SIOUX FALLS, S.D., May 21 /PRNewswire-FirstCall/ -- Raven Industries, Inc. announced today that its board of directors approved an 8% percent increase in the company's regular quarterly cash dividend to $0.14 per share. The dividend is payable July 15, 2009, to shareholders of record on June 25, 2009. This is the company's 23rd consecutive annual cash dividend increase.
"Raven's cash position and cash flows from operations are very strong," said Ronald Moquist, president and chief executive officer. "We believe measures taken to generate cash allow us to increase our dividend payout ratio. Although earnings were down in our first quarter and we expect our second quarter to be the most difficult of the year, we are confident that this increased dividend level is sustainable."
About Raven Industries, Inc.
Raven is an industrial manufacturer that provides electronic precision-agriculture products, reinforced plastic sheeting, electronics manufacturing services and specialty aerostats and sewn products to niche markets.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expectations, beliefs, intentions or strategies regarding the future. Without limiting the foregoing, the words "anticipates," "believes," "expects," "intends," "may," "plans," and similar expressions are intended to identify forward-looking statements. The company intends that all forward-looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act. Although management believes that the expectations reflected in forward-looking statements are based on reasonable assumptions, there is no assurance these assumptions are correct or that these expectations will be achieved. 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 weather conditions, which could affect some of the company's primary markets, such as agriculture and construction; or changes in competition, raw material availability, technology or relationships with the company's largest customers - any of which could adversely affect any of the company's product lines - as well as other risks described in Raven's 10-K under Item 1A. This list is not exhaustive, and the company does not have an obligation to revise any forward-looking statements to reflect events or circumstances after the date these statements are made.
On the Internet, information is available at the company's website, http://www.ravenind.com/.
Raven Industries, Inc.
CONTACT: Tom Iacarella, Chief Financial Officer of Raven Industries,
Inc., +1-605-336-2750; or Analyst/Media, Leslie Loyet, of Financial Relations
Board, +1-312-640-6672, for Raven Industries, Inc.
Web Site: http://www.ravenind.com/
