In the second quarter, the Company completed the purchase of all shares of the largest minority shareholder in DOT Technology Corporation for $18 million and quarter-to-date has generated approximately $12 million in free cash flow. The Company continues to successfully reduce net working capital and certain capital expenditures, while end market conditions have improved somewhat from last quarter end. Current liquidity, reflecting the DOT share purchase, is approximately $117 million.
“The strong cash flow generation over the past several months is indicative of our strong business model and our ability to drive cash flow improvement regardless of the economic situations,” said Steven Brazones, Vice President and CFO. “We have heightened our focus on driving free cash flow improvements across all of our operating divisions. This emphasis has allowed us to remain flexible, maintaining our financial capacity to pursue strategic acquisitions as we continue to execute our bold investment strategy.”
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.