0001193125-23-207032.txt : 20230809 0001193125-23-207032.hdr.sgml : 20230809 20230809122838 ACCESSION NUMBER: 0001193125-23-207032 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230803 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230809 DATE AS OF CHANGE: 20230809 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: 231154250 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 d530975d8k.htm 8-K 8-K
AMERICAN VANGUARD CORP false 0000005981 0000005981 2023-08-03 2023-08-03

 

 

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 3, 2023

 

 

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 8, 2023, American Vanguard Corporation (“Registrant”) issued a press release announcing its preliminary, unaudited financial results for the three- and six-month periods ended June 30, 2023. The full text of the press release is linked hereto as Exhibit 99.1 and is incorporated herein by reference.

 

Item 8.01

Other Events

On August 3, 2023, with respect to that certain Third Amended and Restated Loan Agreement dated as of August 5, 2021 (the “Credit Agreement”), led by BMO Harris, N.A., as successor to Bank of the West, the Lenders (as defined in the Credit Agreement) granted a waiver with respect to an Existing Event of Default (as defined in the Credit Agreement) relating to the Company’s noncompliance with the Minimum Fixed Charge Coverage Ratio (“FCCR”) for the quarter ended June 30, 2023, subject to the terms and conditions of such waiver. The noncompliance arose largely from the expense of the Company’s share repurchase activity over the course of the twelve-month period ended on June 30, 2023.

The information contained in this Item 8.01 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 8, 2023, of Registrant regarding financial results for the three- and six-month periods ended June 30, 2023.
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 9, 2023     By:  

/s/ Timothy J. Donnelly

     

Timothy J. Donnelly

     

Chief Administrative Officer, General Counsel & Secretary

EX-99.1 2 d530975dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

FOR IMMEDIATE RELEASE

AMERICAN VANGUARD REPORTS SECOND QUARTER & MIDYEAR 2023 RESULTS

Second Half Rebound Forecast After Lower-Than-Expected First Half Performance

Citing Industry-Wide Drop in Procurement Activity

Announces Share Repurchase Program

Newport Beach, CA – August 8, 2023 – American Vanguard Corporation (NYSE: AVD) today announced financial results for the second quarter and six months ended June 30, 2023.

 

3 Months Ended    June 30, 2023      June 30, 2022      Change  

Net sales

   $ 132,790      $ 148,203      $ (15,413

Net income

   $ (1,053    $ 6,830      $ (7,883

EPS

   $ (0.04    $ 0.23      $ (0.27

Adjusted EBITDA1

   $ 10,655      $ 19,656      $ (9,001
6 Months Ended    June 30, 2023      June 30, 2022      Change  

Net sales

   $ 257,674      $ 297,797      $ (40,123

Net income

   $ 865      $ 16,765      $ (15,900

EPS

   $ 0.03      $ 0.55      $ (0.52

Adjusted EBITDA1

   $ 22,172      $ 42,523      $ (20,351

Eric Wintemute, Chairman and CEO of American Vanguard stated: “During the second quarter of 2023, the Global Agriculture industry experienced a sharp, unexpected drop in procurement activity for crop inputs, as distribution, faced with higher interest rates, destocked inventory in order to limit carrying costs. We believe that this procurement pattern does not represent a loss of demand but, rather, a shift in timing of demand – to be closer to the planting season. We saw similar behavior in our non-crop business, as retailers broke with traditional stocking patterns in favor of just-in-time buying. Further, our businesses in Central America and Brazil faced a flood of low-priced, generic product from China-based suppliers. These factors taken together adversely affected our second quarter financial performance.”

Mr. Wintemute continued: “With stable commodity prices, a strong farm economy and channel inventory of many of our crop products at low levels, we expect that demand should improve significantly over the balance of 2023, as growers prepare for the 2024 planting season. While we are uncertain whether destocking activity has completely run its course, we can say that the distribution channel will need to replenish its stocks, and we are poised to meet the demand. Accordingly, we are revising our 2023 performance targets as indicated below.

