5. | On August 28, 2000, the company's management reporting
structure. The company's customers (distributors or original equipment
manufacturers) provide opportunities for each segment to serve various
markets. Distribution methods are similar across and within segments.
The results of these segments are shown on the following table:
FOR THE THREE FOR THE NINE
MONTHS ENDED MONTHS ENDED
-----------------------------------------------
10/31/00 10/31/99 10/31/00 10/31/99
-------- -------- -------- --------
NET SALES
Electronics ................................. $ 12,471 $ 12,181 $ 37,556 $ 37,015
Plastics .................................... 12,982 19,991 42,060 57,969
Sewn Products ............................... 9,225 12,799 18,992 21,447
-------- -------- -------- --------
Total company ............................... $ 34,678 $ 44,971 $ 98,608 $116,431
======== ======== ======== ========
OPERATING INCOME (LOSS)
Electronics ................................. ($ 2,029) $ 679 ($ 967) $ 2,261
Plastics .................................... 5,242 2,599 8,682 5,874
Sewn Products ............................... 363 311 311 515
-------- -------- -------- --------
Totalsold substantially all of the assets of its Plastic Tank division to Norwesco, Inc. The sale did not include the company’s plant in Tacoma, Washington, for which the company ............................... $ 3,576 $ 3,589 $ 8,026 $ 8,650
======== ======== ======== ========
is actively pursuing its sale. The Tacoma plant assets, primarily inventory and manufacturing equipment, are included in the April 30, 2001 and January 31, 2001 balance sheets at their estimated net realizable value.
5. On October 29, 1999, the company sold its Glasstite business, recording
a gain of $966,000 in the three and nine-month periods ended October
31, 1999. During the nine months ended October 31, 2000, the company
received $221,000 additional cash proceeds from the sale of Glasstite,
no material gain or loss was recorded as a result of these collections.
On August 28, 2000, the company sold substantially all of the assets of
its Plastic Tank division, part of the company's Plastics Segment, to
Norwesco, Inc. The cash proceeds of the sale were $12.1 million and the
buyers also assumed certain liabilities of the company. In addition,
the company recorded approximately $600,000 to accrue for severance,
legal and other costs related to the Plastic Tank division sale,
reflecting the company's best estimate of costs that it will incur
until these matters are resolved. Through October 31, 2000,
approximately $200,000 of these costs were paid. The sale did not
include the company's plant in Tacoma, Washington, for which the
company is actively pursuing its sale. The Tacoma plant assets,
primarily inventory and manufacturing equipment, are included in the
balance sheet at their estimated net realizable value. As a result of
the above, the company recognized a pre-tax gain of $3.1 million in the
three and nine month periods ended October 31, 2000.
6. Included in the gain on the sale of the Plastic Tank Division was a
goodwill write-off of $1.8 million. The non-deductible nature of this
goodwill write-off increased the gain for income tax purposes, causing
income tax expense to exceed the statutory federal rate. The effective
tax rate, net of goodwill disposition, was 36.0% for the nine months
ended October 31, 2000.
7. In June 2000, the company entered a new agreement with Norwest Bank
South Dakota, N.A. (Norwest) to increase the short-term credit line to
$7.0 million. The terms of this credit line are similar to the $5.0
million line with Norwest that expired on June 30, 2000. At October 31,
2000, the company had no borrowings outstanding under this line of
credit.
6. | The company incurred approximately $340,000 of inventory write-downs and other costs of goods sold in the quarter ended April 30, 2001 related to the repositioning of its Beta Raven subsidiary, including the closing of its Alabama plant. |
7. | During the first quarter ended April 30, 2001, the company repaid $1.0 million of its debt originally due in June 2001. |
8. | On May 23, 2001, the Board of Directors declared a three-for-two stock split of the company’s common stock, to be effected in the form of a stock dividend. The record date for the stock dividend is June 25, 2001, with distribution of the shares on July 13, 2001. Earnings per share calculations included in this report have not been restated to reflect this stock split. |
Page 7 PART I -– FINANCIAL INFORMATION
RAVEN INDUSTRIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
8. The company terminated its relationship with several customers during
the third quarter of fiscal 2001. Related to these customers, the
company has asset exposure, primarily related to specific inventory
items and certain receivables, of approximately $3.6 million as of
October 31, 2000. The company believes its existing reserves are
appropriate and adequate to cover probable losses related to this
exposure.
