Raven Industries, Inc. (NASDAQ:RAVN) today
reported financial results for the third quarter that ended October
31, 2017.
Noteworthy Items:
- Consolidated net sales and earnings per share increased
approximately 40 percent and 106 percent year-over-year,
respectively;
- Closed on the acquisition of Colorado Lining International,
Inc. (CLI), further strengthening Engineered Film’s presence in the
geomembrane market;
- Engineered Films modified its production schedules to assist in
hurricane recovery efforts, generating $8.4 million in recovery
film sales during the third quarter;
- Applied Technology was issued a patent by the U.S. Patent
Office for its Hawkeye® Nozzle Control System;
- Aerostar was awarded a $6.8 million aerostat contract through
the Department of Defense;
- Aerostar’s stratospheric balloons achieved a new duration
record of 197 days;
- Launched Project Atlas, a strategic investment to replace the
Company’s existing enterprise resource planning platforms to
enhance the Company’s execution of its long-term growth
strategy;
- The Company repurchased approximately 350 thousand shares at an
average price of $28.71 for a total of $10.0 million.
Third Quarter Results:
Net sales for the third quarter of fiscal 2018 were $101.3 million,
up 39.7 percent versus the third quarter of fiscal 2017. Engineered
Films and Aerostar both achieved significant growth year-over-year
in the third quarter, increasing sales 68.9 percent and 23.3
percent, respectively. Applied Technology sales were up slightly
versus the prior year. In this year’s third quarter, sales related
to the acquisition of CLI were $5.2 million. CLI was acquired on
September 1, 2017. As a result, CLI was only part of the Company
for two months of the third quarter. In addition, sales of
hurricane recovery film during the third quarter of this year were
$8.4 million. It has been several years since the Company received
a substantial increase in demand for hurricane recovery film. Sales
of such film are generally less than $2.0 million on an annual
basis.
Operating income for the third quarter of fiscal 2018 was $17.8
million versus operating income of $7.4 million in the third
quarter of fiscal 2017, increasing 141.3 percent year-over-year.
Operating margin increased 740 basis points year-over-year, from
10.2 percent of net sales to 17.6 percent of net sales. The
significant improvement in profitability was principally driven by
strong operating leverage on higher sales volume within Engineered
Films and improved financial performance of Aerostar.
Net income for the third quarter of fiscal 2018 was $12.0
million, or $0.33 per diluted share, versus net income of $5.7
million, or $0.16 per diluted share, in last year's third quarter.
The increase in earnings per share was driven primarily by the
improved operating performance in both Engineered Films and
Aerostar. The impact of the CLI acquisition was neutral to earnings
per share in this year’s third quarter.
Project Atlas Launched:During the third
quarter, the Company launched a company-wide initiative called
Project Atlas. This is a strategic long-term investment to replace
the Company’s existing enterprise resource planning platforms.
Project Atlas is expected to take approximately three years to
complete and cost between $8 and $10 million. This investment will
drive efficiencies across the enterprise, enable faster integration
of future acquisitions, automate a significant portion of internal
controls, and enhance the enterprise’s execution of its long-term
growth strategy. All of the costs associated with this project will
be reported within corporate expenses. During the third quarter of
this year, Project Atlas costs were approximately $300 thousand.
Project Atlas costs are expected to be approximately $1 million per
quarter in fiscal year 2019.
Balance Sheet and Cash Flow:At the end of the
third quarter of fiscal 2018, cash and cash equivalents totaled
$36.9 million, down $18.3 million versus the prior quarter. The
decrease was primarily driven by the acquisition of CLI and share
repurchase activity, partially offset by strong operating cash
flows.
Net working capital as a percentage of annualized net sales1
improved 60 basis points year-over-year, from 25.2 percent in the
third quarter of last year to 24.6 percent in this year’s third
quarter. The decrease in net working capital percentage1 was the
result of higher payables, as well as managing inventory and
receivables efficiently with the substantial increase in sales
versus the prior year.
