American Vanguard Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>American Vanguard Corp filed its Q1 2024 10-Q, detailing financial positions and segment data.</b>

AI Summary

AMERICAN VANGUARD CORP (AVD) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. American Vanguard Corp filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial statement line items such as Retained Earnings, Common Stock, and Accumulated Other Comprehensive Income as of March 31, 2024, and December 31, 2023. Specific dates like April 1, 2020, and February 11, 2022, are mentioned in relation to entities like CleanSeed Capital Group Ltd and Les Enterprises Pitre Inc. The report references a Senior Secured Revolving Line of Credit, with data points for the period January 1, 2024, to March 31, 2024. Financial data for Crop and Non-Crop segments in the US is provided for the periods January 1, 2023, to March 31, 2023, and January 1, 2024, to March 31, 2024.

Why It Matters

For investors and stakeholders tracking AMERICAN VANGUARD CORP, this filing contains several important signals. This 10-Q filing provides a snapshot of American Vanguard Corp's financial health and operational segments as of the first quarter of 2024, crucial for investors assessing performance. The inclusion of specific financial instruments like the Senior Secured Revolving Line of Credit and details on various equity components offers insight into the company's capital structure and liquidity.

Risk Assessment

Risk Level: low — AMERICAN VANGUARD CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine disclosure.

Analyst Insight

Monitor future filings for trends in revenue growth and debt levels, particularly concerning the Senior Secured Revolving Line of Credit.

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-09 — Filing Date (FILED AS OF DATE)
• 2023-12-31 — Prior Year End Date (fiscal year end)
• 2024-01-01 — Credit Agreement Period Start (Senior Secured Revolving Line of Credit)
• 2024-03-31 — Credit Agreement Period End (Senior Secured Revolving Line of Credit)
• 2023-01-01 — Crop Segment Period Start (country:US)
• 2023-03-31 — Crop Segment Period End (country:US)
• 2024-01-01 — Non-Crop Segment Period Start (country:US)

Key Players & Entities

• AMERICAN VANGUARD CORP (company) — FILER
• 0000005981 (company) — CENTRAL INDEX KEY
• 2870 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• DE (company) — STATE OF INCORPORATION
• 952588080 (company) — IRS NUMBER
• 4695 MACARTHUR COURT (company) — BUSINESS ADDRESS STREET 1
• NEWPORT BEACH (company) — BUSINESS ADDRESS CITY
• CA (company) — BUSINESS ADDRESS STATE

FAQ

Key Financial Figures

• $0.10 — nge on which registered Common Stock, $0.10 par value AVD New York Stock Exchan
• $000 — lowing table: Long-term indebtedness ($000's) March 31, 2023 December 31, 2023
• $3,747 — amortization of deferred loan fees, was $3,747 and $1,542 for the three months ended M
• $1,542 — n of deferred loan fees, was $3,747 and $1,542 for the three months ended March 31, 20

Filing Documents

• avd-20240331.htm (10-Q) — 1166KB
• avd-ex31_1.htm (EX-31.1) — 13KB
• avd-ex31_2.htm (EX-31.2) — 13KB
• avd-ex32_1.htm (EX-32.1) — 9KB
• 0000950170-24-057108.txt (&nbsp;) — 5349KB
• avd-20240331.xsd (EX-101.SCH) — 897KB
• avd-20240331_htm.xml (XML) — 725KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Statements of Operations 3 Condensed Consolidated Statements of Comprehensive (Loss) Income 4 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 21 Item 4.

Controls and Procedures

Controls and Procedures 21

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A. Risks Factors 22 Item 2. Purchases of Equity Securities by the Issuer 22 Item 6. Exhibits 23

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

FINANC IAL STATEMENTS

Item 1. FINANC IAL STATEMENTS AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) For the three months ended March 31 2024 2023 Net sales $ 135,143 $ 124,885 Cost of sales ( 92,725 ) ( 86,348 ) Gross profit 42,418 38,537 Operating expenses Selling, general and administrative ( 30,621 ) ( 26,402 ) Research, product development and regulatory ( 5,706 ) ( 8,870 ) Operating income 6,091 3,265 Change in fair value of an equity investment 638 ( 22 ) Interest expense, net ( 3,693 ) ( 1,686 ) Income before provision for income taxes 3,036 1,557 Income tax (expense) benefit ( 1,484 ) 361 Net income $ 1,552 $ 1,918 Earnings per common share—basic $ 0.06 $ 0.07 Earnings per common share—assuming dilution $ 0.06 $ 0.07 Weighted average shares outstanding—basic 27,844 28,367 Weighted average shares outstanding—assuming dilution 28,128 29,073 See notes to the condensed consolidated financial statements. 3 AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED ST ATEMENTS OF COMPREHENSIVE (LOSS) INCOME (In thousands) (Unaudited) For the three months ended March 31 2024 2023 Net income $ 1,552 $ 1,918 Other comprehensive (loss) income: Foreign currency translation adjustment, net of tax effects ( 1,564 ) 2,546 Comprehensive (loss) income $ ( 12 ) $ 4,464 See notes to the condensed consolidated financial statements. 4 AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDAT ED BALANCE SHEETS (In thousands, except share data) (Unaudited) ASSETS March 31, 2024 December 31, 2023 Current assets: Cash $ 13,709 $ 11,416 Receivables: Trade, net of allowance for credit losses of $ 7,798 and $ 7,107 , respectively 187,197 182,613 Other 7,395 8

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View this 10-Q filing on SEC EDGAR