Page 8
PART I - FINANCIAL INFORMATION
MANAGEMENT'S MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FINANCIAL CONDITION The company'scompany’s cash and cash equivalents balance was $11.9$14.5 million at October 31,
2000April 30, 2001 compared with $4.6$1.9 million one year earlier. On August 28, 2000, the company sold substantially all of the assets of its Plastic Tank division. The cash proceeds from the sale were $12.1approximately $12 million. The sale proceeds were used
primarily to repay $3.5 million in short-term debt and repurchase company
shares. During the nine months ended October 31, 2000, the company repurchased
678,950 shares of its common stock. The average purchase price was $13.93 per
share for a total cost of $9.5 million. In the nine months ended October 31,
2000, the company's seasonal investments in inventories and accounts receivable
were minimized due to the sale of the proprietary skiwear line. Accounts receivable of $19.3$17.2 million decreased $12.1$5.5 million from October 31, 1999. Most
of the decrease isApril 30, 2000 due primarily to the sale of the proprietary skiwear line in Sewn
Products and the sale of the Plastic Tank division. Inventory levels of $18.6 million decreased $6.8$8.6 million from October 31, 1999April 30, 2000 due primarily to the sale of the Plastic tank division, lower sales levels in Aerostar’s specialty apparel products and inventory reduction efforts.contract completions in Electronic Systems. The Companycompany retains its $7.0 million line of credit. Long-term debt, including the current portion, at October 31, 2000April 30, 2001 was $3.0$2.0 million compared to $4.6$3.0 million in the prior year. During the quarter ended April 30, 2001, the company repaid $1.0 million of its debt originally due in June 2001. The company'scompany’s capital resources continue to be sufficient to fund all its activities. RESULTS OF OPERATIONS
Sales were $34.7 Reported sales of $31.0 million for the quarter ended October 31, 2000April 30, 2001 compared to $45.0$32.2 million in the thirdfirst quarter of last year. Year-to-dateThe sales decrease in the Plastic Tank division (contained in the “Businesses sold and for sale” segment) of $3.9 million was offset primarily by sales increases in the Flow Controls and Engineered Films segments. Reported operating income of $3.3 million for the first quarter of the current fiscal year was $695,000 above the first quarter of fiscal 2001. The impact of lower sales was offset by a higher percentage of products shipped with relatively stronger gross profit rates. In addition, lower selling general and administrative expenses improved operating income. Selling and administrative expenses for the current year’s first quarter were $98.6$2.9 million $17.8compared to $3.6 million belowin the previous year-to-date.first quarter. The sales decrease is primarily due to the sale of the Glasstite subsidiary andmost of the Plastic Tank division along with lower sales in the Sewn Products segment. Operating income
of $3.6 million for the third quarter was even with the third quarter of fiscal
2000. Operating income on a year-to-date basis was $8.0 million, $624,000 below
the previous year. Selling and administrative expenses for the third quarter
were $3.3 million compared to $3.9 million the previous third quarter. The
decrease is due to the sale of the skiwear product line, Glasstite and the
Plastic Tank division. Year-to-date selling and administrative expenses were
$10.3 million compared to $11.4 million in fiscal 2000.related staff reductions. The improvement in non-operating income for the quarter and year-to-date was the result of a higher net cash position and the associated lower interest expense and higher interest earned on cash equivalents from cash proceeds of
the Glasstite and Plastics sale.earned. Earnings per share in the thirdfirst quarter, on a diluted basis, were 5070 cents per share, compared to 5244 cents in the thirdfirst quarter of fiscal 2000. Diluted per share earnings for the nine months ended
October 31, 2000 were $1.28 compared with $1.22 the previous fiscal year
nine-month results.2001. Total average weighted shares outstanding for the quarter and year-to-dateended April 30, 2001 were 3.33.2 million and 3.5 million, respectively, compared to 4.33.8 million and 4.5 millionin the previous third quarter and year-to-date,
respectively.
