RAVEN INDUSTRIES INC

CIK:0000082166|SEC Filings

Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Jul. 31, 2021	Jul. 31, 2020
Income Statement [Abstract]
Net sales	$ 114,426	$ 85,179	$ 226,912	$ 171,675
Cost of sales	72,257	55,047	144,757	113,076
Gross profit	42,169	30,132	82,155	58,599
Research and development expenses	12,465	10,808	23,927	21,313
Selling, general, and administrative expenses	21,370	13,181	38,321	27,204
Operating income	8,334	6,143	19,907	10,082
Other income (expense), net	(276)	377	(246)	(91)
Income before income taxes	8,058	6,520	19,661	9,991
Income tax expense	1,205	701	3,188	223
Net income	6,853	5,819	16,473	9,768
Net loss attributable to redeemable noncontrolling interest	0	0	0	(98)
Net income attributable to Raven Industries, Inc.	$ 6,853	$ 5,819	$ 16,473	$ 9,866
Net income per common share:
Basic (in dollars per share)	$ 0.19	$ 0.16	$ 0.46	$ 0.27
Diluted (in dollars per share)	$ 0.19	$ 0.16	$ 0.45	$ 0.27
Comprehensive income:
Net income	$ 6,853	$ 5,819	$ 16,473	$ 9,768
Other comprehensive income (loss):
Foreign currency translation	(978)	1,868	1,366	(711)
Postretirement benefits, net of income tax (expense) benefit $(6), $1 and $(11) and $2, respectively	20	(2)	40	(5)
Other comprehensive income (loss), net of tax	(958)	1,866	1,406	(716)
Comprehensive income	5,895	7,685	17,879	9,052
Comprehensive loss attributable to redeemable noncontrolling interest	0	0	0	(98)
Comprehensive income attributable to Raven Industries, Inc.	5,895	7,685	17,879	9,150
Supplemental Income Statement Elements [Abstract]
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax	$ (6)	$ 1	$ (11)	$ 2

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
OPERATING ACTIVITIES:
Net income	$ 16,473	$ 9,768
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	9,100	8,478
Change in fair value of acquisition-related contingent consideration	0	(212)
Deferred income taxes	(2,521)	(2,392)
Share-based compensation expense	4,378	3,609
Other operating activities, net	266	(237)
Change in operating assets and liabilities:
Accounts receivable	(22,053)	8,669
Inventories	(22,959)	(204)
Other assets	(3,023)	(420)
Operating liabilities	15,226	3,525
Net cash provided by (used in) operating activities	(5,113)	30,584
INVESTING ACTIVITIES:
Capital expenditures	(10,044)	(7,783)
Proceeds from sale or maturity of Investments	83	336
Purchases of investments	(733)	(146)
Proceeds from sale of assets	263	251
Purchases of other intangible assets	(1,964)	0
Other investing activities	(1,820)	24
Net cash used in investing activities	(14,215)	(7,318)
FINANCING ACTIVITIES:
Dividends paid	0	(9,318)
Proceeds from debt	10,815	50,150
Repayments of debt	(10,000)	(50,000)
Payments for redeemable noncontrolling interest	0	(17,853)
Tax withholding on vesting of restricted stock	(1,047)	(638)
Employee stock options exercises	(41)	(113)
Other financing activities	(212)	(208)
Net cash used in financing activities	(485)	(27,980)
Effect of Exchange Rate on Cash and Cash Equivalents	(48)	(180)
Net Increase in Cash and Cash Equivalents	(19,861)	(4,894)
Cash and Cash Equivalents, Beginning Balance	32,938	20,707
Cash and Cash Equivalents, Ending Balance	13,077	15,813
Other Noncash Income (Expense) [Abstract]
Capital expenditures converted from inventories	$ 0	$ 2,774

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 31, 2021
Current assets
Cash and cash equivalents	$ 13,077	$ 32,938
Accounts receivable, net	70,591	48,669
Inventories, net	75,692	52,703
Other current assets	8,550	5,776
Total current assets	167,910	140,086
Property, plant and equipment, net	108,883	106,007
Goodwill	108,574	107,677
Intangible assets, net	47,470	44,585
Other assets	11,395	11,016
TOTAL ASSETS	444,232	409,371
Current liabilities
Accounts payable	21,588	18,639
Accrued liabilities	39,173	30,401
Other current liabilities	5,088	2,998
Total current liabilities	65,849	52,038
Long-term debt	2,849	1,981
Other liabilities	23,010	23,997
Liabilities, Total	91,708	78,016
Commitments and contingencies (see Note 11)
Shareholders' equity
Common stock, $1 par value, authorized shares 100,000; issued 67,583 and 67,533, respectively	67,583	67,533
Additional paid-in capital	69,910	66,670
Retained earnings	328,149	311,676
Accumulated other comprehensive loss	(1,935)	(3,341)
Treasury stock at cost, 31,665 and 31,665 shares, respectively	(111,183)	(111,183)
Total shareholders' equity	352,524	331,355
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 444,232	$ 409,371
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract]
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	67,583,000	67,533,000
Treasury Stock, Common, Shares	31,665,000	31,665,000