UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
|
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2018
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE TRANSITION PERIOD FROM TO
Commission file number 001-13795
AMERICAN VANGUARD CORPORATION
|
Delaware |
95-2588080 |
|
(State or other jurisdiction of Incorporation or organization) |
(I.R.S. Employer Identification Number) |
|
|
|
|
4695 MacArthur Court, Newport Beach, California |
92660 |
|
(Address of principal executive offices) |
(Zip Code) |
(949) 260-1200
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer |
☐ |
|
Accelerated filer |
☒ |
|
Non-accelerated filer |
☐ |
|
Smaller reporting company |
☐ |
|
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, $.10 Par Value—30,320,010 shares as of October 26, 2018.
INDEX
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Page Number |
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3 |
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4 |
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Condensed Consolidated Balance Sheets as of September 30, 2018 and December 31, 2017 |
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5 |
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6 |
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7 |
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8 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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21 |
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29 |
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29 |
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30 |
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30 |
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30 |
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31 |
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32 |
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33 |
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2
AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
|
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
||||||||||
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
||||
|
Net sales |
|
$ |
111,780 |
|
|
$ |
89,975 |
|
|
$ |
322,934 |
|
|
$ |
238,553 |
|
|
Cost of sales |
|
|
66,480 |
|
|
|
51,943 |
|
|
|
193,286 |
|
|
|
136,102 |
|
|
Gross profit |
|
|
45,300 |
|
|
|
38,032 |
|
|
|
129,648 |
|
|
|
102,451 |
|
|
Operating expenses |
|
|
33,635 |
|
|
|
31,570 |
|
|
|
102,011 |
|
|
|
84,175 |
|
|
Operating income |
|
|
11,665 |
|
|
|
6,462 |
|
|
|
27,637 |
|
|
|
18,276 |
|
|
Interest expense, net |
|
|
1,116 |
|
|
|
375 |
|
|
|
2,961 |
|
|
|
1,073 |
|
|
Income before provision for income taxes and loss on equity method investments |
|
|
10,549 |
|
|
|
6,087 |
|
|
|
24,676 |
|
|
|
17,203 |
|
|
Income tax expense |
|
|
3,526 |
|
|
|
1,954 |
|
|
|
6,966 |
|
|
|
5,015 |
|
|
Income before loss on equity method investments |
|
|
7,023 |
|
|
|
4,133 |
|
|
|
17,710 |
|
|
|
12,188 |
|
|
Loss from equity method investments |
|
|
533 |
|
|
|
115 |
|
|
|
1,051 |
|
|
|
226 |
|
|
Net income |
|
|
6,490 |
|
|
|
4,018 |
|
|
|
16,659 |
|
|
|
11,962 |
|
|
Net (loss) income attributable to non-controlling interest |
|
|
35 |
|
|
|
71 |
|
|
|
120 |
|
|
|
(117 |
) |
|
Net income attributable to American Vanguard |
|
$ |
6,525 |
|
|
$ |
4,089 |
|
|
$ |
16,779 |
|
|
$ |
11,845 |
|
|
Earnings per common share—basic |
|
$ |
.22 |
|
|
$ |
.14 |
|
|
$ |
.57 |
|
|
$ |
.41 |
|
|
Earnings per common share—assuming dilution |
|
$ |
.22 |
|
|
$ |
.14 |
|
|
$ |
.56 |
|
|
$ |
.40 |
|
|
Weighted average shares outstanding—basic |
|
|
29,399 |
|
|
|
29,193 |
|
|
|
29,340 |
|
|
|
29,064 |
|
|
Weighted average shares outstanding—assuming dilution |
|
|
30,209 |
|
|
|
29,783 |
|
|
|
30,146 |
|
|
|
29,648 |
|
See notes to the condensed consolidated financial statements.
