American Vanguard annnounces record second quarter results; net income up 37% on 9% sales increase
American Vanguard Corp. (AMEX:AVD), a diversified specialty and agricultural products company focusing on crop protection and management, turf management and public health insecticides, reported record financial results for the second quarter and six months ended June 30, 2002. The second quarter represents the Company’s 13th consecutive quarter of sales and earnings growth versus the comparable quarter of the prior year.
Second Quarter Financial Highlights (versus fiscal 2001 second quarter): Net sales rose 9% to $21.6 million; gross profit margin increased to 49% from 47%; pre-tax income grew 32% to $1.8 million; and net income was up 37% to $1.1 million or $.28 per diluted share.
Six-month Financial Highlights (versus the first six months of 2001): Net sales increased 18% to $40.9 million; gross profit margin increased to 45% from 43%; pre-tax income was up 30% to $3.1 million; and net income rose 36% to $1.9 million or $.48 per diluted share.
Eric Wintemute, President and CEO of American Vanguard, stated, “We are extremely pleased with our results for the second quarter and first half of 2002. The increases in sales and earnings in the quarter were largely generated from our insecticide and herbicide products. We saw especially strong growth from Fortress, a corn soil insecticide we acquired in 2000, which helped produce our strong gross margin of 49% for the quarter.”