Company’s Quarterly Dividend Indefinitely Suspended
SIOUX FALLS, S.D.--(BUSINESS WIRE)--Aug. 26, 2020--
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.
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Jared Stearns, Investor Relations Manager
+1 (605) 336-2750
Source: Raven Industries, Inc.