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FINANCIAL RELATIONS BOARD	RE:	Raven Industries, Inc. P.O. Box 5107 Sioux Falls, SD 57117-5107

FOR FURTHER INFORMATION:

AT THE COMPANY: AT FINANCIAL RELATIONS BOARD:

Tom Iacarella
Vice President & CFO
(605) 336-2750 Dennis Waite
General Inquiries
(708) 246-6265 Leslie Loyet
Analyst Inquiries
(312) 640-6672 Cindy Martin
Media Inquiries
(312) 640-6741

FOR IMMEDIATE RELEASE
WEDNESDAY, NOVEMBER 19, 2003 SIC CODES: 3672, 3081, 3829

RAVEN INDUSTRIES ANNOUNCES THIRD-QUARTER RESULTS
Record High Profits Jump 22%; Sales Up 15% to $36 Million

SIOUX FALLS, SD—November 19, 2003—Raven Industries, Inc. (RAVN: NasdaqNM) today reported stronger than expected net earnings of a record $3.9 million, or 42 cents a share, for its third quarter ended October 31, 2003. Net earnings were up 22 percent from last year’s record level. Sales climbed 15 percent to $36.1 million from $31.4 million a year earlier. The industrial manufacturer noted that sales were up in each one of its operating units in the just concluded quarter.

Management said that the biggest driver of the quarter was its Flow Controls Division, whose strength it attributed to “an early start in agricultural orders” and a special order for GPS-based marine navigation systems. “Flow Controls had an outstanding third quarter,” the company reported, “and it far exceeded our previous forecast.”

For the nine-month period, total sales were 19 percent higher than the year-earlier nine-month period to $109.1 million while net income climbed 25 percent to a record $11.2 million, or $1.22 per share, vs. $.96 per share in the comparable period a year ago.

Ronald M. Moquist, President and CEO, commented: “Our productivity improvements and growth initiatives are executing like never before, and that’s reflected in our third-quarter results.” He added that management “believes in its long-term ability to sustain sales, earnings and cash flow momentum. However, we remain cautious in our planning for early next year. This year's first-half included sales of special chemical injection systems to a chemical company totaling $6 million. This company used these systems to promote its insecticides. Its promotional activities, however, will not require Flow Controls to provide additional systems during this spring's planting season. In addition, profit pressures continue due to volatile raw material prices in our Engineered Films Division. We are planning for another strong performance next year, but the level of growth may moderate somewhat in the first half.”

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“Looking to the future,” Moquist added, “the combined impact of major initiatives, including company-wide Six Sigma efforts, tighter cost controls, and ongoing innovations for growth are driving results, and the long-term outlook for Raven looks bright. All four of our operating groups are capable of solid, sustainable growth.”

Segment Performance
Raven’s Flow Controls Division (FCD) reported third-quarter sales up 22 percent to $8.2 million while operating income jumped 50 percent to $2.4 million, thanks to early agricultural orders. For the nine months, sales were $29 million, a 28 percent increase, and operating income totaled $7.3 million, 26 percent higher than the nine-month period a year earlier.

Engineered Films Division (EFD) sales for the latest quarter rose 19 percent to $12.7 million from the year earlier although operating income fell by less than one percent to $3.0 million. Stronger sales of pit liners, spurred in part by greater drilling activity in the U.S., were offset by softer margins, which continue to be squeezed by higher raw material prices. For the nine months, sales were $35 million, up 16 percent, and operating income totaled $9.0 million, essentially unchanged from the nine-month period a year ago.

Electronic Systems Division (ESD) sales for the third quarter were up slightly, about one percent, to $10.5 million while operating income climbed 20 percent to $1.6 million due to continued operating improvements, with Six Sigma and TQM initiatives bearing fruit. For the nine months, ESD sales were $32.2 million, up 12 percent, and operating income totaled $4.3 million, up 59 percent from the comparable nine-month period a year earlier.

Aerostar reported third-quarter sales rose 30 percent to $4.7 million while operating income jumped to $640,000 from $103,000 in the year-earlier quarter due in large part to higher shipments of US Army cargo parachutes. For the nine months, sales were up 39 percent to $12.9 million and operating income of $1.6 million compared to an operating loss of $195,000 a year earlier.

Balance Sheet
The company’s balance sheet remained strong with cash and investment balances exceeding $19 million at the end of the quarter. Strong earnings and inventory management have contributed to higher operating cash flows, reaching $17 million for the nine months ended October 31, 2003, compared to $11.3 million for the year-earlier period. The company’s current ratio reached 4.5 to 1 at October 31, 2003, compared to 3.7 one year ago.

CONFERENCE CALL INFORMATION
Raven has scheduled a conference call today at 2:00 p.m. Central Time to discuss its third quarter 2004 performance and related trends in its business. To access this call, log on to www.ravenind.com or www.vcall.com 15 minutes before the call to download the necessary software. Replays will be available through this website for 90 days.

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FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act provides a “safe harbor” for forward-looking statements. Certain information included in this News 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 upon 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 general economic conditions, weather conditions, which could affect certain of the company’s primary markets, such as agriculture and construction, or changes in competition, technology or the company’s customer base, any of which could adversely impact any of the company’s product lines.