 

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.


2023 Performance Targets

 

Metric    2023 Range     2022 Actual     Change  

Net sales

   $ 615MM - $625MM     $ 610MM       flat to up  

Gross margin %

     32     32     flat  

Opex as % of sales

     25     25     flat  

Adjusted EBITDA

   $ 70MM - $75MM     $ 73.0MM       Similar  

Net income

   $ 20MM - $24MM     $ 27.5MM       down  

Mr. Wintemute concluded: “As a demonstration of our confidence in the company’s prospects, our board of directors has authorized us to enter into a 10b5-1 plan under which we may purchase up to $7.5 million of our common stock on the open market. We continue to see enduring value in our equity and believe that this repurchase program is a prudent allocation of capital. We encourage you to join us for our upcoming earnings call, during which we will give you a more detailed presentation of our first-half performance and full-year targets.”

Conference Call

Eric Wintemute, Chairman & CEO and David T. Johnson, VP & CFO, will conduct a conference call focusing on the financial results and strategic themes at 5 pm ET on August 8, 2023. Interested parties may participate in the call by dialing 713-481-1320. 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, manufactures, and markets solutions for crop protection and nutrition, turf and ornamentals management, commercial and consumer pest control. Over the past 20 years, through product and business acquisitions, the Company has expanded its operations into 17 countries and now has over 1,000 product registrations in 56 nations worldwide. Its strategy rests on three growth initiatives – i) Core Business (through innovation of conventional products), ii) Green Solutions (with over 130 biorational products – including fertilizers, microbials, nutritionals and non-conventional products) and iii) Precision Agriculture innovation (including SIMPAS prescriptive application and Ultimus measure/record/verify technologies). 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    Lena Cati
(949) 260-1200    (212) 836-9611
williamk@amvac.com    lcati@equityny.com


AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

ASSETS

 

     June 30,
2023
    December 31,
2022
 

Current assets:

    

Cash and cash equivalents

   $ 14,632     $ 20,328  

Receivables:

    

Trade, net of allowance for doubtful accounts of $6,135 and $5,136, respectively

     151,479       156,492  

Other

     11,473       9,816  
  

 

 

   

 

 

 

Total receivables, net

     162,952       166,308  

Inventories

     237,587       184,190  

Prepaid expenses

     17,546       15,850  

Income taxes receivable

     5,436       1,891  
  

 

 

   

 

 

 

Total current assets

     438,153       388,567  

Property, plant and equipment, net

     73,452       70,912  

Operating lease right-of-use assets

     23,724       24,250  

Intangible assets, net

     178,624       184,664  

Goodwill

     48,219       47,010  

Other assets

     10,193       10,769  

Deferred income tax assets, net

     293       141  
  

 

 

   

 

 

 

Total assets

   $ 772,658     $ 726,313  
  

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

Current liabilities:

    

Accounts payable

   $ 78,876     $ 69,000  

Customer prepayments

     27,368       110,597  

Accrued program costs

     80,333       60,743  

Accrued expenses and other payables

     13,273       20,982  

Current operating lease liabilities

     5,493       5,279  
  

 

 

   

 

 

 

Total current liabilities

     205,343       266,601  

Long-term debt, net

     160,750       51,477  

Long-term operating lease liabilities

     18,884       19,492  

Other liabilities, net of current installments

     4,923       4,167  

Deferred income tax liabilities, net

     13,683       14,597  
  

 

 

   

 

 

 

Total liabilities

     403,583       356,334  
  

 

 

   

 

 

 

Commitments and contingent liabilities

    

Stockholders’ equity:

    

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

     —         —    

Common stock, $0.10 par value per share; authorized 40,000,000 shares; issued 34,643,674 shares at June 30, 2023 and 34,446,194 shares at December 31, 2022

