American Vanguard Reports Third Quarter Results.Net Income Rises 28% on 11% Sales Increase 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 third quarter and nine months ended September 30, 2007. Third Quarter Financial Highlights - versus fiscal 2006 third 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 11% to $56.6 million. * Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. grew 32% to $10.0 million. * Net income was $5.4 million, up 28%. * Earnings per diluted share were $0.20, up from $0.16 in the comparable period of 2006. Nine-Month Financial Highlights - versus fiscal 2006 nine-month period * Net sales increased 6% to $147.6 million. * Operating income rose 25% to $23.2 million. * Net income increased 11% to $11.2 million. * Earnings per diluted share were $0.41, up from $0.37 in the 2006 nine-month period. 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 pleased to report continued sales and earnings growth for the third quarter. Impact[R] sales again grew substantially, as this extremely effective 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. continues to gain share based on its superior performance and value. Counter[R], our newest systemic insecticide / nematicide A nematicide is a type of chemical pesticide used to kill parasitic nematodes (roundworms). One common nematicide is obtained from neem cake, the residue obtained after cold-pressing the fruit and kernels of the neem tree. , and Thimet[R], our branded phorate phorate an organophosphorus compound used as an insecticide and capable of causing poisoning. insecticide, both contributed significantly to quarterly results and each remains on-track for a strong finish in 2007. Sales of Bidrin[R], our cotton insecticide, were up during the third quarter as pest pressure increased, however, year-to-date sales remain down due to the acreage shift this season from cotton to corn. Sales of Dibrom[R], our mosquito adulticide, suffered during the quarter, as drought in the southeast U.S. resulted in significantly reduced demand." Mr. Wintemute concluded, "We anticipate further top and bottom-line growth during the balance of 2007, driven by sales of our corn soil insecticide and fumigant fu·mi·gant n. A chemical compound used in its gaseous state as a disinfectant. products. Additionally, we continue to be very optimistic about American Vanguard's long-term position in the dynamic crop protection market. Among the many reasons: * Our management team's proven ability to acquire, license and build upon niche product lines. * The benefits gained by utilizing our portfolio of granular insecticide products and our proprietary closed delivery systems. * Continued growth in the corn herbicide market, as Impact[R] demonstrates its ability on "tough-to-control" weeds. * American Vanguard's ability to leverage low-cost, high-quality U.S. manufacturing capabilities. * The Company's potential for international growth in coming years, spearheaded by our own efforts, as well as possible collaboration with other companies to incrementally expand our global sales presence." Conference Call Eric Wintemute, President and CEO, and James Barry James Barry may refer to:
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[R] 3000 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 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] |
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