During the third quarter of fiscal 2018, the Company repurchased
approximately 350 thousand shares at an average price of $28.71 per
share for a total of $10.0 million.
Applied Technology Division:Net sales for
Applied Technology in the third quarter of fiscal 2018 were $25.3
million, up slightly versus the third quarter of fiscal 2017.
Weaker end market conditions, coupled with challenging
year-over-year comparisons for new products, led to the expected
slowdown in growth for the division during the third quarter.
Although Agriculture market conditions deteriorated in the third
quarter of this year for Applied Technology, the Company believes
that overall the division is holding market share across product
lines.
Division operating income was $5.4 million, down 16.5 percent
versus the third quarter of fiscal 2017. The decline in
profitability was driven primarily by additional investments to
enhance our customer experience as well as higher legal expenses.
Combined, these items reduced division operating income by
approximately $1.0 million during the third quarter of this year.
The incremental investments, concentrated in research and
development and selling and marketing, are strategic investments
which are expected to generate new sales and market share gains in
future quarters.
Engineered Films Division:Net sales for
Engineered Films were $65.1 million, up 68.9 percent
year-over-year. Volume, measured in pounds sold, increased 53
percent versus the prior year. All markets contributed to the
division’s higher sales versus the prior year. Sales of recovery
film to support hurricane relief efforts and the recent acquisition
of CLI contributed $8.4 million and $5.2 million, respectively.
Excluding CLI and hurricane recovery film, net sales for Engineered
Films were $51.5 million, up 33.6 percent year-over-year.
Operating income in the third quarter of fiscal 2018 was $17.1
million, up $10.0 million or 140.1 percent versus the third quarter
of fiscal 2017. The year-over-year increase in operating income was
principally driven by strong operating leverage on higher sales
volume. Division operating margin increased 780 basis points
year-over-year, from 18.5 percent to 26.3 percent, driven by
improved capacity utilization, ongoing pricing discipline and
favorable product mix.
Aerostar Division:Net sales for Aerostar during
the third quarter of fiscal 2018 were $11.1 million, up $2.1
million or 23.3 percent versus the third quarter of fiscal 2017.
The year-over-year increase in sales was primarily driven by growth
in the stratospheric balloon platform.
Operating income in the third quarter of fiscal 2018 was $1.4
million, versus an operating loss of $1.4 million in the previous
year’s third quarter. Last year's third quarter results include a
pre-tax inventory write-down adjustment of $2.3 million related to
certain radar inventory. This year’s third quarter results include
pre-tax charges of approximately $0.9 million related primarily to
a strategic decision to narrow aerostat offerings and thereby
further enhance the division’s focus on its stratospheric balloon
platform.
Fiscal 2018 Outlook:“We are very pleased with
the performance achieved by all three operating divisions
throughout the first nine months of the year,” said Dan Rykhus,
President and CEO. “Each division has worked to optimize
performance given their specific end market conditions and each has
achieved success.
“Applied Technology has faced a more challenging agriculture
market than we expected at the beginning of the year, and we don't
foresee anything changing in the next twelve months to improve
market conditions. At the same time, we have made the strategic
decision to fund several long-term investments for growth, knowing
this dampens short-term profits. We believe strongly in the
long-term margin potential for ATD and we expect improved margins
over time with these investments, even if end-market conditions
remain challenging.
“Engineered Films’ integration of CLI is going very well.
Similar cultures and strong leadership are greatly benefiting the
integration efforts. We expect performance for CLI to be slightly
accretive to earnings this fiscal year and contribute approximately
5 cents per share in fiscal 2019. The sale of recovery film to
support hurricane relief efforts was unexpected and favorably
impacted the division’s operating leverage in the third quarter. We
expect sales of such films to be approximately $8 to $9 million in
the fourth quarter.
