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2010 Press Releases

FOR IMMEDIATE RELEASE

AMERICAN VANGUARD REPORTS THIRD QUARTER & NINE MONTH 2010 RESULTS

Newport Beach, CA – November 3, 2010 – American Vanguard Corporation (NYSE:AVD), today announced financial results for the three and nine month periods ended September 30, 2010.   

Fiscal 2010 Third Quarter Financial Highlights – versus Fiscal 2009 Third Quarter:

  • Net sales were $68.3 million compared to $66.4 million.    
  • Net income was $3.6 million compared to $2.1 million.  
  • Earnings per diluted share were $0.13 versus $0.08.

Fiscal 2010 Nine Month Financial Highlights – versus Fiscal 2009 Nine Month Results:

  • Net sales were $167.1 million compared to $158.5 million.
  • Net income was $7.1 million compared to $2.8 million.
  • Earnings per diluted share were $0.26 versus $0.10.

Eric Wintemute, President and CEO of American Vanguard, stated: “We are pleased to report continuing improvement in our 2010 performance as stronger end-use demand and rising commodity prices have created a more attractive market this year.  American Vanguard has already benefited from increased acreage in domestic cotton, where our strong market position in insecticides and harvest defoliants, have contributed significantly to our third quarter results. Similarly, we are poised to take advantage of a bullish corn market with our many soil insecticides and Impact® herbicide over the next few quarters.”

Mr. Wintemute continued: “During the current period, we have continued our emphasis on operational and financial discipline by restraining inventory level and maintaining a strong focus on control of overall debt levels which are more than $27 million lower than the same time one year ago. More importantly, we recorded improved financial performance despite the stop sale order that has halted domestic sales of our leading fungicide PCNB. Obviously, we would have had even stronger results in the quarter had the stop sale order been removed.  We continue to do everything in our power to obtain relief so that we can resume domestic sales of what we continue to believe is a safe, economical and effective specialty product.”

Mr. Wintemute concluded: “Our entire organization is focused on market penetration, product profitability, operating efficiency, cost/expense management and maintaining balance sheet strength.  Following on the heals of our acquisition of the cotton defoliant Def® from Bayer CropScience and the distribution agreement that we secured for the soil fumigant Basamid®, our Business Development team continues to pursue several product acquisition opportunities that could add significantly to our portfolio offering in future periods. We believe that we are well positioned to capitalize on improving market conditions.”   

Conference Call
Eric Wintemute, President & CEO and David T. Johnson, CFO, will conduct a conference call focusing on the financial results at 12:00 pm ET / 9:00 am PT on Wednesday, November 3, 2010.  Interested parties may participate in the call by dialing (201) 689-8349 – please call in 10 minutes before the call is scheduled to begin, and ask for the American Vanguard call.  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® and Russell 3000® Indexes.  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 OPERATIONS
(Number in thousands except per share data)
(Unaudited)
 
 
 
 
 
 
 
 
For the three months
ended September 30
 
For the nine months
ended September 30
 
 
2010
 
2009
 
2010
 
2009
 
Net sales.........................................................................
 $ 68,256
$ 66,371           
$ 167,140 
$ 158,493
Cost of sales....................................................................
   42,880
 45,007
103,607
102,154
 
 
 
 
 
Gross profit.............................................................
   25,376
 21,364
   63,533
 56,339
Operating expenses...........................................................
   18,976
 17,470
  49,780
 49,570
 
 
 
 
 
Operating income.....................................................
    6,400
    3,894
   13,753
   6,769
Interest expense................................................................
       766
       825
    2,480
   2,622
Interest capitalized............................................................
       (49)
      (12)
        (98          )
       (38 )
 
 
 
 
 
Income before income taxes........................................
    5,683
    3,081
   11,371
   4,185
Income tax expense...........................................................
    2,072
       984
    4,290
   1,393
 
 
 
 
 
Net income ............................................................
$   3,611
$ 2,097
$ 7,081
$ 2,792
 
 
 
 
 
Earnings per common share—basic......................................
$      .13
$      .08
$     .26
$     .10
 
 
 
 
 
Earnings per common share—assuming dilution....................
$      .13
$      .08
$     .26
$     .10
 
 
 
 
 
Weighted average shares outstanding—basic.........................
   27,398
 27,124
 27,362
 27,071
 
 
 
 
 
Weighted average shares outstanding—assuming dilution........
   27,663
 27,609
 27,643
 27,660
 
 
 
 
 

 

 
 
AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Number in thousands, except per share data)
 
 
September 30,
2010
 
Dec. 31,
2009
 
 
(Unaudited)
(Note)
Current assets:
 
