<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 1997
[ ] 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 0-6354
AMERICAN VANGUARD CORPORATION
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 95-2588080
------------------------------- ---------------------
(State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification Number)
4695 MacArthur Court, Newport Beach, California 92660
- ----------------------------------------------- -----
(Address of principal executive offices) (Zip Code)
(714) 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 [X] No [ ]
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes [ ] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS
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 -- 2,507,829 shares as of June 30, 1997.
<PAGE> 2
AMERICAN VANGUARD CORPORATION
INDEX
<TABLE>
<CAPTION>
Page Number
-----------
<S> <C>
PART I - FINANCIAL INFORMATION
Item 1.
Financial Statements.
Consolidated Statements of Operations
for the three and six months ended
June 30, 1997 and 1996 1
Consolidated Balance Sheets
as of June 30, 1997 and
December 31, 1996 2
Consolidated Statements of Cash Flows
for the six months ended
June 30, 1997 and 1996 4
Notes to Consolidated Financial
Statements 6
Item 2.
Management's Discussion and Analysis of
Financial Condition and Results of
Operations. 8
PART II - OTHER INFORMATION 15
SIGNATURE PAGE 16
</TABLE>
<PAGE> 3
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
For the three months For the six months
ended June 30 ended June 30
------------------------------ ------------------------------
1997 1996 1997 1996
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net sales $ 15,962,700 $ 9,892,000 $ 26,546,300 $ 20,313,100
Cost of sales 8,625,600 6,645,900 15,057,400 12,893,900
------------ ------------ ------------ ------------
Gross profit 7,337,100 3,246,100 11,488,900 7,419,200
Operating expenses 5,757,400 3,020,600 9,638,400 6,377,500
------------ ------------ ------------ ------------
Operating income 1,579,700 225,500 1,850,500 1,041,700
Interest expense (430,700) (196,000) (786,400) (456,900)
Interest income 2,200 2,200 6,900 4,400
------------ ------------ ------------ ------------
Income before
income tax expense 1,151,200 31,700 1,071,000 589,200
Income tax expense (463,100) (16,200) (439,000) (239,200)
------------ ------------ ------------ ------------
Net income $ 688,100 $ 15,500 $ 632,000 $ 350,000
============ ============ ============ ============
Per share information:
Net income $ .27 $ .01 $ .25 $ .14
============ ============ ============ ============
Weighted average number
of shares 2,507,829 2,522,079 2,507,829 2,522,079
============ ============ ============ ============
</TABLE>
See notes to consolidated financial statements.
1
<PAGE> 4
AMERICAN VANGUARD CORPORATION
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, Dec. 31,
ASSETS (NOTE 6) 1997 1996
(Unaudited) (Note)
----------- -----------
<S> <C> <C>
Current assets:
Cash $ 1,650,100 $ 632,400
Receivables:
Trade 17,022,600 16,529,900
Other 165,900 198,800
----------- -----------
17,188,500 16,728,700
----------- -----------
Inventories (note 2) 17,422,600 11,350,300
Prepaid expenses 1,022,200 653,600
----------- -----------
Total current assets 37,283,400 29,365,000
Property, plant and
equipment, net (note 3) 12,676,800 12,927,500
Land held for development 210,800 210,800
Cost in excess of assets
acquired, net 3,411,400 3,532,200
Deferred charges, net 1,599,400 1,660,100
Other assets 277,400 332,700
----------- -----------
$55,459,200 $48,028,300
=========== ===========
</TABLE>
(Continued)
See notes to consolidated financial statements.