“Aerostar is achieving both improved financial performance and
consistency in results on a sequential basis. During the third
quarter, the division continued to improve the performance of its
stratospheric balloon technology, achieving a record duration of
197 days aloft. Its partnership with Google on Project Loon remains
very strong, and the division continues to advance its technology
offering with new customers. Furthermore, during the third quarter,
Aerostar was awarded a $6.8 million aerostat contract with the U.S.
Department of Defense. We expect the majority of the revenue from
this contract to be realized in fiscal year 2019.
“Overall, we are very pleased with our third quarter and
year-to-date financial performance, and we are very proud of our
team members’ resolve and determination to drive improved
results.”
Regulation G:The information presented in this
earnings release regarding earnings before interest, taxes,
depreciation, and amortization (EBITDA) do not conform to generally
accepted accounting principles (GAAP) and should not be construed
as an alternative to the reported results determined in accordance
with GAAP. Management has included this non-GAAP information to
assist in understanding the operating performance of the Company
and its operating segments as well as the comparability of results.
The non-GAAP information provided may not be consistent with the
methodologies used by other companies. All non-GAAP information is
reconciled with reported GAAP results in the tables below.
Conference Call Information:The Company will
host an investor conference call to discuss third quarter fiscal
2018 results tomorrow, Tuesday, November 21, 2017, at 9:00 a.m.
Central Time (10:00 a.m. Eastern Time). The conference call audio
will be available to all interested parties via a simultaneous
webcast that can be accessed through the Investor Relations section
of the Company’s website at http://investors.ravenind.com. Analysts
and investors are invited to join the conference call by dialing:
+1 (866) 393-0676. The event is scheduled to last one hour. For
those unable to listen live, an audio replay of the event will be
archived on the Company's website.
About Raven Industries, Inc.:Raven Industries
(NASDAQ:RAVN) is dedicated to providing innovative, high-value
products and solutions that solve great challenges throughout the
world. Raven is a leader in precision agriculture, high-performance
specialty films, and lighter-than-air technologies. Since 1956,
Raven has designed, produced, and delivered exceptional solutions,
earning the company a reputation for innovation, product quality,
high performance, and unmatched service. For more information,
visit http://ravenind.com.
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. The Company intends that all
forward-looking statements be subject to the safe harbor provisions
of the Private Securities Litigation Reform Act.
Generally, forward-looking statements can be identified by words
such as "may," "will," "plan," "believe," "expect," "intend,"
"anticipate," "potential," “should,” “estimate,” “predict,”
“project,” “would,” and similar expressions, which are generally
not historical in nature. However, the absence of these words or
similar expressions does not mean that a statement is not
forward-looking. All statements that address operating performance,
events or developments that we expect or anticipate will occur in
the future - including statements relating to our future operating
or financial performance or events, our strategy, goals, plans and
projections regarding our financial position, our liquidity and
capital resources, and our product development - are
forward-looking statements.
Management believes that these forward-looking statements are
reasonable as and when made. However, caution should be taken not
to place undue reliance on any such forward-looking statements,
because such statements speak only as of the date when made. Our
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law. In addition,
forward-looking statements are subject to certain known risks, as
described in the Company’s 10K under Item 1A, and unknown risks and
uncertainties that may cause actual results to differ materially
from our Company’s historical experience and our present
expectations or projections.
Contact
Information: Bo
Larsen
Investor Relations
Director
Raven Industries,
Inc.
