USA: Raven Industries Reports 1st-Qtr Net Income Up 17%; EPS 44 Cents vs. 31 Cents Year Ago, Up 42% Q1 Sales $31.5 Million vs. $34.5 Million Year Ago, Which Included Sold Glasstite Business
Sales of Flow Control Devices Were Up 24%, Leading to 9% Sales Increase In Electronics Segment Raven Industries, Inc. (Nasdaq: RAVN) today reported that both first-quarter sales and earnings were exceptionally strong thanks to robust sales in its Electronics Segment. Sales of flow control devices used for precision-farming applications were up sharply. Net income for the quarter ended April 30, 2000, climbed 17 percent to $1.7 million from $1.4 million a year earlier, while diluted earnings per share climbed to first-quarter record-tying 44 cents from 31 cents in the first quarter of the previous year.Higher sales levels and improved efficiencies in the company's Electronics Segment, combined with an aggressive stock buy-back program drove sharply improved EPS results. Weighted average shares outstanding for the quarter totaled 3.82 million versus 4.65 million a year ago.Sales for the first quarter totaled $31.5 million versus $34.5 million in the year-earlier quarter and reflect the absence of the company's Glasstite operations which were sold in the third quarter of last year. Discounting Glasstite operations, sales for the first quarter were up nine percent from the first quarter of the previous year.President and CEO David A. Christensen said the first quarter "was very encouraging. The second quarter may be relatively flat, as was forecasted, with a resurgence in the second half of the year." Christensen added that the company was "making good progress in improving its return on invested capital, and we target a strong year." The combination of a "pickup in ag revenues and improved manufacturing efficiencies in our electronics businesses with another topnotch performance from Raven's Engineered Films operations demonstrate the company's potential."
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