year’s first quarter. The results for the quarter and nine monthsended April 30, 2001 include a number ofnonrecurring items that the company does not believe are relevant to future operations or cash flows. The discussion of operating results, following the tables, is focused on the results of ongoing businessesoperations exclusive of these items. AdjustedOngoing operation actual results exclude the results of the company'scompany’s Plastic Tank division (both sold and Glasstite subsidiary and
the gain on sale of those operations. In theheld for sale). Also excluded were current fiscal year the gain on
the sale of the Plastic Tank division was $3.1 million. Current year write downsfirst quarter write-downs related to the repositioning of the company's Electronics Segment in the third
quartercompany’s Beta Raven segment, including inventory write-offs and severanceother costs for personnel in two sewing plants to close in the
fourth quarter of fiscal 2001 totaled $2.2 million. The company terminated its
relationship with several customers during the third quarter of fiscal 2001.
Related to these customers, the company has asset exposure, primarily related to
specific inventory items and certain receivables, of approximately $3.6 million
as of October 31, 2000. The company believes its existing reserves are
appropriate and adequate to cover probable losses related to this exposure. In
the prior year, a $1.0 million gain on the sale of the company's Glasstite
subsidiary was recorded along with $550,000 of inventory write downs related to
ongoing operations and a $250,000 write down related to the Plastic Tank
division.
closing of its Alabama plant. These charges totaled $340,000 and were included in cost of goods sold. No such expenses were incurred in the previous year’s first quarter.
Page 9
8 PART I -– FINANCIAL INFORMATION
MANAGEMENT'S MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(continued)
Certain administrative expenses were allocated to sold businesses and are
unallocated in the segment data. The company's income tax rate in the current
year reflects the write-off of non-deductible goodwill.
The following tables presenttable presents ongoing businessoperation information for the three and nine
monththree-month periods ended October 31, 2000April 30, 2001 and October 31, 1999.
------------------------------------------------------------------------
(dollars in thousands) THREE MONTHS ENDED | THREE MONTHS ENDED
10/31/2000 | 10/31/1999
------------------------------------------------------------------------
As Adjust- Ongoing As Adjust- Ongoing
Reported ments Business Reported ments Business
Net sales ................ $ 34,678 $ 2,216 $ 32,462 $ 44,971 $ 9,747 $ 35,224
Gross profit ............. 3,780 (1,811) 5,591 6,485 8 6,477
Operating expenses ....... 3,340 282 3,058 3,862 666 3,196
Gain on sale of businesses 3,136 3,136 -- 966 966 --
------------------------------------------------------------------------
Operating income ......... 3,576 1,043 2,533 3,589 308 3,281
Other (income) expense ... (16) -- (16) 62 (3) 65
------------------------------------------------------------------------
Net income before taxes .. 3,592 1,043 2,549 3,527 311 3,216
Income taxes ............. 1,929 1,011 918 1,273 112 1,161
------------------------------------------------------------------------
Net income ............... $ 1,663 $ 32 $ 1,631 $ 2,254 $ 199 $ 2,055
========================================================================
------------------------------------------------------------------------
(dollars in thousands) NINE MONTHS ENDED | NINE MONTHS ENDED
10/31/2000 | 10/31/1999
------------------------------------------------------------------------
As Adjust- Ongoing As Adjust- Ongoing
Reported ments Business Reported ments Business
Net sales ................ $ 98,608 $ 12,967 $ 85,641 $116,431 $ 31,587 $ 84,844
Gross profit ............. 15,197 (96) 15,293 19,084 2,727 16,357
Operating expenses ....... 10,307 1,180 9,127 11,400 2,176 9,224
Gain on sale of businesses 3,136 3,136 -- 966 966 --
------------------------------------------------------------------------
Operating income ......... 8,026 1,860 6,166 8,650 1,517 7,133
Other (income) expense ... (19) (3) (16) 29 (19) 48
------------------------------------------------------------------------
Net income before taxes .. 8,045 1,863 6,182 8,621 1,536 7,085
Income taxes ............. 3,532 1,306 2,226 3,112 554 2,558