 
Cash and cash equivalents...........................................................................................
$      1,044               
$       383             
Receivables:
 
 
Trade, net of allowance for doubtful accounts of $475 and $636, respectively........................
      63,321               
     40,681             
Other.......................................................................................................................
           595               
         382             
 
 
 
 
      63,916               
     41,063             
 
 
 
Inventories.......................................................................................................................
      78,955               
     72,512             
Prepaid expenses...............................................................................................................
        1,936               
      2,143             
Income tax receivable.........................................................................................................
        1,748               
      4,132             
 
 
 
Total current assets............................................................................................
     147,599               
   120,233             
Property, plant and equipment, net.......................................................................................
      40,542               
     39,196             
Intangible assets................................................................................................................
      86,675               
     86,973             
Other assets......................................................................................................................
        7,346               
      8,866             
 
 
 
 
$   282,162               
$ 255,268             
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current liabilities:.............................................................................................................
 
 
Current installments of long-term debt...........................................................................
$      8,528               
$     8,528             
Accounts payable.......................................................................................................
      25,870               
     11,958             
Accrued program costs................................................................................................
      29,705               
     27,188             
Accrued expenses and other payables.............................................................................
        5,338               
      3,762             
 
 
 
Total current liabilities.......................................................................................
      69,441               
     51,436             
Long-term debt, excluding current installments.......................................................................
      46,110               
     45,432             
Other long-term liabilities...................................................................................................
            59               
         192             
Deferred income taxes.........................................................................................................
        5,121               
      5,121             
 
 
 
Total liabilities.................................................................................................
     120,731               
   102,181             
 
 
 
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 29,659,478 shares at September 30, 2010 and 29,575,562 shares at December 31, 2009.....................
        2,966               
      2,958             
Additional paid-in capital............................................................................................
      42,839               
     41,529             
Accumulated other comprehensive income (loss).............................................................
          (979               )
     (1,743             )
Retained earnings......................................................................................................
     119,758               
   113,496             
 
 
 
 
     164,584               
   156,240             
Less treasury stock, at cost, 2,260,996 shares at September 30, 2010 and December 31, 2009.
       (3,153               )
     (3,153             )
 
 
 
Total stockholders’ equity..................................................................................
     161,431               
   153,087             
 
 
 
 
$   282,162               
$ 255,268             
 
 
 
 

AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Numbers in thousands, except share data)
For The Nine Months Ended September 30, 2010 and 2009
(Unaudited)
 
 -
 
 
 
Increase (decrease) in cash
 
2010
 
2009
 
Cash flows from operating activities:
 
 
Net income............................................................................................................
$ 7,081         
$ 2,792           
Adjustments to reconcile net income to net cash provided by operating activities:  
 
 
Depreciation and amortization of fixed and intangible assets....................................
 8,208         
    8,060           
Amortization of other long-term assets................................................................
 2,418         
    2,064           
Stock-based compensation expense related to stock options and employee stock purchases...................................................................................................
     832         
       895           
Changes in assets and liabilities associated with operations:           
 
 
Increase in receivables..............................................................................
(22,853         )
               (4,715)
Increase in inventories..............................................................................
(6,443         )
    (8,849 )
Increase in prepaid expenses and other assets................................................
                (691)
    (2,281 )
Increase in accounts payable......................................................................
14,559         
     2,351
Increase in other current liabilities..............................................................
 5,796
     4,033
 
 
 
Net cash provided by operating activities.............................................
 8,907         
     4,350
 
 
 
Cash flows from investing activities:
 
 
Capital expenditures................................................................................................
(6,256         )
   (3,746           )
Intangible expenditures........................................................................... expenditures
(3,000         )
      —  
 
 
 
Net cash used in investing activities...................................................
(9,256         )
   (3,746           )
 
 
 
Cash flows from financing activities:
 
 
Net borrowings under line of credit agreement..............................................................
 7,200         
    3,000           
Principal payments on long-term debt.........................................................................
(6,522         )
   (3,080           )
Proceeds from the issuance of common stock (sale of stock under ESPP)...........................
     486         
       468           
Payment of cash dividends........................................................................................
      (271           )
   (1,341           )
 
 
 
Net cash provided (used) by financing activities...................................................
     893
                   (953)
 
 
 
Net increase (decrease) in cash...........................................................................
     544         
      (349           )
Cash and cash equivalents at beginning of period..................................................................
     383         
    1,229           
Effect of exchange rate changes on cash................................................................................
     117         
        21           
 
 
 
Cash and cash equivalents as of September 30,.....................................................................
$ 1,044         
$     901           
 
 
 
 
 
 
 
 

 

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