3
AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
|
|
|
For the Three Months Ended September 30, |
|
|
For the Nine Months Ended September 30, |
|
||||||||||
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
||||
|
Net income |
|
$ |
6,490 |
|
|
$ |
4,018 |
|
|
$ |
16,659 |
|
|
$ |
11,962 |
|
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
638 |
|
|
|
(67 |
) |
|
|
412 |
|
|
|
970 |
|
|
Comprehensive income |
|
|
7,128 |
|
|
|
3,951 |
|
|
|
17,071 |
|
|
|
12,932 |
|
|
Net (loss) income attributable to non-controlling interest |
|
|
35 |
|
|
|
71 |
|
|
|
120 |
|
|
|
(117 |
) |
|
Comprehensive income attributable to American Vanguard |
|
$ |
7,163 |
|
|
$ |
4,022 |
|
|
$ |
17,191 |
|
|
$ |
12,815 |
|
See notes to the condensed consolidated financial statements.
4
AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
ASSETS
|
|
|
September 30, 2018 |
|
|
December 31, 2017 |
|
||
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
9,368 |
|
|
$ |
11,337 |
|
|
Receivables: |
|
|
|
|
|
|
|
|
|
Trade, net of allowance for doubtful accounts of $587 and $46, respectively |
|
|
125,046 |
|
|
|
102,534 |
|
|
Other |
|
|
12,282 |
|
|
|
7,071 |
|
|
Total receivables, net |
|
|
137,328 |
|
|
|
109,605 |
|
|
Inventories, net |
|
|
162,760 |
|
|
|
123,124 |
|
|
Prepaid expenses |
|
|
11,352 |
|
|
|
10,817 |
|
|
Total current assets |
|
|
320,808 |
|
|
|
254,883 |
|
|
Property, plant and equipment, net |
|
|
48,315 |
|
|
|
49,321 |
|
|
Intangible assets, net of applicable amortization |
|
|
174,801 |
|
|
|
180,950 |
|
|
Goodwill |
|
|
21,837 |
|
|
|
22,184 |
|
|
Other assets |
|
|
24,150 |
|
|
|
28,254 |
|
|
Total assets |
|
$ |
589,911 |
|
|
$ |
535,592 |
|
|
|
|
|
|
|
|
|
|
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|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|||||||
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Current installments of other liabilities |
|
$ |
481 |
|
|
$ |
5,395 |
|
|
Accounts payable |
|
|
59,769 |
|
|
|
53,748 |
|
|
Deferred revenue |
|
|
609 |
|
|
|
14,574 |
|
|
Accrued program costs |
|
|
61,936 |
|
|
|
39,054 |
|
|
Accrued expenses and other payables |
|
|
11,686 |
|
|
|
12,061 |
|
|
Income taxes payable |
|
|
3,446 |
|
|
|
1,370 |
|
|
Total current liabilities |
|
|
137,927 |
|
|
|
126,202 |
|
|
Long-term debt, net of deferred loan fees |
|
|
97,313 |
|
|
|
77,486 |
|
|
Other liabilities, excluding current installments |
|
|
8,831 |
|
|
|
10,306 |
|
|
Deferred income tax liabilities |
|
|
17,216 |
|
|
|
16,284 |
|
|
Total liabilities |
|
|
261,287 |
|
|
|
230,278 |
|
|
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 32,757,098 shares at September 30, 2018 and 32,241,866 shares at December 31, 2017 |
|
|
3,276 |
|
|
|
3,225 |
|
|
Additional paid-in capital |
|
|
81,573 |
|
|
|
75,658 |
|
|
Accumulated other comprehensive loss |
|
|
(4,095 |
) |
|
|
(4,507 |
) |
|
Retained earnings |
|
|
256,005 |
|
|
|
238,953 |
|
|
|
|
|
336,759 |
|
|
|
313,329 |
|
|
Less treasury stock at cost, 2,450,634 shares at September 30, 2018 and December 31, 2017 |
|
|
(8,269 |
) |
|
|
(8,269 |
) |
|
American Vanguard Corporation stockholders’ equity |
|
|
328,490 |
|
|
|
305,060 |
|
|
Non-controlling interest |
|
|
134 |
|
|
|
254 |
|
|
Total stockholders’ equity |
|
|
328,624 |
|
|
|
305,314 |
|
|
Total liabilities and stockholders' equity |
|
$ |
589,911 |
|
|
$ |
535,592 |
|
See notes to the condensed consolidated financial statements.
