0001193125-22-218353.txt : 20220811 0001193125-22-218353.hdr.sgml : 20220811 20220811142502 ACCESSION NUMBER: 0001193125-22-218353 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20220809 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220811 DATE AS OF CHANGE: 20220811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN VANGUARD CORP CENTRAL INDEX KEY: 0000005981 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE CHEMICALS [2870] IRS NUMBER: 952588080 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13795 FILM NUMBER: 221155119 BUSINESS ADDRESS: STREET 1: 4695 MACARTHUR COURT CITY: NEWPORT BEACH STATE: CA ZIP: 92660 BUSINESS PHONE: 949-260-1200 MAIL ADDRESS: STREET 1: 4695 MACARTHUR COURT CITY: NEWPORT BEACH STATE: CA ZIP: 92660 FORMER COMPANY: FORMER CONFORMED NAME: AEROCON INC DATE OF NAME CHANGE: 19720620 8-K 1 d390224d8k.htm 8-K 8-K
AMERICAN VANGUARD CORP false 0000005981 0000005981 2022-08-09 2022-08-09

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): August 9, 2022

 

 

AMERICAN VANGUARD CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-13795   95-2588080

(State or other jurisdiction

of incorporation)

  

Commission

File Number

  

(I.R.S. Employer

Identification No.)

4695 MacArthur Court

Newport Beach, California 92660

(Address of principal executive offices)

Registrant’s telephone number: (949) 260-1200

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading

Symbol

  

Exchanges

on which registered

Common Stock, $.10 par value   AVD   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b02 of the Securities Exchange Act of 1934 (§240.12b02 of this chapter).

Emerging Growth Company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

Item 2.02

Results of Operations and Financial Condition

On August 9, 2022, American Vanguard Corporation (“Registrant”) issued a press release announcing its preliminary, unaudited financial results for the three- and six-month periods ended June 30, 2022. The full text of the press release is linked hereto as Exhibit 99.1 and is incorporated herein by reference.

On August 10, 2022, Registrant issued a follow-up press release clarifying its financial performance for the three- and six-month periods ended June 30, 2022, in light of erroneous information published by third parties with respect thereto. The full text of that press release is lined hereto as Exhibit 99.2 and is incorporated by reference.

The information contained in this Current Report on Form 8-K, including the Exhibits linked hereto, is being furnished under Items 2.02 and 9.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit 99.1    Press release dated August 9, 2022, of Registrant regarding financial results for the three- and six-month periods ended June 30, 2022.
Exhibit 99.2    Press release dated August 10, 2022, of Registrant clarifying financial results in light of erroneous information having been published by third parties.
Exhibit 104    Cover page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, American Vanguard Corporation has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

    AMERICAN VANGUARD CORPORATION
Date: August 11, 2022     By:  

/s/ Timothy J. Donnelly

          Timothy J. Donnelly
          Chief Administrative Officer, General Counsel & Secretary
 EX-99.1 2 d390224dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

FOR IMMEDIATE RELEASE

AMERICAN VANGUARD REPORTS SECOND QUARTER & MIDYEAR 2022 RESULTS

Significant Demand Continues, Gross Margins Increase,

Midyear Net Income Doubles, Full Year Performance Targets Reiterated

Newport Beach, CA – August 9, 2022 – American Vanguard Corporation (NYSE: AVD) today announced financial results for the second quarter and six months ended June 30, 2022.

Fiscal 2022 Second Quarter Financial Highlights – versus Fiscal 2021 Second Quarter:

 

  •  

Net sales were $148 million in 2022, compared to $135 million in 2021

 

  •  

Net income was $6.8 million in 2022, compared to $5.1 million in 2021

 

  •  

Earnings per diluted share of $0.23 in 2022, compared to $0.17 in 2021

 

  •  

Adjusted EBITDA1 of $19.7 million in 2022, compared to $16.5 million in 2021

Fiscal 2022 Mid-Year Financial Highlights – versus Fiscal 2021 Mid-Year:

 

  •  

Net sales were $298 million in 2022, compared to $251 million in 2021

 

  •  

Net income was $16.8 million in 2022, compared to $8.2 million in 2021

 

  •  

Earnings per diluted share of $0.55 in 2022, compared to $0.27 in 2021

 

  •  

Adjusted EBITDA1 of $42.5 million in 2022, compared to $30.3 million in 2021

Eric Wintemute, Chairman and CEO of American Vanguard stated: “Conditions within our agricultural markets continue to be favorable with consistently high commodity prices, a strong farm economy and, for US-based companies, a strong US dollar. Having built a portfolio of products that reaches across multiple crops – including corn, soybeans, cotton, potatoes, and high-value fruits and vegetables – we were better able to cross-sell to growers and enjoyed strong demand for our products, both domestically and abroad. Our focused efforts to increase prices and more fully exploit our manufacturing assets enabled us to achieve higher margins despite inflation and supply chain challenges. Within this context, we recorded strong results for the second quarter and first half of 2022, including higher sales and improved profitability.”

