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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Raven Industries Inc | NASDAQ:RAVN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 58.08 | 57.96 | 57.86 | 0 | 01:00:00 |
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SD |
46-0246171
|
|||||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||
205 East 6th Street, P.O. Box 5107 | Sioux Falls | , | SD | 57117-5107 |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common Stock, $1 par value | RAVN | NASDAQ | Global Select Market |
Large accelerated filer | ☑ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
PAGE | |||||
PART I - FINANCIAL INFORMATION
|
|||||
Item 1. Financial Statements:
|
|||||
Consolidated Balance Sheets (unaudited)
|
|||||
Consolidated Statements of Income and Comprehensive Income (unaudited)
|
|||||
Consolidated Statements of Cash Flows (unaudited)
|
|||||
Notes to Consolidated Financial Statements (unaudited)
|
|||||
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|||||
Item 3. Quantitative and Qualitative Disclosures about Market Risks
|
|||||
Item 4. Controls and Procedures
|
|||||
PART II - OTHER INFORMATION
|
|||||
Item 1. Legal Proceedings
|
|||||
Item 1A. Risk Factors
|
|||||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
|||||
Item 3. Defaults Upon Senior Securities
|
|||||
Item 4. Mine Safety Disclosures
|
|||||
Item 5. Other Information
|
|||||
Item 6. Exhibits
|
|||||
Signatures
|
(dollars and shares in thousands, except per-share data) |
July 31,
2021 |
January 31,
2021 |
||||||||||||
ASSETS | ||||||||||||||
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 | ||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||||
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 | ||||||||||||
Total liabilities | 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 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
(dollars in thousands, except per-share data) |
July 31,
2021 |
July 31,
2020 |
July 31,
2021 |
July 31,
2020 |
||||||||||||||||||||||
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 | — | — | — | (98) | ||||||||||||||||||||||
Net income attributable to Raven Industries, Inc. | $ | 6,853 | $ | 5,819 | $ | 16,473 | $ | 9,866 | ||||||||||||||||||
Net income per common share: | ||||||||||||||||||||||||||
─ Basic | $ | 0.19 | $ | 0.16 | $ | 0.46 | $ | 0.27 | ||||||||||||||||||
─ Diluted | $ | 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
|
— | — | — | (98) | ||||||||||||||||||||||
Comprehensive income attributable to Raven Industries, Inc.
|
$ | 5,895 | $ | 7,685 | $ | 17,879 | $ | 9,150 |
Three Months Ended July 31, 2021 | ||||||||||||||||||||
$1 Par Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Equity | ||||||||||||||||
(dollars in thousands, except per-share amounts) | Treasury Stock at Cost | |||||||||||||||||||
Balance April 30, 2021
|
$ | 67,583 | $ | 67,266 | $ | (111,183) | $ | 321,296 | $ | (977) | $ | 343,985 | ||||||||
Net income | — | — | — | 6,853 | — | 6,853 | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Cumulative foreign currency translation adjustment
|
— | — | — | — | (978) | (978) | ||||||||||||||
Postretirement benefits reclassified from accumulated other comprehensive income (loss) after tax expense of $(6)
|
— | — | — | — | 20 | 20 | ||||||||||||||
