##### Table of Contents



FORM 10-K SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 (Mark One)þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OFTHE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended January 31, 2005 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934
 
 Commission File: 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
(Address of principal executive offices) (605) 336-2750
(Registrants telephone number including area code) Securities registered pursuant to Section 12(b) of the Act:None
 Securities registered pursuant to Section 12(g) of the Act: Common stock, $1 par value
 Indicate by checkmark whether the Registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months, and
(2) has been subject to such filing requirements for the past ninety days. þ Yes o No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is
not contained herein, and will not be contained, to the best of Registrants knowledge, in
definitive proxy or information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. þ Indicate by check mark (X) whether the registrant is an accelerated filer (as defined by Rule
12b-2 of the Exchange Act.) þ Yes o No The aggregate market value of the registrants common stock held by nonaffiliates at July 31, 2004
was approximately $297,995,628. The aggregate market value was computed by reference to the
closing price (as adjusted for the two-for-one stock split on October 15, 2004), as reported on the
NASDAQ National Market System, $19.06, on July 31, 2004, which was as of the last business day of
the registrants most recently completed second fiscal quarter. Shares of common stock outstanding at March 23, 2005: 18,028,086.




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##### Table of Contents



DOCUMENTS INCORPORATED BY REFERENCE The
following terms - the company, Raven or the registrant - are intended to apply to Raven
Industries, Inc. and its consolidated subsidiaries listed in Exhibit 21 to this report, unless the
context indicates otherwise. The following table shows, except as otherwise noted, the location of information, required in this
Form 10-K, in the registrants Annual Report to Shareholders for the year ended January 31, 2005
and the Proxy Statement for the registrants 2005 annual meeting, a definitive copy of which will
be filed in April 2005. All such information set forth under the heading Reference below is
included herein or incorporated herein by reference. A copy of the registrants Annual Report to
Shareholders for the year ended January 31, 2005 is included as an exhibit to this report. PART I.
    
    ITEM IN FORM 10-K
    
    REFERENCEItem 1.
    
    Business
    
    Business, pages 4-7, this document;Business Segments pages 1, 16 and38 of the Annual Report toShareholdersItem 2.
    
    Properties
    
    Properties, pages 7-8, this documentItem 3.
    
    Pending Legal Proceedings
    
    Pending Legal Proceedings, page 8, thisdocumentItem 4.
    
    Submission of Matters to a Vote of Security Holders
    
    Submission of Matters to a Vote ofSecurity Holders, page 8, thisdocumentPART II.Item 5.
    
    Market for the Registrants Common Equity and Related
    
    Page 8, this document, QuarterlyShareholder Matters
    
    
    
    Information (unaudited), page 26,Eleven-year Financial Summary,pages 14-15, and inside back cover,Annual Report to ShareholdersItem 6.
    
    Selected Financial Data
    
    Eleven-year Financial Summary,pages 14-15, Annual Report to ShareholdersItem 7.
    
    Managements Discussion and Analysis
    
    Financial Review and Analysis, pages 17-of Financial Condition and Results of
    
    
    
    25, Annual Report to ShareholdersOperationsItem 7A.
    
    Quantitative and Qualitative Disclosures
    
    Page 9, this documentAbout Market RiskItem 8.
    
    Financial Statements and
    
    Pages 28-39, Annual Report toSupplementary Data
    
    
    
    ShareholdersItem 9.
    
    Changes In and
Disagreements With
    
    Changes In and
Disagreements WithAuditors on Accounting and Financial
    
    
    
    Auditors on Accounting and FinancialDisclosure
    
    
    
    Disclosure, page 9, this documentItem 9A.
    
    Controls and Procedures
    
    Page 27, Annual Report to Shareholders
 2




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##### Table of Contents



PART III.Item 10.
    
    Directors and Executive Officers of the
    
    Pages 9-10, this documentRegistrant
    
    Election of Directors, ExecutiveCompensation, Board of Directorsand Committees, CorporateGovernance and Other Matters,Proxy StatementItem 11.
    
