$AVD
AMERICAN VANGUARD CORP

2017 Q3 Form 10-Q Financial Statement

#000156459017014487 Filed on July 31, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2017 Q1
Revenue $89.98M $77.91M $70.67M
YoY Change 9.13% 7.12% 1.73%
Cost Of Revenue $51.90M $43.57M $40.59M
YoY Change 4.85% 5.42% -3.29%
Gross Profit $38.03M $34.34M $30.08M
YoY Change 15.3% 9.36% 9.38%
Gross Profit Margin 42.27% 44.07% 42.57%
Selling, General & Admin $24.20M $21.70M $19.30M
YoY Change 4.76% 8.5% 4.89%
% of Gross Profit 63.63% 63.2% 64.15%
Research & Development $7.300M $6.000M $5.700M
YoY Change 40.38% -3.23% 26.67%
% of Gross Profit 19.19% 17.47% 18.95%
Depreciation & Amortization $2.033M $2.129M $3.939M
YoY Change 0.59% 3.4% -8.71%
% of Gross Profit 5.35% 6.2% 13.09%
Operating Expenses $31.60M $27.65M $24.95M
YoY Change 12.06% 5.27% 9.08%
Operating Profit $6.432M $6.681M $5.133M
YoY Change 34.39% 30.36% 10.86%
Interest Expense -$400.0K $400.0K $298.0K
YoY Change 33.33% -13.42% -44.92%
% of Operating Profit -6.22% 5.99% 5.81%
Other Income/Expense, Net
YoY Change
Pretax Income $6.100M $6.281M $4.835M
YoY Change 38.64% 34.7% 18.24%
Income Tax $2.000M $1.681M $1.380M
% Of Pretax Income 32.79% 26.76% 28.54%
Net Earnings $4.089M $4.304M $3.452M
YoY Change 42.13% 32.59% 23.55%
Net Earnings / Revenue 4.54% 5.52% 4.88%
Basic Earnings Per Share $0.14 $0.15 $0.12
Diluted Earnings Per Share $0.14 $0.15 $0.12
COMMON SHARES
Basic Shares Outstanding 29.78M 29.05M 28.95M
Diluted Shares Outstanding 29.61M 29.65M

Balance Sheet

Concept 2017 Q3 2017 Q2 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.000M $7.600M $10.80M
YoY Change 36.36% 31.03% 36.71%
Cash & Equivalents $9.045M $7.597M $10.79M
Short-Term Investments
Other Short-Term Assets $13.50M $12.60M $12.50M
YoY Change -33.82% -42.99% -39.02%
Inventory $123.3M $126.9M $122.3M
Prepaid Expenses $12.61M $12.46M
Receivables $100.0M $63.29M $72.76M
Other Receivables $3.700M $3.912M $3.314M
Total Short-Term Assets $249.6M $214.3M $221.6M
YoY Change -5.18% -17.12% -14.23%
LONG-TERM ASSETS
Property, Plant & Equipment $49.50M $50.38M $51.43M
YoY Change 3.64% 11.01% 10.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $28.90M $30.14M $29.82M
YoY Change 0.71% -0.65% -5.58%
Total Long-Term Assets $219.5M $211.3M $201.0M
YoY Change 9.82% 5.07% -2.02%
TOTAL ASSETS
Total Short-Term Assets $249.6M $214.3M $221.6M
Total Long-Term Assets $219.5M $211.3M $201.0M
Total Assets $469.1M $425.6M $422.6M
YoY Change 1.29% -7.41% -8.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.40M $25.56M $21.33M
YoY Change 26.35% 1.51% -24.81%
Accrued Expenses $65.65M $61.75M $49.54M
YoY Change -12.36% -0.93% -4.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $105.5M $98.15M $95.58M
YoY Change -3.9% -6.22% -0.07%
LONG-TERM LIABILITIES
Long-Term Debt $57.38M $26.35M $29.99M
YoY Change 28.98% -46.85% -54.39%
Other Long-Term Liabilities $2.789M $2.815M $2.842M
YoY Change -8.14% -7.07% -5.96%
Total Long-Term Liabilities $60.17M $29.16M $32.84M
YoY Change 26.61% -44.56% -52.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $105.5M $98.15M $95.58M
Total Long-Term Liabilities $60.17M $29.16M $32.84M
Total Liabilities $172.4M $134.0M $135.1M
YoY Change -6.75% -27.48% -29.62%
SHAREHOLDERS EQUITY
Retained Earnings $231.0M $227.3M $223.4M
YoY Change 6.37% 6.09% 5.75%
Common Stock $77.65M $75.99M $76.27M
YoY Change 5.44% 4.64% 6.11%
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.269M $8.269M $8.269M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares $2.451M $2.451M $2.451M
Shareholders Equity $296.5M $291.2M $287.3M
YoY Change
Total Liabilities & Shareholders Equity $469.1M $425.6M $422.6M
YoY Change 1.3% -7.41% -8.83%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2017 Q1
OPERATING ACTIVITIES
Net Income $4.089M $4.304M $3.452M
YoY Change 42.13% 32.59% 23.55%
Depreciation, Depletion And Amortization $2.033M $2.129M $3.939M
YoY Change 0.59% 3.4% -8.71%
Cash From Operating Activities -$15.88M $16.95M $17.17M
YoY Change -248.27% 6.6% 79.04%
INVESTING ACTIVITIES
Capital Expenditures -$1.170M -$1.080M -$3.080M
YoY Change -73.35% 6.93% 327.78%
Acquisitions $300.0K
YoY Change
Other Investing Activities -$12.50M -$14.05M -$300.0K
YoY Change 6008.7% -90.85%
Cash From Investing Activities -$13.68M -$15.13M -$3.380M
YoY Change 211.62% 1120.16% -15.5%
FINANCING ACTIVITIES
Cash Dividend Paid $289.0K
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.96M -5.000M -10.99M
YoY Change -709.45% -69.15% 238.15%
NET CHANGE
Cash From Operating Activities -15.88M 16.95M 17.17M
Cash From Investing Activities -13.68M -15.13M -3.380M
Cash From Financing Activities 30.96M -5.000M -10.99M
Net Change In Cash 1.400M -3.180M 2.800M
YoY Change 12.9% 105.16% 19.66%
FREE CASH FLOW
Cash From Operating Activities -$15.88M $16.95M $17.17M
Capital Expenditures -$1.170M -$1.080M -$3.080M
Free Cash Flow -$14.71M $18.03M $20.25M
YoY Change -197.42% 6.62% 96.41%

