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    American Vanguard Reports Q2 2024 Results

    8/8/24 5:45:00 PM ET
    $AVD
    Agricultural Chemicals
    Industrials
    Get the next $AVD alert in real time by email

    Office of the CEO Kickstarts Liquidity and Transformation Initiatives

    New Credit Agreement Bolsters Working Capital Needs

    American Vanguard Corporation (NYSE:AVD) today announced financial results for the second quarter ended June 30, 2024.

    Second Quarter 2024 Financial Highlights – versus Second Quarter 2023:

    • Net sales of $128.2 million v. $132.8 million
    • Adjusted EBITDA1 of $6.2 million v. $10.7 million
    • Earnings per share of $(0.42) v. $(0.04)

    First Half of 2024 Financial Highlights – versus First Half of 2023:

    • Net sales of $263.4 million v. $257.7 million
    • Adjusted EBITDA of $21.7 million v. $22.2 million
    • Earnings per diluted share of $(0.36) v. $0.03

    "In the face of adverse market conditions, quarterly net sales were slightly below, and first half net sales were slightly above, those of the comparable periods last year. We did record double-digit increases in net sales of our domestic non-crop business and Green Solutions products, driven by strong demand in Central America. However, our profitability was reduced largely due to non-recurring charges, including severance compensation for the former CEO and other one-time costs including various expenses in support of our business transformation activity. That said, the company does not find these results to be acceptable and is focused on changing direction with urgency," stated Timothy Donnelly, Acting CEO of American Vanguard.

    Mr. Donnelly continued, "We have taken immediate steps to enhance liquidity and improve our cost structure. On August 8, 2024, the company entered into an amended credit facility with our senior lenders to relax our EBITDA-based covenant through Q3 of 2025, while significantly upsizing the amount of non-recurring charges that we can exclude from our adjusted EBITDA calculation. These measures will improve our borrowing capacity in light of trailing four-quarter performance. The amended agreement includes an increase in interest rates at the highest leverage ratios and adds a requirement for lender consent in connection with share repurchases, dividends and acquisitions. We thank the lender group for moving quickly and for their continued support."

    Mr. Donnelly continued, "In addition, after a detailed review, we have recently trimmed our workforce by about 4% and set in motion multiple initiatives to maximize cash while managing inventory downward, including selling out select non-strategic inventory positions to generate cash, building to demand and controlling the accounts receivable/accounts payable cycle. Further, we have redoubled our effort to reduce controllable expenses over the second half, including selling expenses, travel and entertainment and use of contractors."

    Mr. Donnelly added, "With respect to recent developments affecting our product, Dacthal, as reported widely by the press earlier in the week, the EPA has issued an emergency suspension of that product which prevents its sale, distribution and use. As you may recall, we had voluntarily suspended sales of Dacthal last April and submitted a mitigated label in an effort to meet the agency's concerns. In light of our cessation of sales at that time, we removed Dacthal sales from our 2024 forecast assumptions. We are, of course, working in good faith with both EPA and our customers to ensure compliance with the suspension order and will have more to report on this in the near term."

    Mark Basset, board member on special assignment with the Company's Office of the CEO, stated, "We've done a lot of hard work laying the foundation for a successful business transformation that touches every aspect of the company from a new organizational design, to new commercial strategies, to more cost effective operations. Now is the time to begin to implement those plans with sense of urgency and purpose."

    Dr. Basset continued, "Accordingly, in the interest of allocating capital prudently, we are seeking a partner within the precision application space to take over the broader commercialization and funding of SIMPAS. In addition, working with our consultant Kearney, we are pursuing multiple paths toward improving operating leverage, including material procurement, manufacturing efficiency, SKU rationalization, customer and pricing strategies and structural reorganization, which, we believe, will meaningfully improve our cost structure, in an effort to push our adjusted EBITDA margins to 15% on a fully-realized basis in 2026."

    Mr. Donnelly concluded, "In light of the current state of the market and forecasted demand, which we expect to be stable, we are lowering our full year 2024 targets to adjusted EBITDA of $40 - $50 million (compared to our previous estimate of $60 - $70 million) and net sales to be down 2%-to-flat (compared to our previous estimate of sales up 6% to 9%) or $565 million to $580 million. On a related note, we continue to make progress in our effort to hire a CEO. However, during the pendency of the search, the Office of the CEO has a mandate to improve liquidity and change the company for the better and to do so with a sense of urgency. Please join us on our earnings call for more details."

    Conference Call

    Timothy Donnelly, Acting CEO, Mark Bassett, Board Member and David T. Johnson, VP & CFO, will conduct a conference call focusing on the financial results and strategic themes at 4:30 pm ET / 1:30 pm PT on Thursday, August 8, 2024. Interested parties may participate in the call by dialing 201-493-6744. Please call in 10 minutes before the scheduled start time 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. Over the past 20 years, through product and business acquisitions, the Company has expanded its operations into 21 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) and ii) Green Solutions (with over 120 biorational products – including fertilizers, microbials, nutritionals and non-conventional products). American Vanguard is included on the Russell 2000® and Russell 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.