    Executive Compensation
    
    Executive Compensation, ProxyStatementItem 12.
    
    Security Ownership of Certain Beneficial
    
    Ownership of Common Stock, ProxyOwners and Management and
    
    
    
    Statement, Annual Report toRelated Shareholder Matters
    
    
    
    Shareholders and page 10, thisdocumentItem 13.
    
    Certain Relationships and Related
    
    Election of Directors, Proxy StatementTransactionsItem 14.
    
    Principal Accounting Fees and Services
    
    Independent Registered PublicAccounting Firm Fees, ProxyStatementPART IV.Item 15.
    
    Exhibits, Financial Statement Schedule
    
    Exhibits, Financial Statement Schedule,pages 10-12, this document.
 FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act provides a safe harbor for forward-looking
statements. Certain information included in this Form 10-K and other materials filed or to be filed
by the company with the Securities and Exchange Commission (as well as information included in
statements made or to be made by the company) contains statements that are forward-looking.
Although the company believes that the expectations reflected in such forward-looking statements
are based on reasonable assumptions, there is no assurance that such expectations will be achieved.
Such assumptions involve important risks and uncertainties that could significantly affect results
in the future. These risks and uncertainties include, but are not limited to, those relating to
weather conditions, which could affect certain of the companys primary markets, such as
agriculture and construction, or changes in competition, raw material availability, technology or
relationships with the companys largest customers, any of which could adversely impact any of the
companys product lines. The foregoing list is not exhaustive and the company disclaims any
obligation to subsequently revise any forward-looking statements to reflect events or circumstances
after the date of such statements. 3




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TABLE OF CONTENTS  Item 1. BusinessItem 2. PropertiesItem 3. Pending Legal ProceedingsItem 4. Submission of Matters to a Vote of Security HoldersItem 5. Market for the Registrants Common Equity and Related Shareholder MattersItem 6. Selected Financial DataItem 7. Managements Discussion and Analysis of Financial Condition and Results of
OperationsItem 7A. Quantitative and Qualitative Disclosures About Market RiskItem 8. Financial Statements and Supplementary DataItem 9. Changes In and Disagreements With Accountants on Accounting and Financial DisclosureItem 9A. Controls and ProceduresItem 10. Directors and Executive Officers of the RegistrantItem 11. Executive CompensationItem 12. Security Ownership of Certain Beneficial Owners and Management and Related
Shareholder MattersItem 13. Certain Relationships and Related TransactionsItem 14. Principal Accounting Fees and ServicesItem 15. Exhibits, Financial Statement ScheduleSIGNATURESAsset Purchase Agreement2005 Annual Report to ShareholdersSubsidiariesConsent of Independent Registered Public Accounting FirmCertification of CEO Pursuant to Section 302Certification of CFO Pursuant to Section 302Certifications Pursuant to Section 906    Table of Contents  RAVEN INDUSTRIES, INC.
FORM 10-K
FISCAL YEAR ENDED JANUARY 31, 2005 
 Item 1. Business General
Raven Industries, Inc., was incorporated in February 1956 under the laws of the State of South
Dakota and began operations later that same year. Raven is an industrial manufacturer providing a
variety of products to customers throughout North America. The company began operations as a
manufacturer of high-altitude research balloons before diversifying into the industrial,
agricultural, construction and military/aerospace markets. The company employs approximately 805
persons on active status in four states and is headquartered at 205 E. Sixth Street, Sioux Falls,
SD 57104 - telephone (605) 336-2750. The companys Internet address is located at
http//www.ravenind.com and its common stock trades on the NASDAQ National Market System
under the symbol RAVN. During fiscal 2004 the company adopted a Code of Ethics applicable to all
officers, directors, and employees and which is available on the website. All reports (including annual reports on Form 10-K, quarterly reports on Form 10-Q and current
reports on Form 8-K) and proxy and information statements filed with the Securities and Exchange
Commission (SEC) are available through a link from the companys web site to the SEC web site.
All such information is available as soon as reasonably practicable after it has been
electronically filed. Filings can also be obtained free of charge by contacting the company, the
SECs Public Reference Room at 450 Fifth Street, N.W., Washington, DC 20549, through its web site
at http://www.sec.gov, or by calling the SEC at 1-800-SEC-0330. The company has four ongoing business segments consisting of three Raven divisions and one
subsidiary: Electronic Systems Division, Flow Controls Division, Engineered Films Division, and
Aerostar International, Inc. (Aerostar). Beta Raven, a wholly owned subsidiary, was partially
merged into the Electronic Systems Division in fiscal 2002 and the remaining operating assets were
sold to a third party or liquidated into Raven Industries, Inc. in fiscal 2003. Many of the past
and present product lines are an extension of technology and production methods developed in the
original balloon business. Product lines have been grouped in these segments based on common
technologies, production methods and raw materials; however, more than one business segment may
serve each of the product markets identified above. Page 16 of the companys Annual Report to
Shareholders, incorporated herein by reference, provides financial information concerning the
business segments, including sold businesses. Following is a summary of company net sales by principal product categories (dollars in thousands): FY 2005
    