------------------------------------------------------------------------
Net income ............... $ 4,513 $ 557 $ 3,956 $ 5,509 $ 982 $ 4,527
========================================================================
April 30, 2000.(dollars in thousands) | THREE MONTHS ENDED 04/30/2001 | THREE MONTHS ENDED 04/30/2000 |
---|
| | | | AS REPORTED | ADJUST- MENTS | ONGOING OPERATIONS | AS REPORTED | ADJUST- MENTS | ONGOING OPERATIONS |
---|
| | | Net Sales | | | $ | 30,972 | | $ | 2,012 | | $ | 28,960 | | $ | 32,168 | | $ | 5,865 | | $ | 26,303 | | Gross profit | | | | 6,239 | | | 97 | | | 6,142 | | | 6,158 | | | 845 | | | 5,313 | | Operating expenses | | | | 2,945 | | | 85 | | | 2,860 | | | 3,559 | | | 483 | | | 3,076 | |
| Operating income | | | | 3,294 | | | 12 | | | 3,282 | | | 2,599 | | | 362 | | | 2,237 | | Other income, net | | | | 121 | | | — | | | 121 | | | 22 | | | — | | | 22 | |
| Net income before taxes | | | | 3,415 | | | 12 | | | 3,403 | | | 2,621 | | | 362 | | | 2,259 | | Income taxes | | | | 1,206 | | | 5 | | | 1,201 | | | 944 | | | 138 | | | 806 | |
| Net income | | | $ | 2,209 | | $ | 7 | | $ | 2,202 | | $ | 1,677 | | $ | 224 | | $ | 1,453 | |
|
Following is a table of ongoing operation results by segment: ONGOING OPERATIONS SALES AND OPERATING INCOME BY SEGMENT (dollars in thousands) | THREE MONTHS ENDED APRIL 30 |
---|
| 2001 | 2000 | Percent Change |
---|
NET SALES | | | | | | | | | | | | Electronic Systems | | | $ | 5,718 | | $ | 6,281 | | | -9 | % | Flow Controls | | | | 7,894 | | | 5,469 | | | 44 | % | Engineered Films | | | | 9,380 | | | 8,724 | | | 8 | % | Aerostar | | | | 3,514 | | | 3,458 | | | 2 | % | Beta Raven | | | | 2,454 | | | 2,371 | | | 4 | % |
| Total company | | | $ | 28,960 | | $ | 26,303 | | | 10 | % |
|
| 2001 | 2000 | Percent Change |
---|
OPERATING INCOME (LOSS) | | | | | | | | | | | | Electronic Systems | | | $ | 9 | | $ | 354 | | | -97 | % | Flow Controls | | | | 2,377 | | | 1,666 | | | 43 | % | Engineered Films | | | | 2,287 | | | 1,757 | | | 30 | % | Aerostar | | | | 209 | | | (9 | ) | Beta Raven | | | | (48 | ) | | 225 | | | -121 | % | Corporate expenses | | | | (1,552 | ) | | (1,756 | ) | | 12 | % |
| Total company | | | $ | 3,282 | | $ | 2,237 | | | 47 | % |
|
Page 10
9 PART I -– FINANCIAL INFORMATION
MANAGEMENT'S MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(continued)
Following is a table of adjusted results by segment:
ADJUSTED SALES AND OPERATING INCOME BY SEGMENT
-------------------------------------------------------------
(dollars in thousands) THREE MONTHS ENDED | NINE MONTHS ENDED
OCTOBER 31 | OCTOBER 31
-------------------------------------------------------------
2000 1999 Percent 2000 1999 Percent
---- ---- ------- ---- ---- -------
Change Change
------- -------
NET SALES
Electronics .......... $12,471 $12,181 2% $37,556 $37,015 1%
Plastics ............. 10,766 10,244 5% 29,093 26,382 10%
Sewn Products......... 9,225 12,799 -28% 18,992 21,447 -11%
------------------- -------------------
Total company ........ $32,462 $35,224 -8% $85,641 $84,844 1%
=================== ===================
2000 1999 Percent 2000 1999 Percent
---- ---- ------- ---- ---- -------
Change Change
------- -------
OPERATING INCOME (LOSS)
Electronics........... $ 115 $ 980 -88% $ 1,177 $ 2,562 -54%
Plastics.............. 2,110 1,887 12% 5,312 4,524 17%
Sewn Products......... 419 561 -25% 367 765 -52%
Unallocated expenses.. (111) (147) -24% (690) (718) -4%
------------------- -------------------
Total company......... $ 2,533 $ 3,281 -23% $ 6,166 $ 7,133 -14%
=================== ===================
Sales from ongoing operations were $32.5$29.0 million for the quarter ended October
31, 2000, down $2.8April 30, 2001, an increase of $2.7 million from the thirdfirst quarter of the prior year. For the
nine months ended October 31, 2000, comparable sales were $85.6 million,
slightly above last year's $84.8 million. The ongoing Plastic and Electronics
segments generated sales increases over last yearfrom the previous first quarter were primarily in the Flow Controls and Engineered Films segments. New product introductions in Flow Controls and increased demand for bothpit liners in the third quarter and
