AMERICAN VANGUARD REPORTS SECOND QUARTER & MID-YEAR 2015 RESULTS
Newport Beach, CA – July 30, 2015 – American Vanguard Corporation (NYSE:AVD), today announced financial results for the second quarter and six-month period ended June 30, 2015.
Fiscal 2015 Second Quarter Financial Highlights – versus Fiscal 2014 Second Quarter Results
• Net sales declined from $68.3 million to $66.5 million
• Net income increased from $0.1 million to $0.8 million
• Earnings per diluted share increased from $0.01 to $0.03
Fiscal 2015 Six Month Financial Highlights – versus Fiscal 2014 Six Month Results
• Net sales declined from $149.4 million to $133.1 million
• Net income declined from $2.3 million to $0.8 million
• Earnings per diluted share declined from $0.08 to $0.03
Note: Further details are available in the financial schedules attached to this press release
Eric Wintemute, Chairman and CEO of American Vanguard, stated: “Our quarterly performance was mixed, with lower sales but higher net income than the comparable period last year. While sales of our insecticides declined, we saw year-over-year quarterly revenue gains in AMVAC’s herbicides, fumigants, growth regulators, toll manufacturing and International business. Further, increased manufacturing utilization, improved cost efficiency and lower operating expenses enabled us to improve our profitability.”
Mr. Wintemute continued: “I am pleased to report that during the second quarter, we acquired two product lines - Nemacur and Hyvar/Krovar - that will enhance our international business and did so without significantly increasing our debt position. We were able to accomplish this through closely managing working capital to optimize cash generation. We intend to continue this kind of fiscal control.”
Mr. Wintemute concluded: “During the second half of the year, our focus will be on multiple markets, both domestic and international, including potatoes, sugar beets, fruits and vegetables and vector control. With respect to corn, in the upcoming 2016 planting season, we look forward to commercializing our new high-concentration granular soil insecticides, further strengthening our industry-leading portfolio of granular products for prescription planting.”
Eric Wintemute, Chairman & CEO, David Johnson, VP & CFO, and Bob Trogele, EVP & COO of AMVAC Chemical will conduct a conference call focusing on the financial results at 4:30 pm ET / 1:30 pm PT on Thursday, July 30, 2015. 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
William A. Kuser, Director of Investor Relations
The Equity Group Inc.