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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
  þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended January 31, 2010
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to .
 Commission file number: 001-07982
 RAVEN INDUSTRIES, INC.
  South Dakota
(State of incorporation)
    
    46-0246171
(IRS Employer Identification No.)
 205 E. 6th Street, P.O. Box 5107
Sioux Falls, South Dakota 57117- 5107
 (605) 336-2750
 Securities registered pursuant to Section 12(b) of the Act:
 Title of Each Class:
    
    Name of Each Exchange on which RegisteredCommon Stock, $1 par value
    
    The NASDAQ Stock Market
 Securities registered pursuant to Section 12(g) of the Act: None
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  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
(Do not check if a smaller reporting company)
    
    Smaller reporting company o
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  DOCUMENTS INCORPORATED BY REFERENCE




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TABLE OF CONTENTS
 PagePART IItem 1. Business
    
    
    2Item 1A. Risk Factors
    
    
    5Item 1B. Unresolved Staff Comments
    
    
    7Item 2. Properties
    
    
    7Item 3. Legal Proceedings
    
    
    8Item 4. Reserved
    
    
    8PART IIItem 5. Market for the Registrants Common Equity, Related Shareholder Matters, and Issuer Purchases
of Equity Securities
    
    
    8Item 6. Selected Financial Data
    
    
    8Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    8Item 7A. Quantitative and Qualitative Disclosures About Market Risk
    
    
    8Item 8. Financial Statements and Supplementary Data
    
    
    8Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure
    
    
    8Item 9A. Controls and Procedures
    
    
    9Item 9B. Other Information
    
    
    9PART IIIItem 10. Directors, Executive Officers, and Corporate Governance
    
    
    9Item 11. Executive Compensation
    
    
    10Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters
    
    
    10Item 13. Certain Relationships and Related Transactions, and Director Independence
    
    
    10Item 14. Principal Accounting Fees and Services
    
    
    10PART IVItem 15. Exhibits, Financial Statement Schedule
    
    
    10Signatures
    
    
    12EX-13EX-21EX-23EX-31.1EX-31.2EX-32.1EX-32.2
  1




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##### Table of Contents



RAVEN INDUSTRIES, INC.
FORM 10-K
FISCAL YEAR ENDED JANUARY 31, 2010
 
 Item 1. Business
 General
 http://www.ravenind.com
 http://www.sec.gov
   FY 2010
    
    
    FY 2009
    
    
    FY 2008Pit lining and geomembrane films
    
    $
    26,834
    
    
    $
    40,205
    
    
    $
    32,967Other plastic films
    
    
    36,739
    
    
    
    49,443
    
    
    
    51,283Agricultural precision control devices and accessories
    
    
    83,236
    
    
    
    99,428
    
    
    
    58,335Electronics manufacturing services
    
    
    60,749
    
    
    
    60,006
    
    
    
    67,231Parachute-related products
    
    
    10,298
    
    
    
    8,660
    
    
    
    2,206Uniforms and protective wear
    
    
    5,434
    
    
    
    9,976
    
    
    
    5,842Other
    
    
    14,492
    
    
    
    12,195
    
    
    
    16,093Total sales
    
    $
    237,782
    
    
    $
    279,913
    
    
    $
    233,957
 Business Segments
 Applied Technology
   2




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Engineered Films
   Electronic Systems
   Aerostar
   Major Customer Information
  Seasonal Working Capital Requirements
  Financial Instruments
  3




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Raw Materials
  Patents
  Research and Development
  Environmental Matters
    Backlog
  Employees
  4




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Item 1A. Risk Factors
 Forward-Looking Statements
  Risks Relating to the Company
  Weather conditions could affect certain of the companys markets such as agriculture and
construction.
   Price fluctuations in and shortages of raw materials could have a significant impact on the
companys ability to sustain and grow earnings.
    5




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Fluctuations in commodity prices can increase our costs and decrease our sales.
   Failure to develop and market new technologies and products could impact the companys competitive
position and have an adverse effect on the companys financial results.
  The companys Electronic Systems Division is dependent on a small number of customers and faces
competitive risks.
   The companys Aerostar segment depends on the U.S. government for a significant portion of its
sales, creating uncertainty in the timing of and funding for projected contracts.
   6




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##### Table of Contents



The company derives a portion of its revenues from foreign markets, which subjects the company to
risk of changes in government policies and laws or worldwide economic conditions.
  Adverse economic conditions in the major industries the company serves may materially affect
segment performance and consolidated results of operations.
  