Facts In Submission

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CommonStockDividendsPerShareDeclared
0.015
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8094000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8359000
us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
2777000
us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
2358000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
13000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
19000
us-gaap Share Based Compensation
ShareBasedCompensation
2322000
us-gaap Share Based Compensation
ShareBasedCompensation
1068000
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
47000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
7000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-20749000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
4156000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
5506000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
14625000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2658000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2661000
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
-12752000
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
1244000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
579000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
9837000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-2126000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1932000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
18819000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
17956000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-4256000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
1612000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
34117000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
25490000
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
4155000
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
1729000
us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
950000
us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
3283000
avd Payments To Acquire Product Lines And Other Intangible Assets
PaymentsToAcquireProductLinesAndOtherIntangibleAssets
13400000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-45850000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
45000000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-18505000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-5236000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-59025000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
27000000
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
26000
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
457000
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
47000
avd Payments For Proceeds From Repurchase Or Issuance Of Common Stock
PaymentsForProceedsFromRepurchaseOrIssuanceOfCommonStock
-1214000
avd Payments For Proceeds From Repurchase Or Issuance Of Common Stock
PaymentsForProceedsFromRepurchaseOrIssuanceOfCommonStock
-195000
us-gaap Payments Of Dividends
PaymentsOfDividends
724000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-15989000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-19455000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-377000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
799000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
105000
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-524000
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5524000
CY2016Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5799000
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
132977000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
133569000
CY2017Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
82594000
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
83274000
CY2017Q2 us-gaap Depreciation
Depreciation
2129000
CY2016Q2 us-gaap Depreciation
Depreciation
2059000
us-gaap Depreciation
Depreciation
4079000
us-gaap Depreciation
Depreciation
4313000
CY2017Q2 us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
3584000
CY2016Q2 us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
2000
us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
4759000
us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
125000
CY2017Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
107319000
CY2016Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
103832000
CY2017Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
19546000
CY2016Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
16744000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2017Q2 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2017-06-08
CY2017Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2017-03-07
CY2016Q4 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2016-12-18
CY2017Q2 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2017-06-30
CY2017Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2017-03-31
CY2016Q4 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2016-12-23
CY2017Q2 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2017-07-14
CY2017Q1 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2017-04-14
CY2016Q4 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2017-01-06
CY2017Q2 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.015
CY2017Q1 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.015
CY2016Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.010
CY2017Q2 avd Cash Dividend Paid
CashDividendPaid
437000
CY2017Q1 avd Cash Dividend Paid
CashDividendPaid
435000
CY2016Q4 avd Cash Dividend Paid
CashDividendPaid
289000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
555000
CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
484000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
562000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
491000
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2016Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2017Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
0
CY2016Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
0
CY2017Q2 us-gaap Line Of Credit
LineOfCredit
27375000
CY2016Q4 us-gaap Line Of Credit
LineOfCredit
41400000
CY2017Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1027000
CY2016Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
449000
avd Line Of Credit Facility Maturity Date
LineOfCreditFacilityMaturityDate
2022-06-30
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1242000
CY2017Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
7665000
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
612000
CY2016Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
5051000
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
289977
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
24312
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
3900
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1
P3Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
16.23
us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
2
avd Number Of Workers
NumberOfWorkers
2700
CY2013Q3 us-gaap Loss Contingency Claims Dismissed Number
LossContingencyClaimsDismissedNumber
14
CY2013Q3 us-gaap Loss Contingency Number Of Plaintiffs
LossContingencyNumberOfPlaintiffs
22
CY2017Q2 us-gaap Loss Contingency Number Of Plaintiffs
LossContingencyNumberOfPlaintiffs
57
CY2017Q2 us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
447000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.275
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.262
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.268
CY2016Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.265

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