Financial Releases

Raven Industries Receives $5 Million FEMA Contract Award

July 14, 2020 at 10:00 AM EDT

Raven Engineered Films to Deliver CRITICAL Medical Supplies to Support COVID-19 Response

SIOUX FALLS, S.D.--(BUSINESS WIRE)--Jul. 14, 2020--

Raven Industries, Inc. (the Company; NASDAQ:RAVN) announced today that its Engineered Films Division has received a $4.8 million contract award from the Federal Emergency Management Agency (FEMA) for the delivery of film-based medical supplies.

The contract includes delivery of medical supplies to various state and local organizations for their support with COVID-19 related matters.

“We are honored for the opportunity to leverage our innovations and unique products in assisting with the ongoing efforts related to COVID-19,” said Dan Rykhus, President and Chief Executive Officer of Raven Industries. “Utilizing our technology in reinforced materials and custom fabrication, we were well-positioned to win this contract.”

Rykhus went on to say, “We continue to pursue and secure contracts of this nature because of our agility and strong commitment to solve great challenges.”

The Company expects revenue from this contract to be mostly realized in the second and third quarters of this fiscal year. This unexpected volume helps offset lost volume in the Geomembrane market during the second quarter.

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 https://ravenind.com.

About Raven Engineered Films
Raven Engineered Films, Inc. is a wholly-owned subsidiary of Raven Industries, Inc. Raven Engineered Films has established a well-known reputation for manufacturing and supplying high performance flexible films and sheeting to major markets throughout the United States and abroad. Raven Engineered Films is committed to producing essential film and sheeting to preserve and enhance customer investments while protecting Earth's resources. The company is dedicated to developing targeted product solutions that not only solve precise application challenges but integrate sustainable environmental design practices for long-range performance. Raven Engineered Films’ world-class manufacturing operations include seven locations nationwide, complete with state-of-the-art equipment and proven product expertise to provide the most innovative and targeted product solutions in the industry. Capabilities include multi-layer blown sheeting, reinforced cast/lamination, conversion, custom fabrication, geosynthetics design-build expertise and certified installation services through Raven CLI Construction, Inc.

Jared Stearns, Director of Investor Relations
Raven Industries
+1 (605) 336-2750
jared.stearns@ravenind.com

Lisa McElrath, Communications Manager
Raven Industries
+1 (605) 336-2750
lisa.mcelrath@ravenind.com

Source: Raven Industries, Inc.