þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the quarterly period ended July 31, 2011 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
South Dakota (State of incorporation) | 46-0246171 (IRS Employer Identification No.) |
Large accelerated filer o | Accelerated filer þ | Non-accelerated filer o | Smaller reporting company o |
(Do not check if a smaller reporting company) |
PAGE | |
Item 4. Reserved | |
EX-31.1 | |
EX-31.2 | |
EX-32.1 | |
EX-32.2 | |
101.INS | |
101.SCH | |
101.CAL | |
101.DEF | |
101.LAB | |
101.PRE |
(in thousands, except per-share data) | July 31, 2011 | January 31, 2011 | July 31, 2010 | ||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 46,978 | $ | 37,563 | $ | 51,115 | |||||
Short-term investments | — | 1,000 | 2,500 | ||||||||
Accounts receivable, net of allowances of $262, $300 and $299, respectively | 43,248 | 39,967 | 34,670 | ||||||||
Inventories: | |||||||||||
Materials | 34,782 | 30,261 | 29,453 | ||||||||
In process | 7,687 | 5,424 | 8,387 | ||||||||
Finished goods | 7,780 | 7,994 | 7,352 | ||||||||
Total inventories | 50,249 | 43,679 | 45,192 | ||||||||
Deferred income taxes | 2,804 | 2,733 | 2,725 | ||||||||
Prepaid expenses and other current assets | 2,937 | 3,239 | 3,295 | ||||||||
Total current assets | 146,216 | 128,181 | 139,497 | ||||||||
Property, plant and equipment | 111,518 | 102,080 | 91,702 | ||||||||
Accumulated depreciation | (63,507 | ) | (60,558 | ) | (57,799 | ) | |||||
Property, plant and equipment, net | 48,011 | 41,522 | 33,903 | ||||||||
Goodwill | 10,777 | 10,777 | 10,777 | ||||||||
Amortizable intangible assets, net | 1,816 | 1,585 | 1,887 | ||||||||
Other assets, net | 4,508 | 5,695 | 6,933 | ||||||||
TOTAL ASSETS | $ | 211,328 | $ | 187,760 | $ | 192,997 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current Liabilities | |||||||||||
Accounts payable | $ | 16,825 | $ | 16,715 | $ | 14,842 | |||||
Accrued liabilities | 12,643 | 14,643 | 12,748 | ||||||||
Taxes — accrued and withheld | 2,244 | 1,453 | 1,449 | ||||||||
Customer advances | 2,258 | 1,524 | 3,034 | ||||||||
Total current liabilities | 33,970 | 34,335 | 32,073 | ||||||||
Other liabilities | 13,229 | 12,211 | 11,512 | ||||||||
Total liabilities | 47,199 | 46,546 | 43,585 | ||||||||
Commitments and contingencies | |||||||||||
Shareholders’ equity: | |||||||||||
Common stock, $1 par value, authorized shares 100,000; issued 32,539, 32,511 and 32,487, respectively | 32,539 | 32,511 | 32,487 | ||||||||
Paid in capital | 8,088 | 7,060 | 6,134 | ||||||||
Retained earnings | 177,783 | 156,125 | 165,252 | ||||||||
Accumulated other comprehensive loss | (919 | ) | (1,120 | ) | (1,099 | ) | |||||
Less treasury stock, at cost, 14,449 shares | (53,362 | ) | (53,362 | ) | (53,362 | ) | |||||
Total shareholders’ equity | 164,129 | 141,214 | 149,412 | ||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 211,328 | $ | 187,760 | $ | 192,997 |
Three Months Ended | Six Months Ended | |||||||||||||||
(in thousands, except per-share data) | July 31, 2011 | July 31, 2010 | July 31, 2011 | July 31, 2010 | ||||||||||||
Net sales | $ | 90,344 | $ | 73,174 | $ | 191,885 | $ | 158,204 | ||||||||
Cost of sales | 62,214 | 52,785 | 130,819 | 110,644 | ||||||||||||
Gross profit | 28,130 | 20,389 | 61,066 | 47,560 | ||||||||||||
Research and development expenses | 2,374 | 1,956 | 4,617 | 4,082 | ||||||||||||
Selling, general and administrative expenses | 7,082 | 5,810 | 14,242 | 11,350 | ||||||||||||
Operating income | 18,674 | 12,623 | 42,207 | 32,128 | ||||||||||||
Other income (expense), net | (76 | ) | (94 | ) | (89 | ) | (42 | ) | ||||||||
Income before income taxes | 18,598 | 12,529 | 42,118 | 32,086 | ||||||||||||
Income taxes | 6,137 | 4,176 | 13,941 | 10,788 | ||||||||||||
Net income | $ | 12,461 | $ | 8,353 | $ | 28,177 | $ | 21,298 | ||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.69 | $ | 0.46 | $ | 1.56 | $ | 1.18 | ||||||||
Diluted | $ | 0.68 | $ | 0.46 | $ | 1.55 | $ | 1.18 | ||||||||