     3,464       3,444  

Additional paid-in capital

     106,719       105,634  

Accumulated other comprehensive loss

     (6,131     (12,182

Retained earnings

     327,911       328,745  

Less treasury stock at cost, 5,438,093 shares at June 30, 2023 and 5,029,892 shares at December 31, 2022

     (62,888     (55,662
  

 

 

   

 

 

 

Total stockholders’ equity

     369,075       369,979  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 772,658     $ 726,313  
  

 

 

   

 

 

 


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,
 
     2023     2022     2023     2022  

Net sales

   $ 132,790     $ 148,203     $ 257,674     $ 297,797  

Cost of sales

     (89,881     (98,872     (176,230     (197,070
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     42,909       49,331       81,444       100,727  

Operating expenses

     (39,155     (38,518     (74,423     (75,165
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     3,754       10,813       7,021       25,562  

Change in fair value of equity investment

     (55     (486     (77     (403

Interest expense, net

     (3,211     (772     (4,898     (1,170
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before provision for income taxes

     488       9,555       2,046       23,989  

Income tax expense

     (1,541     (2,725     (1,181     (7,224
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

   $ (1,053   $ 6,830     $ 865     $ 16,765  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) per common share—basic

   $ (.04   $ .23     $ .03     $ .57  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) per common share—assuming dilution

   $ (.04   $ .23     $ .03     $ .55  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding—basic

     28,428       29,602       28,397       29,639  

Weighted average shares outstanding—assuming dilution

     28,428       30,225       28,985       30,289  


AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES

ANALYSIS OF SALES

(In thousands)

(Unaudited)

 

     For the Three Months
Ended June 30,
              
     2023      2022      Change     %
Change
 

Net sales:

          

U.S. crop

   $ 56,212      $ 63,513      $ (7,301     -11

U.S. non-crop

     16,878        20,996        (4,118     -20
  

 

 

    

 

 

    

 

 

   

U.S. total

     73,090        84,509        (11,419     -14

International

     59,700        63,694        (3,994     -6
  

 

 

    

 

 

    

 

 

   

Net sales:

   $ 132,790      $ 148,203      $ (15,413     -10
  

 

 

    

 

 

    

 

 

   

Gross profit:

          

U.S. crop

   $ 21,703      $ 23,913      $ (2,210     -9

U.S. non-crop

     7,109        9,244        (2,135     -23
  

 

 

    

 

 

    

 

 

   

U.S. total

     28,812        33,157        (4,345     -13

International

     14,097        16,174        (2,077     -13
  

 

 

    

 

 

    

 

 

   

Total gross profit:

   $ 42,909      $ 49,331      $ (6,422     -13
  

 

 

    

 

 

    

 

 

   

 

     For the Six Months
Ended June 30,
              
     2023      2022      Change     %
Change
 

Net sales:

          

U.S. crop

   $ 118,105      $ 151,349      $ (33,244     -22

U.S. non-crop

     30,759        34,753        (3,994     -11
  

 

 

    

 

 

    

 

 

   

U.S. total

     148,864        186,102        (37,238     -20

International

     108,810        111,695        (2,885     -3
  

 

 

    

 

 

    

 

 

   

Net sales:

   $ 257,674      $ 297,797      $ (40,123     -13
  

 

 

    

 

 

    

 

 

   

Gross profit:

          

U.S. crop

   $ 40,585      $ 56,186      $ (15,601     -28

U.S. non-crop

     14,298        16,730        (2,432     -15
  

 

 

    

 

 

    

 

 

   

U.S. total

     54,883        72,916        (18,033     -25

International

     26,561        27,811        (1,250     -4
  

 

 

    

 

 

    

 

 

   

Total gross profit:

   $ 81,444      $ 100,727      $ (19,283     -19
  

 

 

    

 

 

    

 

 

   


AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

     For the Six Months
Ended June 30,
 
     2023     2022  

Cash flows from operating activities:

    

