Raven Industries, Inc. (Nasdaq:RAVN) today reported financial results for the fourth quarter that ended January 31, 2015.
Successfully completed the strategic acquisition and integration of Integra Plastics;
Engineered Films legacy business was particularly strong in the quarter, leading to divisional operating income increasing 37 percent year-over-year;
Aerostar's focus on proprietary product lines led to operating margin reaching 17.6 percent and operating income increasing 85 percent year-over-year;
Applied Technology continued to experience challenging end-market conditions and these conditions are expected to persist at least until the end of fiscal 2016; and
Company takes additional restructuring actions to address the weak end-market conditions, $13 million of additional annualized cost reductions is expected.
Fourth Quarter Results:
Net sales for the fourth quarter of 2015 were $89.9 million, down 3.0 percent versus the fourth quarter of 2014.