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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
 (Mark One)
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended January 31, 2007
 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: 0-3136
 RAVEN INDUSTRIES, INC.
  South Dakota
    
    46-0246171(State of incorporation)
    
    (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 LLC
 Securities registered pursuant to Section 12(g) of the Act: None
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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
    
    
    7Item 4. Submission of Matters to a Vote of Security Holders
    
    
    7PART IIItem 5. Market for the Registrants Common Equity, Related Shareholder Matters, and Issuer Purchases of Equity Securities
    
    
    7Item 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
    
    
    8Item 9B. Other information
    
    
    9PART IIIItem 10. Directors and Executive Officers of the Registrant
    
    
    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
    
    
    10Item 14. Principal Accounting Fees and Services
    
    
    10PART IVItem 15. Exhibits, Financial Statement Schedule
    
    
    10Signatures
    
    
    12




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RAVEN INDUSTRIES, INC.
FORM 10-K
FISCAL YEAR ENDED JANUARY 31, 2007
 
 Item 1. Business
 General
 http//www.ravenind.com
 http://www.sec.gov
   FY 2007
    
    
    FY 2006
    
    
    FY 2005Pit lining film
    
    $
    29,307
    
    
    $
    20,991
    
    
    $
    13,112Disaster film
    
    
    9,880
    
    
    
    11,447
    
    
    
    9,415Other plastic films
    
    
    51,895
    
    
    
    50,356
    
    
    
    36,130Agricultural flow control devices and accessories
    
    
    41,855
    
    
    
    42,895
    
    
    
    37,004Electronics manufacturing services
    
    
    66,278
    
    
    
    56,219
    
    
    
    47,049Parachute-related products
    
    
    504
    
    
    
    3,729
    
    
    
    7,887Uniforms and protective wear
    
    
    6,396
    
    
    
    6,117
    
    
    
    6,822Other
    
    
    11,414
    
    
    
    12,774
    
    
    
    10,667Total sales
    
    $
    217,529
    
    
    $
    204,528
    
    
    $
    168,086
 Business Segments
 Engineered Films
   2




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Flow Controls
   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.
   Failure to develop and market new technologies and products could impact the companys competitive
position and have an adverse affect on the companys financial results.
  5




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The companys Electronic Systems Division is dependent on a small number of customers.
   The companys Aerostar segment depends on the US government for a significant portion of its sales
creating uncertainty in the timing of and funding for projected contracts.
   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.
  6




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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 and hot-air balloon manufacturing
    
    Engineered Films; Aerostar31,000
    
    
    Warehouse and offices
    
    Engineered Films27,000
    
    
    Offices and material handling facility
    
    Aerostar25,000
    
    
    Inflatable manufacturing
    
    Aerostar24,000
    
    
    Electronics manufacturing
    
    Electronic Systems10,000
    
    
    Machine shop
    
    Flow Controls8,000
    
    
    Training and product development facility
    
    Flow ControlsSulphur 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
    
    
    *12,000
    
    
    Product development facility
    
    Flow ControlsStockholm, SK
    
    
    *7,000
    
    
    Warehouse
    
    Flow Controls
 
 *
    
    Leased  
 Item 3. Legal Proceedings
  
 Item 4. Submission of Matters to a Vote of Security Holders
  
 Item 5. Market for the Registrants Common Equity, Related Shareholder Matters, and
Issuer Purchases of Equity Securities
  7




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Max. # (or approx $Total # shares
    
    
    value of sharespurchased as part
    
    
    that may yet beof Publicly
    
    
    purchased under thePeriod
    
    Total Number
    
    
    Average price
    
    
    Announced Plan
    
    
    PlansNovember 2006
    
    
    6,000
    
    
    $
    27.80
    
    
    
    6,000
    
    
    $
    1,333,230December 2006
    
    
    27,047
    
    
    $
    27.21
    
    
    