2
<PAGE> 5
AMERICAN VANGUARD CORPORATION
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, Dec. 31,
1997 1996
----------- -----------
(Unaudited) (Note)
<S> <C> <C>
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current installments of
long-term debt $ 1,254,000 $ 1,160,500
Accounts payable 5,818,000 3,002,300
Accrued expenses 2,520,500 4,750,600
Accrued royalty obligation
current portion 1,600,000 1,600,000
Income taxes payable 419,600 946,200
Legal settlements payable 52,500 52,500
----------- -----------
Total current liabilities 11,664,600 11,512,100
Note payable to bank 14,464,000 7,000,000
Long-term debt, excluding
current installments 3,705,900 4,373,100
Accrued royalty obligation,
excluding current portion 3,062,000 3,062,000
Deferred income taxes 2,695,600 2,695,600
----------- -----------
Total liabilities 35,592,100 28,642,800
----------- -----------
Stockholders' Equity: (note 4)
Preferred stock, $.10
par value per share;
authorized 400,000
shares; none issued -- --
Common stock, $.10 par
value per share;
authorized 10,000,000
shares; 2,564,429
shares issued 256,400 256,400
Additional paid-in
capital 3,879,000 3,879,000
Retained earnings 16,090,600 15,609,000
----------- -----------
20,226,000 19,744,400
Treasury stock at cost
(56,600 shares) (358,900) (358,900)
----------- -----------
Total stockholders' equity 19,867,100 19,385,500
----------- -----------
$55,459,200 $48,028,300
=========== ===========
</TABLE>
Note: The balance sheet at December 31, 1996 has been derived from the audited
financial statements at that date (Note 1).
See notes to consolidated financial statements.
3
<PAGE> 6
AMERICAN VANGUARD CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
----------- -----------
<S> <C> <C>
Increase (decrease) in cash
Cash flows from operating activities:
Net income $ 632,000 $ 350,000
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation and amortization 1,353,800 1,171,300
Changes in assets and liabilities
associated with operations:
Decrease (increase) in receivables (459,800) 5,111,600
Increase in inventories (6,072,300) (2,158,000)
Decrease (increase) in
prepaid expenses (368,600) 6,300
Increase (decrease) in
accounts payable 2,815,700 (1,194,800)
Decrease in other payables
and accrued expenses (2,756,700) (2,986,700)
----------- -----------
Net cash provided by (used in)
operating activities (4,855,900) 299,700
----------- -----------
Cash flows from investing activities:
Capital expenditures (856,700) (449,200)
Increase in deferred charges (1,600) --
Net increase in other
noncurrent assets (8,000) (13,700)
----------- -----------
Net cash used in
investing activities (866,300) (462,900)
----------- -----------
</TABLE>
(Continued)
See notes to consolidated financial statements.
4
<PAGE> 7
AMERICAN VANGUARD CORPORATION
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED
FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
<TABLE>
<CAPTION>
1997 1996
----------- -----------
<S> <C> <C>
Increase (decrease) in cash
Cash flows from financing activities:
Net borrowings under line of
credit agreement $ 7,464,000 $ 800,000
Increase in long-term debt 47,300 96,600
Principal payments on long-term debt (621,000) (633,000)
Payment of cash dividends (150,400) (138,000)
----------- -----------
Net cash provided by
financing activities 6,739,900 125,600
----------- -----------
Net increase (decrease)
in cash 1,017,700 (37,600)
Cash at beginning of year 632,400 331,600
----------- -----------
Cash as of June 30 $ 1,650,100 $ 294,000
=========== ===========
</TABLE>
On March 15, 1996, the Company distributed 233,058 shares of Common Stock in
connection with a 10% Common Stock dividend to stockholders of record as of
February 29, 1996. As a result of the stock dividend, Common Stock was increased
by $23,300, additional paid-in capital was increased by $2,190,800, and retained
earnings was decreased by $2,214,100 (Note 4).
See notes to consolidated financial statements.
5
<PAGE> 8
AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. The accompanying unaudited consolidated financial statements have
been prepared in accordance with generally accepted accounting
principles 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
footnotes required by generally accepted accounting principles 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 three and six-month periods ended June 30, 1997
are not necessarily indicative of the results that may be expected
for the year ending December 31, 1997. For further information,
refer to the consolidated financial statements and footnotes
thereto included in the Company's Annual Report on Form 10-K for
the year ended December 31, 1996.