 Item 1B. Unresolved Staff Comments
  
 Item 2. Properties
  Square
    
    
    
    BusinessLocation
    
    Feet
    
    Function
    
    SegmentsSioux Falls, SD
    
    
    150,000
    
    
    Corporate office; electronics manufacturing
    
    All131,000
    
    
    Plastic sheeting manufacturing
    
    Engineered Films73,000
    
    
    Warehouse
    
    Engineered Films59,000
    
    
    Plastic sheeting manufacturing and sewing
    
    Engineered Films; Aerostar35,000
    
    
    Warehouse and offices
    
    Engineered Films; Aerostar27,000
    
    
    Training facility and manufacturing
    
    Applied Technology25,000
    
    
    Inflatable manufacturing
    
    Aerostar24,000
    
    
    Electronics manufacturing
    
    Electronic Systems10,000
    
    
    Machine shop
    
    Applied Technology11,000
    
    
    Training and product development facility
    
    Applied TechnologySulphur Springs, TX
    
    
    64,000
    
    
    Research balloon manufacturing
    
    AerostarSpringfield, OH
    
    
    30,000
    
    
    Warehouse
    
    Engineered FilmsHuron, SD
    
    
    24,000
    
    
    Sewing plant
    
    AerostarSt. Louis, MO
    
    
    24,000
    
    
    Electronics manufacturing
    
    Electronic SystemsMadison, SD
    
    
    20,000
    
    
    Sewing plant
    
    AerostarAustin, TX
    
    
    *7,000
    
    
    Product development facility
    
    Applied TechnologyStockholm, SK
    
    
    *7,000
    
    
    Warehouse
    
    Applied Technology
 
 *
    
    Leased  7




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Item 3. Legal Proceedings
  
 Item 4. Reserved
 
 Item 5. Market for the Registrants Common Equity, Related Shareholder Matters, and
Issuer Purchases of Equity Securities
   
 Item 6. Selected Financial Data
  
 Item 7. Managements Discussion and Analysis of Financial Condition and Results of
Operations
  
 Item 7A. Quantitative and Qualitative Disclosures About Market Risk
   
 Item 8. Financial Statements and Supplementary Data
  
 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial
Disclosure
  8




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Item 9A. Controls and Procedures
 Disclosure Controls and Procedures
  Managements Report on Internal Control Over Financial Reporting
  Changes in Internal Control Over Financial Reporting
  
 Item 9B. Other Information
  
 Item 10. Directors, Executive Officers and Corporate Governance
 Election of Directors, Board of Directors and
Committees Corporate Governance, Other Matters
 Executive Officers
 Name
    
    Age
    
    PositionRonald M. Moquist
    
    
    64
    
    
    President and Chief Executive OfficerThomas Iacarella
    
    
    56
    
    
    Vice President and Chief Financial OfficerDavid R. Bair
    
    
    53
    
    
    Division Vice President and General Manager  Electronic Systems DivisionMatthew T. Burkhart
    
    
    34
    
    
    Division Vice President and General Manager  Applied Technology DivisionJames D. Groninger
    
    
    51
    
    
    Division Vice President and General Manager  Engineered Films DivisionBarbara K. Ohme
    
    
    62
    
    
    Vice President  AdministrationDaniel A. Rykhus
    
    
    45
    
    
    Executive Vice PresidentMark L. West
    
    
    56
    
    
    President  Aerostar International, Inc.
      9




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Item 11. Executive Compensation
 Executive Compensation Non-management
Director Compensation
 
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related
Shareholder Matters
 Ownership of Common Stock
 Equity
Compensation Plan Information
 
 Item 13. Certain Relationships and Related Transactions, and Director Independence
 Board of Directors and Committees Corporate Governance
 
 Item 14. Principal Accounting Fees and Services
 Independent Registered Public Accounting Firm
Fees,
 
 Item 15. Exhibits, Financial Statement Schedule
  1.
    