     

    AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (In thousands, except share data)

    (Unaudited)

     

    ASSETS

     

    June 30,

    2024

     

     

    December 31,

    2023

     

    Current assets:

     

     

     

     

     

     

    Cash

     

    $

    17,949

     

     

    $

    11,416

     

    Receivables:

     

     

     

     

     

     

    Trade, net of allowance for credit losses of $7,982 and $7,107, respectively

     

     

    192,081

     

     

     

    182,613

     

    Other

     

     

    6,287

     

     

     

    8,356

     

    Total receivables, net

     

     

    198,368

     

     

     

    190,969

     

    Inventories

     

     

    244,935

     

     

     

    219,551

     

    Prepaid expenses

     

     

    9,146

     

     

     

    6,261

     

    Income taxes receivable

     

     

    7,183

     

     

     

    3,824

     

    Total current assets

     

     

    477,581

     

     

     

    432,021

     

    Property, plant and equipment, net

     

     

    74,652

     

     

     

    74,560

     

    Operating lease right-of-use assets, net

     

     

    22,635

     

     

     

    22,417

     

    Intangible assets, net of amortization

     

     

    166,958

     

     

     

    172,508

     

    Goodwill

     

     

    48,878

     

     

     

    51,199

     

    Deferred income tax assets

     

     

    3,367

     

     

     

    2,849

     

    Other assets

     

     

    13,384

     

     

     

    11,994

     

    Total assets

     

    $

    807,455

     

     

    $

    767,548

     

     

     

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

    Accounts payable

     

    $

    93,912

     

     

    $

    68,833

     

    Customer prepayments

     

     

    12,090

     

     

     

    65,560

     

    Accrued program costs

     

     

    86,094

     

     

     

    68,076

     

    Accrued expenses and other payables

     

     

    14,444

     

     

     

    16,354

     

    Operating lease liabilities, current

     

     

    6,612

     

     

     

    6,081

     

    Income taxes payable

     

     

    1,776

     

     

     

    5,591

     

    Total current liabilities

     

     

    214,928

     

     

     

    230,495

     

    Long-term debt

     

     

    211,254

     

     

     

    138,900

     

    Operating lease liabilities, long term

     

     

    16,735

     

     

     

    17,113

     

    Deferred income tax liabilities

     

     

    8,670

     

     

     

    7,892

     

    Other liabilities

     

     

    2,643

     

     

     

    3,138

     

    Total liabilities

     

     

    454,230

     

     

     

    397,538

     

    Commitments and contingent liabilities

     

     

     

     

     

     

    Stockholders' equity:

     

     

     

     

     

     

    Preferred stock, $0.10 par value per share; authorized 400,000 shares; none issued

     

     

    —

     

     

     

    —

     

    Common stock, $0.10 par value per share; authorized 40,000,000 shares; issued 34,655,429 shares at June 30, 2024 and 34,676,787 shares at December 31, 2023

     

     

    3,465

     

     

     

    3,467

     

    Additional paid-in capital

     

     

    113,165

     

     

     

    110,810

     

    Accumulated other comprehensive loss

     

     

    (13,256

    )

     

     

    (5,963

    )

    Retained earnings

     

     

    321,052

     

     

     

    332,897

     

    Less treasury stock at cost, 5,915,182 shares at June 30, 2024 and December 31, 2023

     

     

    (71,201

    )

     

     

    (71,201

    )

    Total stockholders' equity

     

     

    353,225

     

     

     

    370,010

     

    Total liabilities and stockholders' equity

     

    $

    807,455

     

     

    $

    767,548

     

     

    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,

     

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    Net sales

     

    $

    128,209

     

     

    $

    132,790

     

     

    $

    263,352

     

     

    $

    257,674

     

    Cost of sales

     

     

    (90,446

    )

     

     

    (89,881

    )

     

     

    (183,171

    )

     

     

    (176,230

    )

    Gross profit

     

     

    37,763

     

     

     

    42,909

     

     

     

    80,181

     

     

     

    81,444

     

    Operating expenses

     

     

     

     

     

     

     

     

     

     

     

     

    Selling, general and administrative

     

     

    (31,051

    )

     

     

    (29,742

    )

     

     

    (60,520

    )

     

     

    (56,140

    )

    Research, product development and regulatory

     

     

    (8,599

    )

     

     

    (9,413

    )

     

     

    (14,305

    )

     

     

    (18,283

    )

    Transformation

     

     

    (7,345

    )

     

     