Mr. Wintemute continued: “Our second quarter improvement was led by our international business, which generated higher sales of soil fumigants, foliar and soil insecticides, fungicides and micronutrient products across multiple regions. Our domestic crop business enjoyed strong demand for our expanding portfolio of herbicides, partially offset by lower soil fumigant sales due to drought conditions in the West and Southwest, where water allocation has been implemented. During the second quarter of 2022, our U.S. non-crop business experienced relatively steady demand in mosquito control, commercial pest applications and horticulture/ornamental products.”

 

 

1 

Adjusted earnings before interest, taxes, depreciation, amortization, non-cash stock compensation, and proxy contest activities. Adjusted EBITDA is not a financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered as an alternative to net income (loss), operating income (loss) or any other financial measure so calculated and presented, nor as an alternative to cash flow from operating activities as a measure of liquidity. The items excluded from Adjusted EBITDA are detailed in the reconciliation attached to this news release. Other companies (including the Company’s competitors) may define Adjusted EBITDA differently.

Mr. Wintemute concluded: “Looking forward, we believe that our Company is situated well in both domestic and international markets and are consequently optimistic, even with weather- and economy-related variables, about meeting or exceeding our previously announced performance targets for FY 2022, including revenue growth between 8% and 11%, gross profit margins of 38-40% of net sales, operating expenses within the range of 31-33% of net sales and a year-over-year net income increase of between 60% and 70%. We look forward to giving you a more detailed presentation during our upcoming earnings call.”

Conference Call

Eric Wintemute, Chairman & CEO, Bob Trogele, EVP & COO and David T. Johnson, VP & CFO, will conduct a conference call focusing on the financial results and strategic themes…at 4:30 pm ET on August 9, 2022. Interested parties may participate in the call by dialing 201-493-6744. Please call in 10 minutes before the call is scheduled to begin and ask for the American Vanguard call. 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® and Russell 3000® Indexes and the Standard & Poor’s Small Cap 600 Index. 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.

 

Company Contact:    Investor Representative
American Vanguard Corporation    the Equity Group Inc.
William A. Kuser, Director of Investor Relations    www.theequitygroup.com
(949) 260-1200    Lena Cati
williamk@amvac-chemical.com    Lcati@equityny.com

AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

     June 30,
2022		     December 31,
2021		  

ASSETS

     

Current assets:

     

Cash and cash equivalents

    $ 22,057     $ 16,285  

Receivables:

     

Trade, net of allowance for doubtful accounts of $4,411 and $3,938, respectively

      165,711       149,326  

Other

      13,208       9,595  
  

 

 

    

 

 

  

Total receivables, net

      178,919       158,921  

Inventories

      182,203       154,306  

Prepaid expenses

      16,368       12,488  

Income taxes receivable

      523       —    
  

 

 

    

 

 

  

Total current assets

      400,070       342,000  

Property, plant and equipment, net

      67,453       66,111  

Operating lease right-of-use assets

      24,449       25,386  

Intangible assets, net

      191,560       197,841  

Goodwill

      46,997       46,260  

Other assets

      13,099       16,292  

Deferred income tax assets, net

      16       270  
  

 

 

    

 

 

  

Total assets

    $ 743,644     $ 694,160  
  

 

 

    

 

 

  

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

Current liabilities:

     

Current installments of other liabilities

    $ 1,367     $ 802  

Accounts payable

      86,944       67,140  

Customer prepayments

      272       63,064  

Accrued program costs

      99,152       63,245  

Accrued expenses and other payables

      20,180       20,745  

Income taxes payable

      —         3,006  

Current operating lease liabilities

      5,029       5,059  
  

 

 

    

 

 

  

Total current liabilities

      212,944       223,061  

Long-term debt, net

      100,779       52,240  

Long-term operating lease liabilities

      19,852       20,780  

Other liabilities, net of current installments

      5,584       5,335  

Deferred income tax liabilities, net

      19,651       20,006  
  

 

 

    

 

 

  

Total liabilities

      358,810       321,422  
  

 

 

    

 

 

  

