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Written by Mike Buetow
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Thursday, 17 August 2006 07:20 |
SIOUX FALLS, SD -- Raven Industries today reported record sales and earnings for its second quarter ended July 31. Net sales rose 11% to $50.4 million versus a year ago, while net income climbed 7% to $5.1 million.
Raven's Electronic Systems division sales rose 8% to $16.5 million while operating income was essentially
unchanged at $2.9 million. First half sales are up 11% to $31.6 million but operating income ($4.9 million)
is down 2% from a year ago. Chief executive Ronald Moquist said, ""Last year's second quarter business benefited from a favorable product
mix, which produced an above-average margin for the quarter. Our focus on
high-mix, low-volume types of projects continued to deliver some of the
strongest margins in our industry. "We are still expecting
an uptick in sales and thus profit for the second half of the year, which
will be driven by an increase in demand in certain sectors."
Cash and investment balances at July 31
were $11.3 million, versus $9.7 million one year earlier. Operating cash flows for the
first half totaled $14.7 million compared with $10.5 million for the prior
year.
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