Cash dividends paid per common share | $ | 0.18 | $ | 0.16 | $ | 0.36 | $ | 0.32 |
Six Months Ended | |||||||
(in thousands) | July 31, 2011 | July 31, 2010 | |||||
OPERATING ACTIVITIES: | |||||||
Net income | $ | 28,177 | $ | 21,298 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 4,159 | 3,594 | |||||
Change in fair value of acquisition-related contingent consideration | (93 | ) | 352 | ||||
Deferred income taxes | 1,352 | (753 | ) | ||||
Share-based compensation expense | 984 | 567 | |||||
Change in operating assets and liabilities: | |||||||
Accounts receivable | (3,192 | ) | (280 | ) | |||
Inventories | (6,546 | ) | (10,712 | ) | |||
Prepaid expenses and other assets | (932 | ) | (594 | ) | |||
Operating liabilities | 2,427 | 6,464 | |||||
Other operating activities, net | (73 | ) | (120 | ) | |||
Net cash provided by operating activities | 26,263 | 19,816 | |||||
INVESTING ACTIVITIES: | |||||||
Capital expenditures | (11,000 | ) | (3,774 | ) | |||
Purchase of short-term investments | — | (1,700 | ) | ||||
Sale of short-term investments | 1,000 | 2,200 | |||||
Payments related to business acquisitions | (52 | ) | (383 | ) | |||
Other investing activities, net | (449 | ) | 75 | ||||
Net cash used in investing activities | (10,501 | ) | (3,582 | ) | |||
FINANCING ACTIVITIES: | |||||||
Dividends paid | (6,509 | ) | (5,771 | ) | |||
Other financing activities, net | 62 | (36 | ) | ||||
Net cash used in financing activities | (6,447 | ) | (5,807 | ) | |||
Effect of exchange rate changes on cash | 100 | 4 | |||||
Net increase in cash and cash equivalents | 9,415 | 10,431 | |||||
Cash and cash equivalents: | |||||||
Beginning of period | 37,563 | 40,684 | |||||
End of period | $ | 46,978 | $ | 51,115 |
Three Months Ended | Six Months Ended | ||||||||||||||
July 31, 2011 | July 31, 2010 | July 31, 2011 | July 31, 2010 | ||||||||||||
Numerator: | |||||||||||||||
Net income | $ | 12,461 | $ | 8,353 | $ | 28,177 | $ | 21,298 | |||||||
Denominator: | |||||||||||||||
Weighted average common shares outstanding | 18,083 | 18,037 | 18,079 | 18,033 | |||||||||||
Weighted average stock units outstanding | 29 | 26 | 28 | 24 | |||||||||||
Denominator for basic calculation | 18,112 | 18,063 | 18,107 | 18,057 | |||||||||||
Weighted average common shares outstanding | 18,083 | 18,037 | 18,079 | 18,033 | |||||||||||
Weighted average stock units outstanding | 29 | 26 | 28 | 24 | |||||||||||
Dilutive impact of stock options | 103 | 33 | 107 | 22 | |||||||||||
Denominator for diluted calculation | 18,215 | 18,096 | 18,214 | 18,079 | |||||||||||
Net income per share — basic | $ | 0.69 | $ | 0.46 | $ | 1.56 | $ | 1.18 | |||||||
Net income per share — diluted | $ | 0.68 | $ | 0.46 | $ | 1.55 | $ | 1.18 |
Three Months Ended | Six Months Ended | ||||||||||||||
July 31, 2011 | July 31, 2010 | July 31, 2011 | July 31, 2010 | ||||||||||||
Net sales | |||||||||||||||
Applied Technology | $ | 32,269 | $ | 20,966 | $ | 71,394 | $ | 53,891 | |||||||
Engineered Films | 32,459 | 26,120 | 62,550 | 51,753 | |||||||||||
Aerostar | 10,861 | 9,195 | 26,000 | 20,888 | |||||||||||
Electronic Systems | 16,530 | 18,067 | 36,007 | 34,355 | |||||||||||
Intersegment eliminations | (1,775 | ) | (1,174 | ) | (4,066 | ) | (2,683 | ) | |||||||
Consolidated net sales | $ | 90,344 | $ | 73,174 | $ | 191,885 | $ | 158,204 | |||||||
Operating income (loss) | |||||||||||||||
Applied Technology | $ | 12,118 | $ | 5,518 | $ | 27,192 | $ | 17,921 | |||||||
Engineered Films | 5,284 | 5,543 | 9,413 | 9,670 | |||||||||||
Aerostar | 2,184 | 1,345 | 6,246 | 3,509 | |||||||||||
Electronic Systems | 2,307 | 2,813 | 5,719 | 5,937 | |||||||||||
Intersegment eliminations | 8 | 2 | 20 | (47 | ) | ||||||||||
Total reportable segment income | 21,901 | 15,221 | 48,590 | 36,990 | |||||||||||
Administrative and general expenses | (3,227 | ) | (2,598 | ) | (6,383 | ) | (4,862 | ) | |||||||
Consolidated operating income | $ | 18,674 | $ | 12,623 | $ | 42,207 | $ | 32,128 |
Three Months Ended | Six Months Ended | ||||||||||||||