2. Inventories - The components of inventories consist of the
following:
<TABLE>
<CAPTION>
June 30, 1997 December 31, 1996
------------- -----------------
<S> <C> <C>
Finished products $13,576,600 $ 8,108,800
Raw materials 3,846,000 3,241,500
----------- -----------
$17,422,600 $11,350,300
=========== ===========
</TABLE>
3. Property, plant and equipment at June 30, 1997 and December 31,
1996, consists of the following:
<TABLE>
<CAPTION>
June 30, December 31,
1997 1996
----------- -----------
<S> <C> <C>
Land $ 2,382,600 $ 2,382,600
Buildings and improvements 3,820,100 3,812,300
Machinery and equipment 20,771,400 20,677,000
Office furniture and fixtures 1,094,000 1,031,400
Automotive equipment 105,000 105,000
Construction in progress 1,895,400 1,203,500
----------- -----------
30,068,500 29,211,800
Less accumulated depreciation 17,391,700 16,284,300
----------- -----------
$12,676,800 $12,927,500
=========== ===========
</TABLE>
6
<PAGE> 9
AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
4. On March 12, 1997, the Company announced that the Board of Directors
declared a cash dividend of $.06 per share. The dividend was paid on
March 31, 1997 to stockholders of record as of March 20, 1997.
In February 1996, the Company announced that the Board of Directors
declared a cash dividend of $.06 per share as well as a 10% stock
dividend. Both dividends were distributed on March 15, 1996 to
stockholders of record at the close of business on February 29, 1996.
The cash dividend was paid on the number of shares outstanding prior to
the 10% stock dividend.
5. Earnings Per Share - Earnings per share is computed by dividing net
income by the weighted average number of shares outstanding after giving
effect to the stock dividend described in note 4 during the respective
period.
6. Substantially all of the Company's assets not otherwise
specifically pledged as collateral on existing loans and
capital leases, are pledged as collateral under the Company's
credit agreement with a bank. As referenced in Note 1, for
further information, refer to the consolidated financial
statements and footnotes, thereto (specifically Note 4)
included in the Company's Annual Report on Form 10-K for the
year ended December 31, 1996.
7. Reclassification - Certain items have been reclassified in the prior
period consolidated financial statements to conform with the June 30,
1997, presentation.
7
<PAGE> 10
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
QUARTER ENDED JUNE 30:
The Company reported net income of $688,100 or $.27 per share for the second
quarter ended June 30, 1997 as compared to net income of $15,500 or $.01 per
share for the same period in 1996. Net sales increased $6,070,700 or 61% to
$15,962,700 for the quarter ended June 30, 1997 from $9,892,000 for the same
period in 1996. The reason for the significant increase is the strong
performance of the AMVAC product lines, particularly sales of Bidrin(R), Metam
Sodium and Mevinphos products. Bidrin(R) sales increased approximately
$3,000,000 in the second quarter of 1997 as compared to the same period in 1996.
Sales of the Company's products which are used primarily in the cotton market
(particularly Bidrin(R)), in the second quarter of 1996, were adversely affected
due to weather conditions in the Southeastern United States which affected pest
populations. Sales of Bidrin(R) were not negatively affected by weather
conditions in the second quarter of 1997. Metam Sodium sales increased
approximately $750,000 due to the impact of the acquisition of the Vapam(R)
product line in December 1996. Mevinphos sales increased approximately
$1,350,000 during the quarter ended June 30, 1997. Sales of Mevinphos, which is
only sold in the export market, increased as a result of a concerted effort by
the Company to expand sales in foreign markets.
