Background Color:
 
Background Pattern:
Reset
Search
May 6, 2010

FOR IMMEDIATE RELEASE
AMERICAN VANGUARD REPORTS FIRST QUARTER 2010 RESULTS
Performance reflects quarterly revenue and earnings improvement as well as continued
balance sheet discipline
Newport Beach, CA – May 6, 2010 – American Vanguard Corporation (NYSE:AVD), today
announced financial results for the first quarter ended March 31, 2010.
Fiscal 2010 First Quarter Financial Highlights – versus Fiscal 2009 First Quarter

  • Net sales of $46.7 million, an increase of 5%.
  • Net income of $1.8 million, more than double the $0.7 million generated in Q1 2009.
  • Earnings per diluted share were $0.07, compared with $0.03 in the prior year period.

Eric Wintemute, President and CEO of American Vanguard, stated: “Our first quarter year-over year sales growth reflects improved conditions in the U.S. agricultural sector and the intense focus of our sales and marketing team. The farm credit difficulties and distributor inventory retrenchment of 2009 have moderated and improved weather conditions have resulted in more normal planting patterns. Additionally, the 2010 resurgence in cotton and peanut acreage represents a very positive development for us given the strong product offering that we have for those crops.” “Our Company maintained the focused financial discipline on inventory and receivables that we have exercised effectively since the second half of 2009. Our inventory levels ended at $74.3 million, $38.2 million lower as compared to $112.5 million last year. Our receivables were $10.5 million lower, at $53.3 million, as compared to $63.8 million last year, even with increased sales. Overall, these key drivers have resulted in a decrease in debt, which is down $44.9 million at $70.8 million, from $115.7 million this time last year. It is our intention to continue this focus on balance sheet strength throughout 2010.”

Mr. Wintemute concluded, “As we mentioned in our final 2009 performance report, we continue to seek products that can strengthen our portfolio both through acquisition / licensing and via our inhouse product development program. We are making good progress on a number of these projects and our future growth potential will be enhanced by these efforts. We expect that the combination of more favorable market conditions, increased demand in several key crops, higher utilization rates in our manufacturing facilities, improved organizational capabilities and judicious
financial control will allow American Vanguard to achieve better performance in 2010.”

Conference Call
Eric Wintemute, President & CEO, Trevor Thorley, EVP & COO and David Johnson, CFO, will conduct a conference call focusing on the financial results at 12:00 pm ET / 9:00 am PT on Thursday, May 6, 2010. 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 # 70970269). 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 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 OPERATIONS
(In thousands except per share amounts)
(Unaudited)
 
 
 
 
 
For the three months
ended March 31
 
 
2010
 
2009
 
Net sales.................................................................
$ 46,712
$ 44,637
Cost of sales............................................................
   27,788
   26,081
 
 
 
Gross profit.....................................................
   18,924
   18,556
Operating expenses...................................................
   15,168
   16,563
 
 
 
Operating income.............................................
    3,756
    1,993
Interest expense........................................................
       761
       886
Interest capitalized....................................................
       (10)
        (21 )
 
 
 
Income before income tax...................................
    3,005
    1,128
Income tax expense...................................................
    1,178
       429
 
 
 
Net income......................................................
$   1,827
$     699
 
 
 
Earnings per common share—basic..............................
$      .07
$      .03
 
 
 
Earnings per common share—assuming dilution............
$      .07
$      .03
 
 
 
Weighted average shares outstanding—basic..................
   27,346
   27,004
 
 
 
Weighted average shares outstanding—assuming dilution
   27,623
   27,663
 
 
 

 

AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands – except share amounts)
 
 
 
 
 
 
 
Assets
Mar. 31,
2010
 
Dec. 31,
2009
 
 
(Unaudited)
 
(Note)
 
Current assets:
 
 
Cash............................................................
$   1,520
$      383
Receivables:
 
 
Trade, net of allowance for doubtful accounts of $650 and $635, respectively..............
   53,298
   40,681
Other....................................................
        219
        382
 
 
 
 
   53,517
   41,063
 
 
 