    
    FY 2004
    
    
    FY 2003Reinforced plastic sheeting
    
    $
    58,657
    
    
    $
    42,636
    
    
    $
    35,096Electronics manufacturing services
    
    
    47,049
    
    
    
    44,307
    
    
    
    38,589Agricultural flow control devices and accessories
    
    
    37,004
    
    
    
    31,413
    
    
    
    23,071Cargo parachutes/parachute-related products
    
    
    7,887
    
    
    
    6,828
    
    
    
    813Uniforms and protective wear
    
    
    6,822
    
    
    
    5,730
    
    
    
    4,957Other
    
    
    10,667
    
    
    
    11,813
    
    
    
    17,063Total ongoing operation sales
    
    
    168,086
    
    
    
    142,727
    
    
    
    119,589Businesses sold:Feedmill controls
    
    
    
    
    
    
    
    
    
    
    1,314Total sales
    
    $
    168,086
    
    
    $
    142,727
    
    
    $
    120,903
 Business Segments
Flow Controls
Products in this segment are electronic speed and global positioning system (GPS)-based, location
compensated application control products. They are used primarily for precision farming
applications, as well as marine navigation. The company has developed new products for field
location control and chemical 4




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injection. In February 2005, the company acquired the assets of Montgomery Industries, Inc. a
privately-held Saskatchewan, Canada company, to expand its precision agriculture product base and
its international presence. Home office personnel sell flow control devices directly to original equipment manufacturers (OEMs)
and independent third-party distributors. In fiscal 2004, the segment began expanding their
marketing and distribution plans through on-site precision agriculture representatives in key
geographic areas. The companys competitive advantage in this segment is product reliability, ease
of use, product availability and service after the sale. Engineered Films
This segment produces rugged reinforced plastic sheeting for industrial, construction and
agricultural applications. The companys sales force sells plastic sheeting to independent third-party distributors in each of
the various markets it serves. The company extrudes a significant portion of the film converted
for its commercial products and believes it is one of the largest sheeting converters in the United
States. A number of suppliers of sheeting compete with Raven on both price and product
availability. To increase production, a $7.3 million two-year capital investment plan was completed
in fiscal 2003 including a new extruder believed to be one of the largest in North America, nearly
doubling capacity. In fiscal 2005 and 2006, investment resumed with capital expenditures for new
extrusion technology and lamination and warehouse capacity. Electronic Systems
The company has focused this segments capabilities in electronics manufacturing services (EMS) for
commercial customers with a focus on high-mix, low-volume production. Historically, the companys
Electronic Systems segment provided a variety of assemblies and controls to the United States
Department of Defense and other military contractors. Assemblies manufactured by the Electronic
Systems segment include communication, environmental control, computer and other products where
high quality is critical. EMS sales are made in response to competitive bid requests by commercial customers and military
contractors. The level and nature of competition varies with the type of product, but the company
frequently competes with a number of EMS manufacturers on any given bid request. The markets in
which the company participates are highly competitive, with customers having many suppliers to
choose from. Aerostar
The Aerostar subsidiary produces and sells custom-shaped advertising inflatables that have a number
of uses including parade floats and advertising media. It also sells high altitude balloons for
public and commercial research. In fiscal 2003, the subsidiary was awarded a $7.65 million
contract to produce cargo parachutes for the US Army. Shipments were substantially completed
during fiscal 2004, but a $7.75 million add-on to the contract was received in fiscal 2004. The
second year contract ramped up to full delivery rates for the first three quarters of fiscal 2005.
At that point, deliveries originally scheduled through January 2005 were rescheduled by the US Army
through October 2005. The company is the originator of modern hot-air ballooning and continues to
be a leader in design and technical expertise. Aerostar also manufactures other sewn and sealed
products on a contract basis. It continues to produce uniforms and protective wear for US
government agencies as a subcontractor. The subsidiary was previously in the cold-weather