Gross profits increased $4,091,000 to $7,337,100 for the three months ended June
30, 1997 from $3,246,100 for the same period in 1996. The gross profit margin
improved from 33% for the quarter ended June 30, 1996 to 46% for the quarter
ended June 30, 1997. The increase is partially due to the higher sales volume
which has a proportionately greater impact on gross profit as costs of sales do
not necessarily increase at the same level as a result of relatively constant
fixed overhead levels. The change in the gross profit was also favorably
affected by changes in the sales mix of the Company's products.
Operating expenses, which are net of other income, increased by $2,736,800 to
$5,757,400 for the quarter ended June 30, 1997 as compared to $3,020,600 for the
same period in 1996.
8
<PAGE> 11
The differences in operating expenses by specific departmental costs are as
follows:
- Selling and regulatory expenses increased by
$1,506,200. The Company, to support and grow the
Vapam(R)product line, made investments in its
technical, sales and marketing infrastructure which
included the hiring of additional technical and sales
individuals. These investments accounted for
approximately $434,000 of the increase in selling and
regulatory expenses. The balance of the increase was
due primarily to increased variable selling expenses
(such as rebates and royalties) that relate directly
to the increase in sales levels for the quarter ended
June 30, 1997 as compared to the same period in 1996.
- General and administrative expenses increased $984,400 over
the second quarter of 1996. The increase was primarily
attributable to an increase in legal fees of approximately
$562,000. Most of this increase, $468,000, was incurred in
legal actions in which the Company was the plaintiff. General
and administrative expenses also increased in 1997 due to the
amortization of goodwill purchased in connection with the
acquisition of the Vapam(R) product line in December 1996 in
the amount of $81,400. Increases in (i) expenses incurred in
connection with the hiring of an executive officer during the
fourth quarter of 1996, (ii) temporary personnel expenses as a
result of the growth of the Company, (iii) payroll and payroll
related items, and (iv) environmental consulting related
expenses, accounted for the balance of the increase in general
and administrative expenses.
- Research and development expenses increased by $96,000
primarily due to an increase in costs incurred to
generate scientific data related to registration of
the Company's products. This increase is primarily
attributable to an increase in research and
development costs in connection with DDVP products of
$222,100 and Mevinphos products of $101,000 offset by
reductions in research and development costs in
connection with NAA products of $157,600 and Bidrin(R)
products of $82,100.
9
<PAGE> 12
- Shipping and receiving costs increased by $150,200 in
the second quarter of 1997 which was primarily due to
increased costs of approximately $211,000 in
connection with additional storage facilities and rail
cars leased related to the acquisition of the Vapam(R)
product line in December 1996 offset by reductions in
freight costs as a result of reduced product transfers
to warehousing facilities of approximately $62,000.
Interest costs were $430,700 during the three months ended June 30, 1997 as
compared to $196,000 for the same period in 1996. The average level of borrowing
under the Company's lines of credit was approximately $14,897,000 for the second
quarter of 1997 as compared to $3,525,000 for the same period in 1996. The
average level of other long-term debt was $5,118,000 for the second quarter of
1997 as compared to $6,365,000 for the same period in 1996. On a combined basis,
the Company's average debt for the second quarter of 1997 was $20,015,000 as
compared to $9,890,000 for the second quarter of 1996. The significantly higher
average debt levels accompanied by relatively stable interest rates in the
second quarter of 1997 as compared to the second quarter of 1996 account for the
significant increase in interest costs in 1997.
Weather patterns can have an impact on the Company's operations. Weather
conditions influence pest population by impacting gestation cycles for
particular pests and the effectiveness of some of the Company's products, among
other factors. The end user of some of the Company's products may, because of
weather patterns, delay or intermittently disrupt field work during the planting
season which may result in a reduction of the use of some of the Company's
products.
