Form 8-K AMERICAN VANGUARD CORP For: Aug 09
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
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(I.R.S. Employer Identification No.) |
(Address of principal executive offices)
Registrant’s telephone number:
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 | ||
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 |
Exhibit 99.1
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 Companys 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 Companys 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 Companys 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 & Poors Small Cap 600 Index. To learn more about American Vanguard, please reference the Companys 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 Companys management and are subject to various risks and uncertainties that may cause results to differ from managements current expectations. Such factors include weather conditions, changes in regulatory policy and other risks as detailed from time-to-time in the Companys SEC reports and filings. All forward-looking statements, if any, in this release represent the Companys 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 | |
[email protected] | [email protected] |
AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
June 30, 2022 |
December 31, 2021 |
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ASSETS |
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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 | ||||||
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Total receivables, net |
178,919 | 158,921 | ||||||
Inventories |
182,203 | 154,306 | ||||||
Prepaid expenses |
16,368 | 12,488 | ||||||
Income taxes receivable |
523 | | ||||||
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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 | ||||||
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Total assets |
$ | 743,644 | $ | 694,160 | ||||
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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 | ||||||
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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 | ||||||
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Total liabilities |
358,810 | 321,422 | ||||||
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Commitments and contingent liabilities |
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Stockholders equity: |
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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 | ) | ||||
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Total stockholders equity |
384,834 | 372,738 | ||||||
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Total liabilities and stockholders equity |
$ | 743,644 | $ | 694,160 | ||||
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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 | ) | ||||||||
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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 | ) | ||||||||||
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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 | ) | ||||||||
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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 | ) | ||||||||
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Income before loss on equity method investment |
6,830 | 5,218 | 16,765 | 8,302 | ||||||||||||
Loss on equity method investment |
| (74 | ) | | (87 | ) | ||||||||||
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Net income |
$ | 6,830 | $ | 5,144 | $ | 16,765 | $ | 8,215 | ||||||||
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Earnings per common sharebasic |
$ | .23 | $ | .17 | $ | .57 | $ | .28 | ||||||||
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Earnings per common shareassuming dilution |
$ | .23 | $ | .17 | $ | .55 | $ | .27 | ||||||||
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Weighted average shares outstandingbasic |
29,602 | 29,930 | 29,639 | 29,834 | ||||||||||||
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Weighted average shares outstandingassuming dilution |
30,225 | 30,499 | 30,289 | 30,511 | ||||||||||||
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AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
ANALYSIS OF SALES
(In thousands)
(Unaudited)
For the three months ended June 30, |
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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 | % | ||||||||||
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U.S. total |
84,511 | 84,063 | 448 | 1 | % | |||||||||||
International |
63,573 | 50,547 | 13,026 | 26 | % | |||||||||||
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Net sales: |
$ | 148,084 | $ | 134,610 | $ | 13,474 | 10 | % | ||||||||
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Gross profit: |
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U.S. crop |
$ | 29,753 | $ | 26,805 | $ | 2,948 | 11 | % | ||||||||
U.S. non-crop |
10,049 | 9,782 | 267 | 3 | % | |||||||||||
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U.S. total |
39,802 | 36,587 | 3,215 | 9 | % | |||||||||||
International |
19,977 | 15,552 | 4,425 | 28 | % | |||||||||||
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Total gross profit: |
$ | 59,779 | $ | 52,139 | $ | 7,640 | 15 | % | ||||||||
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For the six months ended June 30, |
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2022 | 2021 | Change | % Change | |||||||||||||
Net sales: |
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U.S. crop |
$ | 151,388 | $ | 117,330 | $ | 34,058 | 29 | % | ||||||||
U.S. non-crop |
34,712 | 38,941 | (4,229 | ) | -11 | % | ||||||||||
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U.S. total |
186,100 | 156,271 | 29,829 | 19 | % | |||||||||||
International |
111,419 | 94,494 | 16,925 | 18 | % | |||||||||||
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Net sales: |
$ | 297,519 | $ | 250,765 | $ | 46,754 | 19 | % | ||||||||
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Gross profit: |
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U.S. crop |
$ | 70,098 | $ | 48,076 | $ | 22,022 | 46 | % | ||||||||
U.S. non-crop |
16,014 | 19,165 | (3,151 | ) | -16 | % | ||||||||||
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U.S. total |
86,112 | 67,241 | 18,871 | 28 | % | |||||||||||
International |
34,860 | 30,029 | 4,831 | 16 | % | |||||||||||
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Total gross profit: |
$ | 120,972 | $ | 97,270 | $ | 23,702 | 24 | % | ||||||||
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AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
For the Six Months Ended June 30, |
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2022 | 2021 | |||||||
Cash flows from operating activities: |
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Net income |
$ | 16,765 | $ | 8,215 | ||||
Adjustments to reconcile net income to net cash used in operating activities: |
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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 | |||||
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Net cash used in operating activities |
(27,230 | ) | (18,905 | ) | ||||
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Cash flows from investing activities: |
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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 | ) | |||||
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Net cash used in investing activities |
(6,671 | ) | (15,500 | ) | ||||
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Cash flows from financing activities: |
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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 | ) | ||||
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Net cash provided by financing activities |
40,027 | 37,943 | ||||||
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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 | ||||||
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Cash and cash equivalents at end of period |
$ | 22,057 | $ | 19,559 | ||||
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AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
(Unaudited)
Three Months Ended June 30, |
Six Months Ended June 30, |
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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 | | ||||||||||||
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Adjusted EBITDA2 |
$ | 19,656 | $ | 16,546 | $ | 42,523 | $ | 30,320 | ||||||||
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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 Companys competitors) may define Adjusted EBITDA differently. |
Exhibit 99.2
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 Companys 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 Bloombergs report and as I had mentioned on yesterdays 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 SeekingAlphas 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 Companys 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 Companys 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 & Poors Small Cap 600 Index. To learn more about American Vanguard, please reference the Companys 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 Companys management and are subject to various risks and uncertainties that may cause results to differ from managements current expectations. Such factors include weather conditions, changes in regulatory policy and other risks as detailed from time-to-time in the Companys SEC reports and filings. All forward-looking statements, if any, in this release represent the Companys 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 | |
[email protected] | Lena Cati | |
(949) 375-6931 | [email protected] | |
(212) 836-9611 |
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