July 31, 2011 | July 31, 2010 | July 31, 2011 | July 31, 2010 | ||||||||||||
Net income | $ | 12,461 | $ | 8,353 | $ | 28,177 | $ | 21,298 | |||||||
Other comprehensive income: | |||||||||||||||
Foreign currency translation | 21 | (49 | ) | 160 | 48 | ||||||||||
Amortization of postretirement benefit plan actuarial losses, net of income tax of $7, $15, $22, and $29 | 12 | 27 | 41 | 54 | |||||||||||
Total other comprehensive income | 33 | (22 | ) | 201 | 102 | ||||||||||
Total comprehensive income | $ | 12,494 | $ | 8,331 | $ | 28,378 | $ | 21,400 |
Three Months Ended | Six Months Ended | ||||||||||||||
July 31, 2011 | July 31, 2010 | July 31, 2011 | July 31, 2010 | ||||||||||||
Service cost | $ | 30 | $ | 15 | $ | 60 | $ | 31 | |||||||
Interest cost | 84 | 81 | 168 | 162 | |||||||||||
Amortization of actuarial losses | 31 | 42 | 63 | 83 | |||||||||||
Net periodic benefit cost | $ | 145 | $ | 138 | $ | 291 | $ | 276 |
Three Months Ended | Six Months Ended | ||||||||||||||
July 31, 2011 | July 31, 2010 | July 31, 2011 | July 31, 2010 | ||||||||||||
Balance, beginning of period | $ | 1,631 | $ | 1,613 | $ | 1,437 | $ | 1,259 | |||||||
Accrual for warranties | 781 | 711 | 1,588 | 1,445 | |||||||||||
Settlements made (in cash or in kind) | (770 | ) | (512 | ) | (1,383 | ) | (892 | ) | |||||||
Balance, end of period | $ | 1,642 | $ | 1,812 | $ | 1,642 | $ | 1,812 |
• | Seek to expand in niche markets that have strong prospects for growth and above-average profit margins. |
• | Elevate customer service by leveraging innovation, speed and dedicated engineering support to solve the customer's problem. |
• | Reinvest cash generated from operations to fuel growth. Capital is allocated aggressively when the prospects are high for above-average, risk-adjusted returns on capital. When the company accumulates cash in excess of investment opportunities for above-average, risk-adjusted returns, it will be returned to shareholders in the form of special dividends or stock buy backs. |
• | Continue to increase the quarterly dividend annually. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||
(dollars in thousands, except per-share data) | July 31, 2011 | July 31, 2010 | % Change | July 31, 2011 | July 31, 2010 | % Change | |||||||||||||||
Net sales | $ | 90,344 | $ | 73,174 | 23 | % | $ | 191,885 | $ | 158,204 | 21 | % | |||||||||
Gross profit | 28,130 | 20,389 | 38 | % | 61,066 | 47,560 | 28 | % | |||||||||||||
Gross margins(a) | 31.1 | % | 27.9 | % | 31.8 | % | 30.1 | % | |||||||||||||
Operating income | $ | 18,674 | $ | 12,623 | 48 | % | $ | 42,207 | $ | 32,128 | 31 | % | |||||||||
Operating margins | 20.7 | % | 17.3 | % | 22.0 | % | 20.3 | % | |||||||||||||
Net income | $ | 12,461 | $ | 8,353 | 49 | % | $ | 28,177 | $ | 21,298 | 32 | % | |||||||||
Diluted earnings per share | $ | 0.68 | $ | 0.46 | $ | 1.55 | $ | 1.18 | |||||||||||||
Operating cash flow | 26,263 | 19,816 | 33 | % | |||||||||||||||||
Cash dividends | 6,509 | 5,771 | 13 | % |
(a) | The company's gross and operating margins may not be comparable to industry peers due to the diversity of its operations and variability in the classification of expenses across industries in which the company operates. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
(dollars in thousands) | July 31, 2011 | July 31, 2010 | $ Change | % Change | July 31, 2011 | July 31, 2010 | $ Change | % Change | |||||||||||||||||||||
Net sales | $ | 32,269 | $ | 20,966 | $ | 11,303 | 54 | % | $ | 71,394 | $ | 53,891 | $ | 17,503 | 32 | % | |||||||||||||
Gross profit | 16,011 | 8,932 | 7,079 | 79 | % | 34,942 | 24,888 | 10,054 | 40 | % | |||||||||||||||||||
Gross margins | 49.6 | % | 42.6 | % | 48.9 | % | 46.2 | % | |||||||||||||||||||||
Operating income | 12,118 | 5,518 | 6,600 | 120 | % | 27,192 | 17,921 | 9,271 | 52 | % | |||||||||||||||||||
Operating margins | 37.6 | % | 26.3 | % | 38.1 | % | 33.3 | % |