Because of elements inherent to the Company's business, such as differing and
unpredictable weather patterns, crop growing cycles, changes in product mix of
sales, ordering patterns that may vary in timing, and promotional/early order
programs, measuring the Company's performance on a quarterly basis, (gross
profit margins on a quarterly basis may vary significantly) even when such
comparisons are favorable, is not as meaningful an indicator as full-year
comparisons. Because most of the Company's cost structure is fixed, at least in
the short-term, the combination of variable revenue streams, changing product
10
<PAGE> 13
mixes, and a fixed cost structure results in varying quarterly levels of
profitability.
SIX MONTHS ENDED JUNE 30:
The Company reported net income of $632,000 or $.25 per share for the six month
period ended June 30, 1997 as compared to net income of $350,000 or $.14 per
share for the same period in 1996. Net sales increased $6,233,200 or 31% to
$26,546,300 for the six months ended June 30, 1997 from $20,313,100 for the same
period in 1996. Virtually all of this increase occurred during the second
quarter of 1997. As described above, the increase was primarily attributable to
greater sales of Bidrin(R), Metam Sodium and Mevinphos products.
Gross profits increased $4,069,700 to $11,488,900 for the first six months of
1997 from $7,419,200 for the same period in 1996. The gross profit margin for
the first six months of 1997 improved to 43% as compared to 36.5% for the first
six months of 1996. As described above, the greater sales volume and the product
mix of sales in the second quarter of 1997 helped boost the gross profit margin
on a year-to-date basis.
Operating expenses increased by $3,260,900 to $9,638,400 for the first six
months of 1997 from $6,377,500 for the same period in 1996.
The differences in operating expenses by specific departmental costs are as
follows:
- Selling and regulatory expenses increased $1,516,500 during
the six months ended June 30, 1997, essentially all of the
increase occurring in the second quarter, due to the factors
described above for the three months ended June 30.
- General and administrative expenses increased $1,161,500 in
the first six months of 1997. The increase was primarily
attributable to an increase in legal fees of approximately
$594,800. Most of this increase, $549,700, was incurred in
legal actions in which the Company was the plaintiff. General
and administrative expenses also increased in 1997 due to the
amortization of goodwill purchased in connection with the
acquisition of the
11
<PAGE> 14
Vapam(R) product line in December 1996 in the amount of
$160,100. Increases in (i) expenses incurred in connection
with the hiring of an executive officer during the fourth
quarter of 1996, (ii) temporary personnel expenses as a result
of the growth of the Company, and (iii) increases in other
payroll and payroll related items, accounted for the balance
of the increase in general and administrative expenses.
- Research and development expenses increased by
$313,400 during the six months ended June 30, 1997
primarily due to an increase in costs incurred to
generate scientific data related to registration of
the Company's products. This increase is primarily
attributable to an increase in research and
development costs in connection with DDVP products of
$533,100 and Mevinphos products of $141,000 offset by
reductions in research and development costs in
connection with NAA products of $235,800 and Bidrin(R)
products of $149,400.
- Shipping and receiving costs increased by $269,500
during the six months ended June 30, 1997 which was
primarily due to increased costs of approximately
$319,600 in connection with additional storage
facilities and rail cars leased related to the
acquisition of the Vapam(R)product line in December
1996 offset by reductions in freight costs as a result
of reduced product transfers to warehousing facilities
of approximately $76,600.
Interest costs were $786,400 during the six months ended June 30, 1997 as
compared to $456,900 for the same period in 1996. The average level of borrowing
under the Company's lines of credit was $13,054,100 for the first half of 1997
as compared to $4,457,000 for the same period in 1996. The average level of
other long-term debt was $5,225,200 for the six months ended June 30, 1997 as
compared to $6,502,000 for the same period in 1996. On a combined basis, the
Company's average debt for the six months ended June 30, 1997 was $18,279,300 as
compared to $10,959,000 for the first six months of 1996. The significantly
higher average debt levels accompanied by relatively stable interest rates in
the second quarter of 1997 as compared to the
12
<PAGE> 15
second quarter of 1996 account for the significant increase in interest costs
in 1997.
