American Vanguard Reports Record First Quarter Results; Net Income Up 34% On 30% Revenue Increase.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)--May 2, 2002 The Company Posts 12th Consecutive Period of Comparable Quarter Revenue and Profit Growth 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. Corporation (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 record financial results for the first quarter ended March 31, 2002. The first quarter represents the Company's twelfth consecutive quarter of sales and earnings growth versus the comparable quarter of the prior year. First Quarter 2002 Financial Highlights - versus the fiscal 2001 first quarter - Net sales increased 30% to $19,309,000. - Operating income was up 87% to $1,476,000 from $789,600 in last year's first quarter (before non-recurring income of $673,800 in the 2001 period). - Net income rose 313% to $799,300 or $.20 per diluted share from $193,400 or $.05 per diluted share in the first quarter of 2001 (before non-recurring income last year). Inclusive of the non-recurring income in 2001, net income increased 34%. 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. of American Vanguard, commented, "We are extremely pleased with our results for the first quarter, which is historically our slowest quarter. Sales and earnings growth was driven by higher sales of soil and public health insecticides insecticides, chemical, biological, or other agents used to destroy insect pests; the term commonly refers to chemical agents only. Chemical Insecticides and a stronger spring fumigant fu·mi·gant n. A chemical compound used in its gaseous state as a disinfectant. market. Growth in the higher margin insecticide insecticide Any of a large group of substances used to kill insects. Such substances are mainly used to control pests that infest cultivated plants and crops or to eliminate disease-carrying insects in specific areas. businesses produced a gross margin of 41.4%, up from 39.0% in last year's first quarter." Mr. Wintemute continued, "The Company's outlook for the remainder of fiscal 2002 remains very positive, and we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about achieving our previously announced goals of at least 10% sales growth and faster net income growth. We are also optimistic about the long-term prospects for the Company as industry consolidation continues to create additional acquisition and licensing opportunities. American Vanguard's focused business strategy, expanded manufacturing base, strong industry relationships, and track record of successful acquisitions set the stage for future growth." James Barry James Barry may refer to:
A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $34.3 million or $9.00 per share, after adjusting for the 4-for-3 stock split effected on April 12, 2002. Additionally, our EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become for the trailing 12 months is $12.5 million. We see our solid financial position as the foundation for American Vanguard's future growth." Mr. Wintemute concluded, "As previously announced, we are exploring acquisitions, contract manufacturing opportunities and selected generic market opportunities for our new facility in Alabama, which has doubled our production capacity. We are on track to finish commissioning the plant in the third quarter of this year, and remain enthusiastic about the prospects for the new facility. We look forward to updating you with future American Vanguard developments." Conference Call 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, and James A. Barry, Senior Vice President & CFO, will conduct a conference call focusing on the financial results at 12:00 noon ET on Thursday, May 2, 2002. Interested parties may participate in the call by dialing 973-321-1100 approximately 10 minutes before the call is scheduled to begin. The conference call will also be broadcast live over the Internet via the Investors section of the Company's web site at www.american-vanguard.com. To listen to the live call please go to the website 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. A recorded phone replay of the call will also be available from 1:00 pm ET on Thursday, May 2, 2002 to 1:00 pm ET on Friday, May 3, 2002. Listeners may dial 877-519-4471 (973-341-3080 for international callers) and use the code 3255294 for the phone replay. About American Vanguard American Vanguard Corporation is a diversified diversified (di·verˑ·s specialty and agricultural products company focusing on crop protection and management, turf management Turf management or pitchcare describes the work needed to keep a sporting pitch ready for use. This article looks at the various types of sporting pitches and the type of challenges which they present. and public health insecticides. The Company's basic strategy is to acquire brand name, niche product lines from multi-billion dollar companies that divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. mature products to focus on newly discovered molecules. In 2001, American Vanguard was named to Forbes' Best 200 Small Companies List (#155). 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 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. 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. The Company disclaims, however, any intent or obligation to update forward-looking statements.
American Vanguard Corporation and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Quarter Quarter
Ended Ended
3/31/02 3/31/01
Net sales $19,309,000 $14,863,300
Cost of sales 11,312,000 9,062,400
---------- ------------
Gross profit 7,997,000 5,800,900
Operating expenses 6,521,000 5,011,300
----------- ---------
Operating income before non-recurring items 1,476,000 789,600
Settlement Income - ( 208,300)
Gain on the sale of emission credits - ( 465,500)
------------- -----------
Operating income 1,476,000 1,463,400
Interest expense-net 197,100 467,200
------------ ------------
Income before income taxes 1,278,900 996,200
Income taxes 479,600 398,500
------------ -----------
Net income $ 799,300 $ 597,700
=========== ===========
Earnings per common share(1) $ .21 $ .16
============ ============
Earnings per common share - assuming dilution(1) $ .20 $ .15
============ ============
Weighted average shares outstanding(1) 3,819,571 3,826,569
========================
Weighted average shares outstanding
- assuming dilution(1) 3,996,681 3,935,827
============ ============
(1) Retroactively restated to reflect a 4-for-3 stock split
distributed April 12, 2002 to common stockholders of record as
of March 29, 2002.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion