AMERICAN VANGUARD REPORTS FOURTH QUARTER & FULL YEAR 2015 RESULTS
Newport Beach, CA – March 1, 2016 – American Vanguard Corporation (NYSE:AVD) today announced financial results for the fourth quarter and full year ended December 31, 2015.
Fiscal 2015 Fourth Quarter Financial Highlights – versus Fiscal 2014 Fourth Quarter:
• Net sales were $84.0 million in Q4 2015 compared to $77.6 million in Q4 2014.
• Net income was $3.0 million in Q4 2015 compared to $1.8 million in Q4 2014.
• Earnings per diluted share were $0.10 in Q4 2015 versus $0.06 in Q4 2014.
Fiscal 2015 Financial Highlights – versus Fiscal 2014:
• Net sales were $289.4 million in FY 2015 compared to $298.6 million in FY 2014.
• Net income was $6.6 million in FY 2015 compared to $4.8 million in FY 2014.
• Earnings per diluted share were $0.23 in FY 2015 versus $0.17 in FY 2014.
Note: Further details are available in the financial schedules attached to this press release
Eric Wintemute, Chairman and CEO of American Vanguard, stated: “Our performance in 2015 reflects continued financial discipline in the face of difficult industry conditions. Low crop commodity prices have led to reduced farmer/grower profitability and cautious purchasing of all crop inputs, including crop protection products. Despite these market conditions, during 2015, American Vanguard recorded net sales only slightly below those of the prior year, maintained a steady level of business in many markets and generated improved profitability overall.”
Mr. Wintemute continued: “Our efforts to control working capital, manage manufacturing costs and reduce operating expenses have led to greater operating efficiency. As a result, we have experienced significant inventory reductions, improved cash generation and have reduced our debt, even while completing two acquisitions that should serve to strengthen our international business.”
Mr. Wintemute concluded: “While the Ag market prospects for 2016 remain challenging, American Vanguard is well-positioned, in a consolidating industry, to pursue its three main objectives: improving market access through additional product acquisitions and collaborative alliances; advancing technological innovation; and driving operational excellence. We believe that these will be the keys to our success and look forward to keeping our investors well informed as we progress in 2016.”
Eric Wintemute, Chairman & CEO, Bob Trogele, EVP & COO and David T. Johnson, VP & CFO, will conduct a conference call focusing on the financial results at 4:30 pm ET / 1:30 pm PT on Tuesday, March 1, 2016. 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 and the Standard & Poor’s Small Cap 600 Index. To learn more about American Vanguard, please reference the Company’s web site at www.american-vanguard.com.
The Company, from time to time, may discuss forward-looking information. Except for the historical information contained 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.
William A. Kuser, Director of Investor Relations
The Equity Group Inc.