American Vanguard Corp 8-K, filed Jan 31, 2020
American Vanguard Corp (AVD)
About this 8-K
American Vanguard Corp filed this 8-K on January 31, 2020, reporting on events of January 30, 2020.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
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): January 30, 2020
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 January 30, 2020, American Vanguard Corporation (“Registrant”) issued a press release announcing preliminary, updated guidance for the full-year ended December 31, 2019. The full text of the press release is linked 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 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 January 30, 2020, of American Vanguard Corporation regarding financial results for the full-year ended December 31, 2019. |
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: January 30, 2020 | By: | /s/ Timothy J. Donnelly | ||||
| Timothy J. Donnelly | ||||||
| Chief Administrative Officer, General Counsel & Secretary | ||||||
Exhibit 99.1
FOR IMMEDIATE RELEASE
AMERICAN VANGUARD ISSUES 2019 YEAR-END FINANCIAL GUIDANCE UPDATE
Newport Beach, CA – January 30, 2020
American Vanguard Corporation (NYSE: AVD), today announced that based on the preliminary closing of its accounts for the year ended December 31, 2019, it is providing the following updated guidance. This information is subject to the completion of the audit of the consolidated financial statements for the reporting period, which the company will include in its 2019 Form 10-K in early March 2020.
Eric Wintemute, Chairman and CEO of American Vanguard, reported, “We expect 2019 full-year net sales to be approximately $470 million, which is slightly below our previous estimate of $475 million. Overall gross margin for the year will be largely unchanged at about 38%, and we should experience a savings in operating expenses which will end at approximately $152 million. All told, then, we expect that our full-year earnings per share will be at or slightly below the median of the range being forecast by our analysts.”
Mr. Wintemute continued, “As we mentioned during the Q3 2019 earnings call, we expect improved performance in 2020. On the domestic front, with more normalized weather, we should record stronger sales of higher-margin products and incrementally higher levels of factory activity. On the international front, we anticipate growth in Mexico, Central America and Brazil, as we continue to gain traction and market penetration in those regions. Thus, for 2020, we are targeting double-digit growth in top line performance along with a higher rate of improvement in net income. We will provide greater detail on our 2020 outlook during our earnings call in early March.”
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 & 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 | www.theequitygroup.com | |
| (949) 260-1200 | Lena Cati (212) 836-9611 | |
| williamk@amvac-chemical.com | Lcati@equityny.com |