American Vanguard Corp 8-K, filed Nov 10, 2021

American Vanguard Corp (AVD)

8-K 2021-11-10 For: 2021-11-08

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Added on April 06, 2026

About this 8-K

American Vanguard Corp filed this 8-K on November 10, 2021, reporting on events of November 8, 2021.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Exhibit 99.1		Press release dated November 8, 2021, of Registrant regarding financial results for the three- and nine-months ended September 30, 2021.

Exhibit 104		Cover Page Interactive Data File (embedded within in the Inline XBRL document)


	AMERICAN VANGUARD CORPORATION

Date: November 10, 2021
	By:	/s/ Timothy J. Donnelly
		Timothy J. Donnelly
		Chief Administrative Officer, General Counsel & Secretary


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


	September 30, 2021			December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	16,718		$	15,923
Receivables:
Trade, net of allowance for doubtful accounts of $4,381 and $3,297, respectively		167,731			130,029
Other		11,384			8,444

Total receivables, net		179,115			138,473
Inventories, net		166,973			163,784
Prepaid expenses		12,491			10,499
Income taxes receivable		1,036			3,046

Total current assets		376,333			331,725
Property, plant and equipment, net		66,501			65,382
Operating lease right-of-use assets		26,080			12,198
Intangible assets, net of amortization		201,078			197,514
Goodwill		46,616			52,108
Other assets		15,595			18,602
Deferred income tax assets, net		3,669			2,764

Total assets	$	735,872		$	680,293

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current installments of other liabilities	$	1,633		$	2,647
Accounts payable		66,082			59,253
Deferred revenue		5,510			43,611
Accrued program costs		79,355			45,441
Accrued expenses and other payables		20,726			16,184
Operating lease liabilities, current		5,015			4,188

Total current liabilities		178,321			171,324
Long-term debt, net of deferred loan fees		136,328			107,442
Operating lease liabilities, long-term		21,415			8,177
Other liabilities, excluding current installments		7,213			9,054
Deferred income tax liabilities, net		24,254			23,560

Total liabilities		367,531			319,557

Commitments and contingent liabilities
Stockholders’ equity:
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 34,272,665 shares at September 30, 2021 and 33,922,433 shares at December 31, 2020		3,428			3,394
Additional paid-in capital		99,917			96,642
Accumulated other comprehensive loss		(12,370	)		(9,322	)
Retained earnings		300,105			288,182

		391,080			378,896
Less treasury stock at cost, 3,361,040 shares at September 30, 2021 and 3,061,040 shares at December 31, 2020		(22,739	)		(18,160	)

Total stockholders’ equity		368,341			360,736

Total liabilities and stockholders’ equity	$	735,872		$	680,293


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2021			2020			2021			2020
Net sales	$	147,298		$	117,439		$	398,063		$	317,956
Cost of sales		(90,234	)		(74,174	)		(243,729	)		(196,004	)

Gross profit		57,064			43,265			154,334			121,952
Operating expenses		(48,410	)		(39,039	)		(132,934	)		(109,163	)
Adjustment to bargain purchase gain on business acquisition		292			—			171			—

Operating income		8,946			4,226			21,571			12,789
Change in value of equity investments, net		(668	)		257			103			281
Other income		—			—			672			—
Interest expense, net		(962	)		(1,022	)		(2,921	)		(3,804	)

Income before provision for income taxes and loss on equity method investment		7,316			3,461			19,425			9,266
Income tax expense		(1,517	)		(492	)		(5,324	)		(1,852	)

Income before loss on equity method investment		5,799			2,969			14,101			7,414
Loss from equity method investment		(301	)		(42	)		(388	)		(80	)

Net income	$	5,498		$	2,927		$	13,713		$	7,334

Earnings per common share—basic	$	.18		$	.10		$	.46		$	.25

Earnings per common share—assuming dilution	$	.18		$	.10		$	.45		$	.25

Weighted average shares outstanding—basic		29,892			29,501			29,854			29,401

Weighted average shares outstanding—assuming dilution		30,390			29,973			30,470			29,926


	For the Three Months Ended September 30,
	2021		2020		Change		% Change
Net sales:
U.S. crop	$	66,722	$	48,361	$	18,361		38	%
U.S. non-crop		21,622		18,251		3,371		18	%

U.S. total		88,344		66,612		21,732		33	%
International		58,954		50,827		8,127		16	%

Net sales:	$	147,298	$	117,439	$	29,859		25	%

Gross profit:
U.S. crop	$	30,237	$	20,146	$	10,091		50	%
U.S. non-crop		8,882		8,758		124		1	%

U.S. total		39,119		28,904		10,215		35	%
International		17,945		14,361		3,584		25	%

Total gross profit:	$	57,064	$	43,265	$	13,799		32	%


	For the Nine Months Ended September 30,
	2021		2020		Change		% Change
Net sales:
U.S. crop	$	184,052	$	148,630	$	35,422		24	%
U.S. non-crop		60,563		37,881		22,682		60	%

U.S. total		244,615		186,511		58,104		31	%
International		153,448		131,445		22,003		17	%

Net sales:	$	398,063	$	317,956	$	80,107		25	%

Gross profit:
U.S. crop	$	78,313	$	68,119	$	10,194		15	%
U.S. non-crop		28,047		18,535		9,512		51	%

U.S. total		106,360		86,654		19,706		23	%
International		47,974		35,298		12,676		36	%

Total gross profit:	$	154,334	$	121,952	$	32,382		27	%


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net income attributable to American Vanguard, as reported	$	5,498	$	2,927	$	13,713	$	7,334
Provision for income taxes		1,517		492		5,324		1,852
Interest expense, net		962		1,022		2,921		3,804
Depreciation and amortization		7,285		5,920		20,026		17,550

EBITDA²	$	15,262	$	10,361	$	41,984	$	30,540


	For the Nine Months Ended September 30,
	2021			2020
Cash flows from operating activities:
Net income	$	13,713		$	7,334
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization of property, plant and equipment and intangible assets		17,045			14,584
Amortization of other long-term assets		2,981			2,966
Accretion of discounted liabilities		(10	)		9
Amortization of deferred loan fees		294			219
Provision for bad debts		1,202			777
Loan principal and interest forgiveness		(672	)		—
Adjustment to contingent consideration		520			—
Stock-based compensation		5,309			3,776
Decrease in deferred income taxes		(560	)		(1,757	)
Change in value of equity investments, net		(103	)		(281	)
Net foreign currency adjustments		(330	)		(711	)
Loss from equity method investment		388			80
Adjustment to bargain purchase gain on business acquisition		(171	)		—
Changes in assets and liabilities associated with operations:
Increase in net receivables		(42,979	)		(5,089	)
Increase in inventories		(4,325	)		(16,941	)
Increase in prepaid expenses and other assets		(2,194	)		(532	)
Decrease in income tax receivable		2,031			873
Increase in net operating lease liability		183			14
Increase (decrease) in accounts payable		7,769			(1,759	)
Decrease in deferred revenue		(38,272	)		(1,079	)
Increase in accrued program costs		33,982			20,058
Increase (decrease) in other payables and accrued expenses		4,025			(2,117	)

Net cash (used in) provided by operating activities		(174	)		20,424

Cash flows from investing activities:
Capital expenditures		(7,963	)		(8,988	)
Acquisition of product line		(10,000	)		—
Intangible assets		(285	)		(3,942	)
Investments		(183	)		(1,190	)

Net cash used in investing activities		(18,431	)		(14,120	)