• | Market conditions. Global market fundamentals were healthy as population and income growth in emerging economies have increased demand for food, while natural disasters and adverse weather conditions have restricted supplies. These factors have resulted in higher crop prices and wider acceptance of precision agriculture as a sound investment for maximizing yields and controlling input costs. |
• | Sales volume and selling prices. The increase in net sales was driven by higher sales volume, as selling prices reflected only a modest increase year-over-year. |
• | International sales. For the three-month period, international sales more than doubled from one year ago and represented 30% of total segment revenue. For the first six months, sales outside the U.S. accounted for 29% of revenue versus 24% for the first six months of fiscal 2011. International sales of $20.5 million in the first six months of fiscal 2012 rose $7.7 million (61%) year-over-year as improved farm fundamentals drove strong overall demand in Brazil, Australia and Eastern Europe. |
• | Gross margins. Gross margins improved from 42.6% for the three months ended July 31, 2010 to 49.6% for three months ended July 31, 2011 due to favorable product mix and higher sales volume. Year-over-year comparative gross margins for the six-month periods also improved, further highlighting the effect of higher sales and operating leverage on profitability. |
• | Operating expenses. Second quarter operating expenses decreased to 12.1% of net sales from 16.3% in the prior year's second quarter primarily as a result of a decrease in R&D expense to 5.4% of net sales compared to 7.5%. Six-month operating expenses were down from 12.9% of net sales in fiscal 2011 to 10.9% for the first half of fiscal 2012. Higher spending for R&D and business development were outpaced by the growth in net sales. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
(dollars in thousands) | July 31, 2011 | July 31, 2010 | $ Change | % Change | July 31, 2011 | July 31, 2010 | $ Change | % Change | |||||||||||||||||||||
Net sales | $ | 32,459 | $ | 26,120 | $ | 6,339 | 24 | % | $ | 62,550 | $ | 51,753 | $ | 10,797 | 21 | % | |||||||||||||
Gross profit | 6,212 | 6,331 | (119 | ) | (2 | )% | 11,451 | 11,331 | 120 | 1 | % | ||||||||||||||||||
Gross margins | 19.1 | % | 24.2 | % | 18.3 | % | 21.9 | % | |||||||||||||||||||||
Operating income | 5,284 | 5,543 | (259 | ) | (5 | )% | 9,413 | 9,670 | (257 | ) | (3 | )% | |||||||||||||||||
Operating margins | 16.3 | % | 21.2 | % | 15.0 | % | 18.7 | % |
• | Market conditions. Economic growth in emerging markets continued to support higher oil and natural gas prices, and in turn, increased related drilling activity and demand for pit liners in the energy market. The geomembrane market reported higher sales for the quarter and six-month periods, as environmental and water conservation projects have increased demand for the division's containment liners. |
• | Sales volume and selling prices. Selling prices increased approximately 10% for the three and six-month periods, reflecting higher material costs as compared with one year ago. Sales of new products also tended to increase revenues per pound shipped. Sales volume, as measured by pounds shipped, increased roughly 7% for the six-month period. Revenue growth for the second quarter and year-to-date was predominately driven by pit liners sold into the energy market and to a lesser extent, increased demand for geomembrane liners and covers. |
• | Gross margin decline. Despite an increase in sales, higher material and overhead costs relative to sales caused gross margins to contract year-over-year. For the three-month period, margins declined approximately five percentage points, while year-to-date margins fell roughly four points. |
• | Operating expenses. Second quarter operating expenses of $0.9 million increased 18% versus one year earlier; however, were relatively flat at 2.9% of net sales when compared to one year ago. Year-to-date operating expenses of $2.0 million were up 22.7% year-over-year due to higher R&D spending and increased marketing and business development costs. As with the quarter, operating expenses kept pace with the sales increase. As a percentage of net sales, operating expenses were relatively flat versus last year at 3.3%. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
