Raven Industries Announces Special Cash Dividend

The regular dividend is payable October 15, 2008, to shareholders of record on September 25, 2008 and the special dividend is payable November 14, 2008 to shareholders of record on October 24, 2008.

"Our strategy has long been to invest in growth when we can achieve strong returns on investment, and to return excess cash to shareholders in the form of share repurchases or dividends," said Ronald M. Moquist, president and chief executive officer. "Strong increases in sales and operating income from our Flow Controls Division have helped build Raven's cash position to $32 million as of July 31, 2008.

"We still have plenty of capacity to fund future growth, including any potential acquisition," Moquist noted.

Earlier in the year, the company announced an 18.2 percent increase in its regular quarterly dividend, to $0.13 per share. This represented Raven's 22nd-consecutive annual cash dividend increase. In this current fiscal year, the combination of the special dividend, regular quarterly dividends, and share repurchases means that Raven will return approximately $37.0 million in cash to shareholders.

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.

Additional information on Raven is available at http://www.ravenind.com.

SOURCE Raven Industries, Inc.

Copyright © 2009, PRNewswire
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Copyright © 2009, NewsBlaze, Daily News

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