American Vanguard Corporation Announces 1997 First Quarter Results.LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--May 12, 1997--American Vanguard Vanguard Any of three unmanned U.S. experimental satellites. Vanguard I (1958), the second U.S. satellite placed in orbit around Earth (after Explorer 1), was a tiny 3.25-lb (1.47-kg) sphere with two radio transmitters. Corp. (Nasdaq National Market:AMGD AMGD Acromesomelic Dysplasia, Grebe Type ) today reported financial results for the first quarter ended March 31, 1997. -0-
RESULTS OF OPERATIONS
QUARTER QUARTER
ENDED ENDED
3/31/97 3/31/96
(Unaudited)
Net sales $10,583,600 $10,421,100
Cost of sales 6,431,800 6,248,000
Gross profit 4,151,800 4,173,100
Operating expenses 3,881,000 3,356,900
Operating income 270,800 816,200
Interest expense - net (351,000) (258,700)
(Loss)/income from operations
before income taxes (80,200) 557,500
Income tax benefit (expense) 24,100 (223,000)
Net (loss) income $ (56,100) $ 334,500
Per share information:
Net (loss)/income $(0.02) $0.13
Weighted average number
of shares 2,507,829 2,522,079
-0-
Eric Wintemute, President and CEO of American Vanguard,
commented, "With sales volume typically lowest in the Company's first
quarter, 1997 first quarter sales are in line with last year's first
quarter record sales and with our expectations. The Company's
profitability was impacted by our investments to support and grow the
VapamO (metam sodium) product line, which was acquired effective
December 31, 1996. As evidenced by the $524,100 increase in
operating expenses, we have been investing in the technical, sales
and marketing infrastructure to support expected significant sales of
metam sodium in the second half of the year."
"We are confident that the highly skilled sales and marketing
team we have assembled will also generate higher sales across our
product line in the current year," added Mr. Wintemute, "allowing
us to meet our stated revenue goal of $80 million and produce strong
earnings. In light of our favorable outlook for 1997, we were very
pleased to pay our shareholders a $.06 per share cash dividend on
March 31st."
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,
change in regulatory policy, and other risks as detailed from time to
time in the Company's SEC reports and filings. Forward-looking
statements 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 such statements.
American Vanguard Corporation is a diversified specialty and
agricultural chemical company. Its subsidiaries include AMVAC, which
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 UK office; Quimica Amvac De
Mexico S.A. de C.V., the Company's new Mexican office; and
Environmental Mediation, Inc., an environmental consulting firm.
CONTACT: 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, President & 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. James Barry James Barry may refer to:
(714) 260-1200 or AMGD'S INVESTOR RELATIONS Investor relations The process by which the corporation communicates with its investors. FIRM: The Equity Group Inc. Tamara TAMARA There Are Many and Real Alternatives Ehlin (212) 836-9607 |
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