Commitments and contingent liabilities

     

Stockholders’ equity:

     

Preferred stock, $.10 par value per share; authorized 400,000 shares; none issued

      —         —    

Common stock, $.10 par value per share; authorized 40,000,000 shares; issued 34,443,234 shares at June 30, 2022 and 34,248,218 shares at December 31, 2021

      3,445       3,426  

Additional paid-in capital

      103,456       101,450  

Accumulated other comprehensive loss

      (12,768 )      (13,784 ) 

Retained earnings

      319,672       304,385  

Less treasury stock at cost, 3,694,050 shares at June 30, 2022 and 3,361,040 shares at December 31, 2021

      (28,971 )      (22,739 ) 
  

 

 

    

 

 

  

Total stockholders’ equity

      384,834       372,738  
  

 

 

    

 

 

  

Total liabilities and stockholders’ equity

    $ 743,644     $ 694,160  
  

 

 

    

 

 

  

AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

     For the Three Months
Ended June 30,		     For the Six Months
Ended June 30,		  
     2022     2021     2022     2021  

Net sales

    $ 148,084     $ 134,610     $ 297,519     $ 250,765  

Cost of sales

      (88,305 )      (82,471 )      (176,547 )      (153,495 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      59,779       52,139       120,972       97,270  

Operating expenses

      (48,966 )      (43,080 )      (95,410 )      (84,524 ) 

Adjustment to bargain purchase gain on business acquisition

      —         (88 )      —         (121 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

      10,813       8,971       25,562       12,625  

Change in fair value of an equity investment

      (486 )      (295 )      (403 )      771  

Other income

      —         —         —         672  

Interest expense, net

      (772 )      (1,013 )      (1,170 )      (1,959 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Income before provision for income taxes and loss on equity method investment

      9,555       7,663       23,989       12,109  

Income tax expense

      (2,725 )      (2,445 )      (7,224 )      (3,807 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Income before loss on equity method investment

      6,830       5,218       16,765       8,302  

Loss on equity method investment

      —         (74 )      —         (87 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income

    $ 6,830     $ 5,144     $ 16,765     $ 8,215  
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per common share—basic

    $ .23     $ .17     $ .57     $ .28  
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per common share—assuming dilution

    $ .23     $ .17     $ .55     $ .27  
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average shares outstanding—basic

      29,602       29,930       29,639       29,834  
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average shares outstanding—assuming dilution

      30,225       30,499       30,289       30,511  
  

 

 

    

 

 

    

 

 

    

 

 

  

AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES

ANALYSIS OF SALES

(In thousands)

(Unaudited)

 

     For the three months
ended June 30,		               
     2022      2021      Change     % Change  

Net sales:

           

U.S. crop

    $ 63,195      $ 62,575      $ 620       1 % 

U.S. non-crop

      21,316        21,488        (172 )      -1 % 
  

 

 

     

 

 

     

 

 

    

U.S. total

      84,511        84,063        448       1 % 

International

      63,573        50,547        13,026       26 % 
  

 

 

     

 

 

     

 

 

    

Net sales:

    $ 148,084      $ 134,610      $ 13,474       10 % 
  

 

 

     

 

 

     

 

 

    

Gross profit:

           

U.S. crop

    $ 29,753      $ 26,805      $ 2,948       11 % 

U.S. non-crop

      10,049        9,782        267       3 % 
  

 

 

     

 

 

     

 

 

    

U.S. total

      39,802        36,587        3,215       9 % 

International

      19,977        15,552        4,425       28 % 
  

 

 

     

 

 

     

 

 

    

Total gross profit:

    $ 59,779      $ 52,139      $ 7,640       15 % 
  

 

 

     

 

 

     

 

 

    

 

     For the six months
ended June 30,		               
     2022      2021      Change     % Change  

Net sales:

           

U.S. crop

    $ 151,388      $ 117,330      $ 34,058       29 % 

U.S. non-crop

      34,712        38,941        (4,229 )      -11 % 
  

 

 

     

 

 

     

 

 

    

U.S. total

      186,100        156,271        29,829       19 % 

International

      111,419        94,494        16,925       18 % 
  

 

 

     

 

 

     

 

 

    

Net sales:

    $ 297,519      $ 250,765      $ 46,754       19 % 
  

 

 

     

 

 

     

 

 

    

Gross profit:

           

U.S. crop

    $ 70,098      $ 48,076      $ 22,022       46 % 

U.S. non-crop

      16,014        19,165        (3,151 )      -16 % 
  

 

 

     

 

 

