AMERICAN VANGUARD REPORTS FIRST QUARTER 2016 RESULTS
Newport Beach, CA – May 3, 2016 – American Vanguard Corporation (NYSE:AVD), today announced financial results for the quarter ended March 31, 2016.
Financial Highlights Fiscal 2016 First Quarter – versus Fiscal 2015 First Quarter
• Net sales of $69.5 million, compared with $66.6 million.
• Net income of $2.79 million, compared with $0.05 million.
• Earnings per diluted share of $0.10, compared with $0.00.
Note: Further details are available in the financial schedules attached to this press release
Eric Wintemute, Chairman & CEO of American Vanguard commented: “Net sales increased during the period, led by our expanding international business. We achieved significantly better earnings in the quarter as a result of increased sales and focused management discipline regarding manufacturing costs and operating expenses. Additionally, we were able to invest in a new biological technology platform while further reducing debt.”
Mr. Wintemute continued: “While the Midwest corn market remained stable year-over-year, we benefited from our broad participation in other crops and global regions. In particular, the two herbicides that we acquired last year have helped expand our international business and allowed us to enter the U.S. soybean market for the first time. In addition, we recorded improved sales in the cotton market, driven by this year’s rise in cotton acreage.”
Mr. Wintemute concluded: “During the balance of this year, we expect our performance to be defined by demand for our corn herbicide Impact®, sales of our Thimet® insecticide in peanuts and sugar cane, post-harvest application of our soil fumigants, and continued expansion of our international business. We also expect to benefit from stronger fruit and vegetable sales resulting from the improvement in western U.S. drought conditions. Dibrom® mosquito adulticide sales will be weather dependent, but may get additional traction in light of recent public health concerns. We look forward to giving you more detail regarding first quarter results in our upcoming conference call.”
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, May 3, 2016. Interested parties may participate in the call by dialing (201) 493-6744 – please dial 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.