5
AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
For The Three and Nine Months Ended September 30, 2018
(In thousands, except share data)
(Unaudited)
|
|
|
Common Stock |
|
|
Additional |
|
|
Accumulated Other |
|
|
|
|
|
|
Treasury Stock |
|
|
|
|
|
|
Non- |
|
|
|
|
|
|||||||||||||
|
|
|
Shares |
|
|
Amount |
|
|
Paid-in Capital |
|
|
Comprehensive Loss |
|
|
Retained Earnings |
|
|
Shares |
|
|
Amount |
|
|
AVD Total |
|
|
Controlling Interest |
|
|
Total |
|
||||||||||
|
Balance, December 31, 2017 |
|
|
32,241,866 |
|
|
$ |
3,225 |
|
|
$ |
75,658 |
|
|
$ |
(4,507 |
) |
|
$ |
238,953 |
|
|
|
2,450,634 |
|
|
$ |
(8,269 |
) |
|
$ |
305,060 |
|
|
$ |
254 |
|
|
$ |
305,314 |
|
|
Adjustment to recognize new revenue recognition standard, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,214 |
|
|
|
|
|
|
|
|
|
|
|
2,214 |
|
|
|
|
|
|
|
2,214 |
|
|
Adjustment to recognize new standard on taxes on foreign asset transfers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(180 |
) |
|
|
|
|
|
|
|
|
|
|
(180 |
) |
|
|
|
|
|
|
(180 |
) |
|
Common stocks issued under ESPP |
|
|
17,078 |
|
|
|
1 |
|
|
|
298 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
299 |
|
|
|
— |
|
|
|
299 |
|
|
Cash dividends on common stock ($0.02 per share) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(586 |
) |
|
|
— |
|
|
|
— |
|
|
|
(586 |
) |
|
|
— |
|
|
|
(586 |
) |
|
Foreign currency translation adjustment, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
672 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
672 |
|
|
|
— |
|
|
|
672 |
|
|
Stock based compensation |
|
|
— |
|
|
|
— |
|
|
|
1,309 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,309 |
|
|
|
— |
|
|
|
1,309 |
|
|
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) |
|
|
409,979 |
|
|
|
41 |
|
|
|
470 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
511 |
|
|
|
— |
|
|
|
511 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,655 |
|
|
|
— |
|
|
|
— |
|
|
|
4,655 |
|
|
|
(50 |
) |
|
|
4,605 |
|
|
Balance, March 31, 2018 |
|
|
32,668,923 |
|
|
|
3,267 |
|
|
|
77,735 |
|
|
|
(3,835 |
) |
|
|
245,056 |
|
|
|
2,450,634 |
|
|
|
(8,269 |
) |
|
|
313,954 |
|
|
|
204 |
|
|
|
314,158 |
|
|
Cash dividends on common stock ($0.02 per share) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(587 |
) |
|
|
— |
|
|
|
— |
|
|
|
(587 |
) |
|
|
— |
|
|
|
(587 |
) |
|
Foreign currency translation adjustment, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(898 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(898 |
) |
|
|
— |
|
|
|
(898 |
) |
|
Stock based compensation |
|
|
— |
|
|
|
— |
|
|
|
1,469 |
|
|
|
— |
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
1,469 |
|
|
|
— |
|
|
|
1,469 |
|
|
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) |
|
|
74,581 |
|
|
|
8 |
|
|
|
517 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
525 |
|
|
|
— |
|
|
|
525 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,599 |
|
|
|
— |
|
|
|
— |
|
|
|
5,599 |
|
|
|
(35 |
) |
|
|
5,564 |
|
|
Balance, June 30, 2018 |
|
|
32,743,504 |
|
|
|
3,275 |
|
|
|
79,721 |
|
|
|
(4,733 |
) |
|
|
250,068 |
|
|
|
2,450,634 |
|
|
|
(8,269 |
) |
|
|
320,062 |
|