     

 

 

    

U.S. total

      86,112        67,241        18,871       28 % 

International

      34,860        30,029        4,831       16 % 
  

 

 

     

 

 

     

 

 

    

Total gross profit:

    $ 120,972      $ 97,270      $ 23,702       24 % 
  

 

 

     

 

 

     

 

 

    

AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

     For the Six Months Ended
June 30,		  
     2022     2021  

Cash flows from operating activities:

     

Net income

    $ 16,765     $ 8,215  

Adjustments to reconcile net income to net cash used in operating activities:

     

Depreciation and amortization of property, plant and equipment and intangible assets

      11,004       10,697  

Amortization of other long-term assets

      1,739       2,044  

Loss on disposal of property, plant and equipment

      256       —    

Accretion of discounted liabilities

      17       (11 ) 

Amortization of deferred loan fees

      139       162  

Provision for bad debts

      470       945  

Loan principal and interest forgiveness

      —         (672 ) 

Fair value adjustment to contingent consideration

      635       1,013  

Stock-based compensation

      2,836       3,598  

Change in deferred income taxes

      109       (353 ) 

Change in fair value of an equity investment

      403       (771 ) 

Loss on equity method investment

      —         87  

Adjustment to bargain purchase gain on business acquisition

      —         121  

Net foreign currency adjustments

      (20 )      (145 ) 

Changes in assets and liabilities associated with operations:

     

Increase in net receivables

      (18,645 )      (25,317 ) 

Increase in inventories

      (27,774 )      (11,464 ) 

Increase in prepaid expenses and other assets

      (3,652 )      (3,696 ) 

(Increase) decrease in income tax receivable/payable, net

      (3,526 )      1,374  

(Decrease) in net operating lease liability

      (21 )      (120 ) 

Increase in accounts payable

      19,439       6,190  

Decrease in customer prepayments

      (62,789 )      (30,407 ) 

Increase in accrued program costs

      35,987       19,098  

(Decrease) increase in other payables and accrued expenses

      (602 )      507  
  

 

 

    

 

 

  

Net cash used in operating activities

      (27,230 )      (18,905 ) 
  

 

 

    

 

 

  

Cash flows from investing activities:

     

Capital expenditures

      (5,654 )      (5,075 ) 

Proceeds from disposal of property, plant and equipment

      27       —    

Acquisition of product line

      —         (10,000 ) 

Intangible assets

      (1,044 )      (241 ) 

Investments

      —         (184 ) 
  

 

 

    

 

 

  

Net cash used in investing activities

      (6,671 )      (15,500 ) 
  

 

 

    

 

 

  

Cash flows from financing activities:

     

Payments under line of credit agreement

      (56,600 )      (24,226 ) 

Borrowings under line of credit agreement

      105,000       66,000  

Payment of contingent consideration

      —         (250 ) 

Net receipt from the issuance of common stock under ESPP

      436       340  

Net receipt from the exercise of stock options

      765       167  

Payment for tax withholding on stock-based compensation awards

      (2,012 )      (2,900 ) 

Repurchase of common stock

      (6,232 )      —    

Payment of cash dividends

      (1,330 )      (1,188 ) 
  

 

 

    

 

 

  

Net cash provided by financing activities

      40,027       37,943  
  

 

 

    

 

 

  

Net increase in cash and cash equivalents

      6,126       3,538  

Effect of exchange rate changes on cash and cash equivalents

      (354 )      98  

Cash and cash equivalents at beginning of period

      16,285       15,923  
  

 

 

    

 

 

  

Cash and cash equivalents at end of period

    $ 22,057     $ 19,559  
  

 

 

    

 

 

  

AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

(Unaudited)

 

     Three Months Ended
June 30,		      Six Months Ended
June 30,		  
     2022      2021      2022      2021  

Net income, as reported

    $ 6,830      $ 5,144      $ 16,765      $ 8,215  

Provision for income taxes

      2,725        2,445        7,224        3,807  

Interest expense, net

      772        1,013        1,170        1,959  

Depreciation and amortization

      6,271        6,138        12,743        12,741  

Stock compensation

      1,273        1,806        2,836        3,598  

Proxy contest activities

      1,785        —          1,785        —    
  

 

 

     

 

 

     

 

 

     

 

 

  

Adjusted EBITDA2

    $ 19,656      $ 16,546      $ 42,523      $ 30,320  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

 

2 

Adjusted earnings before interest, taxes, depreciation, amortization, non-cash stock compensation, and proxy contest activities. Adjusted EBITDA is not a financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered as an alternative to net income (loss), operating income (loss) or any other financial measures so calculated and presented, nor as an alternative to cash flow from operating activities as a measure of liquidity. We provide these measures because we believe that they provide helpful comparisons to other companies in our industry and peer group. The items excluded from Adjusted EBITDA are detailed in the reconciliation attached to this news release. Other companies (including the Company’s competitors) may define Adjusted EBITDA differently.