Share-based compensation | — | 2,644 | — | — | — | 2,644 | ||||||||||||||
Balance July 31, 2021
|
$ | 67,583 | $ | 69,910 | $ | (111,183) | $ | 328,149 | $ | (1,935) | $ | 352,524 | ||||||||
Six Months Ended July 31, 2021 | ||||||||||||||||||||
$1 Par Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Equity | ||||||||||||||||
(dollars in thousands, except per-share amounts) | Treasury Stock at Cost | |||||||||||||||||||
Balance January 31, 2021 | $ | 67,533 | $ | 66,670 | $ | (111,183) | $ | 311,676 | $ | (3,341) | $ | 331,355 | ||||||||
Net income | — | — | — | 16,473 | — | 16,473 | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Cumulative foreign currency translation adjustment
|
— | — | — | — | 1,366 | 1,366 | ||||||||||||||
Postretirement benefits reclassified from accumulated other comprehensive income (loss) after tax expense of $(11)
|
— | — | — | — | 40 | 40 | ||||||||||||||
Shares issued on stock options exercised, net of shares withheld for employee taxes
|
1 | (42) | — | — | — | (41) | ||||||||||||||
Shares issued on vesting of stock units, net of shares withheld for employee taxes
|
49 | (1,096) | — | — | — | (1,047) | ||||||||||||||
Share-based compensation | — | 4,378 | — | — | — | 4,378 | ||||||||||||||
Balance July 31, 2021
|
$ | 67,583 | $ | 69,910 | $ | (111,183) | $ | 328,149 | $ | (1,935) | $ | 352,524 | ||||||||
Three Months Ended July 31, 2020 | ||||||||||||||||||||||||||
$1 Par Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Equity | Redeemable Non-Controlling Interest | |||||||||||||||||||||
(dollars in thousands, except per-share amounts) | Treasury Stock at Cost | |||||||||||||||||||||||||
Balance April 30, 2020 | $ | 67,500 | $ | 62,505 | $ | (111,183) | $ | 301,599 | $ | (7,997) | $ | 312,424 | $ | — | ||||||||||||
Net income | — | — | — | 5,819 | — | 5,819 | — | |||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Cumulative foreign currency translation adjustment
|
— | — | — | — | 1,868 | 1,868 | — | |||||||||||||||||||
Postretirement benefits reclassified from accumulated other comprehensive income (loss) after tax benefit of $1
|
— | — | — | — | (2) | (2) | — | |||||||||||||||||||
Cash dividends ($0.13 per share)
|
— | 93 | — | (4,753) | — | (4,660) | — | |||||||||||||||||||
Shares issued on vesting of stock units, net of shares withheld for employee taxes
|
1 | (12) | — | — | — | (11) | — | |||||||||||||||||||
Director shares issued | 9 | (9) | — | — | — | — | — | |||||||||||||||||||
Share-based compensation | — | 2,113 | — | — | — | 2,113 | — | |||||||||||||||||||
Balance July 31, 2020 | $ | 67,510 | $ | 64,690 | $ | (111,183) | $ | 302,665 | $ | (6,131) | $ | 317,551 | $ | — | ||||||||||||
Six Months Ended July 31, 2020 | ||||||||||||||||||||||||||
$1 Par Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Equity | Redeemable Non-Controlling Interest | |||||||||||||||||||||
(dollars in thousands, except per-share amounts) | Treasury Stock at Cost | |||||||||||||||||||||||||
Balance January 31, 2020 | $ | 67,436 | $ | 61,508 | $ | (111,183) | $ | 302,300 | $ | (5,415) | $ | 314,646 | $ | 21,302 | ||||||||||||
Net income (loss) | — | — | — | 9,866 | — | 9,866 | (98) | |||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Cumulative foreign currency translation adjustment
|
— | — | — | — | (711) | (711) | — | |||||||||||||||||||
