$AVD
AMERICAN VANGUARD CORP

2020 Q1 Form 10-Q Financial Statement

#000156459020024220 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1 2018 Q4
Revenue $95.96M $99.68M $131.3M
YoY Change -3.73% -4.26% 12.74%
Cost Of Revenue $57.58M $57.97M $78.40M
YoY Change -0.68% -8.12% 9.5%
Gross Profit $38.38M $41.70M $52.98M
YoY Change -7.96% 1.59% 17.89%
Gross Profit Margin 40.0% 41.84% 40.34%
Selling, General & Admin $30.40M $29.10M $34.60M
YoY Change 4.47% 6.2% 17.69%
% of Gross Profit 79.21% 69.78% 65.3%
Research & Development $6.200M $5.700M $7.000M
YoY Change 8.77% -9.52% -1.41%
% of Gross Profit 16.15% 13.67% 13.21%
Depreciation & Amortization $1.517M $1.648M $4.660M
YoY Change -7.95% -28.44% 1.3%
% of Gross Profit 3.95% 3.95% 8.8%
Operating Expenses $36.50M $34.80M $41.60M
YoY Change 4.89% 3.26% 14.29%
Operating Profit $1.836M $6.902M $11.38M
YoY Change -73.4% -6.11% 33.27%
Interest Expense $1.508M $1.612M -$2.500M
YoY Change -6.45% 92.59% 177.78%
% of Operating Profit 82.14% 23.36% -21.96%
Other Income/Expense, Net
YoY Change
Pretax Income $328.0K $5.290M $8.900M
YoY Change -93.8% -18.79% 15.58%
Income Tax -$205.0K $1.360M $2.200M
% Of Pretax Income -62.5% 25.71% 24.72%
Net Earnings $520.0K $3.906M $7.416M
YoY Change -86.69% -16.09% -12.02%
Net Earnings / Revenue 0.54% 3.92% 5.65%
Basic Earnings Per Share $0.02 $0.13 $0.25
Diluted Earnings Per Share $0.02 $0.13 $0.25
COMMON SHARES
Basic Shares Outstanding 29.29M 28.98M
Diluted Shares Outstanding 29.95M 29.58M

Balance Sheet

Concept 2020 Q1 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.500M $6.700M $6.200M
YoY Change -17.91% -48.46% -45.13%
Cash & Equivalents $5.544M $6.657M $6.168M
Short-Term Investments
Other Short-Term Assets $11.10M $12.70M $10.10M
YoY Change -12.6% 11.4% -6.48%
Inventory $175.9M $189.5M $159.9M
Prepaid Expenses $11.15M $10.10M
Receivables $141.5M $119.2M $123.3M
Other Receivables $13.13M $12.40M $10.71M
Total Short-Term Assets $350.6M $340.5M $310.2M
YoY Change 2.97% 17.41% 21.7%
LONG-TERM ASSETS
Property, Plant & Equipment $57.60M $61.70M $49.25M
YoY Change -6.65% 26.95% -0.14%
Goodwill $41.97M $25.91M
YoY Change 16.17%
Intangibles $186.6M
YoY Change 3.11%
Long-Term Investments
YoY Change
Other Assets $19.51M $24.00M $21.77M
YoY Change -18.7% -10.8% -22.93%
Total Long-Term Assets $323.6M $321.9M $283.4M
YoY Change 0.54% 16.3% 0.96%
TOTAL ASSETS
Total Short-Term Assets $350.6M $340.5M $310.2M
Total Long-Term Assets $323.6M $321.9M $283.4M
Total Assets $674.2M $662.4M $593.6M
YoY Change 1.79% 16.87% 10.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $64.33M $77.50M $66.54M
YoY Change -16.99% 21.44% 23.79%
Accrued Expenses $53.70M $43.90M $37.35M
YoY Change 22.31% 0.49% -4.37%
Deferred Revenue $43.61M $4.159M $20.04M
YoY Change 948.59% 37.53%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $139.3M $147.5M $145.5M
YoY Change -5.57% 9.5% 15.31%
LONG-TERM LIABILITIES
Long-Term Debt $168.2M $149.3M $96.67M
YoY Change 12.66% 65.32% 24.76%
Other Long-Term Liabilities $10.96M $11.11M $6.795M
YoY Change -1.28% 7.52% -34.07%
Total Long-Term Liabilities $179.2M $160.4M $103.5M
YoY Change 11.7% 59.39% 17.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $139.3M $147.5M $145.5M
Total Long-Term Liabilities $179.2M $160.4M $103.5M
Total Liabilities $340.0M $333.3M $264.4M
YoY Change 2.02% 31.93% 14.8%
SHAREHOLDERS EQUITY
Retained Earnings $274.1M $266.2M $262.8M
YoY Change 2.96% 8.61% 10.0%
Common Stock $93.08M $87.39M $86.45M
YoY Change 6.51% 7.88% 9.6%
Preferred Stock
YoY Change
Treasury Stock (at cost) $18.16M $18.16M $15.56M
YoY Change 0.0% 88.12%
Treasury Stock Shares $3.061M $3.061M $2.903M
Shareholders Equity $334.2M $329.1M $329.2M
YoY Change
Total Liabilities & Shareholders Equity $674.2M $662.4M $593.6M
YoY Change 1.78% 16.87% 10.83%