    —

     

     

     

    (8,497

    )

     

     

    —

     

    Operating (loss) income

     

     

    (9,232

    )

     

     

    3,754

     

     

     

    (3,141

    )

     

     

    7,021

     

    Change in fair value of equity investment

     

     

    (125

    )

     

     

    (55

    )

     

     

    513

     

     

     

    (77

    )

    Interest expense, net

     

     

    (3,917

    )

     

     

    (3,211

    )

     

     

    (7,610

    )

     

     

    (4,898

    )

    (Loss) income before provision for income taxes

     

     

    (13,274

    )

     

     

    488

     

     

     

    (10,238

    )

     

     

    2,046

     

    Income tax benefit (expense)

     

     

    1,553

     

     

     

    (1,541

    )

     

     

    69

     

     

     

    (1,181

    )

    Net (loss) income

     

    $

    (11,721

    )

     

    $

    (1,053

    )

     

    $

    (10,169

    )

     

    $

    865

     

    Net (loss) income per common share—basic

     

    $

    (0.42

    )

     

    $

    (0.04

    )

     

    $

    (0.36

    )

     

    $

    0.03

     

    Net (loss) income per common share—assuming dilution

     

    $

    (0.42

    )

     

    $

    (0.04

    )

     

    $

    (0.36

    )

     

    $

    0.03

     

    Weighted average shares outstanding—basic

     

     

    28,024

     

     

     

    28,428

     

     

     

    27,934

     

     

     

    28,397

     

    Weighted average shares outstanding—assuming dilution

     

     

    28,024

     

     

     

    28,428

     

     

     

    27,934

     

     

     

    28,985

     

     

    AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES

    ANALYSIS OF SALES

    (In thousands)

    (Unaudited)

     

     

     

    For the three months

    ended June 30,

     

     

     

     

     

     

     

     

     

     

     

    2024

     

     

    2023

     

     

    Change

     

     

    % Change

     

    Net sales:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    U.S. crop

     

    $

    52,289

     

     

    $

    56,212

     

     

    $

    (3,923

    )

     

     

    -7

    %

    U.S. non-crop

     

     

    19,011

     

     

     

    16,878

     

     

     

    2,133

     

     

     

    13

    %

    U.S. total

     

     

    71,300

     

     

     

    73,090

     

     

     

    (1,790

    )

     

     

    -2

    %

    International

     

     

    56,909

     

     

     

    59,700

     

     

     

    (2,791

    )

     

     

    -5

    %

    Total net sales

     

    $

    128,209

     

     

    $

    132,790

     

     

    $

    (4,581

    )

     

     

    -3

    %

    Total cost of sales

     

    $

    (90,446

    )

     

    $

    (89,881

    )

     

    $

    (565

    )

     

     

    1

    %

    Total gross profit

     

    $

    37,763

     

     

    $

    42,909

     

     

    $

    (5,146

    )

     

     

    -12

    %

    Gross margin

     

     

    29

    %

     

     

    32

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    For the six months

    ended June 30,

     

     

     

     

     

     

     

     

     

     

     

    2024

     

     

    2023

     

     

    Change

     

     

    % Change

     

    Net sales:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    U.S. crop

     

    $

    119,542

     

     

    $

    118,105

     

     

    $

    1,437

     

     

     

    1

    %

    U.S. non-crop

     

     

    36,787

     

     

     

    30,759

     

     

     

    6,028

     

     

     

    20

    %

    U.S. total

     

     

    156,329

     

     

     

    148,864

     

     

     

    7,465

     

     

     

    5

    %

    International

     

     

    107,023

     

     

     

    108,810

     

     

     

    (1,787

    )

     

     

    -2

    %

    Total net sales

     

    $

    263,352

     

     

    $

    257,674

     

     

    $

    5,678

     

     

     

    2

    %

    Total cost of sales

     

    $

    (183,171

    )

     

    $

    (176,230

    )

     

    $

    (6,941

    )

     

     

    4

    %

    Total gross profit

     

    $

    80,181

     

     

    $

    81,444

     

     

    $

    (1,263

    )

     

     

    -2

    %

    Gross margin

     

     

    30

    %

     

     

    32

    %

     

     

     

     

     

     

     

     

     

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (In thousands)

    (Unaudited)

     

     

     

    For the Six Months

    Ended June 30,

     

     

     

    2024

     

     

    2023

     

    Cash flows from operating activities:

     

     

     

     

     

     

    Net (loss) income

     

    $

    (10,169

    )

     

    $

    865

     

    Adjustments to reconcile net (loss) income to net cash used in operating

    activities:

     

     

     

     

     

     

    Depreciation of property, plant and equipment

     

     

    4,365

     

     

     

    4,322

     

    Amortization of intangibles assets

     

     

    6,539

     