Postretirement benefits reclassified from accumulated other comprehensive income (loss) after tax benefit of $2
|
— | — | — | — | (5) | (5) | — | |||||||||||||||||||
Reclassification and redemption of noncontrolling interest (see Note 1) | — | 215 | — | — | — | 215 | (21,204) | |||||||||||||||||||
Cash dividends ($0.26 per share)
|
— | 183 | — | (9,501) | — | (9,318) | — | |||||||||||||||||||
Shares issued on stock options exercised, net of shares withheld for employee taxes
|
11 | (124) | — | — | — | (113) | — | |||||||||||||||||||
Shares issued on vesting of stock units, net of shares withheld for employee taxes
|
54 | (692) | — | — | — | (638) | — | |||||||||||||||||||
Director share issued | 9 | (9) | — | — | — | — | — | |||||||||||||||||||
Share-based compensation | — | 3,609 | — | — | — | 3,609 | — | |||||||||||||||||||
Balance July 31, 2020 | $ | 67,510 | $ | 64,690 | $ | (111,183) | $ | 302,665 | $ | (6,131) | $ | 317,551 | $ | — |
Six Months Ended | ||||||||||||||
(dollars in thousands) |
July 31,
2021 |
July 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 | — | (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 maturities of investments | 83 | -4171000.00 | 336 | |||||||||||
Purchases of investments | (733) | (146) | ||||||||||||
Proceeds from sale of assets | 263 | 251 | ||||||||||||
Purchases of other intangibles | (1,964) | — | ||||||||||||
Other investing activities | (1,820) | 24 | ||||||||||||
Net cash used in investing activities | (14,215) | (7,318) | ||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||
Dividends paid | — | (9,318) | ||||||||||||
Proceeds from debt | 10,815 | 50,150 | ||||||||||||
Repayments of debt | (10,000) | -11580000.00 | (50,000) | |||||||||||
Payments for redeemable noncontrolling interest | — | (17,853) | ||||||||||||
Tax withholding on vesting of restricted stock | (1,047) | (638) | ||||||||||||
Employee stock option exercises, net of shares withheld for employee taxes | (41) | (113) | ||||||||||||
Other financing activities | (212) | (208) | ||||||||||||
Net cash used in financing activities | (485) | (27,980) | ||||||||||||
Effect of exchange rate changes on cash | (48) | (180) | ||||||||||||
Net decrease in cash and cash equivalents | (19,861) | (4,894) | ||||||||||||
Cash and cash equivalents at beginning of year | 32,938 | 20,707 | ||||||||||||
Cash and cash equivalents at end of period | $ | 13,077 | $ | 15,813 | ||||||||||
Significant non-cash transactions: | ||||||||||||||
Capital expenditures converted from inventories | $ | — | $ | 2,774 |
July 31, 2021 | January 31, 2021 | |||||||||||||||||||
Accounts receivable, net: | ||||||||||||||||||||
Trade accounts | $ | 71,413 | $ | 47,879 | ||||||||||||||||
Unbilled receivables | 1,084 | 2,734 | ||||||||||||||||||
Allowance for credit losses | (1,906) | (1,944) | ||||||||||||||||||
$ | 70,591 | $ | 48,669 | |||||||||||||||||
Inventories, net: | ||||||||||||||||||||
Finished goods | $ | 12,788 | $ | 7,684 | ||||||||||||||||
In process | 1,849 | 759 | ||||||||||||||||||
Materials | 61,055 | 44,260 | ||||||||||||||||||
$ | 75,692 | $ | 52,703 | |||||||||||||||||
Other current assets: | ||||||||||||||||||||
Income tax receivable | $ | 701 | $ | 1,440 | ||||||||||||||||
Prepaid expenses and other | 7,849 | 4,336 | ||||||||||||||||||
$ | 8,550 | $ | 5,776 | |||||||||||||||||