Cashflow Statement

Concept 2020 Q1 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income $520.0K $3.906M $7.416M
YoY Change -86.69% -16.09% -12.02%
Depreciation, Depletion And Amortization $1.517M $1.648M $4.660M
YoY Change -7.95% -28.44% 1.3%
Cash From Operating Activities -$14.07M -$20.26M $26.75M
YoY Change -30.57% 119.42% -34.37%
INVESTING ACTIVITIES
Capital Expenditures -$2.980M -$3.370M -$2.900M
YoY Change -11.57% 117.42% 116.42%
Acquisitions $24.25M
YoY Change 2874.97%
Other Investing Activities -$24.25M -$18.33M
YoY Change 2857.32% -67.27%
Cash From Investing Activities -$2.980M -$27.62M -$21.22M
YoY Change -89.21% 1066.17% -62.98%
FINANCING ACTIVITIES
Cash Dividend Paid $582.0K $581.0K
YoY Change 0.17% 32.65%
Common Stock Issuance & Retirement, Net $2.604M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.64M 48.87M -8.670M
YoY Change -65.94% 270.98% -145.7%
NET CHANGE
Cash From Operating Activities -14.07M -20.26M 26.75M
Cash From Investing Activities -2.980M -27.62M -21.22M
Cash From Financing Activities 16.64M 48.87M -8.670M
Net Change In Cash -408.0K 987.0K -3.140M
YoY Change -141.34% -37.09% -230.29%
FREE CASH FLOW
Cash From Operating Activities -$14.07M -$20.26M $26.75M
Capital Expenditures -$2.980M -$3.370M -$2.900M
Free Cash Flow -$11.09M -$16.89M $29.65M
YoY Change -34.36% 119.82% -29.57%

Facts In Submission

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-27615000
CY2020Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
19400000
CY2019Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
52600000
CY2020Q1 avd Payments For Proceeds From Repurchase Or Issuance Of Common Stock
PaymentsForProceedsFromRepurchaseOrIssuanceOfCommonStock
-2177000
CY2019Q1 avd Payments For Proceeds From Repurchase Or Issuance Of Common Stock
PaymentsForProceedsFromRepurchaseOrIssuanceOfCommonStock
-550000
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2604000
CY2020Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
582000
CY2019Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
581000
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
16641000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
48865000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-285000
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
987000
CY2020Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-752000
CY2019Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-498000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6581000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6168000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5544000
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6657000
CY2019Q1 avd Noncash Or Part Noncash Acquisition Deferred Consideration
NoncashOrPartNoncashAcquisitionDeferredConsideration
2645000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
825000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
371000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1395000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1227000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1396000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1206000
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
13826000
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y1M24D
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y3M
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0367
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0369
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3959000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3552000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1952000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
871000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
389000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
870000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11593000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
714000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
10879000
CY2020Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2020Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
6091000
CY2019Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
6091000
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2378000
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
153838000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
151356000
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
96239000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
94835000
CY2020Q1 us-gaap Depreciation
Depreciation
1517000
CY2019Q1 us-gaap Depreciation
Depreciation
1648000
CY2020Q1 us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
113000
CY2019Q1 us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
710000
CY2020Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
161788000
CY2019Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
151917000
CY2020Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
14073000
CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
11396000
CY2020Q1 avd Gross Margin Percentage
GrossMarginPercentage
0.40
CY2019Q1 avd Gross Margin Percentage
GrossMarginPercentage
0.42
CY2020Q1 avd Increase Decrease In Net Sales
IncreaseDecreaseInNetSales
-3714000
CY2020Q1 avd Increase Decrease In Gross Profit
IncreaseDecreaseInGrossProfit
-3321000
CY2020Q1 avd Increase Decrease In Net Sales Percentage
IncreaseDecreaseInNetSalesPercentage
-0.04
CY2020Q1 avd Increase Decrease In Gross Profit Percentage
IncreaseDecreaseInGrossProfitPercentage
-0.08
CY2020Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2020-03-09
CY2019 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2019-12-09
CY2020Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2020-03-26
CY2019 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2019-12-26
CY2020Q1 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2020-04-16
CY2019 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2020-01-09
CY2020Q1 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.020
CY2019Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.020
CY2020Q1 avd Cash Dividend Paid
CashDividendPaid
586000
CY2019 avd Cash Dividend Paid
CashDividendPaid
582000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
520000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
3906000
CY2020Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
660000
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
602000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2019Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
0
CY2018Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
0
CY2020Q1 us-gaap Line Of Credit
LineOfCredit
168700000
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
6925000
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2604000
CY2019 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
3
CY2019Q4 us-gaap Line Of Credit
LineOfCredit
149300000
CY2020Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
475000
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
534000
CY2019Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1243000
CY2020Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
1227000
CY2020Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-16000
CY2017Q2 us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
950000
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.310
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.257
CY2018Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.10
CY2019 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
37972000
CY2019Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
981000
CY2019 avd Business Combination Deferred Consideration Paid
BusinessCombinationDeferredConsiderationPaid
3051000
CY2019Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
19867000
CY2019Q4 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
14000
CY2019 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
60904000
CY2019Q4 avd Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Working Capital And Fixed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedWorkingCapitalAndFixedAssets
10432000
CY2019Q4 avd Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Indemnification Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIndemnificationAssets
3384000
CY2019Q4 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
10000000
CY2019Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
1407000
CY2019Q4 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
6000

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