+1(605)-336-2750
|
RAVEN INDUSTRIES, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME |
(Dollars and shares in thousands, except
earnings per share) (Unaudited) |
|
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
|
2017 |
|
2016 |
|
Fav (Un) Change |
|
2017 |
|
2016 |
|
Fav (Un) Change |
Net sales |
$ |
101,349 |
|
|
$ |
72,522 |
|
|
39.7 |
% |
|
$ |
281,494 |
|
|
$ |
208,480 |
|
|
35.0 |
% |
Cost of goods sold |
68,016 |
|
|
52,683 |
|
|
|
|
189,692 |
|
|
149,609 |
|
|
|
Gross
profit |
33,333 |
|
|
19,839 |
|
|
68.0 |
% |
|
91,802 |
|
|
58,871 |
|
|
55.9 |
% |
Gross
profit percentage |
32.9 |
% |
|
27.4 |
% |
|
|
|
32.6 |
% |
|
28.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses |
4,083 |
|
|
4,151 |
|
|
|
|
12,319 |
|
|
12,475 |
|
|
|
Selling, general and
administrative expenses |
11,421 |
|
|
8,212 |
|
|
|
|
31,476 |
|
|
24,174 |
|
|
|
Long-lived asset
impairment loss |
— |
|
|
87 |
|
|
|
|
259 |
|
|
87 |
|
|
|
Operating
income |
17,829 |
|
|
7,389 |
|
|
141.3 |
% |
|
47,748 |
|
|
22,135 |
|
|
115.7 |
% |
Operating
income percentage |
17.6 |
% |
|
10.2 |
% |
|
|
|
17.0 |
% |
|
10.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense),
net |
(34 |
) |
|
(273 |
) |
|
|
|
(327 |
) |
|
(579 |
) |
|
|
Income
before income taxes |
17,795 |
|
|
7,116 |
|
|
150.1 |
% |
|
47,421 |
|
|
21,556 |
|
|
120.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
5,798 |
|
|
1,375 |
|
|
|
|
14,842 |
|
|
5,802 |
|
|
|
Net
income |
11,997 |
|
|
5,741 |
|
|
109.0 |
% |
|
32,579 |
|
|
15,754 |
|
|
106.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to noncontrolling interest |
(1 |
) |
|
— |
|
|
|
|
(2 |
) |
|
1 |
|
|
|
Net
income attributable to Raven Industries |
$ |
11,998 |
|
|
$ |
5,741 |
|
|
109.0 |
% |
|
$ |
32,581 |
|
|
$ |
15,753 |
|
|
106.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share: |
|
|
|
|
|
|
|
|
|
|
|
-
basic |
$ |
0.33 |
|
|
$ |
0.16 |
|
|
106.3 |
% |
|
$ |
0.90 |
|
|
$ |
0.43 |
|
|
109.3 |
% |
-
diluted |
$ |
0.33 |
|
|
$ |
0.16 |
|
|
106.3 |
% |
|
$ |
0.89 |
|
|
$ |
0.43 |
|
|
107.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares: |
|
|
|
|
|
|
|
|
|
|
|
-
basic |
35,939 |
|
|
36,174 |
|
|
|
|
36,108 |
|
|
36,265 |
|
|
|
-
diluted |
36,320 |
|
|
36,296 |
|
|
|
|
36,477 |
|
|
36,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RAVEN INDUSTRIES, INC. |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(Dollars in thousands)
(Unaudited) |
|
|
October 31 |
|
January 31 |
|
October 31 |
|
2017 |
|
2017 |
|
2016 |
ASSETS |
|
|
|
|
|
Cash and cash
equivalents |
$ |
36,873 |
|
|
$ |
50,648 |
|
|
$ |
46,313 |
|
Accounts receivable,
net |
59,573 |
|
|
43,143 |
|
|
39,554 |
|
Inventories |
53,481 |
|
|
42,336 |
|
|
42,813 |
|
Other current
