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Consolidated Statements of Income and Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Jan. 31, 2019
Jan. 31, 2018
Jan. 31, 2017
Income Statement [Abstract]      
Net sales [2] $ 406,668 [1] $ 377,317 [1] $ 277,395
Cost of sales 274,119 255,752 199,205
Gross profit 132,549 121,565 78,190
Research and development expenses 26,174 16,936 16,312
Selling, general and administrative expenses 51,242 45,200 33,378
Long-lived asset impairment loss 0 259 87
Operating income 55,133 [3] 59,170 [3] 28,413 [4]
Other income (expense), net 6,437 (184) (560)
Income before income taxes 61,570 58,986 27,853
Income tax expense 9,697 17,967 7,661
Net income 51,873 41,019 20,192
Net income (loss) attributable to noncontrolling interest 79 (3) 1
Net income attributable to Raven Industries, Inc. $ 51,794 [5] $ 41,022 $ 20,191
Net income per common share:      
─ Basic (in usd per share) $ 1.44 [6] $ 1.14 [6] $ 0.56
─ Diluted (in usd per share) $ 1.42 [6] $ 1.13 [6] $ 0.56
Comprehensive income:      
Net income $ 51,873 $ 41,019 $ 20,192
Other comprehensive income (loss), net of tax:      
Foreign currency translation (1,045) 1,234 50
Postretirement benefits, net of income tax (expense) benefit of ($99), $44, and $129, respectively 342 (131) (225)
Other comprehensive income (loss), net of tax (703) 1,103 (175)
Comprehensive income 51,170 42,122 20,017
Comprehensive income attributable to noncontrolling interest 79 (3) 1
Comprehensive income attributable to Raven Industries, Inc. $ 51,091 $ 42,125 $ 20,016
[1] In September of fiscal year 2018, the Company acquired CLI. For the first seven months of fiscal 2019 CLI contributed a total of $21,568 in sales and for the first seven months of fiscal 2018 the division generated $4,109 in sales to CLI as a customer. Additionally, sales of hurricane recovery film in fiscal years 2019 and 2018 were $14,494 and $24,225, respectively
[2] Aerostar divested its client private business in the first quarter of fiscal 2019. Net sales from the client private business were $283, $5,592, and $5,886 in fiscal years 2019, 2018 and 2017, respectively. Operating profits for the client private business were not material for these periods.
[3] Fiscal 2019 administrative expenses included a $4,503 expense related to the previously announced gift to SDSU and approximately $4,000 of expenses related to Project Atlas. Project Atlas related expenses in fiscal 2018 were approximately $900.
[4] Fiscal year 2017 included inventory write-downs of $2,278 for Aerostar as a result of discontinuing sales activities for a specific radar product line within its business
[5] The TCJA, effective January 1, 2018, had a favorable impact to the Company's effective tax rate. Excluding discrete items, the Company's effective tax rate decreased approximately 10 percentages points resulting in tax savings of $6,218 in fiscal year 2019.
[6] Net income per share is computed discretely by quarter and may not add to the full year.