(dollars in thousands) | July 31, 2011 | July 31, 2010 | $ Change | % Change | July 31, 2011 | July 31, 2010 | $ Change | % Change | |||||||||||||||||||||
Net sales | $ | 10,861 | $ | 9,195 | $ | 1,666 | 18 | % | $ | 26,000 | $ | 20,888 | $ | 5,112 | 24 | % | |||||||||||||
Gross profit | 3,220 | 1,998 | 1,222 | 61 | % | 8,220 | 4,818 | 3,402 | 71 | % | |||||||||||||||||||
Gross margins | 29.6 | % | 21.7 | % | 31.6 | % | 23.1 | % | |||||||||||||||||||||
Operating income | 2,184 | 1,345 | 839 | 62 | % | 6,246 | 3,509 | 2,737 | 78 | % | |||||||||||||||||||
Operating margins | 20.1 | % | 14.6 | % | 24.0 | % | 16.8 | % |
• | Sales volumes. T-11 parachute deliveries drove the increase in net sales for the quarter and six-month periods. The first half of fiscal 2011included the initial T-11 shipments. Deliveries did not ramp up to full production levels until the second half of last year and have continued through the first half of fiscal 2012. |
• | Gross margin improvement. Manufacturing efficiencies in T-11 parachute production drove the year-over-year improvement in second quarter and year-to-date margins, as last year's margins were unfavorably impacted by T-11 parachute start-up costs. |
• | Operating expenses. Second quarter operating expenses of $1.0 million increased to 9.5% of net sales from 7.1% in the second quarter of fiscal 2011. First half operating expenses of $2.0 million were 7.6% of net sales versus 6.3% one year earlier. Current year operating expenses primarily reflect increased investment in research and development to support next generation aerostat technology and the development of lighter but stronger materials, along with higher selling and business development expense to expand the tethered aerostat business. |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
(dollars in thousands) | July 31, 2011 | July 31, 2010 | $ Change | % Change | July 31, 2011 | July 31, 2010 | $ Change | % Change | |||||||||||||||||||||
Net sales | $ | 16,530 | $ | 18,067 | $ | (1,537 | ) | (9 | )% | $ | 36,007 | $ | 34,355 | $ | 1,652 | 5 | % | ||||||||||||
Gross profit | 2,679 | 3,126 | (447 | ) | (14 | )% | 6,433 | 6,570 | (137 | ) | (2 | )% | |||||||||||||||||
Gross margins | 16.2 | % | 17.3 | % | 17.9 | % | 19.1 | % | |||||||||||||||||||||
Operating income | 2,307 | 2,813 | (506 | ) | (18 | )% | 5,719 | 5,937 | (218 | ) | (4 | )% | |||||||||||||||||
Operating margins | 14.0 | % | 15.6 | % | 15.9 | % | 17.3 | % |
• | Sales volume. Second quarter net sales decreased 9% year-over-year, reflecting lower avionics volume. This was partially offset by additional sourcing of assemblies to the Applied Technology Division. For the six months, net sales were up slightly, increasing 5% from one year earlier. For the first half, increased intercompany sourcing of electronic circuit boards to Applied Technology and higher sales of hand-held bed controls more than offset the decline in avionics shipments. |
• | Gross margins. Lower sales volume, accompanied by a less favorable product mix, resulted in decreased gross margins for the quarter as compared with last year's second quarter. For the six months, higher sales volume did not result in profit growth due to the negative impact of unfavorable product mix, as a result, gross margins fell from 19.1% to 17.9%. |
• | Operating expenses. Second quarter and year-to-date operating expenses were relatively unchanged year-over-year. |
Three Months Ended | Six Months Ended | ||||||||||||||
(dollars in thousands) | July 31, 2011 | July 31, 2010 | July 31, 2011 | July 31, 2010 | |||||||||||
Administrative expenses | $ | 3,227 | $ | 2,598 | $ | 6,383 | $ | 4,862 | |||||||
Administrative expenses as a % of sales | 3.6 | % | 3.6 | % | 3.3 | % | 3.1 | % | |||||||
Other income (expense), net | $ | (76 | ) | $ | (94 | ) | $ | (89 | ) | $ | (42 | ) | |||
