Raven Industries Generating Strong Cash Flows
July 21 2020 - 3:00PM
Business Wire
Raven Industries, Inc. (the Company; NASDAQ:RAVN) announced
today that its enhanced focus on cash flow during the pandemic is
leading to improved liquidity.
In the second quarter, the Company completed the purchase of all
shares of the largest minority shareholder in DOT Technology
Corporation for $18 million and quarter-to-date has generated
approximately $12 million in free cash flow. The Company continues
to successfully reduce net working capital and certain capital
expenditures, while end market conditions have improved somewhat
from last quarter end. Current liquidity, reflecting the DOT share
purchase, is approximately $117 million.
“The strong cash flow generation over the past several months is
indicative of our strong business model and our ability to drive
cash flow improvement regardless of the economic situations,” said
Steven Brazones, Vice President and CFO. “We have heightened our
focus on driving free cash flow improvements across all of our
operating divisions. This emphasis has allowed us to remain
flexible, maintaining our financial capacity to pursue strategic
acquisitions as we continue to execute our bold investment
strategy.”
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200721005869/en/
Jared Stearns, Investor Relations Manager Raven Industries +1
(605) 336-2750 irinfo@ravenind.com
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