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American Vanguard Reports 2012 Third Quarter & Nine Month Results

Mr. Wintemute concluded: “Our business segments continue to perform well. Looking forward, we believe that much of our growth will be driven by the continuing adoption of our Best-of-Both-Worlds approach for soil insect control and by the success of our Impact® herbicide co-marketing program with Monsanto’s Roundup brands. Our marketing programs will be emphasizing AMVAC’s Yield Enhancement Solutions (YES®) not only for U.S. corn growers but for all of our customers in all of the crop markets that we serve. As critical components of advanced Integrated Pest Management (IPM) systems, our proven crop protection portfolio should support American Vanguard’s continued top-line growth, its strong profitability and the sustainable use of our products in keeping with modern agricultural practices.”

Conference Call

Eric Wintemute, Chairman & CEO and David Johnson, VP & CFO, will conduct a conference call focusing on the financial results at 12:00 pm EDT / 9:00 am PDT on Thursday, November 1, 2012. Interested parties may participate in the call by dialing (201) 493-6744. 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 as well as the S&P Small Cap 600 Index. To learn more about American Vanguard, please reference the Company’s web site at www.amvac-chemical.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.

       

AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES

 
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In thousands, except per share data)
(Unaudited)
 

 For the three months 

 For the nine months 

 ended September 30 

 ended September 30 

2012 2011 2012 2011
Net sales $ 90,756 $ 73,783 $ 262,848 $ 219,878
Cost of sales   51,131     43,219     147,499     130,722  
Gross profit 39,625 30,564 115,349 89,156
Operating expenses   26,460     22,396     73,540     61,118  
Operating income 13,165 8,168 41,809 28,038
Interest expense 701 899 2,157 2,684
Interest capitalized (165 ) (18 ) (313 ) (92 )
Extinguishment of debt               546  
Income before income tax 12,629 7,287 39,965 24,900
Income tax expense   4,553     2,669     14,411     9,263  
Net income 8,076 4,618 25,554 15,637
Change in fair value of interest rate swaps 41 (601 ) 87 (1,547 )
Foreign currency translation adjustment   306     (988 )   428     (554 )
Comprehensive income $ 8,423   $ 3,029   $ 26,069   $ 13,536  
Earnings per common share—basic $ 0.29   $ .17   $ 0.92   $ .57  
Earnings per common share—assuming dilution $ 0.28   $ .16   $ 0.89   $ .56  
Weighted average shares outstanding—basic   27,970     27,575     27,818     27,551  
Weighted average shares outstanding—assuming dilution   28,878     27,993     28,673     27,842  
 

The income statements for 2012 include the reclassification from operating expenses of $4.1 million of sales and $4.3 million of cost of goods sold related to our Smartbox® systems.

   
AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
 
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
ASSETS
 
 
Sept 30, Dec. 31,
2012 2011
(Unaudited) (Note)
Current assets:
Cash $ 23,624 $ 35,085
Receivables:
Trade, net of allowance for doubtful accounts of $669 and $340, respectively 104,859 68,611
Other   1,454     1,187  
  106,313     69,798  
Inventories 92,815 71,068
Prepaid expenses and other short-term assets 7,949 4,167
Income taxes receivable   52     203  
Total current assets 230,753 180,321
Property, plant and equipment, net 45,180 35,537
Intangible assets 111,570 116,189
Other assets   10,113     7,094  
$ 397,616   $ 339,141  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current installments of long-term debt $ 15,615 $ 14,460
Current installments of other liabilities 1,221 1,038
Accounts payable 31,871 23,214
Deferred revenue 1,301 7,571
Accrued program costs 63,268 25,910
Accrued expenses and other payables   9,927     6,832  

Total current liabilities

123,203 79,025
Long-term debt, excluding current installments 38,500 51,917
Other liabilities, excluding current installments 5,318 5,955
Deferred income taxes   15,172     15,172  
Total liabilities   182,193     152,069  
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 30,316,794 shares at September 30, 2012 and 29,845,047 shares at December 31, 2011 3,032 2,985
Additional paid-in capital 51,528 45,966
Accumulated other comprehensive loss (1,735 ) (2,250 )
Retained earnings   165,751     143,524  
218,576 190,225
 
Less treasury stock, at cost, 2,260,996 shares at September 30, 2012 and at December 31, 2011   (3,153 )   (3,153 )
Total stockholders’ equity   215,423     187,072  
$ 397,616   $ 339,141  
 

The balance sheet at December 31, 2011 has been derived from the audited financial statements at that date.

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