Effective tax rate | 33.0 | % | 33.3 | % | 33.1 | % | 33.6 | % |
31.1 | Certification of CEO Pursuant to Section 302 of Sarbanes-Oxley Act. | |
31.2 | Certification of CFO Pursuant to Section 302 of Sarbanes-Oxley Act. | |
32.1 | Certification of CEO Pursuant to Section 906 of Sarbanes-Oxley Act. | |
32.2 | Certification of CFO Pursuant to Section 906 of Sarbanes-Oxley Act. | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
101.LAB | XBRL Taxonomy Extenstion Label Linkbase | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
RAVEN INDUSTRIES, INC. | ||||
/s/ Thomas Iacarella | ||||
Thomas Iacarella | ||||
Vice President and CFO, Secretary and Treasurer (Principal Financial and Accounting Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Raven Industries, Inc. (the “Registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; and |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and |
5. | The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of Registrant's board of directors (or others performing the equivalent function): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal controls over financial reporting. |
Date: September 2, 2011 | /s/ Daniel A. Rykhus | |
Daniel A. Rykhus | ||
President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Raven Industries, Inc. (the “Registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; and |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and |
5. | The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of Registrant's board of directors (or others performing the equivalent function): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal controls over financial reporting. |
Date: September 2, 2011 | /s/ Thomas Iacarella | |
Thomas Iacarella | ||
Vice President and Chief Financial Officer |
• | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
• | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Raven Industries, Inc. |
/s/ Daniel A. Rykhus | ||
Daniel A. Rykhus | ||
President and Chief Executive Officer |
• | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
• | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Raven Industries, Inc. |
/s/ Thomas Iacarella | ||
Thomas Iacarella | ||
Vice President and Chief Financial Officer |
Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Per Share data |
Jul. 31, 2011
|
Jan. 31, 2011
|
Jul. 31, 2010
|
---|---|---|---|
Allowance for doubtful accounts | $ 262 | $ 300 | $ 299 |
Common stock, par value | $ 1 | $ 1 | $ 1 |
Common stock, shares authorized | 100,000 | 100,000 | 100,000 |
Common stock, shares issued | 32,539 | 32,511 | 32,487 |
Treasury stock, at cost | 14,449 | 14,449 | 14,449 |
Consolidated Statements of Income (USD $)
In Thousands, except Per Share data |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 31, 2011
|
Jul. 31, 2010
|
Jul. 31, 2011
|
Jul. 31, 2010
|
|
Net sales | $ 90,344 | $ 73,174 | $ 191,885 | $ 158,204 |
Cost of sales | 62,214 | 52,785 | 130,819 | 110,644 |
Gross profit | 28,130 | 20,389 | 61,066 | 47,560 |
Research and development expenses | 2,374 | 1,956 | 4,617 | 4,082 |
Selling, general and administrative expenses | 7,082 | 5,810 | 14,242 | 11,350 |
Operating income | 18,674 | 12,623 | 42,207 | 32,128 |
Other income (expense), net | (76) | (94) | (89) | (42) |
Income before income taxes | 18,598 | 12,529 | 42,118 | 32,086 |
Income taxes | 6,137 | 4,176 | 13,941 | 10,788 |
Net income | $ 12,461 | $ 8,353 | $ 28,177 | $ 21,298 |
Net income per common share: | Â | Â | Â | Â |
Basic | $ 0.69 | $ 0.46 | $ 1.56 | $ 1.18 |
Diluted | $ 0.68 | $ 0.46 | $ 1.55 | $ 1.18 |
Cash dividends paid per common share | $ 0.18 | $ 0.16 | $ 0.36 | $ 0.32 |
Document and Entity Information
|
6 Months Ended | |
---|---|---|
Jul. 31, 2011
|
Aug. 31, 2011
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Document Information [Line Items] | Â | Â |
Entity Registrant Name | RAVEN INDUSTRIES INC | Â |
Entity Central Index Key | 0000082166 | Â |
Current Fiscal Year End Date | --01-31 | Â |