commercial outerwear business, but with the closure of a sewing plant in fiscal 2003 and prior
plant sales, has now exited that business. Aerostar sells inflatable displays directly to corporate customers, advertising agencies, and
public relations firms, and are subject to varying levels of competition. Generally, the more
customized the product, the greater the companys market share. Hot-air balloons are sold through
an independent third-party dealer network. Government sales are made in response to competitive bid requests. High-altitude research balloons
are sold directly to public agencies (usually funded by the National Aeronautics and Space
Administration) or commercial users. Demand for these products is small but stable. Aerostar is the
largest balloon supplier for high-altitude research in the United States. 5




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Sold Businesses
The Beta Raven Industrial Controls Division produced and sold computerized process-control systems
directly to feedmills and to other markets. The business was sold during fiscal 2003. In prior
years, the company has disposed of its pickup-truck topper (fiscal 2000) and plastic tank
businesses (fiscal 2001). Major Customer Information
No one customer accounted for 10% or more of consolidated sales in fiscal 2005 or more than 10
percent of the companys consolidated accounts receivable at January 31, 2005. In fiscal 2003, one
customer in the Electronic Systems segment accounted for $12.9 million, or 10.7%, of the companys
consolidated sales. No customers reached the 10% threshold in fiscal 2004. Two customers in the
Electronic Systems segment accounted for more than 48% of the segments sales in fiscal 2005. The
loss of these accounts would adversely affect profitability; however, the company believes its
relationships with these customers are strong. In addition, the breadth of the companys product
lines helps protect it from the impact of losing any single customer. Seasonal Working Capital Requirements
Some seasonal demand exists in Flow Controls agricultural market. The Flow Controls Division
builds product in the fall for winter/spring delivery. Certain sales to agricultural customers
offer spring dating terms for late fall and early winter shipments. The resulting fluctuations in
inventory and accounts receivable balances may require, and have required, seasonal short-term
financing. Financial Instruments
The principal financial instruments the company maintains are in short-term investments, accounts
receivable and long-term debt. The company believes that the interest rate, credit and market risk
related to these accounts is not significant. The company manages the risk associated with these
accounts through periodic reviews of the carrying value of assets and liabilities and establishment
of appropriate allowances in connection with the company policies. Except for operating leases, the
company does not enter into hedging, derivative instruments, or off balance sheet financing. Raw Materials
The company obtains a wide variety of materials from numerous vendors. Principal materials include
numerous electronic components for the Electronic Systems and Flow Controls segments, various
plastic resins for the Engineered Films segment and fabrics for the Aerostar segment. The company
has not experienced any significant shortages or other problems in purchasing raw materials to
date, and alternative sources of supply are generally available. However, predicting future
material shortages and the related potential impact on Raven is not possible. Patents
The company owns a number of patents. However, Raven does not believe that its business, as a
whole, is materially dependent on any one patent or related group of patents. It believes the
successful manufacture and sale of its products generally depend more upon its technical expertise
and manufacturing skills. Research and Development
The business segments conduct ongoing research and development efforts. Most of the companys
research and development expenditures are directed toward new products in the Flow Controls
segment. Total company research and development costs are disclosed in Note 1 to the Consolidated
Financial Statements located on page 33 of the 2005 Annual Report to Shareholders, incorporated
herein by reference. Environmental Matters
Except as described below, the company believes that, in all material respects, it is in compliance
with applicable federal, state and local environmental laws and regulations. Expenditures relating
to compliance for operating facilities incurred in the past have not significantly affected the
companys capital expenditures, earnings or competitive position. In connection with the sale of substantially all of the assets of the companys Glasstite, Inc.
subsidiary in fiscal 2000, the company has agreed to assume responsibility for the investigation
and remediation of any pre- 6




