SIOUX FALLS, SD -- Raven Industries today reported its Electronic Systems sales fell 13% from a year ago to $15.7 million.

Operating income also was down 13%, to $1.6 million, for the period ended Oct. 31.

Year-to-date, the unit's sales are up 8%.

The unit was affected by supply issues that slowed manufacturing throughput and reduced efficiencies. Additional parts inspection and sorting, and parts shortages cost the unit about $500,000 of lost margin in the quarter.

Overall sales for the quarter were $60.2 million, down 20% from last year. Net income was down 13% to $7.3 million.

"As expected, our third quarter looked very similar to our first six months in terms of the overall tone of business. While sales comparisons to a year ago remain negative, we have been able to offset some of the top-line weakness with better operating margins," said Ronald M. Moquist, chief executive.

The Applied Technology division's sales fell 19% to $21 million in the quarter, and Engineered Films' sales were $18.7 million, down 30%. The company's Aerostar division saw third-quarter sales rise 9% to $5.9 million.

As of Oct. 31, the firm had cash and investment balances of $46.3 million, up from $31.2 million a year ago. Operating cash flows was $40.5 million, compared with $26.6 million last year. Accounts receivable ferll from $44.3 million to $35.9 million. Inventories were down about 25% to $30.8 million. 

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