Raven Industries, Inc. (RAVN) has reported an 131.39 percent jump in profit for the quarter ended Jan. 31, 2017. The company has earned $4.44 million, or $0.12 a share in the quarter, compared with $1.92 million, or $0.05 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $4.44 million, or $0.12 a share compared with $1.92 million or $0.05 a share, a year ago.
Revenue during the quarter surged 30.45 percent to $68.92 million from $52.83 million in the previous year period. Gross margin for the quarter expanded 572 basis points over the previous year period to 28.03 percent. Total expenses were 90.89 percent of quarterly revenues, down from 98.92 percent for the same period last year. This has led to an improvement of 803 basis points in operating margin to 9.11 percent.
Operating income for the quarter was $6.28 million, compared with $0.57 million in the previous year period.
However, the adjusted operating income for the quarter stood at $6.28 million compared to $0.57 million in the prior year period. At the same time, adjusted operating margin improved 803 basis points in the quarter to 9.11 percent from 1.08 percent in the last year period.
"We are very pleased with the progress made and performance achieved throughout fiscal year 2017," said Dan Rykhus, president and chief executive officer. "Both Applied Technology and Engineered Films continue to drive improved sales and profitability and Aerostar returned to profitability following several quarters of operating losses."
Operating cash flow improves
Raven Industries, Inc. has generated cash of $48.64 million from operating activities during the year, up 10.52 percent or $4.63 million, when compared with the last year.
The company has spent $4.64 million cash to meet investing activities during the year as against cash outgo of $11.07 million in the last year. It has incurred net capital expenditure of $3.61 million on net basis during the year, down 66.97 percent or $7.31 million from year ago.
The company has spent $27.15 million cash to carry out financing activities during the year as against cash outgo of $50.68 million in the last year period.
Cash and cash equivalents stood at $50.65 million as on Jan. 31, 2017, up 49.93 percent or $16.87 million from $33.78 million on Jan. 31, 2016.
Working capital increases marginally
Raven Industries, Inc. has recorded an increase in the working capital over the last year. It stood at $110.43 million as at Jan. 31, 2017, up 3.29 percent or $3.52 million from $106.91 million on Jan. 31, 2016. Current ratio was at 4.89 as on Jan. 31, 2017, down from 6.68 on Jan. 31, 2016.
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