FORM 10-K

For the fiscal year endedJanuary 31, 2005

Commission File: 0-3136

RAVEN INDUSTRIES, INC.

injection. The acquisitionIn February 2005, the company acquired the assets of Starlink in fiscal 2002 enhanced the company’s GPS capabilities. The combined technologies are expectedMontgomery Industries, Inc. a privately-held Saskatchewan, Canada company, to provide a competitive advantage in the support ofexpand its precision agriculture in future years.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 plans to expand onbegan expanding their marketing and distribution plans through on-site marketingprecision 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 and high altitude balloons for public and commercial research.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.

     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. Raven is the largest balloon supplier for high-altitude research in the United States.

Electronic Systems —
The company has focused this segment’s capabilities in electronics manufacturing services (EMS) for commercial customers.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. The Electronic Systems segment expanded its capacity in fiscal 2002 by purchasing System Integrators and moving it into its EMS facility in St. Louis, Missouri.

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.

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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. In fiscal 2003, the subsidiary was awarded a $7.65 million contractIt continues to produce cargo parachutesuniforms and protective wear for the US Army.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. It continues to produce uniforms for US government agencies as a subcontractor.

     The Aerostar segment 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.

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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.businesses (fiscal 2001).

Major Customer Information

     One
No one customer in the Electronic Systems segment, General Dynamics, accounted for 10.7% ($12.9 million)10% or more of consolidated sales in fiscal 2003. No customer accounted for2005 or more than 10 percent of the company’s consolidated accounts receivable at January 31, 2003. Additionally, General Dynamics and two other2005. 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 68%48% of the segment’s sales.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.

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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 3133 of the 20032005 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-Octoberpre-

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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 preliminary 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 preliminary 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 $60,000$145,000 at January 31, 2003,2005, its best estimate of probable costs to be incurred related to these matters.

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Backlog

As of February 1, 2003,2005, the company’s backlog of firm orders totaled $42.8$43.6 million. Backlog amounts as of February 1, 20022004 and 20012003 were $33.8$47.1 million and $38.2$42.8 million, respectively. Orders in the Flow Controls Division account for the majority of the increase.

Employees

As of January 31, 2003,2005, the company had approximately 765860 employees, 750805 in an active status. Following is a summary of active employees by segment: Electronic Systems — 210;- 240; Flow Controls — 170;- 210; Engineered Films — 130;- 120; Aerostar - - 195;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:

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.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 as described under “Environmental(see “Item 1, Business — Environmental Matters” on page 7.). 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 4A.5.Executive OfficersMarket 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 Registrant

Item 6.Selected Financial Data

Incorporated by reference to pages 14-15 of the company effective August 1, 2000. He served as the Executive Vice Presidentcompany’s Annual Report to Shareholders.

Item 7.Management’s Discussion and Analysis of Raven from 1985 through July 2000. He joined the company in 1975 as SalesFinancial Condition and Marketing Manager.Results of Operations

     Mr. Iacarella has beenIncorporated by reference to pages 17-25 of the company’s Chief Financial Officer, Secretary and Treasurer since 1998. He joined Raven as Corporate Controller, in 1991. PriorAnnual Report to joining the company, he held positions with Tonka Corporation and Ernst & Young, LLP.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 or foreign currency exchange risk.

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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 10.9A.DirectorsControls and Executive Officers of the RegistrantProcedures

Incorporated by reference to the sections entitled “Electionpage 27 of Directors”, “Executive Compensation”and “Other Matters,” within the company’s Proxy Statement relatingAnnual Report to its 2003 Annual Meeting of Shareholders. Executive Officers of Registrant, Item 4A, page 9, this document.

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.

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.

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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 20032005 Annual Meeting of Shareholders.

Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Incorporated by reference to the section entitled “Ownership of Common Stock of Directors”within the company’s Proxy Statement relating to its 2003 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, 2003 were as follows:

Equity Compensation Plan Information

⁽¹⁾ Description of plan is included in Note 10 to the Consolidated Financial Statements located on page 36 of the 2003 Annual Report to Shareholders incorporated herein by reference.

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

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 20032005 Annual Meeting of Shareholders.

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UnderItem 14.Principal Accounting Fees and Services

Incorporate by reference to the supervision and with the participation of the company’s management, including the Chief Executive Officer and Chief Financial Officer, the company conducted an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures, as such term is defined under Exchange Act Rule 13a-14(c) within 90 days of the filing of this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the design and operation of these disclosure controls and procedures were effective. There have been no significant changessection entitled“Independent Registered Public Accounting Firm Fees,”contained in the company’s internal controls or in other factors that could significantly affect these controls subsequentProxy Statement relating to the dateits 2005 Annual Meeting of the evaluation referenced above, including any corrective actions with regard to significant deficiencies and material weaknesses.Shareholders.

Item 15.Exhibits, Financial Statement Schedule

(a)

Consolidated Financial Statements and Schedule

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1.

Incorporated by reference from the attached exhibit containing the 20032005 Annual Report to Shareholders:

Consolidated Balance Sheets Consolidated Statements of Income Consolidated Statements of Stockholders’Shareholders’ Equity and      Comprehensive Income Consolidated Statements of Cash Flows Notes to Financial Statements Report of Independent Accountants Registered Public Accounting Firm

2.

Included in Part II:

		Report of Independent AccountantsRegistered 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.

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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.

REPORT OF INDEPENDENT ACCOUNTANTSReport of Independent Registered Public Accounting Firm on
ON FINANCIAL STATEMENT SCHEDULEFinancial Statement Schedule

To the Board of Directors and StockholdersShareholders 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 7, 200324, 2005 appearing in the 20032005 Annual Report to StockholdersShareholders of Raven Industries, Inc. (which report, and 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 7, 200324, 2005

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SCHEDULE II —- VALUATION AND QUALIFYING ACCOUNTS

for the years ended January 31, 2003, 20022005, 2004 and 20012003

(Dollars in thousands)

Note:Note:

(1)  Represents uncollectible accounts receivable written off during the year, net of recoveries.
(2) $100 was included as a reduction in bad debt expense and $25 as an increase in the net gain on sale of assets.

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