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October 29, 1999 environmental contamination at the companys Glasstite pickup-truck topper
facility in Dunnell, Minnesota as required by the Minnesota Pollution Control Agency (MPCA) or the
United States Environmental Protection Agency (EPA). Also, in connection with the sale of substantially all of the assets of the companys Plastic Tank
Division in fiscal 2001, the company has agreed to assume responsibility for the investigation and
remediation of any pre-August 28, 2000 environmental contamination at the property located at 1813
E Avenue, Sioux Falls, S.D. in accordance with the South Dakota Department of Environment and
Natural Resources (DENR). The company and the purchasers of the companys Glasstite subsidiary and Plastic Tank Division have
conducted environmental assessments of the properties used in these businesses. Although these
assessments are still being evaluated by the MPCA and DENR, respectively, on the basis of the data
available, there is no reason to believe that any activities which might be required as a result of
the findings of the assessments will have a material effect on the companys results of operations,
financial position or cash flow of the company. The company had accrued approximately $145,000 at
January 31, 2005, its best estimate of probable costs to be incurred related to these matters. Backlog
As of February 1, 2005, the companys backlog of firm orders totaled $43.6 million. Backlog amounts
as of February 1, 2004 and 2003 were $47.1 million and $42.8 million, respectively. Employees
As of January 31, 2005, the company had approximately 860 employees, 805 in an active status.
Following is a summary of active employees by segment: Electronic
Systems - 240; Flow Controls -
210; Engineered Films - 120; Aerostar - 190; Administration - 45. Management believes its employee
relations are satisfactory. 
 Item 2. Properties The company maintains the following properties in connection with its operations, all of which the
company owns, unless indicated otherwise: Square
    
    
    