assets |
3,910 |
|
|
2,689 |
|
|
2,747 |
|
Total
current assets |
153,837 |
|
|
138,816 |
|
|
131,427 |
|
|
|
|
|
|
|
Property, plant and
equipment, net |
105,651 |
|
|
106,324 |
|
|
108,948 |
|
Goodwill and
amortizable intangibles, net |
58,127 |
|
|
52,697 |
|
|
53,214 |
|
Other assets, net |
2,926 |
|
|
3,672 |
|
|
3,746 |
|
Total
Assets |
$ |
320,541 |
|
|
$ |
301,509 |
|
|
$ |
297,335 |
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
Accounts payable |
$ |
13,383 |
|
|
$ |
8,467 |
|
|
$ |
9,377 |
|
Accrued and other
liabilities |
22,553 |
|
|
19,915 |
|
|
15,862 |
|
Total
current liabilities |
35,936 |
|
|
28,382 |
|
|
25,239 |
|
|
|
|
|
|
|
Other liabilities |
13,456 |
|
|
13,696 |
|
|
12,134 |
|
Shareholders'
equity |
271,149 |
|
|
259,431 |
|
|
259,962 |
|
Total
Liabilities and Shareholders' Equity |
$ |
320,541 |
|
|
$ |
301,509 |
|
|
$ |
297,335 |
|
Net Working Capital and Net Working Capital
Percentage1 |
Accounts receivable,
net |
$ |
59,573 |
|
|
$ |
43,143 |
|
|
$ |
39,554 |
|
Plus:
Inventories |
53,481 |
|
|
42,336 |
|
|
42,813 |
|
Less: Accounts
payable |
13,383 |
|
|
8,467 |
|
|
9,377 |
|
Net working
capital1 |
$ |
99,671 |
|
|
$ |
77,012 |
|
|
$ |
72,990 |
|
|
|
|
|
|
|
Net working capital
percentage1 |
24.6 |
% |
|
27.9 |
% |
|
25.2 |
% |
|
|
|
|
|
|
|
|
|
|
RAVEN INDUSTRIES, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(Dollars in thousands)
(Unaudited) |
|
|
Nine Months Ended October 31, |
|
2017 |
|
2016 |
Cash flows from
operating activities: |
|
|
|
Net
income |
$ |
32,579 |
|
|
$ |
15,754 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
Depreciation and amortization |
10,985 |
|
|
11,526 |
|
Long-lived asset impairment loss |
259 |
|
|
87 |
|
Other
operating activities, net |
(12,989 |
) |
|
11,318 |
|
Net cash
provided by operating activities |
30,834 |
|
|
38,685 |
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Capital
expenditures |
(7,003 |
) |
|
(3,901 |
) |
Payments
related to business acquisitions |
(12,700 |
) |
|
— |
|
Proceeds
from sale or maturity of investments |
250 |
|
|
250 |
|
Purchases
of investments |
(255 |
) |
|
(750 |
) |
(Disbursements) proceeds from settlement of liabilities, sale of
assets |
(333 |
) |
|
1,145 |
|
Other
investing activities, net |
(36 |
) |
|
(498 |
) |
Net cash
used in investing activities |
(20,077 |
) |
|
(3,754 |
) |
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Dividends
paid |
(14,032 |
) |
|
(14,148 |
) |
Payments
for common shares repurchased |
(10,000 |
) |
|
(7,702 |
) |
Payment
of acquisition-related contingent liabilities |
(364 |
) |
|
(318 |
) |
Other
financing activities, net |
(308 |
) |
|
(256 |
) |
Net cash
used in financing activities |
(24,704 |
) |
|
(22,424 |
) |
|
