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American Vanguard Corporation (NYSE:AVD), today announced financial results for the fourth quarter and full year ended December 31, 2011.
Fiscal 2011 Fourth Quarter– versus Fiscal 2010 Fourth Quarter:
Net sales were $84.7 million compared to $62.4 million, an increase of 36%.
Net income was $6.4 million compared to $3.9 million, an increase of 64%.
Earnings per diluted share were $0.23 versus $0.14.
Fiscal Full Year 2011– versus Fiscal Full Year 2010:
Net sales were $304.4 million compared to $226.9 million, an increase of 34%.
Net income was $22.1 million compared to $11.0 million, an increase of 101%.
Earnings per diluted share were $0.79 versus $0.40.
Eric Wintemute, Chairman and CEO of American Vanguard, stated: “Our record-setting performance in 2011 resulted from strong domestic and international demand for our existing product portfolio, the successful integration of several product lines acquired in late 2010 and the continued outstanding business execution by our entire organization. Compared to the prior full-year period, sales grew by 34%, gross profit margin improved to 40%, operating expenses as a percentage of sales declined to 28%; allowing us to double our net income. We posted this record financial performance despite lost sales and profit opportunities caused by the year-long sales interruption of our PCNB product line, a supply shortage for one of our recently acquired products and a persistent drought that negatively affected our U.S. cotton insecticide business.”
Mr. Wintemute continued: “In 2012, we see many encouraging prospects. Ever-increasing global demand for food, feed, fiber and bio-fuels strengthens agricultural commodity prices and is expected to encourage growers to expand acreage and purchase the crop protection inputs that American Vanguard sells. Our Impact herbicide for glyphosate tolerant weeds, our industry leading granular soil insecticides and proprietary closed delivery systems will continue to provide a superior yield enhancing solution for our customers.”