Property, plant and equipment, net:(a)
|
||||||||||||||||||||
Land | $ | 3,117 | $ | 3,117 | ||||||||||||||||
Buildings and improvements | 87,444 | 84,651 | ||||||||||||||||||
Machinery and equipment | 176,381 | 169,252 | ||||||||||||||||||
Financing lease right-of-use assets | 1,561 | 1,282 | ||||||||||||||||||
268,503 | 258,302 | |||||||||||||||||||
Accumulated depreciation | (159,620) | (152,295) | ||||||||||||||||||
$ | 108,883 | $ | 106,007 | |||||||||||||||||
Other assets: | ||||||||||||||||||||
Equity investments | $ | 1,835 | $ | 1,595 | ||||||||||||||||
Operating lease right-of-use assets | 5,816 | 6,850 | ||||||||||||||||||
Deferred income taxes | 2,038 | 360 | ||||||||||||||||||
Other | 1,706 | 2,211 | ||||||||||||||||||
$ | 11,395 | $ | 11,016 | |||||||||||||||||
Accrued liabilities: | ||||||||||||||||||||
Salaries and related | $ | 6,953 | $ | 4,881 | ||||||||||||||||
Benefits | 6,597 | 6,255 | ||||||||||||||||||
Insurance obligations | 1,700 | 1,896 | ||||||||||||||||||
Warranties | 3,085 | 2,068 | ||||||||||||||||||
Income taxes | 1,370 | 238 | ||||||||||||||||||
Other taxes | 1,996 | 2,386 | ||||||||||||||||||
Acquisition-related contingent consideration | 2,000 | 2,000 | ||||||||||||||||||
Lease liability | 1,916 | 2,482 | ||||||||||||||||||
Other | 13,556 | 8,195 | ||||||||||||||||||
$ | 39,173 | $ | 30,401 | |||||||||||||||||
Other liabilities: | ||||||||||||||||||||
Postretirement benefits | $ | 9,012 | $ | 8,996 | ||||||||||||||||
Lease liability | 4,898 | 5,426 | ||||||||||||||||||
Deferred income taxes | 1,345 | 2,091 | ||||||||||||||||||
Uncertain tax positions | 2,823 | 2,692 | ||||||||||||||||||
Other | 4,932 | 4,792 | ||||||||||||||||||
$ | 23,010 | $ | 23,997 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
July 31,
2021 |
July 31,
2020 |
July 31,
2021 |
July 31,
2020 |
|||||||||||||||||||||||
Anti-dilutive options and restricted stock units | 934 | 321,613 | 610 | 321,534 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
July 31,
2021 |
July 31,
2020 |
July 31,
2021 |
July 31,
2020 |
|||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Net income attributable to Raven Industries, Inc. | $ | 6,853 | $ | 5,819 | $ | 16,473 | $ | 9,866 | ||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted average common shares outstanding | 35,917,637 | 35,838,509 | 35,901,540 | 35,818,224 | ||||||||||||||||||||||
Weighted average fully vested stock units outstanding | 167,874 | 157,488 | 159,923 | 143,580 | ||||||||||||||||||||||
Denominator for basic calculation | 36,085,511 | 35,995,997 | 36,061,463 | 35,961,804 | ||||||||||||||||||||||
Weighted average common shares outstanding | 35,917,637 | 35,838,509 | 35,901,540 | 35,818,224 | ||||||||||||||||||||||
Weighted average fully vested stock units outstanding | 167,874 | 157,488 | 159,923 | 143,580 | ||||||||||||||||||||||
Dilutive impact of stock options and restricted stock units | 384,432 | 85,991 | 385,952 | 117,485 | ||||||||||||||||||||||
Denominator for diluted calculation | 36,469,943 | 36,081,988 | 36,447,415 | 36,079,289 | ||||||||||||||||||||||
Net income per share ─ basic | $ | 0.19 | $ | 0.16 | $ | 0.46 | $ | 0.27 | ||||||||||||||||||
Net income per share ─ diluted | $ | 0.19 | $ | 0.16 | $ | 0.45 | $ | 0.27 |
Revenue by Product Category | |||||||||||||||||||||||||||||||||||