LIQUIDITY AND CAPITAL RESOURCES
Working capital was $25,618,800 at June 30, 1997 reflecting an increase of
$7,765,900 over working capital of $17,852,900 at December 31, 1996. The
increase in working capital was primarily due to the build up of inventories
during the first half of 1997. Inventories increased $6,072,300 in order to meet
anticipated demand during the second half of 1997. Also contributing to the
increase in working capital was an increase in cash of $1,017,700, an increase
in accounts receivable of $459,800 and an increase in prepaid expenses of
$368,300. The increase in working capital was primarily funded by increased
borrowings under the Company's long-term lines of credit in the amount of
$7,464,000. Those funds, along with cash flows of $632,000 generated by net
income and $1,353,800 generated by depreciation and amortization, not only
funded the increase in working capital, but also funded payments of other long
term debt and capital leases in the amount of $621,000, capital expenditures of
$856,700 and cash dividends of $150,400.
The Company had $2,500,000 in availability under its fully secured $15,500,000
long term line of credit as of June 30, 1997, a decrease of $6,000,000 from the
amount available as of December 31, 1996. The Company had $3,536,000 in
availability under its fully-secured $5,000,000 long-term acquisition line of
credit as of June 30, 1997. No amounts had been borrowed under the acquisition
line of credit as of December 31, 1996.
Management continues to believe, to continue to improve its working capital
position and maintain flexibility in financing interim needs, it is prudent to
explore alternate sources of financing.
The Company, from time to time, may discuss forward-looking information. Except
for the historical information contained in this report, all forward-looking
statements are estimates by the Company's management and are subject to various
risks and uncertainties that may cause results to differ from management's
current expectations. Such factors include weather conditions, changes in
regulatory policy and other risks as detailed from time to time in the Company's
SEC reports and filings. All
13
<PAGE> 16
forward-looking statements, if any, in this report represent the Company's
judgment as of the date of this report. The Company disclaims, however, any
intent or obligation to update forward-looking statements.
14
<PAGE> 17
PART II. OTHER INFORMATION
The Company was not required to report any matters or changes for any items of
Part II except as disclosed below.
ITEM 4. Submission of Matters to a Vote of Security Holders
(a) The Annual Meeting of Stockholders was held on June 19, 1997.
(b) Elections of directors: Proxies for the meeting were solicited pursuant
to Regulation 14 under the Act. There was no solicitation in opposition
to management's nominees as listed on the proxy statement, and all such
nominees were elected. Therefore, the directors elected are not listed
herein.
(c) Not applicable.
(d) Not applicable.
ITEM 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule
(b) The Company did not file any reports on Form 8-K during the
three months ended June 30, 1997
15
<PAGE> 18
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AMERICAN VANGUARD CORPORATION
Dated: August 13, 1997 By: /s/ J. A. Barry
------------------------
J. A. Barry
Vice President,
Chief Financial Officer,
Treasurer and Director
16
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 1,650,100
<SECURITIES> 0
<RECEIVABLES> 17,188,500
<ALLOWANCES> 0
<INVENTORY> 17,422,600
<CURRENT-ASSETS> 37,283,400
<PP&E> 30,068,500
<DEPRECIATION> 17,391,700
<TOTAL-ASSETS> 55,459,200
<CURRENT-LIABILITIES> 11,664,600
<BONDS> 19,423,900
0
0
<COMMON> 256,400
<OTHER-SE> 19,610,700
<TOTAL-LIABILITY-AND-EQUITY> 55,459,200
<SALES> 26,546,300
<TOTAL-REVENUES> 26,546,300
<CGS> 15,057,400
<TOTAL-COSTS> 15,057,400
<OTHER-EXPENSES> 9,638,400
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 779,500
<INCOME-PRETAX> 1,071,000
<INCOME-TAX> 439,000
<INCOME-CONTINUING> 632,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 632,000
<EPS-PRIMARY> .25
<EPS-DILUTED> .25
</TABLE>
