Agricultural chemicals maker American Vanguard falls to 4Q loss as weather…
NEWPORT BEACH, Calif. (AP) - American Vanguard Corp. said Monday it fell to a loss in the fourth quarter as sales of agricultural chemicals tumbled nearly 30 percent and it wrote down the value of inventory.
President and CEO Eric Wintemute said bad weather contributed to falling sales.
The company said it lost $8.6 million, or 32 cents per share, compared with a gain of $7.9 million, or 29 cents per share, a year earlier.
The recent loss included a charge of $13.5 million to lower the company's year-end inventory as customers cut back on their own inventories for the 2010 planting season.
Sales fell to $50.8 million from $71.1 million.
For the full fiscal year, the company lost $5.8 million, or 21 cents per share, on sales of $209.3 million. The previous year it earned $20 million, or 73 cents per share, on sales of $237.5 million.
The shares fell 10 cents, or 1.4 percent, to $7.09 Monday.
Источник canadianbusiness.com
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