Three Months Ended July 31, 2021 | Three Months Ended July 31, 2020 | ||||||||||||||||||||||||||||||||||
ATD | EFD | AERO |
ELIM(a)
|
Total | ATD | EFD | AERO |
ELIM(a)
|
Total | ||||||||||||||||||||||||||
Lighter-than-Air | |||||||||||||||||||||||||||||||||||
Domestic | $ | — | $ | — | $ | 9,479 | $ | — | $ | 9,479 | $ | — | $ | — | $ | 10,008 | $ | — | $ | 10,008 | |||||||||||||||
International | — | — | — | — | — | — | — | 34 | — | 34 | |||||||||||||||||||||||||
Plastic Films &
Sheeting
|
|||||||||||||||||||||||||||||||||||
Domestic | — | 52,337 | — | (49) | 52,288 | — | 32,478 | — | (38) | 32,440 | |||||||||||||||||||||||||
International | — | 4,750 | — | — | 4,750 | — | 3,774 | — | — | 3,774 | |||||||||||||||||||||||||
Precision Agriculture
Equipment
|
|||||||||||||||||||||||||||||||||||
Domestic | 32,209 | — | — | — | 32,209 | 28,000 | — | — | (2) | 27,998 | |||||||||||||||||||||||||
International | 12,392 | — | — | — | 12,392 | 7,502 | — | — | — | 7,502 | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Domestic | — | — | 3,306 | — | 3,306 | — | — | 3,423 | — | 3,423 | |||||||||||||||||||||||||
International | — | — | 2 | — | 2 | — | — | — | — | — | |||||||||||||||||||||||||
Totals | $ | 44,601 | $ | 57,087 | $ | 12,787 | $ | (49) | $ | 114,426 | $ | 35,502 | $ | 36,252 | $ | 13,465 | $ | (40) | $ | 85,179 | |||||||||||||||
Six Months Ended July 31, 2021 | Six Months Ended July 31, 2020 | ||||||||||||||||||||||||||||||||||
ATD | EFD | AERO |
ELIM(a)
|
Total | ATD | EFD | AERO |
ELIM(a)
|
Total | ||||||||||||||||||||||||||
Lighter-than-Air | |||||||||||||||||||||||||||||||||||
Domestic | $ | — | $ | — | $ | 13,978 | $ | — | $ | 13,978 | $ | — | $ | — | $ | 16,090 | $ | — | $ | 16,090 | |||||||||||||||
International | — | — | 597 | — | 597 | — | — | 46 | — | 46 | |||||||||||||||||||||||||
Plastic Films & Sheeting
|
|||||||||||||||||||||||||||||||||||
Domestic | — | 97,739 | — | (83) | 97,656 | — | 63,034 | — | (98) | 62,936 | |||||||||||||||||||||||||
International | — | 8,113 | — | — | 8,113 | — | 6,616 | — | — | 6,616 | |||||||||||||||||||||||||
Precision Agriculture Equipment
|
|||||||||||||||||||||||||||||||||||
Domestic | 67,861 | — | — | — | 67,861 | 58,861 | — | — | (2) | 58,859 | |||||||||||||||||||||||||
International | 31,608 | — | — | — | 31,608 | 18,648 | — | — | — | 18,648 | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Domestic | — | — | 7,073 | — | 7,073 | — | — | 8,475 | — | 8,475 | |||||||||||||||||||||||||
International | — | — | 26 | — | 26 | — | — | 5 | — | 5 | |||||||||||||||||||||||||
Totals | $ | 99,469 | $ | 105,852 | $ | 21,674 | $ | (83) | $ | 226,912 | $ | 77,509 | $ | 69,650 | $ | 24,616 | $ | (100) | $ | 171,675 |
July 31,
2021 |
January 31,
2021 |
$ Change | % Change | |||||||||||||||||||||||
Contract assets | $ | 1,577 | $ | 3,256 | $ | (1,679) | (51.6) | % | ||||||||||||||||||
Contract liabilities | $ | 5,088 | $ | 2,998 | $ | 2,090 | 69.7 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
July 31,
2021 |
July 31,
2020 |
July 31,
2021 |
July 31,
2020 |
|||||||||||||||||||||||
Beginning balance | $ | 2,000 | $ | 2,778 | $ | 2,000 | $ | 2,934 | ||||||||||||||||||
Change in fair value of the liability
|
— | (157) | — | (212) | ||||||||||||||||||||||
Contingent consideration earn-out paid
|
— | (162) | — | (263) | ||||||||||||||||||||||
