$AVD

AMERICAN VANGUARD CORP

CIK:0000005981|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Net sales	$ 515,114	$ 547,306	$ 579,371
Cost of sales	(367,553)	(426,989)	(400,207)
Gross profit	147,561	120,317	179,164
Operating expenses
Selling, general and administrative	(110,633)	(119,634)	(116,887)
Research, product development and regulatory	(23,161)	(32,662)	(38,025)
Product liability claims	(9,730)	0	0
Transformation	(7,187)	(20,162)	(957)
Asset impairment	(25,395)	(50,414)	0
Gain from sale of assets	249	1,000	0
Operating (loss) income	(28,296)	(101,555)	23,295
Change in fair value of equity investments, net	(437)	(2,356)	(359)
Interest and other interest expenses, net	(18,470)	(16,547)	(12,639)
(Loss) income before provision for income taxes	(47,203)	(120,458)	10,297
Provision for income taxes	(2,679)	(5,882)	(2,778)
Net (loss) income	$ (49,882)	$ (126,340)	$ 7,519
(Losses) earnings per common share—basic	$ (1.75)	$ (4.5)	$ 0.27
(Losses) earnings per common share—assuming dilution	$ (1.75)	$ (4.5)	$ 0.26
Weighted average shares outstanding—basic	28,426	28,059	28,128
Weighted average shares outstanding—assuming dilution	28,426	28,059	28,533

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net (loss) income	$ (49,882)	$ (126,340)	$ 7,519
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization of property, plant and equipment and intangible assets	18,742	22,322	21,780
Amortization of other long-term assets	21	226	1,754
Amortization of deferred loan fees	1,906	536	254
Gain on disposal of property, plant and equipment	(75)	(1,000)	0
Impairment of assets	25,395	50,414	0
Provision for estimated credit losses	2,360	2,319	1,935
Stock-based compensation	2,016	4,412	6,138
Deferred income taxes	(1,351)	1,452	(9,710)
Changes in liabilities for uncertain tax positions or unrecognized tax benefits	(201)	(1,547)	(508)
Change in equity investment fair value	437	2,356	359
Lease obligations and non-cash lease expense, net	(147)	(37)	256
Unrealized foreign currency transaction (gains) losses	(193)	804	(581)
Changes in assets and liabilities associated with operations, net of business combinations:
Decrease (increase) in receivables	7,697	7,481	(20,278)
Decrease (increase) in inventories	6,287	35,178	(27,315)
Decrease (increase) in income tax receivable/payable	(9)	(3,775)	3,568
(Increase) decrease in prepaid expenses and other assets	(8,638)	(687)	1,269
Increase (decrease) in accounts payable	15,434	3,714	(2,287)
Decrease in customer prepayments	(19,582)	(12,882)	(45,079)
(Decrease) increase in accrued program costs	(17,384)	1,775	7,244
(Decrease) increase in accrued expenses and other payables	(4,024)	17,202	(5,066)
Net cash (used in) provided by operating activities	(21,191)	3,923	(58,748)
Cash flows from investing activities:
Capital expenditures	(3,919)	(7,279)	(11,878)
Proceeds from disposal of property, plant and equipment	477	1,065	242
Acquisitions of business and product line, net of cash acquired	0	0	(5,195)
Intangible assets	(165)	(409)	(186)
Net cash used in investing activities	(3,607)	(6,623)	(17,017)
Cash flows from financing activities:
Payments under line of credit agreement	(223,465)	(294,356)	(172,500)
Borrowings under line of credit agreement	250,134	302,787	259,100
Payment of deferred loan fees	(3,389)	(850)	0
Net receipt from the issuance of common stock under ESPP	629	901	981
Net (payment) receipt from the exercise of stock options	(205)	0	46
Payment from common stock purchased for tax withholding	0	(1,432)	(1,967)
Repurchase of common stock	0	0	(15,539)
Payment of cash dividends	0	(2,510)	(3,384)
Net cash provided by financing activities	23,704	4,540	66,737
Net increase (decrease) in cash	(1,094)	1,840	(9,028)
Effect of exchange rate changes on cash	1,005	(742)	116
Cash at beginning of year	12,514	11,416	20,328
Cash at end of year	$ 12,425	$ 12,514	$ 11,416

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash	$ 12,425	$ 12,514
Receivables:
Trade, net of allowance for credit losses of $11,733 and $9,190 respectively	160,511	169,743
Other	7,278	4,699
Total receivables, net	167,789	174,442
Inventories	176,034	179,292
Prepaid expenses and other assets	9,668	7,615
Income taxes receivable	4,606	5,030
Total current assets	370,522	378,893
Property, plant and equipment, net	53,036	58,169
Operating lease right-of-use assets, net	16,793	19,735
Intangible assets, net	138,746	150,497
Goodwill	0	19,701
Deferred income tax assets	2,637	1,242
Other assets	14,803	8,484
Total assets	596,537	636,721
Current liabilities:
Accounts payable	87,505	69,159
Customer prepayments	33,094	52,675
Accrued program costs	52,227	69,449
Accrued expenses and other payables	28,261	31,989
Operating lease liabilities, current	5,765	6,136
Income taxes payable	2,594	2,942
Total current liabilities	209,446	232,350
Long-term debt	174,000	147,332
Operating lease liabilities, long-term	11,621	14,339
Deferred income tax liabilities	8,150	7,989
Other liabilities	923	1,601
Total liabilities	404,140	403,611
Commitments and contingent liabilities (Notes 5 and 10)
Stockholders' equity:
Preferred stock, $0.10 par value per share; authorized 400,000 shares; none issued	0	0
Common stock, $0.10 par value per share; authorized 40,000,000 shares; issued 34,923,562 shares in 2025 and 34,794,548 shares in 2024	3,492	3,479
Additional paid-in capital	117,106	114,679
Accumulated other comprehensive loss	(12,000)	(18,729)
Retained earnings	155,000	204,882
Total stockholders' equity including treasury stock	263,598	304,311
Less treasury stock at cost, 5,915,182 shares in 2025 and 5,915,182 in 2024	(71,201)	(71,201)
Total stockholders' equity	192,397	233,110
Total liabilities and stockholders' equity	$ 596,537	$ 636,721