|
|
|
Effect of exchange rate
changes on cash |
172 |
|
|
24 |
|
|
|
|
|
Net increase (decrease)
in cash and cash equivalents |
(13,775 |
) |
|
12,531 |
|
Cash and cash
equivalents at beginning of period |
50,648 |
|
|
33,782 |
|
Cash and cash
equivalents at end of period |
$ |
36,873 |
|
|
$ |
46,313 |
|
|
|
|
|
|
|
|
|
|
RAVEN INDUSTRIES, INC. |
SALES AND OPERATING INCOME BY
SEGMENT |
(Dollars in thousands)
(Unaudited) |
|
|
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
|
|
2017 |
|
2016 |
|
Fav (Un) Change |
|
2017 |
|
2016 |
|
Fav (Un) Change |
Net sales |
|
|
|
|
|
|
|
|
|
|
|
|
Applied
Technology |
|
$ |
25,319 |
|
|
$ |
25,203 |
|
|
0.5 |
% |
|
$ |
94,233 |
|
|
$ |
79,327 |
|
|
18.8 |
% |
Engineered Films |
|
65,108 |
|
|
38,551 |
|
|
68.9 |
% |
|
157,691 |
|
|
104,307 |
|
|
51.2 |
% |
Aerostar |
|
11,103 |
|
|
9,003 |
|
|
23.3 |
% |
|
30,078 |
|
|
25,313 |
|
|
18.8 |
% |
Intersegment eliminations |
|
(181 |
) |
|
(235 |
) |
|
|
|
(508 |
) |
|
(467 |
) |
|
|
Total
Company |
|
$ |
101,349 |
|
|
$ |
72,522 |
|
|
39.7 |
% |
|
$ |
281,494 |
|
|
$ |
208,480 |
|
|
35.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Applied
Technology |
|
$ |
5,357 |
|
|
$ |
6,415 |
|
|
(16.5 |
)% |
|
$ |
25,447 |
|
|
$ |
20,280 |
|
|
25.5 |
% |
Engineered Films |
|
17,115 |
|
|
7,129 |
|
|
140.1 |
% |
|
35,386 |
|
|
17,666 |
|
|
100.3 |
% |
Aerostar |
|
1,359 |
|
|
(1,375 |
) |
|
198.8 |
% |
|
4,165 |
|
|
(1,804 |
) |
|
330.9 |
% |
Intersegment eliminations |
|
(12 |
) |
|
(16 |
) |
|
|
|
(3 |
) |
|
(21 |
) |
|
|
Total
segment income |
|
$ |
23,819 |
|
|
$ |
12,153 |
|
|
96.0 |
% |
|
$ |
64,995 |
|
|
$ |
36,121 |
|
|
79.9 |
% |
Corporate
expenses |
|
(5,990 |
) |
|
(4,764 |
) |
|
(25.7 |
)% |
|
(17,247 |
) |
|
(13,986 |
) |
|
(23.3 |
)% |
Total
Company |
|
$ |
17,829 |
|
|
$ |
7,389 |
|
|
141.3 |
% |
|
$ |
47,748 |
|
|
$ |
22,135 |
|
|
115.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
percentages |
|
|
|
|
|
|
|
|
|
|
|
|
Applied
Technology |
|
21.2 |
% |
|
25.5 |
% |
|
(430)bps |
|
27.0 |
% |
|
25.6 |
% |
|
140bps |
Engineered Films |
|
26.3 |
% |
|
18.5 |
% |
|
780bps |
|
22.4 |
% |
|
16.9 |
% |
|
550bps |
Aerostar |
|
12.2 |
% |
|
(15.3 |
)% |
|
2,750bps |
|
13.8 |
% |
|
(7.1 |
)% |
|
2,090bps |
Total
Company |
|
17.6 |
% |
|
10.2 |
% |
|
740bps |
|
17.0 |
% |
|
10.6 |
% |
|
640bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RAVEN INDUSTRIES, INC. |
EBITDA REGULATION G
RECONCILIATION2 |
(Dollars in thousands)
(Unaudited) |
|
|
Three Months Ended October 31, |
|
Nine Months Ended October 31, |
|
|
|
|
|
Fav (Un) |
|
|
|
|
|
Fav (Un) |
Segments |
2017 |
|
2016 |
|
Change |
|
2017 |
|
2016 |
|
Change |
Applied
Technology |
|
|
|
|
|
|
|
|
|
|
|
Reported operating
income |
$ |