Ending balance | $ | 2,000 | $ | 2,459 | $ | 2,000 | $ | 2,459 | ||||||||||||||||||
Classification of liability in the consolidated balance sheet | ||||||||||||||||||||||||||
Accrued liabilities
|
$ | 2,000 | $ | 233 | $ | 2,000 | $ | 233 | ||||||||||||||||||
Other liabilities, long-term
|
— | 2,226 | — | 2,226 | ||||||||||||||||||||||
Balance at July 31
|
$ | 2,000 | $ | 2,459 | $ | 2,000 | $ | 2,459 |
Applied Technology |
Engineered
Films |
Aerostar | Total | |||||||||||||||||||||||||||||
Balance at January 31, 2021
|
$ | 73,811 | $ | 33,232 | $ | 634 | $ | 107,677 | ||||||||||||||||||||||||
Foreign currency translation adjustment
|
897 | — | — | 897 | ||||||||||||||||||||||||||||
Balance at July 31, 2021
|
$ | 74,708 | $ | 33,232 | $ | 634 | $ | 108,574 |
Remainder of 2022 | 2023 | 2024 | 2025 | 2026 | 2027 and Thereafter | |||||||||||||||||||||||||||||||||
Estimated amortization expense | $ | 1,675 | $ | 3,257 | $ | 2,771 | $ | 2,762 | $ | 2,494 | $ | 7,296 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
July 31,
2021 |
July 31,
2020 |
July 31,
2021 |
July 31,
2020 |
|||||||||||||||||||||||
Service cost | $ | 8 | $ | 9 | $ | 17 | $ | 18 | ||||||||||||||||||
Interest cost | 67 | 70 | 134 | 140 | ||||||||||||||||||||||
Amortization of actuarial losses | 49 | 43 | 98 | 86 | ||||||||||||||||||||||
Amortization of unrecognized gains in prior service cost | (23) | (40) | (47) | (80) | ||||||||||||||||||||||
Net periodic benefit cost | $ | 101 | $ | 82 | $ | 202 | $ | 164 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
July 31,
2021 |
July 31,
2020 |
July 31,
2021 |
July 31,
2020 |
|||||||||||||||||||||||
Beginning balance | $ | 2,655 | $ | 1,606 | $ | 2,068 | $ | 2,019 | ||||||||||||||||||
Change in provision
|
659 | 497 | 1,363 | 1,000 | ||||||||||||||||||||||
Settlements made
|
(229) | (494) | (346) | (1,410) | ||||||||||||||||||||||
Ending balance | $ | 3,085 | $ | 1,609 | $ | 3,085 | $ | 1,609 |
July 31, 2021 | January 31, 2021 | |||||||||||||
Unamortized debt issuance costs(a)
|
$ | 92 | $ | 133 |
July 31, 2021 | January 31, 2021 | |||||||||||||||||||
Letters of credit outstanding(a)
|
$ | 50 | $ | 50 |
2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | |||||||||||||||||||||||||||||||||
Maturities of debt | $ | — | $ | — | $ | 2,849 | $ | — | $ | — | $ | — |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
July 31,
2021 |
July 31,
2020 |
July 31,
2021 |
July 31,
2020 |
|||||||||||||||||||||||
Effective tax rate | 15.0 | % | 10.8 | % | 16.2 | % | 2.2 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
July 31, 2021 | July 31, 2020 | July 31, 2021 | July 31, 2020 | |||||||||||||||||||||||
Cost of sales | $ | 86 | $ | 38 | $ | 162 | $ | 118 | ||||||||||||||||||
Research and development expenses | 353 | 383 | 626 | 757 | ||||||||||||||||||||||
Selling, general, and administrative expenses | 2,205 | 1,692 | 3,590 | 2,734 | ||||||||||||||||||||||
Total share-based compensation expense | $ | 2,644 | $ | 2,113 | $ | 4,378 | $ | 3,609 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
July 31,
2021 |
July 31,
2020 |
July 31,
2021 |
July 31,
2020 |
|||||||||||||||||||||||
Net sales | ||||||||||||||||||||||||||
Applied Technology | $ | 44,601 | $ | 35,502 | $ | 99,469 | $ | 77,509 | ||||||||||||||||||
Engineered Films
|
57,087 | 36,252 | 105,852 | 69,650 | ||||||||||||||||||||||