    Incorporated by reference from the attached exhibit containing the 2010 Annual
Report to Shareholders:Consolidated Balance SheetsConsolidated Statements of IncomeConsolidated Statements of Shareholders Equity and Comprehensive IncomeConsolidated Statements of Cash FlowsNotes to Financial StatementsReport of Independent Registered Public Accounting Firm2.
    
    Included in Part II:Report of Independent Registered Public Accounting Firm on Financial Statement ScheduleSchedule II  Valuation and Qualifying Accounts
  10




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ExhibitNumber
    
    Description3(a)
    
    Articles of Incorporation of Raven Industries, Inc. and all amendments thereto.*3(b)
    
    Bylaws of Raven Industries, Inc.*3(c)
    
    Extract of Shareholders Resolution adopted on April 7, 1962 with respect to the bylaws of Raven Industries, Inc. *10(a)
    
    Employment Agreement between Raven Industries, Inc. and Daniel Rykhus dated as of February 1, 2009 (incorporated
by reference to Exhibit 10.1 of the companys Form 8-K filed February 1, 2009). 10(b)
    
    Employment Agreement between Raven Industries, Inc. and David R. Bair dated as of February 1, 2004.  ***10(c)
    
    Employment Agreement between Raven Industries, Inc. and James D. Groninger dated as of February 1, 2004.  ***10(d)
    
    Employment Agreement between Raven Industries, Inc. and Mark L. West dated as of February 1, 2004.  ***10(e)
    
    Employment Agreement between Raven Industries, Inc. and Ronald M. Moquist dated as of February 1, 2004.  **10(f)
    
    Employment Agreement between Raven Industries, Inc. and Thomas Iacarella dated as of February 1, 2004.  **10(g)
    
    Schedule A to Employment Agreements between Raven Industries, Inc. and each of the following Senior Executive
Officers: Ronald M. Moquist, Thomas Iacarella, and Daniel A. Rykhus (incorporated by reference to Exhibit 10.2
of the companys Form 8-K filed February 1, 2009). 10(h)
    
    Employment Agreement between Raven Industries, Inc. and Barbara Ohme dated as of February 1, 2004.  **10(i)
    
    Change in Control Agreement between Raven Industries, Inc. and each of the following officers and key employees:Ronald M. Moquist, Thomas Iacarella, Daniel A. Rykhus, David R. Bair, James D. Groninger, Barbara K. Ohme, and
Mark L. West dated as of January 31, 2008 (incorporated by reference to Exhibit 10.1 of the companys 8-K filed
December 17, 2007). 10(j)
    
    Trust Agreement between Raven Industries, Inc. and Norwest Bank South Dakota, N.A. dated April 26, 1989. *10(k)
    
    Raven Industries, Inc. 2000 Stock Option and Compensation Plan adopted May 24, 2000 (incorporated by reference to
Exhibit A to the companys definitive Proxy Statement filed April 19, 2000).10(l)
    
    Raven Industries, Inc. Deferred Compensation Plan for Directors adopted May 23, 2007 (incorporated by reference
to Exhibit 10.1 to the companys 8-K filed May 24, 2007). 10(m)
    
    Change in Control Agreement between Raven Industries, Inc. and Matthew T. Burkhart dated February 1, 2010
(incorporated by reference to Exhibit 10.3 to the companys 8-K filed February 2, 2010). 10(n)
    
    Employment Agreement between Raven Industries, Inc. and Matthew T. Burkhart dated February 1, 2010 (incorporated
by reference to Exhibit 10.1 to the companys 8-K filed February 2, 2010). 10(o)
    
    Schedule A to Employment Agreements between Raven Industries, Inc. and each of the following Senior Managers:David R. Bair, Matthew T. Burkhart, James D. Groninger, Barbara K. Ohme and Mark L. West (incorporated by
reference to Exhibit 10.2 to the companys 8-K filed February 2, 2010). 13
    
