SIOUX FALLS, S.D., Aug. 20 /PRNewswire-FirstCall/ -- The Board of
Directors of Raven Industries, Inc. (Nasdaq: RAVN) today announced that it had
voted to split the common shares of the company two-for-one effective
October 15, 2004, to shareholders of record on September 24, 2004. The
company last split its stock (also two-for-one) on January 15, 2003.
The Board said its confidence in the company's long-term growth prospects
and strategic direction merited the stock split along with the continued
increase in the price of common stock. The Board also noted that the increase
in the number of shares to more than 18 million should enhance market
liquidity for Raven shareholders. The announcement comes one day after Raven
reported record second-quarter net income rose 15 percent to $3.6 million from
$3.2 million, or 40 cents per share, vs. 34 cents in the year-ago quarter.
At the same time, Raven's Board approved the quarterly cash dividend of
11 cents per pre-split share, payable October 15, 2004 to shareholders of
record on September 24, 2004.
About Raven Industries, Inc.
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 http://www.ravenind.com , the
company's website.
SOURCE Raven Industries, Inc.
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Related links:
http://www.ravenind.com
CONTACT:
Tom Iacarella, VP & CFO of Raven Industries,
Inc., +1-605-336-2750; or General Inquiries, Dennis Waite,
+1-708-246-6265, Analyst Inquiries, Leslie Loyet,
+1-312-640-6672, or Media Inquiries, Cindy Martin,
+1-312-640-6741, all of Financial Relations Board
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