American Vanguard offers dividends and stock split...

American Vanguard offers dividends and stock split

Capping a tremendous run that saw its share prices rise more than

50% since July, American Vanguard Corp. rewarded its shareholders

March 19 by announcing a dividend and stock split.

The Newport Beach chemical manufacturer said it will begin

offering a 13-cent-per-share cash dividend and three-for-two split.

Since hitting a 52-week low at $14.85 on July 23, the stock has

risen more than 59%. It closed Friday at $23.64.

The company’s board of directors said it would pay the dividend on

April 11 to shareholders of record on March 28. Any fractional shares

will be paid out in cash.

“The cash dividend illustrates the board of directors’ continued

confidence in the company, based on our record financial results for

fiscal 2002 and goal to achieve double-digit sales and net income

growth in fiscal 2003,” said Eric Wintermute, American Vanguard’s

president and chief executive.

After the split, the company will have about 5.8 million shares of

common stock.

American Vanguard manufactures a line of agricultural products to

protect crops and turf from bug infestation.

On March 13, the company grew sales 21% to $100.7 million in 2002.

The company has recorded 15 consecutive quarters of double-digit

growth, Wintermute said.

O.C. hotel sales up 11% in 2002, defying state trend

Orange County logged an 11.1% increase in the number of hotel

sales in 2002, bucking a state trend in which sales fell 22%, a Costa

Mesa broker is reporting.

Two Newport Beach hotels that changed hands helped drive the

healthy market.

The Atlas Hospitality Group, in the report, said the county “had a

record year” and is now the most expensive in the state. The county

now has a $56,612 median room price, an important industry indicator.

In 2002, the Hyatt Newporter, at 1101 Jamboree Road, and Best

Western Newport Beach Inn were sold.

The 403-room Newporter sold Dec. 5 for about $35 million, or

$85,365 per room. The Newporter’s sale was the second priciest in the

county. It came in behind the Montage Resort & Spa in Laguna Beach,

which sold for $190 million.

The 42-room Best Western motel, at 6206 W. Coast Highway, sold for

$135,119 per room. The motel sold for $5.67 million.