AMERICAN VANGUARD CORPORATION ANNOUNCES SECOND QUARTER RESULTS.NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif.--(BUSINESS WIRE)--July 30, 1996--American Vanguard Corporation (Nasdaq National Market:AMGD AMGD Acromesomelic Dysplasia, Grebe Type ) today reported financial results for the three and six month periods ended June 30, 1996.
RESULTS OF OPERATIONS
(Unaudited)
For The Three Months Ended For the Six Months Ended
June 30, June 30,
1996 1995 1996 1995
Net sales $ 9,892,000 $13,542,500 $20,313,100 $23,676,800 Gross profits 3,246,100 5,165,600 7,419,200 8,997,400 Operating income 225,500 762,800 1,041,700 876,500 Interest expense-net (193,800) (284,900) (452,500) (527,500) Income from operations before income taxes 31,700 477,900 589,200 349,000 Income taxes (16,200) (193,600) (239,200) (142,200) Net income $ 15,500 $ 284,300 $ 350,000 $ 206,800 Per share information(a): Net income $.01 $.11 $.14 $.08 Weighted average number of shares 2,522,079 2,551,308 2,522,079 2,553,657 (a) Earnings per share have been restated to reflect a 10% stock dividend which was paid on March 15, 1996 to stockholders of record as of February 29, 1996. Eric Wintemute, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented, "Although our results for the six months ended June 30, 1996 compare favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to the same period in 1995, we are disappointed to report a decline in second quarter sales and profitability. This decline is attributed to a decrease in use of some of our products due to unanticipated weather conditions affecting pest populations in the cotton market. Lower operating costs operating costs npl → gastos mpl operacionales , however, favorably impacted our operating performance for both the three and six months ended June 30, 1996 when compared to the same periods in 1995." Mr. Wintemute continued, "Historically, the majority of the Company's sales and earnings occur in the fourth quarter of the year and we continue to anticipate a similar performance in 1996. It should be noted that due to the lower than anticipated second quarter results and continuing unfavorable weather conditions, we do not presently anticipate that the Company's results for the year ended December 31, 1996 will exceed the sales and earnings records set in 1995. However, we will work diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to maximize our financial results over the remaining two quarters of 1996, and seek to accelerate the Company's growth strategy of product and geographic diversification." The Company, from time to time, may discuss forward-looking information. Except for the historical information contained in this release, all forward looking information 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. Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this release represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligation to update forward-looking statements. American Vanguard Corporation conducts its business through several subsidiaries including AMVAC Chemical Corp., a specialty chemical A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. manufacturer that develops and markets safe and effective products for agricultural and commercial uses; GemChem, Inc., a national chemical distributor; AMVAC Chemical UK Ltd., the Company's Surrey, England-based office; and Environmental Mediation mediation, in law, type of intervention in which the disputing parties accept the offer of a third party to recommend a solution for their controversy. Mediation has long been a part of international law, frequently involving the use of an international commission, , Inc., an environmental consulting Environmental consulting is often a form of compliance consulting, in which the consultant ensures that the client maintains an appropriate measure of compliance with environmental regulations. firm. CONTACT: American Vanguard Corporation Eric G Eric G was a Miami Bass/Hip-Hop rapper, DJ, and producer, acting as the primary creative force behind Triple M DJ Crew, the Bass Station parties and night club, the rap group Worse 'em Crew, the Bass Station record label, and Never Stop Productions . Wintemute, James A. Barry, 714/260-1200 or The Equity Group Inc. Tamara Ehlin, 212/836-9607 |
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