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March 9, 2009

FOR IMMEDIATE RELEASE

AMERICAN VANGUARD REPORTS FOURTH QUARTER & FULL-YEAR 2008 RESULTS

Performance reflects continued increases in revenue, profit and shareholder equity driven by diverse market positions, international expansion, specialty product strength and conservative financial management

Newport Beach, CA – March 9, 2009 – American Vanguard Corporation (NYSE:AVD), today announced financial results for the fourth quarter and twelve month period ended December 31, 2008. 

Fiscal 2008 Fourth Quarter Financial Highlights – versus Fiscal 2007 Fourth Quarter

  • Net sales increased 3% to $71.1 million. 
  • Net income grew 5% to $ 7.9 million.
  • Earnings per diluted share were $0.29, up from $0.28 in the prior year period.

Fiscal 2008 Twelve Month Financial Highlights – versus Fiscal 2007 Twelve Month performance

  • Net sales increased 10% to a record $237.5 million.
  • Net income rose 7% to a record $ 20.0 million.
  • Earnings per diluted share were $0.73, compared with $0.68 earned during the prior year.

Eric Wintemute, President and CEO of American Vanguard, stated: “Our 2008 fourth quarter and full year performance has been driven by our participation in diverse domestic and international crop markets, the excellent performance of our non-crop specialty products segment and a continued emphasis on prudent operational and financial management. We continue to pursue a variety of initiatives to gain larger positions in key markets and geographic regions. We have maintained our traditionally high profit margins despite higher raw material costs by raising product prices where feasible and by continuing to focus on improving internal efficiencies and increasing capacity utilization at our domestic manufacturing facilities.”

Among the most important performance highlights of 2008:

  • International sales continued to grow, led by significant gains in Canada, Mexico and Central America.
  • Metam soil fumigant sales grew due to strong market demand, expanded coverage of the Southeast region and price increases needed to cover the higher cost of raw materials
  • New brand-name additions, such as Terraclor® fungicides and Orthene® insecticides, broadened our product offering and helped us further expand our participation in several key market segments.
  • Non-crop specialty products improvement was aided by increased use of our mosquito adulticide Dibrom®, following the strong hurricane activity that impacted several Gulf Coast states including Texas.

Mr. Wintemute concluded, “We are pleased that our quarterly and full year results continue to demonstrate the success of the American Vanguard business model. Our ability to acquire important product lines at reasonable prices and expand their usage is a proven contributor to our steady growth. We continue to seek attractive opportunities to acquire new product lines and expand our offerings. Our careful, step-wise expansion in international markets carries our expertise abroad without undue risk. Our outstanding domestic manufacturing capability affords excellent quality control, cost competitiveness and timely customer response. Given the many challenges of the current economic environment, we reiterate our intention to remain diligent in cost control, conservative in our investment outlays and collaborative with other industry participants to facilitate expansion of our established market position. Despite widespread economic uncertainty, we believe that the significant benefits we provide for enhancing agricultural productivity and improving crop quality will continue to be in demand and should fuel our growth potential in 2009 and beyond.”

Conference Call
Eric Wintemute, President and CEO and David Johnson, CFO, will conduct a conference call focusing on the financial results at 12:00 pm EDT / 9:00 am PDT on Monday, March 9, 2009. Interested parties may participate in the call by dialing 706-679-3155 – please call in 10 minutes before the call is scheduled to begin, and ask for the American Vanguard call (conference ID # 86429090). The conference call will also be webcast live via the News and Media section of the Company’s web site at www.american-vanguard.com. To listen to the live webcast, go to the web site at least 15 minutes early to register, download and install any necessary audio software. If you are unable to listen live, the conference call will be archived on the Company’s web site.

About American Vanguard
American Vanguard Corporation is a diversified specialty and agricultural products company that develops and markets products for crop protection and management, turf and ornamentals management and public and animal health. American Vanguard is included on the Russell 2000® & Russell 3000® Indexes and the Standard & Poors 600 Index. To learn more about American Vanguard, please reference the Company’s web site at www.american-vanguard.com.

The Company, from time to time, may discuss forward-looking information. Except for the historical information contained in the conference call referenced in this release, all forward-looking statements are estimates by the Company’s management and are subject to various risks and uncertainties that may cause results to differ from management’s current expectations. Such factors include weather conditions, changes in regulatory policy and other risks as detailed from time-to-time in the Company’s SEC reports and filings. All forward-looking statements, if any, in this release represent the Company’s judgment as of the date of this release. 

