Financial Releases

Raven Industries' Board Votes on Repurchase of Common Stock For Up to 500,000 Shares

November 24, 1997 at 12:00 AM EST
Raven Industries' Board Votes on Repurchase of Common Stock For Up to 500,000 Shares

SIOUX FALLS, S.D., Nov. 24 /PRNewswire/ -- The board of directors of Raven Industries, Inc. (Nasdaq: RAVN) today announced that it had approved a repurchase of up to 500,000 shares of common stock. Company management said that it would begin "repurchase of shares as soon as possible."

"We feel the price of our stock is at a low level based on current and projected future earnings," noted President and Chief Executive Officer David A. Christensen. "After recently announcing a drop in third-quarter earnings, the stock has declined significantly in price. At its current level we believe the stock repurchase is a prudent investment for our company."

Raven Industries is a diversified manufacturer that supplies plastics, electronics and special-apparel products to various markets.

To the extent that information contained herein may constitute forward- looking statements within the meaning of federal securities laws, the company gives no assurances that its expectations will be achieved.