American Vanguard Corporation (NYSE:AVD), today announced financial results for the second quarter and six month period ended June 30, 2013.
Fiscal 2013 First Half Financial Highlights – versus Fiscal 2012 First Half
• Net sales improved from $172.1 million to $208.3 million, an increase of 21%
• Net income improved from $17.5 million to $25.3 million, an increase of 45%• Earnings per diluted share improved from $0.61 to $0.88, an increase of 44% Fiscal 2013 Second Quarter Financial Highlights – versus Fiscal 2012 Second Quarter: • Net sales improved from $84.8 million to $86.8 million, an increase of 2% • Net income declined slightly from $8.7 million to $8.4 million, a decrease of 4% • Earnings per diluted share declined from $0.30 to $0.29, a decrease of 3% Note: Further details are available in the financial schedules attached to this press release Eric Wintemute, Chairman and CEO of American Vanguard, stated: “We are pleased to report strong first half performance despite unfavorable U.S. weather conditions throughout the Midwest and South. During the 2013 corn planting season, we continued to see strong demand for our corn soil insecticides and post emergent herbicide. While adverse weather conditions kept us from achieving stronger sales during the second quarter, nevertheless we recorded slightly higher revenues overall as compared to second quarter of 2012, which had set the previous Company record for second quarter sales. As we previously reported, during the second quarter, persistent rainfall delayed and compressed normal planting practices, causing some growers to make fewer crop protection applications at the time of planting or to switch from corn and cotton to plant soybeans, which require a shorter growing period. Strong sales of our corn products were offset by a drop in sales of both our cotton and peanut products, resulting primarily from a decline in planted acres of those crops. Further, we did see more conservative purchasing patterns towards the end of the second quarter, as distribution reacted to increasing inventory levels.”