5,357 |
|
|
$ |
6,415 |
|
|
(16.5 |
)% |
|
$ |
25,447 |
|
|
$ |
20,280 |
|
|
25.5 |
% |
Plus: Depreciation and
amortization |
872 |
|
|
949 |
|
|
(8.1 |
)% |
|
2,524 |
|
|
2,857 |
|
|
(11.7 |
)% |
ATD EBITDA |
$ |
6,229 |
|
|
$ |
7,364 |
|
|
(15.4 |
)% |
|
$ |
27,971 |
|
|
$ |
23,137 |
|
|
20.9 |
% |
ATD EBITDA % of Net
Sales |
24.6 |
% |
|
29.2 |
% |
|
|
|
29.7 |
% |
|
29.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineered
Films |
|
|
|
|
|
|
|
|
|
|
|
Reported operating
income |
$ |
17,115 |
|
|
$ |
7,129 |
|
|
140.1 |
% |
|
$ |
35,386 |
|
|
$ |
17,666 |
|
|
100.3 |
% |
Plus: Depreciation and
amortization |
2,259 |
|
|
2,201 |
|
|
2.6 |
% |
|
6,424 |
|
|
6,431 |
|
|
(0.1 |
)% |
EFD EBITDA |
$ |
19,374 |
|
|
$ |
9,330 |
|
|
107.7 |
% |
|
$ |
41,810 |
|
|
$ |
24,097 |
|
|
73.5 |
% |
EFD EBITDA % of Net
Sales |
29.8 |
% |
|
24.2 |
% |
|
|
|
26.5 |
% |
|
23.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerostar |
|
|
|
|
|
|
|
|
|
|
|
Reported operating
income (loss) |
$ |
1,359 |
|
|
$ |
(1,375 |
) |
|
198.8 |
% |
|
$ |
4,165 |
|
|
$ |
(1,804 |
) |
|
330.9 |
% |
Plus: Depreciation and
amortization |
351 |
|
|
421 |
|
|
(16.6 |
)% |
|
1,112 |
|
|
1,258 |
|
|
(11.6 |
)% |
Aerostar EBITDA |
$ |
1,710 |
|
|
$ |
(954 |
) |
|
279.2 |
% |
|
$ |
5,277 |
|
|
$ |
(546 |
) |
|
1,066.5 |
% |
Aerostar EBITDA % of
Net Sales |
15.4 |
% |
|
(10.6 |
)% |
|
|
|
17.5 |
% |
|
(2.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Raven |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
$ |
11,998 |
|
|
$ |
5,741 |
|
|
109.0 |
% |
|
$ |
32,581 |
|
|
$ |
15,753 |
|
|
106.8 |
% |
Interest expense
(income), net |
24 |
|
|
77 |
|
|
|
|
139 |
|
|
225 |
|
|
|
Income tax expense |
5,798 |
|
|
1,375 |
|
|
|
|
14,842 |
|
|
5,802 |
|
|
|
Depreciation and
amortization |
3,801 |
|
|
3,893 |
|
|
|
|
10,985 |
|
|
11,526 |
|
|
|
EBITDA |
$ |
21,621 |
|
|
$ |
11,086 |
|
|
95.0 |
% |
|
$ |
58,547 |
|
|
$ |
33,306 |
|
|
75.8 |
% |
EBITDA % of Net
Sales |
21.3 |
% |
|
15.3 |
% |
|
|
|
20.8 |
% |
|
16.0 |
% |
|
|
____________________________
1 Net working capital is a defined as accounts receivable (net)
plus inventories less accounts payable. Net working capital
percentage is defined as net working capital divided by four times
quarterly sales for each respective period.2 EBITDA is a
non-GAAP financial measure defined on a consolidated basis as net
income/(loss) attributable to Raven Industries, Inc., plus income
taxes, plus depreciation and amortization expense, plus interest
expense (net). On a segment basis, it is defined as operating
income plus depreciation expense and amortization expense. EBITDA
margin is defined as EBITDA divided by net sales.
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