Aerostar | 12,787 | 13,465 | 21,674 | 24,616 | ||||||||||||||||||||||
Intersegment eliminations(a)
|
(49) | (40) | (83) | (100) | ||||||||||||||||||||||
Consolidated net sales | $ | 114,426 | $ | 85,179 | $ | 226,912 | $ | 171,675 | ||||||||||||||||||
Operating income(b)
|
||||||||||||||||||||||||||
Applied Technology
|
$ | 8,505 | $ | 6,511 | $ | 21,692 | $ | 15,450 | ||||||||||||||||||
Engineered Films | 12,357 | 4,465 | 19,124 | 6,072 | ||||||||||||||||||||||
Aerostar | 1,962 | 1,751 | 2,551 | 2,044 | ||||||||||||||||||||||
Intersegment eliminations
|
5 | 11 | (2) | 51 | ||||||||||||||||||||||
Total reportable segment income | 22,829 | 12,738 | 43,365 | 23,617 | ||||||||||||||||||||||
General and administrative expenses(b)
|
(14,495) | (6,595) | (23,458) | (13,535) | ||||||||||||||||||||||
Consolidated operating income | $ | 8,334 | $ | 6,143 | $ | 19,907 | $ | 10,082 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) |
July 31,
2021 |
July 31,
2020 |
$ Change | % Change |
July 31,
2021 |
July 31,
2020 |
$ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 44,601 | $ | 35,502 | $ | 9,099 | 25.6 | % | $ | 99,469 | $ | 77,509 | $ | 21,960 | 28.3 | % | ||||||||||||||||||||||||||||||||||||||||
Gross profit | 21,901 | 18,463 | 3,438 | 18.6 | % | 48,128 | 38,793 | 9,335 | 24.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Gross margin | 49.1 | % | 52.0 | % | 48.4 | % | 50.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | $ | 13,396 | $ | 11,952 | $ | 1,444 | 12.1 | % | $ | 26,436 | $ | 23,343 | $ | 3,093 | 13.3 | % | ||||||||||||||||||||||||||||||||||||||||
Operating expenses as % of sales
|
30.0 | % | 33.7 | % | 26.6 | % | 30.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating income(a)
|
$ | 8,505 | $ | 6,511 | $ | 1,994 | 30.6 | % | $ | 21,692 | $ | 15,450 | $ | 6,242 | 40.4 | % | ||||||||||||||||||||||||||||||||||||||||
Operating margin | 19.1 | % | 18.3 | % | 21.8 | % | 19.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
(a) At the segment level, operating income does not include an allocation of general and administrative expenses.
|
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) |
July 31,
2021 |
July 31,
2020 |
$ Change | % Change |
July 31,
2021 |
July 31,
2020 |
$ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 57,087 | $ | 36,252 | $ | 20,835 | 57.5 | % | $ | 105,852 | $ | 69,650 | $ | 36,202 | 52.0 | % | ||||||||||||||||||||||||||||||||||
Gross profit | 15,274 | 6,641 | 8,633 | 130.0 | % | 25,310 | 10,904 | 14,406 | 132.1 | % | ||||||||||||||||||||||||||||||||||||||||
Gross margin | 26.8 | % | 18.3 | % | 23.9 | % | 15.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Operating expenses | $ | 2,917 | $ | 2,176 | $ | 741 | 34.1 | % | $ | 6,186 | $ | 4,832 | $ | 1,354 | 28.0 | % | ||||||||||||||||||||||||||||||||||
Operating expenses as % of sales | 5.1 | % | 6.0 | % | 5.8 | % | 6.9 | % | ||||||||||||||||||||||||||||||||||||||||||
Operating income(a)
|
$ | 12,357 | $ | 4,465 | $ | 7,892 | 176.8 | % | $ | 19,124 | $ | 6,072 | $ | 13,052 | 215.0 | % | ||||||||||||||||||||||||||||||||||
Operating margin | 21.6 | % | 12.3 | % | 18.1 | % | 8.7 | % | ||||||||||||||||||||||||||||||||||||||||||
(a) At the segment level, operating income does not include an allocation of general and administrative expenses.