     

     

    6,707

     

    Amortization of other long-term assets

     

     

    194

     

     

     

    1,117

     

    Provision for bad debts

     

     

    883

     

     

     

    902

     

    Stock-based compensation

     

     

    2,752

     

     

     

    2,541

     

    Change in deferred income taxes

     

     

    (276

    )

     

     

    (1,015

    )

    Changes in liabilities for uncertain tax positions or unrecognized tax benefits

     

     

    71

     

     

     

    419

     

    Change in equity investment fair value

     

     

    (513

    )

     

     

    77

     

    Other

     

     

    213

     

     

     

    117

     

    Foreign currency transaction gains

     

     

    (127

    )

     

     

    (382

    )

    Changes in assets and liabilities associated with operations:

     

     

     

     

     

     

    Decrease (increase) in net receivables

     

     

    (11,962

    )

     

     

    6,092

     

    Increase in inventories

     

     

    (27,770

    )

     

     

    (50,900

    )

    Increase in prepaid expenses and other assets

     

     

    (3,730

    )

     

     

    (1,749

    )

    Change in income tax receivable/payable, net

     

     

    (7,129

    )

     

     

    (3,510

    )

    Increase (decrease) in net operating lease liability

     

     

    (66

    )

     

     

    132

     

    Increase in accounts payable

     

     

    27,197

     

     

     

    9,105

     

    Decrease in customer prepayments

     

     

    (53,468

    )

     

     

    (83,225

    )

    Increase in accrued program costs

     

     

    18,209

     

     

     

    19,607

     

    Decrease in other payables and accrued expenses

     

     

    (1,665

    )

     

     

    (7,824

    )

    Net cash used in operating activities

     

     

    (56,452

    )

     

     

    (96,602

    )

    Cash flows from investing activities:

     

     

     

     

     

     

    Capital expenditures

     

     

    (4,944

    )

     

     

    (6,498

    )

    Proceeds from disposal of property, plant and equipment

     

     

    75

     

     

     

    44

     

    Intangible assets

     

     

    (1,529

    )

     

     

    (718

    )

    Net cash used in investing activities

     

     

    (6,398

    )

     

     

    (7,172

    )

    Cash flows from financing activities:

     

     

     

     

     

     

    Payments under line of credit agreement

     

     

    (64,005

    )

     

     

    (54,050

    )

    Borrowings under line of credit agreement

     

     

    136,359

     

     

     

    162,500

     

    Net receipt from the issuance of common stock under ESPP

     

     

    430

     

     

     

    480

     

    Net receipt from the exercise of stock options

     

     

    —

     

     

     

    32

     

    Net payment for tax withholding on stock-based compensation awards

     

     

    (829

    )

     

     

    (1,948

    )

    Repurchase of common stock

     

     

    —

     

     

     

    (7,226

    )

    Payment of cash dividends

     

     

    (1,670

    )

     

     

    (1,702

    )

    Net cash provided by financing activities

     

     

    70,285

     

     

     

    98,086

     

    Net increase (decrease) in cash and cash equivalents

     

     

    7,435

     

     

     

    (5,688

    )

    Effect of exchange rate changes on cash and cash equivalents

     

     

    (902

    )

     

     

    (8

    )

    Cash and cash equivalents at beginning of period

     

     

    11,416

     

     

     

    20,328

     

    Cash and cash equivalents at end of period

     

    $

    17,949

     

     

    $

    14,632

     

     

    AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES

    UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA

    (Unaudited)

     

     

     

    Three Months

    Ended June 30,

     

     

    Six Months

    Ended June 30,

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

    Net (loss) income

     

    $

    (11,721

    )

     

    $

    (1,053

    )

     

    $

    (10,169

    )

     

    $

    865

    Income tax (benefit) expense

     

     

    (1,553

    )

     

     

    1,541

     

     

     

    (69

    )

     

     

    1,181

    Interest expense, net

     

     

    3,917

     

     

     

    3,211

     

     

     

    7,610

     

     

     

    4,898

    Depreciation and amortization

     

     

    5,463

     

     

     

    5,889

     

     

     

    11,093

     

     

     

    12,146

    Stock compensation

     

     

    748

     

     

     

    1,067

     

     

     

    2,752

     

     

     

    2,541

    Transformation costs & legal reserves

     

     

    9,310

     

     

     

    —

     

     

     

    10,462

     

     

     

    —

    Proxy contest activities

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    541

    Adjusted EBITDA2

     

    $

    6,164

     

     

    $

    10,655

     

     

    $

    21,679

     

     

    $

    22,172

    _____________________________ 

    1 Adjusted earnings before interest, taxes, depreciation, and amortization. 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.

     

    2 Adjusted earnings before interest, taxes, depreciation, and amortization. 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.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240808015676/en/

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