    27,047
    
    
    $
    597,345January 2007
    
    
    11,000
    
    
    $
    26.35
    
    
    
    11,000
    
    
    $
    307,505Total Fourth Quarter
    
    
    44,047
    
    
    $
    27.07
    
    
    
    44,047
  
 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
  
 Item 9A. Controls and Procedures
 Disclosure Controls and Procedures
  8




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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, and Other Matters
 Executive Officers
 Name
    
    Age
    
    PositionRonald M. Moquist
    
    
    61
    
    
    President and Chief Executive OfficerThomas Iacarella
    
    
    53
    
    
    Vice President and Chief Financial OfficerDavid R. Bair
    
    
    50
    
    
    Division Vice President and General Manager  Electronic Systems
DivisionJames D. Groninger
    
    
    48
    
    
    Division Vice President and General Manager  Engineered Films DivisionBarbara K. Ohme
    
    
    59
    
    
    Vice President  AdministrationDaniel A. Rykhus
    
    
    42
    
    
    Executive Vice President, General Manager  Flow Controls DivisionMark. L. West
    
    
    53
    
    
    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
  
 Item 13. Certain Relationships and Related Transactions
 Election of Directors
 
 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 2007 Annual
Report to Shareholders:
 
 2.
    
    Included in Part II:
    10




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ExhibitNumber
    
    Description2(a)
    
    Asset Purchase Agreement dated February 17, 2005 by and among Raven Industries, Montgomery Industries and others
(incorporated by reference to Exhibit 2(a) of the companys Form
10-K for the year ended January 31, 2005).3(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 April 1, 2004 (incorporated by
reference to Exhibit 10(a) of the companys Form 10-Q for the quarter ended April 30, 2004). 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 Ronald M. Moquist and Thomas Iacarella
dated as of February 1, 2004. **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, 2007 (incorporated by reference to Exhibit 10.1 of the companys 8-K filed February
2, 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, 2006 (incorporated by reference
to Exhibit 10.1 to the companys 8-K filed May 24, 2006).13
    
    2007 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. 
 11




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SIGNATURES
  RAVEN INDUSTRIES, INC.
                (Registrant)March 30, 2007
    By:
    /S/ Ronald M. MoquistDate
    
    Ronald M. MoquistPresident and Chief Executive Officer (Principal
Executive Officer and Director)  March 30, 2007
    
    /S/ Ronald M. MoquistDate
    
    Ronald M. MoquistPresident and Chief Executive Officer (Principal Executive
Officer and Director)March 30, 2007
    
    /S/ Thomas IacarellaDate
    
    Thomas IacarellaVice President and Chief Financial Officer
(Principal Financial and Accounting Officer)Directors:March 30, 2007
    
    /S/ Conrad J. HoigaardDate
    
    Conrad J. HoigaardMarch 30, 2007
    
    /S/ Anthony W. BourDate
    
    Anthony W. BourMarch 30, 2007
    
    /S/ David A. ChristensenDate
    
    David A. ChristensenMarch 30, 2007
    
    /S/ Thomas S. EveristDate
    
    Thomas S. EveristMarch 30, 2007
    
    /S/ Mark E. GriffinDate
    
    Mark E. GriffinMarch 30, 2007
    
    /S/ Cynthia H. MilliganDate
    
    Cynthia H. Milligan
 12




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Report of Independent Registered Public Accounting Firm on
Financial Statement Schedule
   
 13




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SCHEDULE II  VALUATION AND QUALIFYING ACCOUNTS
 for the years ended January 31, 2007, 2006 and 2005
  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, 2007
    
    $
    257
    
    
    $
    40
    
    
    None
    
    $
    39
    
    
    $
    258Year ended January 31, 2006
    
    $
    265
    
    
    $
    78
    
    
    None
    
    $
    86
    
    
    $
    257Year ended January 31, 2005
    
    $
    265
    
    
    $
    34
    
    
    None
    
    $
    34
    
    
    $
    265
 
 Note
  14