    BusinessLocation
    
    Feet
    
    Function
    
    SegmentsSioux Falls, SD
    
    
    150,000
    
    
    Corporate office; electronics
    
    Allmanufacturing69,300
    
    
    Plastic sheeting manufacturing
    
    Engineered Films59,000
    
    
    Plastic sheeting and hot-air
    
    Engineered Films;balloon manufacturing
    
    Aerostar30,800
    
    
    Warehouse and offices
    
    Engineered Films27,000
    
    
    Offices and material handling
    
    Aerostarfacility25,300
    
    
    Inflatable manufacturing
    
    Aerostar24,000
    
    
    Electronics manufacturing
    
    Electronic Systems10,200
    
    
    Machine shop
    
    Flow Controls*15,470
    
    
    Warehouse
    
    Engineered Films7,800
    
    
    Training/meeting center
    
    Flow ControlsSulphur Springs, TX
    
    
    63,900
    
    
    Research balloon
    
    AerostarmanufacturingSpringfield, OH
    
    
    30,000
    
    
    Warehouse
    
    Engineered FilmsHuron, SD
    
    
    24,100
    
    
    Sewing plant
    
    AerostarSt. Louis, MO
    
    
    21,000
    
    
    Electronics manufacturing
    
    Electronic SystemsMadison, SD
    
    
    20,000
    
    
    Sewing plant
    
    AerostarAustin, TX
    
    
    *12,000
    
    
    Product development and
    
    Flow ControlsmanufacturingStockholm, SK
    
    
    *6,800
    
    
    Electronics manufacturing
    
    Flow Controls
   *

    Leased 7




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Most of the companys manufacturing plants also serve as distribution centers and contain offices
for sales, engineering and manufacturing support staff. The company believes that its properties are, in all
material respects, in good condition and are adequate to meet existing production needs, although
the company is building a 26,000 square foot addition in Sioux Falls
for its Engineered Films
Division. This division will also be purchasing additional space as described in Note 14 to the
Consolidated Financial Statements located on page 38 of the 2005 Annual Report to Shareholders,
incorporated herein by reference. The company owns 6.95 acres of undeveloped land adjacent to the
other owned property in Sioux Falls, which is available for expansion. 
 Item 3. Pending Legal Proceedings The company is responsible for investigation and remediation of environmental contamination at two
of its sold facilities (see Item 1, Business  Environmental Matters). In addition, the company
is involved as a defendant in lawsuits, claims or disputes arising in the normal course of its
business. The potential costs and liability of such claims cannot be determined at this time.
Management believes that any liability resulting from these claims will be substantially mitigated
by insurance coverage. Accordingly, management does not believe the ultimate outcome of these
matters will be significant to its results of operations, financial position or cash flows. 
 Item 4. Submission of Matters to a Vote of Security Holders There were no matters submitted during the fourth quarter to a vote of security holders of the
company. 
 Item 5. Market for the Registrants Common Equity and Related Shareholder Matters Incorporated by reference to pages 26 (Quarterly Information), 14-15 (Eleven-year Financial
Summary), and inside back cover of the 2005 Annual Report to Shareholders. Repurchases of the companys common stock during the fourth quarter of fiscal 2005 were as follows: 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 2004
    
    
    
    15,000
    
    
    
    $
    21.07
    
    
    
    
    15,000
    
    
    
    $
    1,183,950December 2004
    
    
    
    52,000
    
    
    
    $
    19.44
    
    
    
    
    52,000
    
    
    
    $
    173,310January 2005
    
    
    
    9,500
    
    
    
    $
    18.18
    
    
    
    
    9,500
    
    
    
    $
    485Total Fourth
Quarter
    
    
    
    76,500
    
    
    
    $
    19.60
    
    
    
    
    76,500
 The company repurchases stock under an authorization from its Board of Directors. It has not
publicly announced its repurchase plans, other than to indicate a willingness to buy less than 2%
of shares outstanding on an annual basis. Under a resolution from the Board of Directors, dated
March 12, 2005, the company has authority to repurchase up to $1.0 million of stock on the open
market. The Board of Directors has renewed these authorizations quarterly; there is no assurance
the Board will continue this practice. 8




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Item 6. Selected Financial Data Incorporated by reference to pages 14-15 of the companys Annual Report to Shareholders. 
 Item 7. Managements Discussion and Analysis of Financial Condition and Results of
Operations Incorporated by reference to pages 17-25 of the companys Annual Report to Shareholders. 
 Item 7A. Quantitative and Qualitative Disclosures About Market Risk The exposure to market risks pertains mainly to changes in interest rates on cash and cash
equivalents and short-term investments. The companys debt consists of capital leases, all of
which have fixed interest rates. The company does not expect operating results or cash flows to be
significantly affected by changes in interest rates. Additionally, the company has no derivative
contracts and typically buys materials and sells products in US dollars. 
 Item 8. Financial Statements and Supplementary Data Incorporated by reference to pages 28-39 of the companys Annual Report to Shareholders. 
 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure None. 
 Item 9A. Controls and Procedures Incorporated by reference to page 27 of the companys Annual Report to Shareholders. 
 Item 10. Directors and Executive Officers of the Registrant Incorporated by reference to the sections entitled Election of Directors, Executive
Compensation, Board of Directors and Committees, Corporate Governance, and Other Matters
within the companys Proxy Statement relating to its 2005 Annual Meeting of Shareholders. Executive OfficersName
    