Entity Filer Category | Accelerated Filer | Â |
Document Type | 10-Q | Â |
Document Period End Date | Jul. 31, 2011 | |
Document Fiscal Year Focus | 2012 | Â |
Document Fiscal Period Focus | Q2 | Â |
Amendment Flag | false | Â |
Entity Common Stock, Shares Outstanding | Â | 18,092,240 |
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Comprehensive Income
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Jul. 31, 2011
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Comprehensive Income [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income [Text Block] | Comprehensive Income Comprehensive income consists of two components, net income and other comprehensive income. Other comprehensive income refers to revenue, expenses, gains, and losses that under U.S. generally accepted accounting principles are recorded as an element of shareholders’ equity but are excluded from net income. The components of total comprehensive income follow:
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Net Income Per Share
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Jul. 31, 2011
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Net Income Per Share [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share [Text Block] | Net Income Per Share Basic net income per share is computed by dividing net income by the weighted-average common shares and stock units outstanding. Diluted net income per share is computed by dividing net income by the weighted-average common and common equivalent shares outstanding (which includes the shares issuable upon exercise of employee stock options net of shares assumed purchased with the option proceeds) and stock units outstanding. Certain outstanding options were excluded from the diluted net income per-share calculations because their effect would have been anti-dilutive. For the three and six-month periods ended July 31, 2011 and July 31, 2010, 136 and 155 shares were excluded, respectively. Details of the earnings per share computation are presented below:
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Product Warranty Costs
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Jul. 31, 2011
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Product Warranty Costs [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranty Costs [Text Block] | Product Warranty Costs Accruals necessary for product warranties are estimated based on historical warranty costs and average time elapsed between purchases and returns for each division. Additional accruals are made for any significant, discrete warranty issues. Changes in the warranty accrual were as follows:
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New Accounting Pronouncements
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6 Months Ended |
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Jul. 31, 2011
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New Accounting Pronouncements [Abstract] | Â |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | New Accounting Pronouncements In June 2011, the Financial Accounting Standards Board (FASB) issued guidance on the presentation of comprehensive income. This guidance gives an entity the option to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In either option, an entity is required to present each component of net income along with total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount for comprehensive income. The guidance eliminates the option to present the components of other comprehensive income as a part of the statement of changes in shareholders' equity. The guidance does not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The guidance should be applied retrospectively, and for public companies is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, with early adoption permitted. The company is evaluating the presentation options. |
Employee Retirement Benefits
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Jul. 31, 2011
