Raven Industries, Inc. (NASDAQ:RAVN)

"Despite the fact that the economy is still struggling, we saw quite a positive shift in some of our markets during the first quarter," said Ronald M. Moquist, chief executive officer. "While our operations are trending up across the board, our Engineered Films Division showed the biggest revenue improvement from a year ago. A significant part of this business is tied to activity in the energy markets and with oil prices being sustained at higher levels, demand recovered. In Applied Technology, sales and operating margins were improved by introduction of our Slingshot™ technology. This strong start to the new fiscal year further supports our ongoing investment in growth."

Moquist concluded, "We've gotten off to a very strong start. If we can maintain our current momentum, we will have a record year. At the same time, we remain very cautious on the pace of economic recovery. A pick-up in industrial activity is welcome, but we continue to see a high degree of economic uncertainty.

"As we have demonstrated Raven can find ways to grow even in tough times. We are definitely back on offense with a focus on new products and geographic expansion. For example, our R&D investment will increase this year to strengthen our lead in precision agriculture and advance our position in tethered aerostats. Our total capital spending should range from $12 to $15 million this year. We are diligently looking at opportunities across the company to invest where we have the opportunity to expand capabilities and capacity," he added.