    Age
    
    PositionRonald M. Moquist
    
    
    59
    
    
    President and Chief Executive OfficerThomas Iacarella
    
    
    51
    
    
    Vice President and Chief Financial OfficerBarbara K. Ohme
    
    
    57
    
    
    Vice President - AdministrationDaniel A. Rykhus
    
    
    40
    
    
    Executive Vice President
 Each of the above executive officers serves at the pleasure of the Board of Directors on a
year-to-year basis. Mr. Moquist has been President and Chief Executive Officer of the company since 2000. He served as
the Executive Vice President of Raven from 1985 through 2000. He joined the company in 1975 as
Sales and Marketing Manager. 9




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Mr. Iacarella has been the companys Chief Financial Officer, Secretary and Treasurer since 1998.
He joined Raven as Corporate Controller in 1991. Prior to joining the company, he held positions
with Tonka Corporation and Ernst & Young, LLP. Ms. Ohme
was named Vice President - Administration on February 1, 2004. She joined Raven as
Employment Manager in 1987. Mr. Rykhus was named Executive Vice President and General Manager, Flow Controls Division on April
1, 2004. He joined the company as Director of World Class Manufacturing in 1990. 
 Item 11. Executive Compensation Incorporated by reference to the section entitled Executive Compensationwithin the companys
Proxy Statement relating to its 2005 Annual Meeting of Shareholders. 
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related
Shareholder Matters Incorporated by reference to the section entitled Ownership of Common Stockwithin the companys
Proxy Statement relating to its 2005 Annual Meeting of Shareholders. The number of shares to be issued upon exercise and the number of shares remaining available for
future issuance under the companys equity compensation plans at January 31, 2005 is presented in
the following table. Equity Compensation Plan Information Number of securities
    
    
    Weighted-averageto be issued upon
    
    
    exercise price of
    
    
    Number ofexercise of
    
    
    outstanding
    
    
    securities availablePlan Category
    
    outstanding options
    
    
    options
    
    
    for future issuanceEquity compensation
plans approved by
security holders (1)
    
    
    323,076
    
    
    $
    5.27
    
    
    
    655,700Equity compensation
plans not approved
by security holders
    
    None
    
    None
    
    None
   (1)Description of plan is included in Note 11 to the Consolidated Financial Statements
located on page 37 of the 2005 Annual Report to Shareholders incorporated herein by reference. 
 Item 13. Certain Relationships and Related Transactions Incorporated by reference to the section entitled Election of Directors, contained in the
companys Proxy Statement relating to its 2005 Annual Meeting of Shareholders. 
 Item 14. Principal Accounting Fees and Services Incorporate by reference to the section entitled Independent Registered Public Accounting Firm
Fees,contained in the companys Proxy Statement relating to its 2005 Annual Meeting of
Shareholders. 
 Item 15. Exhibits, Financial Statement Schedule  (a)
    Consolidated Financial Statements and Schedule 10




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1.
    Incorporated by reference from the attached exhibit containing the 2005 Annual Report
to Shareholders:
  Consolidated Balance Sheets
  Consolidated Statements of Income
  Consolidated Statements of Shareholders Equity and
     Comprehensive Income
  Consolidated Statements of Cash Flows
  Notes to Financial Statements
  Report of Independent Registered Public Accounting Firm  2.
    Included in Part II:Report of Independent Registered Public Accounting Firm on Financial
     Statement Schedule
Schedule II - Valuation and Qualifying Accounts  The following schedules are omitted as they are not applicable or are not required:
I, III and IV.  (b)
    Exhibits FiledThe following exhibits are filed as part of this report: ExhibitNumber
    
    Description2(a)
    
    Asset Purchase Agreement dated February 17, 2005 by and among Raven Industries,
Montgomery Industries and others.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)
    
