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Raven's income up $1M from year ago |
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By Sioux Falls Business Journal
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Monday, 21 May 2007 |
Raven Industries Inc. (Nasdaq: RAVN) reports higher earnings on relatively flat sales for its first business quarter of 2007.
The Sioux Falls-based manufacturing company had net sales of $58.1 million for the three-month period that ended April 30. That's down from nearly $58.5 million for the same quarter in 2006.
However, net income for the quarter rose from $7.5 million in 2006 to $8.5 million in 2007.
Strong performance by the company's flow controls division drove income to a record high and a 14 percent increase from the prior year.
"The flow controls division exceeded our expectations during the quarter, leveraging an improving agricultural market," said Ronald Moquist, chief executive officer.
Sales dropped in the engineered films and electronics systems divisions and in its Aerostar subsidiary.
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