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Employee Retirement Benefits [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Retirement Benefits [Text Block] | Employee Retirement Benefits The components of net periodic benefit cost for postretirement benefits are as follows:
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Basis of Presentation
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6 Months Ended |
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Jul. 31, 2011
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Basis of Presentation [Abstract] | Â |
Basis of Presentation [Text Block] | Basis of Presentation The accompanying unaudited consolidated financial information has been prepared by Raven Industries, Inc. (the “company”) in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (SEC). Accordingly, it does not include all of the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of this financial information have been included. Financial results for the interim three and six-month periods ended July 31, 2011 are not necessarily indicative of the results that may be expected for the year ending January 31, 2012. The January 31, 2011 consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. This financial information should be read in conjunction with the consolidated financial statements and notes included in the company’s Annual Report on Form 10-K for the year ended January 31, 2011. |
Segment Reporting
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Jul. 31, 2011
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Segment Reporting [Abstract] | Â | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Text Block] | Segment Reporting The company has four business segments: Applied Technology Division, Engineered Films Division, Aerostar Division and Electronic Systems Division which are defined by their common technologies, production processes and inventories. Applied Technology has precision agriculture representatives on location in key geographic areas, including Canada, Europe, Ukraine and Australia. The company measures the performance of its segments based on their operating income exclusive of administrative and general expenses. Other income, interest expense and income taxes are not allocated to individual operating segments. Segment information is reported consistent with the company’s management reporting structure. Intersegment sales were primarily from Electronic Systems to Applied Technology. Business segment results are as follows:
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Financing Arrangements
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6 Months Ended |
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Jul. 31, 2011
|
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Financing Arrangements [Abstract] | Â |
Financing Arrangements [Text Block] | Financing Arrangements Raven has an uncollateralized credit agreement providing a line of credit of $8,000 with a maturity date of September 29, 2011, bearing interest at the prime rate with a minimum rate of 4.00%. Letters of credit totaling $1,342 have been issued under the line, primarily to support self-insured workers compensation bonding requirements. No borrowings were outstanding as of July 31, 2011, January 31, 2011 or July 31, 2010, and $6,658 was available at July 31, 2011. |
Dividends
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6 Months Ended |
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Jul. 31, 2011
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Dividends [Abstract] | Â |
Dividends [Text Block] | Dividends The company announced on August 31, 2011, that its board of directors approved a quarterly cash dividend of 18 cents per share, payable October 14, 2011, to shareholders of record on September 30, 2011. |
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6 Months Ended
Summary of Significant Accounting Policies [Abstract]
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Summary of Significant Accounting Policies [Text Block]