Net income

   $ 865     $ 16,765  

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

    

Depreciation of property, plant and equipment

     4,322       4,077  

Amortization of intangibles assets

     6,707       6,927  

Amortization of other long-term assets

     1,117       1,739  

Provision for bad debts

     902       470  

Fair value adjustment to contingent consideration

     —         635  

Stock-based compensation

     2,541       2,836  

Change in deferred income taxes

     (1,015     109  

Changes in liabilities for uncertain tax positions or unrecognized tax benefits

     419       —    

Change in fair value of equity investments

     77       403  

Other

     117       412  

Net foreign currency adjustments

     (382     (20

Changes in assets and liabilities associated with operations:

    

Decrease (increase) in net receivables

     6,092       (18,645

Increase in inventories

     (50,900     (27,774

Increase in prepaid expenses and other assets

     (1,749     (3,652

Change in income tax receivable/payable, net

     (3,510     (3,526

Increase (decrease) in net operating lease liability

     132       (21

Increase in accounts payable

     9,105       19,439  

Decrease in customer prepayments

     (83,225     (62,789

Increase in accrued program costs

     19,607       35,987  

Decrease in other payables and accrued expenses

     (7,824     (602
  

 

 

   

 

 

 

Net cash used in operating activities

     (96,602     (27,230
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Capital expenditures

     (6,498     (5,654

Proceeds from disposal of property, plant and equipment

     44       27  

Intangible assets

     (718     (1,044
  

 

 

   

 

 

 

Net cash used in investing activities

     (7,172     (6,671
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Payments under line of credit agreement

     (54,050     (56,600

Borrowings under line of credit agreement

     162,500       105,000  

Receipt from the issuance of common stock under ESPP

     480       436  

Net receipt from the exercise of stock options

     32       765  

Payment for tax withholding on stock-based compensation awards

     (1,948     (2,012

Repurchase of common stock

     (7,226     (6,232

Payment of cash dividends

     (1,702     (1,330
  

 

 

   

 

 

 

Net cash provided by financing activities

     98,086       40,027  
  

 

 

   

 

 

 

Net (decrease) increase in cash and cash equivalents

     (5,688     6,126  

Effect of exchange rate changes on cash and cash equivalents

     (8     (354

Cash and cash equivalents at beginning of period

     20,328       16,285  
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 14,632     $ 22,057  
  

 

 

   

 

 

 


AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

(Unaudited)

 

     Three Months Ended
June 30,
     Six Months Ended
June 30,
 
     2023     2022      2023      2022  

Net income, as reported

   $ (1,053   $ 6,830      $ 865      $ 16,765  

Provision for income taxes

     1,541       2,725        1,181        7,224  

Interest expense, net

     3,211       772        4,898        1,170  

Depreciation and amortization

     5,889       6,271        12,146        12,743  

Stock compensation

     1,067       1,273        2,541        2,836  

Proxy contest activities

     —         1,785        541        1,785  
  

 

 

   

 

 

    

 

 

    

 

 

 

Adjusted EBITDA2

   $ 10,655     $ 19,656      $ 22,172      $ 42,523  
  

 

 

   

 

 

    

 

 

    

 

 

 

 

 

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.

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Document and Entity Information
Aug. 03, 2023
Cover [Abstract]  
Entity Registrant Name AMERICAN VANGUARD CORP
Amendment Flag false
Entity Central Index Key 0000005981
Document Type 8-K
Document Period End Date Aug. 03, 2023
Entity Incorporation State Country Code DE
Entity File Number 001-13795
Entity Tax Identification Number 95-2588080
Entity Address, Address Line One 4695 MacArthur Court
Entity Address, City or Town Newport Beach
Entity Address, State or Province CA
Entity Address, Postal Zip Code 92660
City Area Code (949)
Local Phone Number 260-1200
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, $.10 par value
Trading Symbol AVD
Security Exchange Name NYSE
Entity Emerging Growth Company false
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