|
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) |
July 31,
2021 |
July 31,
2020 |
$ Change | % Change |
July 31,
2021 |
July 31,
2020 |
$ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 12,787 | $ | 13,465 | $ | (678) | (5.0) | % | $ | 21,674 | $ | 24,616 | $ | (2,942) | (12.0) | % | ||||||||||||||||||||||||||||||||||
Gross profit | 4,989 | 5,017 | (28) | (0.6) | % | 8,719 | 8,851 | (132) | (1.5) | % | ||||||||||||||||||||||||||||||||||||||||
Gross margin | 39.0 | % | 37.3 | % | 40.2 | % | 36.0 | % | ||||||||||||||||||||||||||||||||||||||||||
Operating expenses | $ | 3,027 | $ | 3,266 | $ | (239) | (7.3) | % | $ | 6,168 | $ | 6,807 | $ | (639) | (9.4) | % | ||||||||||||||||||||||||||||||||||
Operating expenses as % of sales
|
23.7 | % | 24.3 | % | 28.5 | % | 27.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Operating income(a)
|
$ | 1,962 | $ | 1,751 | $ | 211 | 12.1 | % | $ | 2,551 | $ | 2,044 | $ | 507 | 24.8 | % | ||||||||||||||||||||||||||||||||||
Operating margin | 15.3 | % | 13.0 | % | 11.8 | % | 8.3 | % | ||||||||||||||||||||||||||||||||||||||||||
(a) At the segment level, operating income does not include an allocation of general and administrative expenses.
|
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
(dollars in thousands) |
July 31,
2021 |
July 31,
2020 |
July 31,
2021 |
July 31,
2020 |
||||||||||||||||||||||||||||
Administrative expenses | $ | 14,495 | $ | 6,595 | $ | 23,458 | $ | 13,535 | ||||||||||||||||||||||||
Administrative expenses as a % of sales | 12.7 | % | 7.7 | % | 10.3 | % | 7.9 | % | ||||||||||||||||||||||||
Other income (expense), net | $ | (276) | $ | 377 | $ | (246) | $ | (91) | ||||||||||||||||||||||||
Effective tax rate | 15.0 | % | 10.8 | % | 16.2 | % | 2.2 | % |
(dollars in thousands) |
July 31,
2021 |
January 31,
2021 |
July 31,
2020 |
||||||||||||||||||||
Cash and cash equivalents | $ | 13,077 | $ | 32,938 | $ | 15,813 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
(dollars in thousands) | July 31, 2021 | July 31, 2020 | July 31, 2021 | July 31, 2020 | ||||||||||||||||||||||
Cash provided by (used in) operating activities | $ | 2,666 | $ | 18,733 | $ | (5,113) | $ | 30,584 | ||||||||||||||||||
Cash used in investing activities | (7,174) | (3,028) | (14,215) | (7,318) | ||||||||||||||||||||||
Cash used in financing activities | (96) | (72,628) | (485) | (27,980) | ||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (83) | 155 | (48) | (180) | ||||||||||||||||||||||
Net change in cash and cash equivalents | $ | (4,687) | $ | (56,768) | $ | (19,861) | $ | (4,894) |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
Exhibit
Number |
Description | |||||||
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||||
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||||
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||||
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||||
101.INS | Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | |||||||
104 | Cover page Interactive Data File is formatted in Inline XBRL and is contained in Exhibits 101 |
RAVEN INDUSTRIES, INC. | ||||||||||||||
/s/ Taimur Sharih | ||||||||||||||
Taimur Sharih | ||||||||||||||
Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer) |
1 Year Raven Industries Chart |
1 Month Raven Industries Chart |
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