Inventories....................................................
   74,339
   72,512
Prepaid expenses............................................
     2,356
     2,143
Income taxes receivable....................................
     3,514
     3,575
 
 
 
Total current assets.................................
 135,246
 119,676
Property, plant and equipment, net............................
   39,462
   39,196
Intangible assets.....................................................
   85,837
   86,973
Other assets...........................................................
      9,363
     8,866
 
 
 
 
$269,908
$ 254,711
 
 
 
 
Liabilities and Stockholders’ Equity
 
 
Current liabilities:
 
 
Current installments of long-term debt................
$   8,528
$   8,528
Accounts payable............................................
   17,725
   11,401
Accrued program costs.....................................
   15,665
   27,188
Accrued expenses and other payables..................
     3,863
     3,762
Income taxes payable.......................................
        996
         —
 
 
 
Total current liabilities............................
   46,777
   50,879
Long-term debt, excluding current installments............
   62,284
   45,432
Other Long-term Liabilities......................................
        192
        192
Deferred income taxes..............................................
     5,121
     5,121
 
 
 
Total liabilities......................................
 114,374
 101,624
 
 
 
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 29,594,526 shares at March 31, 2010 and 29,575,562 shares at December 31, 2009........
     2,959
     2,958
Additional paid-in capital.................................
   42,007
   41,529
Accumulated other comprehensive loss...............
    (1,331 )
    (1,743 )
Retained earnings...........................................
 115,052
 113,496
 
 
 
 
 158,687
 156,240
Less treasury stock, at cost, 2,260,996 shares at March 31, 2010 and at December 31, 2009......
    (3,153 )
    (3,153 )
 
 
 
Total stockholders’ equity.......................
 155,534
 153,087
 
 
 
 
$ 269,908
$ 254,711
 
 
 

Note: The balance sheet at December 31, 2009 has been derived from the audited financial statements at that date.

 

 
AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
For The Three Months Ended March 31, 2010 and 2009
(Unaudited)
 
 
 
 
Increase (decrease) in cash
 
2010
 
2009
 
 
Cash flows from operating activities:
 
 
 
Net income...........................................................
$     1,827
$        699
 
Adjustments to reconcile net income to net cash used in operating activities:
 
 
 
Depreciation and amortization of fixed and intangible assets.........................................
       2,738
       2,712
 
Amortization of other long term assets
      788
         663
 
Stock-based compensation expense related to stock options and employee
stock purchases..........................................
         202
         238
 
Changes in assets and liabilities associated with operations:
 
 
 
Increase in net receivables........................
    (12,454 )
   (12,159)
 
Increase in inventories.............................
      (1,827 )
    (21,901 )
 
Increase in prepaid expenses and other assets
      (1,622 )
     (1,844 )
 
Increase in accounts payable.....................
       6,556
       5,559
 
Decrease in income tax receivable..............
           61
          — 
 
Decrease in other current liabilities............
    (10,696 )
     (6,424 )
 
 
 
 
 
Net cash used in operating activities..
 (14,427)
   (32,457 )
 
 
 
 
 
Cash flows from investing activities:
 
 
 
Capital expenditures...............................................
      (1,868 )
        (945 )
 
 
 
 
 
Net cash used in investing activities..
      (1,868 )
        (945 )
 
 
 
 
 
Cash flows from financing activities:
 
 
 
Net borrowings under line of credit agreement..............
     18,900
     34,500
 
Principal payments on long-term debt........................
     (2,027)
     (1,176 )
 
Decrease in other notes payable.................................
         (21)
           —
 
Proceeds from the issuance of common stock (exercise of stock options and sale of stock under ESPP)...........
         277
         291
 
 
 
 
 
Net cash provided by financing activities............
     17,129
     33,615
 
 
 
 
 
Net increase in cash........................................
         834
         213
 
Cash and cash equivalents at beginning of year....................
         383
       1,229
 
Effect of exchange rate changes on cash...............................
         303
             5
 
 
 
 
 
Cash and cash equivalents as of March 31...........................
$     1,520
$     1,447
 
 
 
 
 

 

 

 

Code Psn Gratuit Pirater un compte facebook gratuit xbox live gratuit clash of clans gemmes gratuites