American Vanguard Declares Dividend of $.11 and 10% Stock.Business Editors 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)--March 20, 2001 American Vanguard Corp. (AMEX AMEX See: American Stock Exchange :AVD AvD Automobilclub von Deutschland (German automobile club) AVD Academy of Veterinary Dentistry AVD Audio Video Design (Melbourne, FL) AVD Audio Video Data AVD Association des Volontaires pour le Développement ) today announced that its Board of Directors has declared a dividend of $.11 per share as well as a 10% stock dividend (one new share for each ten outstanding shares of Common Stock, par value $.10 per share). The Company had issued a cash dividend of $.05 per share in September of 2000; the current cash dividend represents the balance of 10% of the Company's earnings per share for fiscal 2000 of $1.60. Both dividends will be distributed on April 13, 2001 to shareholders of record at the close of business on March 30, 2001. The cash dividend will be paid on the number of shares outstanding prior to the 10% stock dividend. Shareholders entitled to fractional shares Fractional share Stocks amounting to less than one full share, usually resulting from splits, acquisitions, exchanges, or dividend reinvestment programs. fractional share Less than one share of stock, that is, one-third or one-half a share. resulting from the stock dividend will receive cash in lieu Cash In Lieu (CIL) In a typical exchange offer, "old" shares of the target company are exchanged for "new shares". of such fractional share based on the closing price of the Company's stock on March 30, 2000. 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 and Chief Executive Officer of American Vanguard, commented, "The Board of Directors has continued confidence in the Company's growth prospects for 2001 and beyond due to the important product lines we acquired in 2000, as well as the opportunities that we believe are still available for additional growth via acquisition. We expect fiscal 2001 revenues to increase more than 10% over the prior year, with net income growing at a faster rate, and also plan to declare another dividend in September." American Vanguard Corporation is a diversified specialty and agricultural products company. Its subsidiaries include AMVAC Chemical Corporation, 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 Mexico office; and Environmental Mediation, 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. 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. |
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