raven industries inc (RAVN) Key Developments
Raven Industries Adds Speed to Slingshot(R) with New Field Hub 2.0
Jul 14 15
Raven Industries enhanced its line of high speed modems with the release of the new Slingshot Field Hub 2.0. This new addition boasts data speeds of up to 4G in areas where coverage is available, making the modem ten times faster than other versions. Higher speeds mean faster data transfer, more reliable remote support sessions, and better connectivity with external devices. Equipped with a WiFi option, this allows other devices in the cab to enjoy the high speed connectivity provided by the modem, without the need for an additional cellular plan. The Field Hub 2.0 is highly compatible. It is currently supported on the Verizon network, and support from other North American carriers, including AT&T and Bell, is coming soon. The modem also works to enhance performance in Raven's newer field computers, including the Viper 4. The Field Hub 2.0 comes in a modern, more compact package, making it easier to fit in the cab while still carrying forward the industrial strength and reliability that Slingshot users have grown accustomed to. The low loss primary and diversity antenna package ensures connectivity in even the most remote and challenging environments. As with all Field Hubs, it is GPS-enabled so that users can always locate and manage their unit through the Slingshot web portal. Raven will continue to offer its current Field Hub solution, which supports speeds up to 3G and remains a trusted and reliable solution. The Slingshot Field Hub 2.0 will enhance Raven's product and service offering, including improvements in Over-the-Air update capability, remote support, and data transfer between field-deployed hardware and the office. The Slingshot Field Hub 2.0 is available on July 14, 2015.
Raven Industries's Aerostar Division Receives DoD Contract for Tethered Aerostat Systems and Support
Jun 1 15
Raven Industries has been awarded a firm-fixed price (FFP) contract through the Naval Air Warfare Center Aircraft Division for the procurement of Exportable Persistent Ground Surveillance Systems (EPGSS), spare equipment and technical support. The tethered aerostat contract was awarded for approximately $6 million and is expected to be delivered over the next 12 months.
Raven Industries Inc. Approves Quarterly Cash Dividend, Payable on July 24, 2015
May 22 15
Raven Industries Inc. announced that its board of directors has approved a regular quarterly cash dividend of 13 cents per share. The dividend is payable July 24, 2015, to shareholders of record on July 10, 2015.
Raven Industries Inc.'s Engineered Films Division Launches New Geomembrane Product Line
May 20 15
Raven Industries's Engineered Films Division has announced the launch of a new flexible geomembrane product line designed to provide effective containment solutions for the energy and environmental sectors. HydraFlex™ Containment Solutions is the newest addition to the Raven product line and includes several targeted geomembranes designed for specific project attributes. All HydraFlex™ products are available in master rolls or large prefabricated one-piece panels, manufactured in a factory-controlled environment up to 8,000 lbs per panel with a wide sealing-window for ease of field installation. HydraFlex™ Ultra: HU-Series geomembranes are produced with very flexible linear-low density polyethylene resin to provide exceptional elongation, tensile and impact strengths. HydraFlex™ Ultra is formulated to meet or exceed the comprehensive requirements of GRI-GM17 Standard Specification for (LLDPE) geomembranes. HydraFlex™ Ultra is recommended for use in containment applications requiring excellent outdoor longevity, chemical resistance, and extraordinary durability, including use in cold weather environments. Designed for exceptional flexibility, HydraFlex™ Ultra easily conforms to uneven surfaces, and performs well in critical applications, including fish-safe requirements for aquaculture and coal ash impoundments capping for the solid waste sector. HydraFlex™ Pro: HP-Series geomembranes are co-extruded linear-low density polyethylene developed for applications requiring enhanced flexibility along with a combination of high tensile strength and impact resistance. HydraFlex™ Pro is engineered with ultra-low modulus characteristics to resist pinholes and flex-cracks during installation. These elements are critical for the pliability necessary in reliable above ground tank lining systems, as well as in earthen pit and pond linings. The additive package in HydraFlex™ Pro includes fine partial carbon black on one side for outstanding protection from UV radiation and thermal degradation. The gray color on the opposite side minimizes thermal expansion while providing cooler surface characteristics. Contrasting colors also provide a vital function for ease of damage detection during the installation process. HydraFlex™: H-Series materials are co-extruded geomembranes consisting of outer layers of virgin grade linear-low density polyethylene with an inner core of virgin and select reprocessed resins. HydraFlex™ H-Series membranes are stabilized with carbon black and antioxidants designed as an economical solution for near-to mid-term applications. The premium quality LLDPE contained in the H-Series product line offers exceptional project value by providing for ease of welding along with high impact strength and tear resistance.
Raven Industries, Inc. Reports Unaudited Consolidated Financial Results for the First Quarter That Ended April 30, 2015; Provides Capital Expenditures Guidance for the Year of 2015
May 19 15
Raven Industries Inc. reported unaudited consolidated financial results for the first quarter that ended April 30, 2015. For the quarter, the company reported net sales of $70,273,000 against $102,510,000 a year ago. Operating income was $7,214,000 against $16,532,000 a year ago. Income before income taxes was $7,170,000 against $16,453,000 a year ago. Net income attributable to the company was $4,855,000 or $0.13 per basic and diluted share against $11,038,000 or $0.30 per basic and diluted share a year ago. Net cash provided by operating activities was $9,251,000 against $18,178,000 a year ago. Capital expenditures were $5,000,000 against $2,900,000 a year ago. EBITDA was $11,525,000 against $20,566,000 a year ago. Operating income decline was principally due to weakness in Applied Technology and Engineered Films. Both divisions experienced deteriorating end-market demand, leading to significant declines in division operating profit year-over-year. The decline in cash flow from operations was primarily due to the decline in net income year-over-year. The increase in capital expenditures was primarily due to the timing of projects, particularly within Engineered Films.
The company continues to expect capital expenditures for the year to be between $13 and $15 million.