Company Notes It Has Recently Received Some $8 Million in Orders for
Hurricane-Film to Cover Houses and Commercial Buildings
SIOUX FALLS, S.D., Oct. 18 /PRNewswire-FirstCall/ -- Management of Raven
Industries, Inc. (Nasdaq: RAVN) today announced "unusually high demand" for
its Engineered Films Division (EFD) reinforced plastic sheeting for hurricane-
ravaged areas in Florida and other southeastern states.
Ronald M. Moquist, president and CEO, noted in announcing the news that
management had expected that Raven's second half would be strong, with
expected double-digit gains in revenue. "The extraordinary sharp demand for
plastic sheeting in the past few weeks is far beyond the levels we have seen
from previous hurricanes and has already resulted in approximately $8 million
of incremental demand which should virtually all be shipped by the end of the
year. Our employees are working considerable overtime to help meet the needs
of our key customers as well as hurricane victims."
As a result of the heavy influx of hurricane-film orders and generally
strong performance in its other divisions, Moquist said Raven will greatly
surpass the $36.1 million net sales of the year-ago quarter ended October 31,
2003, and diluted earnings per share of 21 cents, as adjusted for the two for
one stock split on October 15, 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.
Forward-Looking Statements
The Private Securities Litigation Reform Act provides a "safe harbor" for
forward-looking statements. Certain information included in this Press
Release and other 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 on 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 weather conditions, which
could affect certain of the company's primary markets, such as agriculture and
construction, or changes in competition, material availability, technology or
relationships with the company's largest customers, any of which could
adversely impact any of the company's product lines. The foregoing list is
not exhaustive and the company disclaims any obligation to subsequently revise
any forward-looking statements to reflect events or circumstances after the
date of such statements.
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; General Inquiries, Dennis Waite,
+1-708-246-6265, or Analyst Inquiries, Leslie Loyet,
+1-312-640-6672, or Media Inquiries, Tim Grace, +1-312-640-6667,
all of Financial Relations Board
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