$1.25 Per Share Dividend Plus $0.13 Regular Quarterly Dividend
SIOUX FALLS, S.D., Aug. 26 /PRNewswire-FirstCall/ -- Raven Industries,
Inc. (Nasdaq: RAVN) announced that its board of directors, noting the
company's strong cash position, today approved a special one-time cash
dividend of $1.25 per share and the regular third quarter dividend of
$0.13. Raven has approximately 18 million shares outstanding. The special
dividend will total approximately $22.5 million.
The regular dividend is payable October 15, 2008, to shareholders of
record on September 25, 2008 and the special dividend is payable November
14, 2008 to shareholders of record on October 24, 2008.
"Our strategy has long been to invest in growth when we can achieve
strong returns on investment, and to return excess cash to shareholders in
the form of share repurchases or dividends," said Ronald M. Moquist,
president and chief executive officer. "Strong increases in sales and
operating income from our Flow Controls Division have helped build Raven's
cash position to $32 million as of July 31, 2008.
"We still have plenty of capacity to fund future growth, including any
potential acquisition," Moquist noted.
Earlier in the year, the company announced an 18.2 percent increase in
its regular quarterly dividend, to $0.13 per share. This represented
Raven's 22nd-consecutive annual cash dividend increase. In this current
fiscal year, the combination of the special dividend, regular quarterly
dividends, and share repurchases means that Raven will return approximately
$37.0 million in cash to shareholders.
About Raven Industries, Inc.
Raven is an industrial manufacturer that provides electronic
precision-agriculture products, reinforced plastic sheeting, electronics
manufacturing services, and specialty aerostats and sewn products to niche
markets.
Additional information on Raven is available at
http://www.ravenind.com.
SOURCE Raven Industries, Inc.
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Related links:
http://www.ravenind.com
CONTACT:
Tom Iacarella, Chief Financial Officer of
Raven Industries, Inc., +1-605-336-2750; or General Inquiries,
Leslie Loyet, +1-312-640-6672, or Media, Tim Grace,
+1-312-640-6667, both for Raven Industries, Inc.
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