|
|
169 |
|
|
|
320,231 |
|
|
Stocks issued under ESPP |
|
|
18,872 |
|
|
|
1 |
|
|
|
370 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
371 |
|
|
|
— |
|
|
|
371 |
|
|
Cash dividends on common stock ($0.015 per share) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(588 |
) |
|
|
— |
|
|
|
— |
|
|
|
(588 |
) |
|
|
— |
|
|
|
(588 |
) |
|
Foreign currency translation adjustment, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
638 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
638 |
|
|
|
— |
|
|
|
638 |
|
|
Stock based compensation |
|
|
— |
|
|
|
— |
|
|
|
1,457 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,457 |
|
|
|
— |
|
|
|
1,457 |
|
|
Stock options exercised; grants, termination and vesting of restricted stock units (net of shares in lieu of taxes) |
|
|
(5,278 |
) |
|
|
— |
|
|
|
25 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25 |
|
|
|
— |
|
|
|
25 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
6,525 |
|
|
|
— |
|
|
|
— |
|
|
|
6,525 |
|
|
|
(35 |
) |
|
|
6,490 |
|
|
Balance, September 30, 2018 |
|
|
32,757,098 |
|
|
$ |
3,276 |
|
|
$ |
81,573 |
|
|
$ |
(4,095 |
) |
|
$ |
256,005 |
|
|
|
2,450,634 |
|
|
$ |
(8,269 |
) |
|
$ |
328,490 |
|
|
$ |
134 |
|
|
$ |
328,624 |
|
See notes to the condensed consolidated financial statements.
6
AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
|
|
|
For the Nine Months Ended September 30, |
|
|||||
|
|
|
2018 |
|
|
2017 |
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
16,659 |
|
|
$ |
11,962 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization of fixed and intangible assets |
|
|
14,233 |
|
|
|
12,358 |
|
|
Amortization of other long term assets |
|
|
3,630 |
|
|
|
3,995 |
|
|
Amortization of discounted liabilities |
|
|
314 |
|
|
|
20 |
|
|
Stock-based compensation |
|
|
4,235 |
|
|
|
3,585 |
|
|
(Decrease) increase in deferred income taxes |
|
|
(34 |
) |
|
|
6 |
|
|
Loss from equity method investments |
|
|
1,051 |
|
|
|
226 |
|
|
Changes in assets and liabilities associated with operations: |
|
|
|
|
|
|
|
|
|
Increase in net receivables |
|
|
(24,382 |
) |
|
|
(15,746 |
) |
|
Increase in inventories |
|
|
(39,305 |
) |
|
|
(2,213 |
) |
|
Increase in prepaid expenses and other assets |
|
|
(959 |
) |
|
|
(3,678 |
) |
|
Increase (decrease) in income tax receivable/payable, net |
|
|
2,069 |
|
|
|
(12,137 |
) |
|
Increase in accounts payable |
|
|
5,711 |
|
|
|
4,556 |
|
|
Decrease in deferred revenue |
|
|
(13,965 |
) |
|
|
(3,848 |
) |
|
Increase in accrued program costs |
|
|
22,882 |
|
|
|
22,720 |
|
|
Decrease in other payables and accrued expenses |
|
|
(7,229 |
) |
|
|
(3,562 |
) |
|
Net cash (used) provided by operating activities |
|
|
(15,090 |
) |
|
|
18,244 |
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(5,154 |
) |
|
|
(5,333 |
) |
|
Investments |
|
|
— |
|
|
|
(950 |
) |
|
Acquisition of product lines and other intangible assets |
|
|
(1,634 |
) |
|
|
(25,904 |
) |
|
Net cash used in investing activities |
|
|
(6,788 |
) |
|
|
(32,187 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Payments under line of credit agreement |
|
|
(71,125 |
) |
|
|
(59,025 |
) |
|