the year-to-date. Adjusted operating incomeoil exploration market for Engineered Films were responsible for the thirdsales increases. Operating income from ongoing operations for the first quarter was $2.5$3.3 million compared to $3.3$2.2 million in the previous thirdfirst quarter. AdjustedThe increase in operating income forwas due primarily to the nine months ended October 31, 2000 was $6.2impact of sales increases in the Flow Controls and Engineered Films segments along with lower corporate administrative expenses. Electronic Systems first quarter sales declined 9% to $5.7 million, compared to
$7.1 million the previous year.
Electronics segment third-quarter sales were $12.5 million, which was an
increasea decrease of 2 percent or $290,000 over$563,000 from the same period last year. The increase
in sales decrease was due primarilythe result of fiscal 2001 efforts to stronger deliveries from the Flow Controls
operation. Improved marketing and product introduction increased Flow Control
sales by more than 20 percent over the third quarter last year. Adjusted
operatingstreamline its customer base. Operating income however, declined to $115,000$9,000 from $980,000$354,000 the prior year. The lower operating income reflected losses in the contract manufacturing
operations while repositioning its customer basewas a result of lower sales and exiting unprofitable
contracts. Operatingproduction volumes. However, operating income is expected to improve as new contracts begin shipping during the next six months. Sales for the nine months totaled $37.6
million compared to $37.0second half of fiscal 2002. Flow Controls sales of $7.9 million for the same period in fiscal 2000. Adjusted
operating income for the nine months was $1.2 million, down $1.4 million from
the prior year's $2.6 million.
Plastics segment sales, from ongoing operations, of $10.8 million for the thirdfirst quarter were 544 percent more than the same period last year. SalesNew product introductions in the chemical injection market accounted for the sales increase including shipments under a $2 million order announced in October 2000. First quarter operating income was $2.4 million, up 43 percent from $1.7 million in the previous first quarter. Percentage increases in operating income were lower than the sales increase due to lower profit margins on the new product introductions. Engineered Film sales of $29.1$9.4 million for the first nine monthsquarter were 10 percent greater than the $26.4 million
generated in the first nine months of fiscal 2000. Adjusted third quarter
operating income for the ongoing operations$656,000 ahead of the segment was $2.1$8.7 million up
12% from $1.9 million in the previous third quarter. Engineered Films sales to
construction and manufactured housing markets remained strong for the quarter
and the first nine months. Year-to-date adjusted operating income was $5.3
million compared to $4.5 million the
Page 11
PART I - FINANCIAL INFORMATION
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(continued)
first nine months of last fiscal year. The increased operating income was due to
higher sales, improved operating efficiencies and capacity utilization.
Sewn Products segment sales of $9.2 million for the third quarter were behind
the $12.8 million in the same period last year. Year-to-date sales of $19.0
million were $2.5 million belowIncreased demand for pit-liners in the $21.5 million nine-month results of fiscal
2000. Apparel sales continue tooil exploration market and research balloons more than offset a decline as thein manufactured housing market for domestic made
outerwear continues to shrink. Adjusted thirdsales. First quarter operating income of $419,000 compared unfavorably to $561,000$2.3 million was 30% above the $1.7 million generated in the thirdfirst quarter of fiscal 2000. Year-to-date adjusted2001. Operating income benefited from increased sales that led to favorable manufacturing efficiencies. Aerostar first quarter sales of $3.5 million were even with last year’s first quarter and exceeded anticipated sales. Operating income of $209,000 compared favorably to the prior year’s first quarter $9,000 loss. The impact of a new operating incomestructure, including the closure of two sewing plants in the fourth quarter of the prior fiscal year, helped stabilize profits on a lower sales base. The backlog for sewn products at April 30, 2001 remains significantly lower than one year earlier. Beta Raven sales in the first quarter of $2.5 million were slightly above the $2.4 million in previous first quarter. The first quarter operating loss of $48,000 was $367,000, $398,000 less
than last year's nine-month total.