On the Internet, information is available at www.ravenind.com,
the company’s website.

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RAVEN INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except earnings per share) (unaudited)

		Three Months Ended October 31								Nine Months Ended October 31
							Fav (Unfav)								Fav (Unfav)
		2003			2002		Change			2003			2002		Change
Net sales		$	36,081		$	31,423		15	%	$	109,133		$	92,089		19	%
Cost of goods sold			26,862			24,091					82,666			70,611
Gross profit			9,219			7,332		26	%		26,467			21,478		23	%
Selling, general, and administrative expenses			3,023			2,535		(19	)%		8,691			7,949		(9	)%
Gain (loss) on sale of businesses and assets			(75	)		75					(174	)		179
Operating income			6,121			4,872		26	%		17,602			13,708		28	%
Other income			5			67					56			120
Income before income taxes			6,126			4,939		24	%		17,658			13,828		28	%
Income taxes			2,224			1,729					6,410			4,840
Net income		$	3,902		$	3,210		22	%	$	11,248		$	8,988		25	%
Net income per common share:
	-basic	$	0.43		$	0.35		23	%	$	1.24		$	0.98		27	%
	-diluted	$	0.42		$	0.34		24	%	$	1.22		$	0.96		27	%
Weighted average common shares outstanding:
	-basic		9,023			9,136		(1	)%		9,044			9,167		(1	)%
	-diluted		9,233			9,366		(1	)%		9,246			9,402		(2	)%

RAVEN INDUSTRIES, INC.
SALES AND OPERATING INCOME BY SEGMENT
(In thousands) (unaudited)

			Three Months Ended October 31									Nine Months Ended October 31
									Fav (Unfav)									Fav (Unfav)
			2003			2002			Change			2003			2002			Change
Net Sales:
	Flow Controls		$	8,186		$	6,690			22	%	$	28,991		$	22,629			28	%
	Engineered Films			12,688			10,706			19	%		35,013			30,058			16	%
	Electronic Systems			10,480			10,404			1	%		32,209			28,812			12	%
	Aerostar			4,727			3,623			30	%		12,920			9,276			39	%
	Sold Businesses			—			—						—			1,314			(100	)%
		Total Company	$	36,081		$	31,423			15	%	$	109,133		$	92,089			19	%
Operating Income (Loss):
	Flow Controls		$	2,383		$	1,589			50	%	$	7,288		$	5,768			26	%
	Engineered Films			2,963			2,982			(1	)%		8,962			8,977			0	%
	Electronic Systems			1,603			1,332			20	%		4,325			2,714			59	%
	Aerostar			640			103			521	%		1,567			(195	)		904	%
	Sold Businesses			(75	)		75			(200	)%		(355	)		204			(274	)%
	Corporate Expenses			(1,393	)		(1,209	)		(15	)%		(4,185	)		(3,760	)		(11	)%
		Total Company	$	6,121		$	4,872			26	%	$	17,602		$	13,708			28	%

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RAVEN INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands) (unaudited)

	October 31,		January 31,		October 31,
	2003		2003		2002
ASSETS
Cash, cash equivalents and short-term investments	$	19,264	$	9,217	$	10,117
Accounts receivable, net		18,419		16,468		17,185
Inventories		16,963		21,366		18,351
Prepaid expenses and other current assets		2,075		2,300		2,575
Total current assets		56,721		49,351		48,228
Property, plant and equipment, net		15,857		16,455		16,581
Other assets, net		6,884		7,010		7,574
	$	79,462	$	72,816	$	72,383
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current portion of long-term debt	$	104	$	119	$	119
Accounts payable		4,647		5,291		4,429
Accrued and other liabilities		7,875		7,757		8,398
Total current liabilities		12,626		13,167		12,946
Long-term debt, less current portion		75		151		183
Other liabilities		1,442		1,262		1,636
Stockholders’ equity		65,319		58,236		57,618
	$	79,462	$	72,816	$	72,383

RAVEN INDUSTRIES, INC.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(In thousands) (unaudited)

	Nine Months Ended October 31
	2003			2002
Cash flows from operating activities
Net income	$	11,248		$	8,988
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		3,232			2,995
Deferred income taxes		91			344
Other operating activities, net		2,392			(1,021	)
Net cash provided by operating activities		16,963			11,306
Cash flows from investing activities
Capital expenditures		(2,454	)		(5,292	)
Other investing activities, net		(30	)		(3,111	)
Net cash provided by (used in) investing activities		(2,484	)		(8,403	)
Cash flows from financing activities
Dividends paid		(2,262	)		(1,924	)
Purchase of treasury stock		(2,190	)		(2,295	)
Long-term debt principal payments		(91	)		(99	)
Other financing activities, net		111			52
Net cash used in financing activities		(4,432	)		(4,266	)
Net increase (decrease) in cash and cash equivalents		10,047			(1,363	)
Cash and cash equivalents at beginning of period		5,217			7,478
Cash and cash equivalents at end of period		15,264			6,115
Short-term investments		4,000			4,002
Cash, cash equivalents and short-term investments	$	19,264		$	10,117