Borrowings under line of credit agreement |
|
|
90,800 |
|
|
|
76,000 |
|
|
Payments on other long-term liabilities |
|
|
— |
|
|
|
(26 |
) |
|
Net payments from the issuance of common stock (sale of stock under ESPP, exercise of stock options, and shares purchased for tax withholding) |
|
|
1,731 |
|
|
|
(820 |
) |
|
Payment of cash dividends |
|
|
(1,611 |
) |
|
|
(1,161 |
) |
|
Net cash provided by financing activities |
|
|
19,795 |
|
|
|
14,968 |
|
|
Net (decrease) increase in cash and cash equivalents |
|
|
(2,083 |
) |
|
|
1,025 |
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
114 |
|
|
|
151 |
|
|
Cash and cash equivalents at beginning of period |
|
|
11,337 |
|
|
|
7,869 |
|
|
Cash and cash equivalents at end of period |
|
$ |
9,368 |
|
|
$ |
9,045 |
|
See notes to the condensed consolidated financial statements.
7
AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements
(In thousands, except share data)
(Unaudited)
1. The accompanying unaudited condensed consolidated financial statements of American Vanguard Corporation and Subsidiaries (“AVD”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation, have been included. Operating results for the nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017.
2. Revenue Recognition—The Company recognizes revenue from the sale of its products, which include insecticides, herbicides, soil fumigants, and fungicides. The Company sells its products to customers, which include distributors and retailers. In addition, the Company recognizes royalty income from the sale of intellectual property. Based on similar economic and operational characteristics, the Company’s business is aggregated into one reportable segment. Selective enterprise information of sales disaggregated by category and geographic region is as follows:
|
|
|
Three Months Ended Sept 30, 2018 |
|
|
Nine Months Ended Sept 30, 2018 |
|
||||||||||
|
|
|
As reported |
|
|
Without adoption of ASC 606 |
|
|
As reported |
|
|
Without adoption of ASC 606 |
|
||||
|
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crop: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insecticides |
|
$ |
25,475 |
|
|
$ |
25,481 |
|
|
$ |
99,433 |
|
|
$ |
99,463 |
|
|
Herbicides/soil fumigants/fungicides |
|
|
34,577 |
|
|
|
34,577 |
|
|
|
98,163 |
|
|
|
98,163 |
|
|
Other, including plant growth regulators and distribution |
|
|
35,302 |
|
|
|
35,302 |
|
|
|
83,519 |
|
|
|
83,519 |
|
|
|
|
|
95,354 |
|
|
|
95,360 |
|
|
|
281,115 |
|
|
|
281,145 |
|
|
Non-crop, including distribution |
|
|
16,426 |
|
|
|
16,426 |
|
|
|
41,819 |
|
|
|
41,819 |
|
|
Total net sales: |
|
$ |
111,780 |
|
|
$ |
111,786 |
|
|
$ |
322,934 |
|
|
$ |
322,964 |
|
|
Net sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US |
|
$ |
71,711 |
|
|
$ |
71,717 |
|
|
$ |
205,889 |
|
|
$ |
205,919 |
|
|
International |
|
|
40,069 |
|
|
|
40,069 |
|
|
|
117,045 |
|
|
|
117,045 |
|
|
Total net sales: |
|
$ |
111,780 |
|
|
$ |
111,786 |
|
|
$ |
322,934 |
|
|
$ |
322,964 |
|
|
Timing of revenue recognition: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goods transferred at a point in time |
|
$ |
111,675 |
|
|
$ |
111,786 |
|
|
$ |
322,266 |
|
|
$ |
322,964 |
|