CONTACT:
American Vanguard Corporation
William A. Kuser, Director of Investor Relations
(949) 260-1200 
williamk@amvac-chemical.com <mailto:williamk@amvac-chemical.com>

OR- AVD’S INVESTOR RELATIONS FIRM
The Equity Group Inc.
Lena Cati
(212) 836-9611
www.theequitygroup.com <http://www.theequitygroup.com />
Lcati@equityny.com
Linda Latman (212) 836-9609
Llatman@equityny.com

AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except earnings per share data)
 
 
For the Three Months
 
For the Year
 
ended December 31
 
ended December 31
 
 
 
 
 
2008
 
2007
 
2008
 
2007
 
 
 
 
 
 
 
 
Net sales
$ 71,060
 
$ 69,087
 
$237,538
 
$216,662
Cost of sales
40,063
 
38,162
 
136,407
 
120,932
 
 
 
 
 
 
 
 
     Gross profit
30,997
 
30,925
 
101,131
 
95,730
 
 
 
 
 
 
 
 
Operating expenses
17,494
 
18,096
 
64,987
 
59,717
 
 
 
 
 
 
 
 
     Operating income
13,503
 
12,829
 
 36,144
 
36,013
 
 
 
 
 
 
 
 
Interest expense
955
 
923
 
4,300
 
5,731
Interest income
---- 
 
(111)
 
(75)
 
(214)
Interest capitalized
(83)
 
----
 
(254)
 
(30)
 
 
 
 
 
 
 
 
     Income before income tax
12,631
 
12,017
 
32,173
 
30,526
 
 
 
 
 
 
 
 
Income tax expense
 
4,716
 
4,453
 
 
12,154
 
11,798
 
 
 
 
 
 
 
 
     Net income
$   7,915
 
$   7,564
 
 
$ 20,019
 
$ 18,728
 
 
 
 
 
 
 
 
Earnings per common share
$0.30
 
$0.29
 
$0.75
 
$0.71
 
 
 
 
 
 
 
 
Earnings per common share -
 
 
 
 
 
 
 
   assuming dilution
$0.29
 
$0.28
 
$0.73
 
$0.68
 
 
 
 
 
 
 
 
Weighted average shares outstanding
26,803
 
26,409
 
26,638
 
26,307
 
 
 
 
 
 
 
 
Weighted average shares outstanding
 
 
 
 
 
 
 
   assuming dilution
27,418
 
27,465
 
27,469
 
27,436
 
 
 
 
AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
ASSETS
 
 
Dec. 31,
2008
 
Dec. 31,
2007
 
 
 
 
Current assets:
 
 
Cash and cash equivalents
$     1,229
$     3,201
Receivables:
 
 
Trade
51,405
55,925
Other
563
645
 
 
 
 
51,968
56,570
 
 
 
Inventories
90,626
63,455
Prepaid expenses
1,688
2,214
 
 
 
Total current assets
145,511
125,440
Property, plant and equipment, net
41,241
31,780
 
 
                 
Intangible assets
93,179
85,318
Other assets
7,006
       6,043
 
 
 
 
$   286,937
$  248,581
 
 
 
 
 
AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Dec. 31,
2008
 
Dec. 31,
2007
 
 
 
 
 
 
 
Current liabilities:
 
 
Current installments of long-term debt
$      7,706
$     4,106
Accounts payable
14,621
13,796
Accrued program costs
16,204
24,191
Accrued expenses and other payables
6,767
6,355
Income taxes payable
3,332
1,848
 
 
Total current liabilities
48,630
50,296
Long-term debt, excluding current installments
76,273
56,155
Deferred income taxes
6,091
2,391
 
 
 
Total liabilities
130,994
108,842
 
 
 
Commitments and contingent liabilities
 
 
Stockholders’ Equity:
 
 
Preferred stock, $.10 par value per share; authorized 400,000 shares; none issued
 
              —                     
Common stock, $.10 par value per share; authorized 40,000,000 shares; issued 29,209,863 shares at December 31, 2008 and 28,650,829 shares at December 31, 2007
2,920
2,865
Additional paid-in capital
38,873
36,551
Accumulated other comprehensive income (loss)
(3,593)
64
Retained earnings
120,896
103,004
 
 
 
 
159,096
142,484
Less treasury stock, at cost, 2,260,996 shares at December 31, 2008 and 2,226,796 at December 31, 2007
(3,153)
(2,745)
 
 
 
Total stockholders’ equity
155,943
139,739
 
 
 
 
$   286,937
$   248,581   
 
 
 

 

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