Newport Beach-based agricultural products maker American Vanguard Corp. has announced a one-time cash dividend of 10 cents per share to be distributed on Dec. 21.
The timing is in part attributed to the anticipation that tax consequences for dividend recipients might “increase dramatically starting in calendar year 2013,” according to Chief Executive Eric Wintemute.
American Vanguard typically pays dividends twice a year, in March and in September. This year the company has already paid a total of 12 cents per share, up from 8 cents last year and 3 cents in 2010.
Wintemute also attributed the December dividends to the company’s “outstanding financial performance thus far in 2012 and our strong year-end cash position.”
American Vanguard had about $262.8 million in revenue through the first nine months this year, a 20% increase from the same time span a year earlier. This year’s nine-month profit totaled about $25.6 million, up 63%.