EX-99.2 3 d390224dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

LOGO

FOR IMMEDIATE RELEASE

AMERICAN VANGUARD CORRECTS THIRD PARTY ERRORS

REPORTING ON ITS FULL YEAR 2022 EBITDA EXPECTATIONS AND SECOND QUARTER & MID-

YEAR 2022 RESULTS

Bloomberg Feed Erroneously Reduced Full-Year 2022 Consensus EBITDA

& News Site “SeekingAlpha.com” Published Erroneous Report on Q2 2022 Financial Performance

Newport Beach, CA – August 10, 2022 – American Vanguard Corporation (NYSE: AVD) today made the following clarifying comments regarding the misreporting of its financial results by third parties yesterday. At about the time the Company issued its earnings release for the three- and six-month periods ended June 30, 2022 (prior to trading on August 9, 2022), Bloomberg inexplicably reduced consensus EBITDA estimates for full-year 2022 from $75 million to $50.8 million. It appears that Bloomberg may have subtracted Q1 2022 EBITDA from the 2022 full-year calculation. In fact, as mentioned on the earnings call (and discussed below), the Company raised its adjusted EBITDA target for 2022 to between $79 million and $81 million.

In addition, at the same time, the news site “seekingalpha.com” published an article containing significant errors regarding the Company’s financial performance; specifically, SeekingAlpha claimed that AVD had fallen short of consensus for the second quarter of 2022 both with respect to net sales (by $11.7 million) and EPS (by $0.04). In fact, the Company achieved the net sales consensus of $148 million and was at the high end of the consensus EPS at $0.23 for the quarter. It appears that SeekingAlpha was comparing consensus estimated numbers for Q3 2022 (namely, net sales of $159.7 million and EPS of $0.26) with the consensus estimates for Q2 2022. The Company has contacted SeekingAlpha seeking a retraction.

Eric Wintemute, Chairman and CEO of American Vanguard, commented: “We were shocked to see the erroneous reports from both Bloomberg and SeekingAlpha and wanted to set the record straight. First, contrary to Bloomberg’s report and as I had mentioned on yesterday’s earnings call, we expressly raised our guidance for adjusted EBITDA1 in full year 2022 to be within the range of $79 million to $81 million. Thus, we are on track in 2022 to achieve our highest annual adjusted EBITDA in history. Second, contrary to SeekingAlpha’s report, we met or exceeded analysts’ consensus for the second quarter of 2022. Finally, as I had mentioned during the call, sales of our Green Solutions products rose 62% in the second quarter of 2022 as compared with the same period of 2021, and we reaffirmed our overall revenue targets for both 2023 and 2025.”

 

 

1 

Adjusted earnings before interest, taxes, depreciation, amortization, non-cash stock compensation, and proxy contest activities. Adjusted EBITDA is not a financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered as an alternative to net income (loss), operating income (loss) or any other financial measures so calculated and presented, nor as an alternative to cash flow from operating activities as a measure of liquidity. We provide these measures because we believe that they provide helpful comparisons to other companies in our industry and peer group. The items excluded from Adjusted EBITDA are detailed in the reconciliation attached to this news release. Other companies (including the Company’s competitors) may define Adjusted EBITDA differently.

The Company also noted that, as per the terms of its 10b5-1 issuer repurchase plan dated March 14, 2022 (which provides for the purchase of up to 1 million shares of the Company’s common stock), with the decline in share price of August 9, 2022, the Company repurchased approximately 48,000 shares of stock on that date. Under the terms of that purchase plan, the Company could purchase up to a total of 620,000 additional shares, as per applicable daily limits.

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® and Russell 3000® Indexes and the Standard & Poor’s Small Cap 600 Index. 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.

 

Company Contact:    Investor Representative
American Vanguard Corporation    the Equity Group Inc.
William A. Kuser, Director of Investor Relations    www.theequitygroup.com
williamk@amvac.com    Lena Cati
(949) 375-6931    Lcati@equityny.com
   (212) 836-9611
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Document Type 8-K
Document Period End Date Aug. 09, 2022
Entity Incorporation State Country Code DE
Entity File Number 001-13795
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