American Vanguard Corporation (NYSE:AVD), today announced financial results for the second quarter and six month period ended June 30, 2012.
Fiscal 2012 Second Quarter Financial Highlights – versus Fiscal 2011 Second Quarter:
- Net sales improved from $80.1 million to $84.8 million, an increase of 6%
- Net income improved from $6.0 million to $8.7 million, an increase of 46%
- Earnings per diluted share were $0.30 versus $0.22 in the prior year
Fiscal 2012 First Half Financial Highlights – versus Fiscal 2011 First Half
- Net sales improved from $146.1 million to $172.1 million, an increase of 18%
- Net income improved from $11.0 million to $17.5 million, an increase of 59%
- Earnings per diluted share were $0.61 versus $0.40 in the prior year
Note: Complete details are available in the financial schedules attached to this press releaseEric Wintemute, Chairman and CEO of American Vanguard, stated: “We are pleased to report performance for the second quarter and the first half of 2012 that reflects strong demand for our products and improved profitability of this business. This is consistent with a continued interest in our conventional chemistries as part of Integrated Pest Management. Many of our products are used at the time of planting or early in the growing season and have been relatively unaffected by the persistent drought that has affected the Midwest and Southwest United States. Our successful sales, marketing and operating efforts have driven our bottom-line, net income to just over 10% of net sales (for the quarter) and boosted gross profit margins to 45% for the quarter and 44% for the first half of 2012.” Mr. Wintemute continued: “We continue to strengthen our already healthy balance sheet, by controlling inventory levels, carefully managing our receivable collections and reducing our long-term debt with scheduled quarterly payments. At mid-year we reported $48 million in cash on the balance sheet and stockholder’s equity of $206 million – a 10% increase during the last 6 months. We have not borrowed against our revolving-line-of-credit for over a year and have adequate cash and credit availability for working capital and other needs.”
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