-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Js6OwZTRUK5LD/+sBHB31x9LMyq5wIVZOzhF2p+2jHC80+8RQ7GCdD/LaI0yCsGX RXHF0OLT6LZ10s+rI2CZyA== 0001193125-10-036469.txt : 20100222 0001193125-10-036469.hdr.sgml : 20100222 20100222170700 ACCESSION NUMBER: 0001193125-10-036469 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20100222 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100222 DATE AS OF CHANGE: 20100222 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: 10623426 BUSINESS ADDRESS: STREET 1: 4695 MACARTHUR COURT CITY: NEWPORT BEACH STATE: CA ZIP: 92660 BUSINESS PHONE: 9492601200 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 d8k.htm FORM 8-K Form 8-K

 

 

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): February 22, 2010

 

 

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))

 

 

 


Item 2.02 Results of Operations and Financial Condition

On February 22, 2010 American Vanguard Corporation issued a press release announcing preliminary financial results for the quarter and year ended December 31, 2009. The full text of that press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information contained in this Current Report on Form 8-K, including the Exhibit attached 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 February 22, 2010 of American Vanguard Corporation.


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: February 22, 2010     By:  

/s/ Timothy J. Donnelly

      Timothy J. Donnelly
      Vice President, General Counsel & Secretary


INDEX TO EXHIBITS

 

Exhibit No.

 

Description

Exhibit 99.1

  Press release of American Vanguard Corporation dated February 22, 2010.
EX-99.1 2 dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

LOGO

FOR IMMEDIATE RELEASE

AMERICAN VANGUARD SCHEDULES 2009 EARNINGS RELEASE AND CONFERENCE CALL

FOR MONDAY, MARCH 8TH

Newport Beach, CA – February 22, 2010 – American Vanguard Corporation (NYSE:AVD), today announced that it will report financial results for the 2009 fourth quarter and full year on Monday, March 8, 2010 before the stock market opens. The Company also expects to file its 10-K with the Securities & Exchange Commission not later than March 12, 2010.

Eric Wintemute, President and CEO of American Vanguard, stated: “Challenging industry-wide conditions in the agricultural chemical marketplace during mid & late 2009 resulted in a revenue decline for American Vanguard in the fourth quarter and for the full year. Soft grower demand caused reduced inventory stocking by distributors, which compelled us to curtail our own manufacturing production to deal with this temporary market reality.”

“The combination of sluggish sales demand and the impact of unabsorbed fixed manufacturing costs have resulted in financial performance well below our expectations during the fourth quarter. We have responded by intensifying our sales & marketing initiatives, reducing costs throughout the Company and accelerating our efforts to develop and introduce new products.”

Mr. Wintemute continued: “We are making significant progress on our stated balance sheet objectives. During the final quarter of 2009, we reduced our inventory level by 13% (excluding the write downs and adjustments referenced below), maintained our diligence in receivables collection and generated enough cash to pay down our bank revolver credit facility by over 90%. Additionally, during the year-end assessment of our inventory, we determined that it was appropriate to write down the value of certain items by way of a one time, non-cash charge in the range of $12 million to $15 million. This charge arises primarily from the effect of unabsorbed manufacturing overhead activity, net realizable value assessments of slow-moving and obsolete inventory, and finally, other annual adjustments to ensure that our standard costs continue to closely reflect actual manufacturing cost. This charge is expected to have an after-tax impact of $7 million to $9 million and lead to a quarterly loss of between $.25 and $.33 per share.”

Mr. Wintemute concluded, “Our management team is concentrating its full attention on improving our operating performance through organizational upgrades, streamlined manufacturing processes, administrative cost constraint and an enhanced emphasis on the introduction of new products. These important initiatives will be discussed during our March 8th conference call. We are positioning ourselves to capitalize on improvements in the marketplace while maintaining our focus on balance sheet strength.”


Conference Call Information

Eric Wintemute, President and CEO, Trevor Thorley, EVP & COO and David T. Johnson, CFO, will conduct a conference call focusing on the financial results at 12:00 pm ET / 9:00 am PT on Monday, March 8, 2010. Interested parties may participate in the call by dialing 706-679-3155 – please call in 10 minutes before the call is scheduled to begin, and ask for the American Vanguard call (conference ID # 55081944).

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. 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. 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
   (212) 836-9611
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-----END PRIVACY-ENHANCED MESSAGE-----