U.S. Markets closed
  • S&P Futures

    3,266.75
    -8.25 (-0.25%)
     
  • Dow Futures

    26,990.00
    -65.00 (-0.24%)
     
  • Nasdaq Futures

    10,951.25
    -37.75 (-0.34%)
     
  • Russell 2000 Futures

    1,478.30
    -4.50 (-0.30%)
     
  • Crude Oil

    39.57
    +0.26 (+0.66%)
     
  • Gold

    1,913.30
    +2.70 (+0.14%)
     
  • Silver

    24.68
    +0.29 (+1.20%)
     
  • EUR/USD

    1.1766
    -0.0007 (-0.0588%)
     
  • 10-Yr Bond

    0.6710
    -0.0230 (-3.31%)
     
  • Vix

    27.78
    +1.95 (+7.55%)
     
  • GBP/USD

    1.2815
    -0.0002 (-0.0154%)
     
  • BTC-USD

    10,465.54
    +27.82 (+0.27%)
     
  • CMC Crypto 200

    213.33
    -22.25 (-9.45%)
     
  • FTSE 100

    5,804.29
    -202.76 (-3.38%)
     
  • Nikkei 225

    23,360.30
    +40.90 (+0.18%)
     

Raven Industries Board Announces Reallocation of Capital to Boldly Invest for Growth

Company’s Quarterly Dividend Indefinitely Suspended

Raven Industries, Inc. (the Company; NASDAQ:RAVN) announced today that its board of directors has indefinitely suspended the Company’s regular quarterly cash dividend on its common stock.

By suspending the dividend, the Company will retain nearly $20 million in capital on an annual basis. The Company intends to reallocate this capital to supplement and accelerate investments in Raven Autonomy™ and Raven Composites™. The opportunity for significant long-term growth from these investments is substantial, and the Company believes this to be the most appropriate use of capital to drive long-term growth in shareholder value.

"We are fully committed to boldly investing in the future of our company, and now is the time to accelerate investment into Raven Autonomy™ and Raven Composites," said Dan Rykhus, President and CEO. "This decision speaks greatly to the tremendous opportunities in front of us and is being taken from a position of strength, with utmost confidence in our future."

About Raven Industries, Inc.
Raven Industries (NASDAQ: RAVN) is dedicated to providing innovative, high-value products and solutions that solve great challenges throughout the world. Raven is a leader in precision agriculture, high-performance specialty films, and lighter-than-air technologies. Since 1956, Raven has designed, produced, and delivered exceptional solutions, earning the company a reputation for innovation, product quality, high performance, and unmatched service. For more information, visit http://ravenind.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200826005770/en/

Contacts

Jared Stearns, Investor Relations Manager
Raven Industries
+1 (605) 336-2750
irinfo@ravenind.com