Raven Industries Pays $1.6 Million to Employees through Profit Plus Program
Sioux Falls, SD (March 10, 2011) – The fiscal year for Raven Industries (NASDAQ: RAVN) ends on a high note for the employees and their families as they are handed Profit Plus checks demonstrating the direct result of their hard work and dedication to Raven over the past year. Raven paid out around $1.6 million to employees today, which comes out to $1,800 per eligible person. This is a fixed amount paid to each eligible employee regardless of the position they hold. The company has participated in Profit Plus profit sharing in the past, but never to this extent.
“The team members at Raven Industries take great pride in carrying out our purpose to serve, to grow, and to deliver solutions that make the world a better place. I personally thank each of you for your role in the accomplishments we achieved this past year. This is a great time to be on the Raven Team, and I am pleased to announce this record Profit Plus distribution,” says Dan Rykhus, President and CEO of Raven Industries. He continues, “This past year Raven expanded its global presence, invested in the production of new ground‐breaking technological products, and strengthened business relationships. Ending the year with an investment in our strongest asset, our employees, just makes sense.”
About Raven Industries, Inc.
Since 1956, Raven Industries has provided high‐quality, high‐value technical products. Raven is publicly traded on NASDAQ(RAVN) and has earned an international reputation for innovation, product quality, high performance and unmatched service. With strengths in engineering and technological innovation, Raven provides custom solutions including precision agriculture applications, high performance specialty films, aerostats for communications and surveillance, and electronic manufacturing services.
This news release contains “forward‐looking statements” within the meaning of Section 27A of the Securities Act of 1933, asamended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expectations, beliefs, intentions or strategies regarding the future. Without limiting the foregoing, the words “anticipates,” “believes,” “expects,” “intends,” “may,” “plans,” and similar expressions are intended to identify forward‐looking statements. The company intends that all forward‐looking statements be subject to the safe harbor provisions of the Private Securities Litigation Reform Act. Although management believes that the expectations reflected in forward‐looking statements are based on reasonable assumptions, there is no assurance these assumptions are correct or that these expectations will be achieved. Assumptions involve important risks and uncertainties that could significantly affect results in the future. These risks and uncertainties include, but are not limited to, those relating to weather conditions and commodity prices, which could affect sales and profitability in some of the company’s primary markets, such as agriculture, construction and oil and gas drilling; or changes in competition, raw material availability, technology or relationships with the company’s largest customers—any of which could adversely affect any of the company’s product lines—as well as other risks described in the company’s 10‐K under Item 1A. This list is not exhaustive, and the company does not have an obligation to revise any forward‐looking statements to reflect events or circumstances after the date these statements are made.
PR Coordinator, Raven Industries