    2010 Annual Report to Shareholders (only those portions specifically incorporated herein by reference shall be
deemed filed with the Commission).21
    
    Subsidiaries of the Registrant.23
    
    Consent of Independent Registered Public Accounting Firm.31.1
    
    Certification of CEO Pursuant to Section 302 of Sarbanes-Oxley Act.31.2
    
    Certification of CFO Pursuant to Section 302 of Sarbanes-Oxley Act.32.1
    
    Certification pursuant to Section 906 of Sarbanes-Oxley Act.32.2
    
    Certification pursuant to Section 906 of Sarbanes-Oxley Act.
 
 
    
    Management contract or compensatory plan or arrangement.*
    
    Incorporated by reference to corresponding Exhibit Number of the companys Form 10-K for the
year ended January 31, 1989.**
    
    Incorporated by reference to corresponding Exhibit Number of the companys Form 10-K for the
year ended January 31, 2004.***
    
    Incorporated by reference to corresponding Exhibit Number of the companys Form 10-K for the
year ended January 31, 2007. 11




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SIGNATURES
  RAVEN INDUSTRIES, INC.
(Registrant)March 31, 2010
    By:
    /s/ Ronald M. MoquistDate
    
    Ronald M. MoquistPresident and Chief Executive Officer (Principal
Executive Officer and Director)  March 31, 2010
    
    /s/ Ronald M. MoquistDate
    
    Ronald M. MoquistPresident and Chief Executive Officer(Principal Executive Officer and Director)March 31, 2010
    
    /s/ Thomas IacarellaDate
    
    Thomas IacarellaVice President and Chief Financial Officer(Principal Financial and Accounting Officer)Directors:March 31, 2010
    
    /s/ Thomas S. EveristDate
    
    Thomas S. EveristMarch 31, 2010
    
    /s/ Anthony W. BourDate
    
    Anthony W. BourMarch 31, 2010
    
    /s/ David A. ChristensenDate
    
    David A. ChristensenMarch 31, 2010
    
    /s/ Mark E. GriffinDate
    
    Mark E. GriffinMarch 31, 2010
    
    /s/ Conrad J. HoigaardDate
    
    Conrad J. HoigaardMarch 31, 2010
    
    /s/ Kevin T. KirbyDate
    
    Kevin T. KirbyMarch 31, 2010
    
    /s/ Cynthia H. MilliganDate
    
    Cynthia H. MilliganMarch 31, 2010
    
    /s/ Daniel A. RykhusDate
    
    Daniel A. Rykhus
 12




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Report of Independent Registered Public Accounting Firm on
Financial Statement Schedule
   /s/ PricewaterhouseCoopers LLPPricewaterhouseCoopers LLPMinneapolis, MinnesotaMarch 31, 2010
 13




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SCHEDULE II  VALUATION AND QUALIFYING ACCOUNTS
 for the years ended January 31, 2010, 2009 and 2008
  Column A
    
    Column B
    
    
    Column C
    
    
    Column D
    
    
    Column EAdditionsBalance at
    
    
    Charged to
    
    
    Charged to
    
    
    DeductionsBeginning
    
    
    Costs and
    
    
    Other
    
    
    From
    
    
    Balance atDescription
    
    of Year
    
    
    Expenses
    
    
    Accounts
    
    
    Reserves (1)
    
    
    End of YearDeducted in the balance sheet
from the asset to which it
applies:Allowance for doubtful accounts:Year ended January 31, 2010
    
    $
    613
    
    
    $
    (183
    )
    
    None
    
    $
    133
    
    
    $
    297Year ended January 31, 2009
    
    $
    293
    
    
    $
    629
    
    
    None
    
    $
    309
    
    
    $
    613Year ended January 31, 2008
    
    $
    258
    
    
    $
    91
    
    
    None
    
    $
    56
    
    
    $
    293
 
 Note
 (1)
    
    Represents uncollectible accounts receivable written off during the year, net of recoveries. 14