unfavorable to the $225,000 operating profit the previous first quarter. The continued weakness in the American poultry industry adversely affected profit margins. FORWARD-LOOKING STATEMENTS
THIS REPORT CONTAINS DISCUSSIONS OF ITEMS WHICH MAY CONSTITUTE FORWARD-LOOKING
STATEMENTS WITHIN THE MEANING OF FEDERAL SECURITIES LAWS. ALTHOUGH RAVEN
INDUSTRIES BELIEVES THAT EXPECTATIONS REFLECTED IN SUCH FORWARD-LOOKING
STATEMENTS ARE BASED ON REASONABLE ASSUMPTIONS, IT CAN GIVE NO ASSURANCES THAT
ITS EXPECTATIONS WILL BE ACHIEVED. FACTORS THAT COULD CAUSE ACTUAL RESULTS TO
DIFFER FROM EXPECTATIONS INCLUDE GENERAL ECONOMIC CONDITIONS, WEATHER CONDITIONS
WHICH COULD AFFECT CERTAIN OF THE COMPANY'S PRIMARY MARKETS SUCH AS THE
AGRICULTURAL MARKET OR ITS MARKET FOR OUTERWEAR, OR CHANGES IN COMPETITION WHICH
COULD IMPACT ANY OF THE COMPANY'S PRODUCT LINES.
Certain sections of this report contain discussions of items which may constitute forward-looking statements within the meaning of federal securities laws. Although Raven Industries, Inc. believes that expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include general economic conditions, weather conditions which could affect certain of the company’s primary markets such as agriculture or construction, or changes in competition or the company’s customer base which could impact any of the company’s product lines.
Page 12
10 PART II - OTHERII-OTHER INFORMATION
Item 1. Legal Proceedings: None
The company is involved as a defendant in lawsuits, claims or disputes arising in the normal course of business. The settlement of such claims cannot be determined at this time. Management believes that any liability resulting from these claims will be substantially mitigated by insurance coverage. Accordingly, management does not believe the ultimate outcome of these matters will be significant to its results of operations, financial position or cash flows. Item 2. Changes in Securities: None Item 3. Defaults upon Senior Securities: None Item 4. Submission of Matters to a Vote of Security Holders: None
The company’s annual meeting of stockholders was held on May 23, 2001. The following members were elected to the company’s Board of Directors to hold office for the ensuing year. Nominee | In Favor | Withheld |
---|
Anthony W. Bour | 2,786,213 | 15,929 | David A. Christensen | 2,783,731 | 18,411 | Thomas S. Everist | 2,774,487 | 27,655 | Mark E. Griffin | 2,784,320 | 17,822 | Conrad J. Hoigaard | 2,775,089 | 27,053 | Kevin T. Kirby | 2,786,782 | 15,360 | Ronald M. Moquist | 2,778,232 | 23,910 |
Item 5. Other Information: None Item 6. (a) Exhibits Filed: Exh. 27-Financial Data schedule (for SEC only).None (b) Reports on Form 8-K: An 8-K was filed September 12, 2000,
concerning the August 28, 2000 sale of the company's Plastics
Division assets.
None
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
RAVEN INDUSTRIES, INC.
/s/ Thomas Iacarella
----------------------------------
Thomas Iacarella
Vice President, Finance, Secretary
and Treasurer (Principal Financial
and Accounting Officer)
DATE: DECEMBER 7, 2000
| RAVEN INDUSTRIES, INC. | | | | | | /s/ Thomas Iacarella | | Thomas Iacarella | | Vice President and CFO, Secretary | | and Treasurer (Principal Financial | | and Accounting Officer) |
Date: June 8, 2001
Page 1311 |