American Vanguard Reports Second Quarter 2008 Results.Strong Quarterly Performance Reflects International Expansion, New Product Additions and Specialty Product Strength 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. -- American Vanguard Corporation (NYSE NYSE See: New York 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 financial results for the second quarter and six month period ended June 30, 2008. Fiscal 2008 Second Quarter Financial Highlights - versus Fiscal 2007 Second Quarter * Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased 16% to $57.9 million. * Net income grew 21% to $4.3 million. * Earnings per diluted share increased 23% to $0.16. Fiscal 2008 First Half Financial Highlights - versus Fiscal 2007 First Half * Net sales increased by 9% to $98.8 million. * Net income improved by 6% to $6.1 million. * Earnings per diluted share were $0.22, versus $0.21. 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, stated: "We are very pleased with the strong second quarter performance, which reflects strength in our international business, the benefits of recent product acquisitions and the expansion of our non-crop specialty products segment. Sales in most major agricultural end-uses met expected levels, and our initiatives to gain larger positions in some of our key markets are progressing. Results continue to be influenced by rising raw material costs, utility rates and fuel costs. We continue to address these cost increases by focusing on internal cost savings, efficiency improvements and where necessary, raising product prices to maintain appropriate profit margins." Among the most important performance highlights: * Solid continuing sales of our soil fumigant fu·mi·gant n. A chemical compound used in its gaseous state as a disinfectant. products, and a good performance of our recently acquired fungicides This page aims to list well-known chemical compounds, to stimulate the creation of Wikipedia articles. This list is not necessarily complete or up to date – if you see an article that should be here but isn't (or one that shouldn't be here but is), please update the page and insecticides, contributed to a strong quarterly sales performance for the Company. * Our international sales continued to grow in the second quarter with substantial sales gains in Mexico. Central and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. offer excellent opportunities for us, and we are establishing a physical presence in Costa Rica Costa Rica (kŏs`tə rē`kə), officially Republic of Costa Rica, republic (2005 est. pop. 4,016,000), 19,575 sq mi (50,700 sq km), Central America. to support regional growth for the future. * Our non-crop specialty products sales grew strongly during the second quarter, due to the seasonal placement of our mosquito adulticide product line and further penetration of the turf and ornamental market segment. * Sales of our main cotton protection products exceeded the prior year's sales, although full-year sales will likely remain soft due to reduced forecast cotton acreage. * After achieving higher than expected sales of our corn herbicide herbicide (hr`bəsīd'), chemical compound that kills plants or inhibits their normal growth. A herbicide in a particular formulation and application can be described as selective or nonselective. Impact[R] in the first quarter, demand fell short of our internal expectations in the second quarter. Nevertheless, we continue to witness superior in-field performance and increasing grower recognition of this product. Mr. Wintemute concluded, "We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our prospects for the balance of 2008 and for the 2009 North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. spring planting season. Over the next several quarters, we expect to further strengthen our international presence in existing markets and expand into new markets; achieve improved acceptance of our herbicide and 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. offerings in corn; experience solid demand in most of our primary end-use crop markets; and introduce new products in our non-crop segment for professional pest management. We will be taking initiatives to better exploit our North American manufacturing capability, producing products that are complex to manufacture and in which we have a demonstrated track record." Conference Call Eric Wintemute, President and CEO and David T. Johnson, CFO See Chief Financial Officer. , will conduct a conference call focusing on the financial results at 12:00 pm EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT / 9:00 am PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT on Thursday, August 7, 2008. Interested parties may participate in the call by dialing 706-679-3155 - please call in 10 minutes before the call is scheduled to begin, and ask for the American Vanguard call (conference ID # 58383862). 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[R] and Russell 3000[R] Indexes. 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 the conference call referenced 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. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] Note: The balance sheet at December 31, 2007 has been derived from the audited financial statements at that date. [TABLE OMITTED] Supplemental schedule of non-cash investing and financial activities: On March 10, 2008, the Company announced that the Board of Directors declared a cash dividend of $0.05 per share. The dividend was distributed on April 15, 2008, to stockholders of record at the close of business on March 31, 2008. Cash dividends paid April 15, 2008 totaled approximately $1,323,000. On March 13, 2007, the Board of Directors declared a cash dividend of $0.04 per share. The dividend was distributed on April 13, 2007 to stockholders of record at the close of business on March 30, 2007. Cash dividends paid April 13, 2007 totaled $1,047,000. During the six months ended June 30, 2008, the Company completed the purchase of certain assets which totaled $2,350,000 of which $600,000 was paid in cash during the period. The balance of $1,750,000 is due at various times through May 2012. |
|
||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion