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FULL YEAR: RAVEN INDUSTRIES' REVENUES DOWN 9%, NET DOWN 46%
Source: Raven Industries news release

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Sioux Falls, SD - Raven Industries, Inc. (the Company; NASDAQ:RAVN) today reported financial results for the fourth quarter that ended January 31, 2021.

Fourth Quarter Results
Consolidated net sales for the fourth quarter of fiscal 2021 were $80.1 million, down 6.6 percent versus the fourth quarter of fiscal 2020. Applied Technology generated growth in both the OEM and aftermarket channels, which was more than offset by declines in Engineered Films and Aerostar.

Improved end-market fundamentals drove strong growth for Applied Technology's best-in-class ag technology solutions. In Engineered Films, the division's end-markets continued to face challenges related to the pandemic, resulting in lower sales volume. Aerostar was impacted by unfavorable timing of government contracts, leading to a year-over-year decline in revenue.

Net income for the fourth quarter of fiscal 2021 was $0.3 million, or $0.01 per diluted share, compared to $3.3 million, or $0.09 per diluted share, in last year's fourth quarter. The Company's investment in Raven Autonomy reduced net income attributable to Raven by $3.4 million, or $0.09 per diluted share, in the fourth quarter of fiscal 2021 compared to $2.3 million, or $0.06 per diluted share, in the prior year.


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