    Change in Control Agreement between Raven Industries, Inc. and Daniel Rykhus
dated as of April 1, 2004 (incorporated by reference to Exhibit 10(b) of the companys
Form 10-Q for the quarter ended April 30, 2004).10(c)
    
    Change in Control Agreement between Raven Industries, Inc. and Ronald M. Moquist
dated as of March 17, 1989.*10(d)
    
    Change in Control Agreement between Raven Industries, Inc. and Thomas Iacarella
dated as of August 1, 1998 (incorporated by reference to Exhibit 10.1 of the companys
Form 10-Q for the quarter ended July 31, 1998).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.**
 11




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##### Table of Contents



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 Barbara Ohme
dated as of February 1, 2004.**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).13
    
    2005 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(a)
    
    Certification of CEO Pursuant to Section 302 of Sarbanes-Oxley Act.31(b)
    
    Certification of CFO Pursuant to Section 302 of Sarbanes-Oxley Act.32
    
    Certifications pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
   *
    
    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. 12




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##### Table of Contents



SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized. RAVEN INDUSTRIES, INC.
(Registrant) March 31, 2005
    
    
    
    By:
    
    /S/ Ronald M. MoquistDate
    
    
    
    
    
    Ronald M. MoquistPresident (Principal Executive Officer and Director)
 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been
signed below by the following persons on behalf of the registrant and in the capacities and on the
dates indicated. March 31, 2005
    
    
    
    /S/ Ronald M. MoquistDate
    
    
    
    Ronald M. MoquistPresident (Principal Executive
Officer and Director)March 31, 2005
    
    
    
    /S/ Thomas IacarellaDate
    
    
    
    Thomas IacarellaVice President and Chief Financial Officer(Principal Financial and Accounting
Officer)
 Directors: March 31, 2005
    
    
    
    /S/ Conrad J. HoigaardDate
    
    
    
    Conrad J. HoigaardMarch 31, 2005
    
    
    
    /S/ Anthony W. BourDate
    
    
    
    Anthony W. BourMarch 31, 2005
    
    
    
    /S/ David A. ChristensenDate
    
    
    
    David A. ChristensenMarch 31, 2005
    
    
    
    /S/ Thomas S. EveristDate
    
    
    
    Thomas S. EveristMarch 31, 2005
    
    
    
    /S/ Mark E. GriffinDate
    
    
    
    Mark E. GriffinMarch 31, 2005
    
    
    
    /S/ Cynthia H. MilliganDate
    
    
    
    Cynthia H. Milligan
 13




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##### Table of Contents



Report of Independent Registered Public Accounting Firm on
Financial Statement Schedule To the Board of Directors and Shareholders of Raven Industries, Inc.: Our audits of the
consolidated financial statements, of managements assessment of the
effectiveness of internal control over financial reporting and of the effectiveness of internal
control over financial reporting referred to in our report dated March 24, 2005 appearing in the
2005 Annual Report to Shareholders of Raven Industries, Inc. (which report, consolidated financial
statements and assessment are incorporated by reference in this Annual Report on Form 10-K) also
included an audit of the financial statement schedule listed in Item 15(a)(2) of this Form 10-K.
In our opinion, this financial statement schedule presents fairly, in all material respects, the
information set forth therein when read in conjunction with the related consolidated financial
statements. PricewaterhouseCoopers LLP
Minneapolis, Minnesota
March 24, 2005 14




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##### Table of Contents



SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS for the years ended January 31, 2005, 2004 and 2003 (Dollars in thousands) 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, 2005
    
    $
    265
    
    
    $
    34
    
    
    None
    
    $
    34
    
    
    $
    265Year ended January 31, 2004
    
    $
    240
    
    
    $
    67
    
    
    None
    
    $
    42
    
    
    $
    265Year ended January 31, 2003
    
    $
    310
    
    
    $
    (125
    )
    
    None
    
    $
    (55
    )
    
    $
    240
 Note:   (1)
    
    Represents uncollectible accounts receivable written off during the year, net of
recoveries. 15