today was announced by Raven. Aerostar will build the parachutes at its
plant in Huron, South Dakota.
Ronald M. Moquist, president and chief executive officer of Raven, said:
"This is a positive step in our overall plan to transition from manufacturing
commercial outerwear, to sewing- and sealing-technology-based products. This
is great news for Aerostar and for our Huron plant."
Raven is an industrial manufacturer that provides electronics
manufacturing services, reinforced plastic sheeting and flow control devices
to various markets.
Forward-Looking Statements
The Private Securities Litigation Reform Act provides a "safe harbor" for
forward-looking statements. Certain information included in materials filed
or to be filed by the Company with the Securities and Exchange Commission (as
well as information included in statements made or to be made by the Company)
contains statements that are forward looking. Although the Company believes
that the expectations reflected in such forward-looking statements are based
upon reasonable assumptions, there is no assurance that such expectations will
be achieved. Such assumptions involve important risks and uncertainties that
could significantly affect results in the future. These risks and
uncertainties include, but are not limited to, those relating to general
economic conditions, weather conditions, which could affect certain of the
Company's primary markets, such as agriculture and construction, or changes in
competition, technology or the Company's customer base, any of which could
adversely impact any of the Company's product lines.
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, Dennis Waite, +1-312-640-6674,
Analysts, Leslie Loyet, +1-312-640-6672, or Media, Cindy Martin,
+1-312-640-6741, all of FRB Weber Shandwick
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