Earnings Call Excerpt
Raven Industries, Inc. (RAVN)
F4Q09 (Qtr End 01/31/09) Earnings Call Transcript
March 12, 2009 3:00 pm ET
Executives
Leslie Loyet – IR, Financial Relations Board
Ron Moquist – President & CEO
Dan Rykhus – EVP and Flow Controls Division Manager
Tom Iacarella – VP & CFO
Analysts
Michael Cox – Piper Jaffray
Jeff Evanson – Dougherty & Company
Presentation
Operator
Good afternoon, ladies and gentlemen and thank you for standing by. Welcome to the Raven Industries Inc. fourth quarter 2009 earnings conference call. Today’s call is being recorded. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session and instructions will be provided at the time for you to queue up for questions.
At this time, I would like to turn the call over to Leslie Loyet of the Financial Relations Board. Please go ahead.
Leslie Loyet
Thank you. I'd like to thank everyone for joining us today. Earlier in the day, we sent out a press release, outlining the results for the fourth quarter and year-end of fiscal 2009. If anyone has not received the release, please either call Hon Hoy at 312-640-6688 and she will send you a copy, or visit Raven's website at www.ravenind.com to retrieve a copy.
Joining us today from management of Raven Industries, we have Ron Moquist, President and Chief Executive Officer, Tom Iacarella, Vice President, Chief Financial Officer, and Dan Rykhus, EVP and Flow Controls Division Manager.
Management will provide an overview of the quarter and the year, and then we'll open the call up to your questions. Before we begin, we'd like to remind the participants that the information contained in this call is current only as of the date of the call, March 12, 2009 and the company assumes no obligation to update any statements, including forward-looking statements made during this call. Statements made by the company that are not historical facts, are forward-looking statements that are subject to the Safe Harbor Disclaimer in today's press release.
At this point, I would like to turn the call over to Ron. Please go ahead.
Ron Moquist
Hey, thanks, Leslie and good afternoon everyone, and thanks for joining us on our fourth quarter conference call. We released our fourth quarter and year-end results this morning, although we had a pre-release on February 13.
It was a good year, sales up 20% to $280 million and net income up 11% to $30.8 million or $1.70 per diluted share. But the fourth quarter was weaker than I anticipated when we talked back in November. And at that time, as you will recall, I thought the fourth quarter would be relatively flat. Instead, it was down 22% on a year-over-year basis. Most of that shortfall was caused by the operating income loss we had in Engineered Films and demand for our residential and commercial construction products and our pond liners for oil and gas drilling (inaudible) and these would typically make up 70%, 80% of our sales in the fourth quarter. With a more normal performance from Films, we would've had the flat fourth quarter that I was anticipating. Of course, there is nothing normal about what is happening in the marketplace today.
- To read the full transcript on Seeking Alpha, click here »
