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<SEC-DOCUMENT>0001017062-03-001233.txt : 20030514
<SEC-HEADER>0001017062-03-001233.hdr.sgml : 20030514
<ACCEPTANCE-DATETIME>20030514172540
ACCESSION NUMBER:		0001017062-03-001233
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20030331
FILED AS OF DATE:		20030514

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN VANGUARD CORP
		CENTRAL INDEX KEY:			0000005981
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE CHEMICALS [2870]
		IRS NUMBER:				952588080
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13795
		FILM NUMBER:		03700282

	BUSINESS ADDRESS:	
		STREET 1:		4695 MACARTHUR COURT
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		9492601200

	MAIL ADDRESS:	
		STREET 1:		4695 MACARTHUR COURT
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AEROCON INC
		DATE OF NAME CHANGE:	19720620
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>d10q.htm
<DESCRIPTION>AMERICAN VANGUARD CORP
<TEXT>
<HTML><HEAD>
<TITLE>American Vanguard Corp</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <hr size="4" width="100%" noshade color=black> <p align="center"><font size="5" face="Times New Roman"><b>UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> </b></font> <font size="3"><b>Washington, D.C.
20549</b></font></p> <p align="center"> <font size="5" face="Times New Roman"><b>FORM 10-Q</b></font></p>
<table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="4%" valign="top"> <p> <font size="3" face="Wingdings">x</font></p> </td>
<td width="95%" colspan="2" valign="top"> <p> <font size="3" face="Times New Roman"><b>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2003</b></font></p> </td> </tr>
<tr>
<td width="4%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="95%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="4%" valign="top"> <p> <font size="3" face="Wingdings"><b>o</b></font></p> </td>
<td width="95%" colspan="2" valign="top"> <p> <font size="3" face="Times New Roman"><b>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _________TO _________</b></font></p> </td>
</tr>
<tr>
<td width="4%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="95%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="4%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="94%" valign="top"> <p> <font size="2" face="Times New Roman"><b>Commission file number 0-6354</b></font></p> </td>
<td width="1%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr> </table> <BR>
<table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="100%" colspan="3" valign="bottom"> <p align="center"> <font size="6" face="Times New Roman"><b>AMERICAN VANGUARD CORPORATION</b></font></p> </td> </tr>
<tr>
<td width="100%" colspan="3" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>(Exact name of registrant as specified in its charter)</b></font></p> </td> </tr>
<tr>
<td width="100%" colspan="3" valign="bottom"> <p align="center">&nbsp;</p> </td> </tr>
<tr>
<td width="49%" valign="bottom"> <p align="center"><font size="2" face="Times New Roman"><b>Delaware</b></font></p> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="49%" valign="bottom"> <p align="center"> <font size="2" face="Times New Roman"><b>95-2588080</b></font></p> </td> </tr>
<tr>
<td width="49%" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>(State or other jurisdiction of Incorporation or organization)</b></font></p> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="49%" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>(I.R.S. Employer Identification Number)</b></font></p> </td> </tr>
<tr>
<td width="49%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="49%" valign="bottom"> <p align="center">&nbsp;</p> </td> </tr>
<tr>
<td width="49%" valign="bottom"> <p align="center"> <font size="2" face="Times New Roman"><b>4695 MacArthur Court, Newport Beach, California</b></font></p> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="49%" valign="bottom"> <p align="center"> <font size="2" face="Times New Roman"><b>92660</b></font></p> </td> </tr>
<tr>
<td width="49%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="49%" valign="bottom"> <hr size="1" width="20%" noshade color=black> </td> </tr>
<tr>
<td width="49%" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>(Address of principal executive offices)</b></font></p> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="49%" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>(Zip Code)</b></font></p> </td> </tr>
<tr>
<td width="49%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="49%" valign="bottom"> <p align="center">&nbsp;</p> </td> </tr>
<tr>
<td width="100%" colspan="3" valign="bottom"> <p align="center"><font size="2" face="Times New Roman"><b>(949) 260-1200</b></font></p> </td> </tr>
<tr>
<td width="100%" colspan="3" valign="bottom"> <hr size="1" width="40%" noshade color=black> </td> </tr>
<tr>
<td width="100%" colspan="3" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>(Registrant&#146;s telephone number, including area code)</b></font></p> </td> </tr>
<tr>
<td width="100%" colspan="3" valign="bottom"> <p align="center">&nbsp;</p> </td> </tr>
<tr>
<td width="100%" colspan="3" valign="bottom"> <hr size="1" width="50%" noshade color=black> </td> </tr>
<tr>
<td width="100%" colspan="3" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>(Former name, former address and former fiscal year, if changed since last report)</b></font></p> </td> </tr> </table> <p> <font size="2"
face="Times New Roman">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.</font></p>
<table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="13%">
<tr>
<td width="7%" valign="top"> <p> <font size="2" face="Times New Roman">Yes&nbsp;&nbsp;</font> <font size="2" face="Wingdings">x</font></p> </td>
<td width="6%" valign="top"> <p> <font size="2" face="Times New Roman">No&nbsp;&nbsp;</font> <font size="2" face="Wingdings">o</font></p> </td> </tr> </table> <p><font size="2" face="Times New Roman">Indicate by check mark whether the registrant is
an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).</font></p>
<table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="13%">
<tr>
<td width="7%" valign="top"> <p> <font size="2" face="Times New Roman">Yes&nbsp;&nbsp;</font> <font size="2" face="Wingdings">o</font></p> </td>
<td width="6%" valign="top"> <p> <font size="2" face="Times New Roman">No&nbsp;&nbsp;</font> <font size="2" face="Wingdings">x</font></p> </td> </tr> </table> <p align="center"><font size="2" face="Times New Roman">APPLICABLE ONLY TO ISSUERS
INVOLVED IN BANKRUPTCY PROCEEDINGS<br> DURING THE PRECEDING FIVE YEARS</font></p> <p> <font size="2" face="Times New Roman">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.</font></p>
<table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="13%">
<tr>
<td width="7%" valign="top"> <p> <font size="2" face="Times New Roman">Yes&nbsp;&nbsp;</font> <font size="2" face="Wingdings">o</font></p> </td>
<td width="6%" valign="top"> <p> <font size="2" face="Times New Roman">No&nbsp;&nbsp;</font> <font size="2" face="Wingdings">o</font></p> </td> </tr> </table> <p align="center"> <font size="2" face="Times New Roman">APPLICABLE ONLY TO CORPORATE
ISSUERS</font></p> <p> <font size="2" face="Times New Roman">Indicate the number of shares outstanding of each of the issuer&#146;s classes of common stock, as of the latest practicable date.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock, $.10 Par Value -- 5,827,644 shares as of&#160; May 12, 2003</font></p> <hr size="4" width="100%" noshade color=black>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

<a name="toc"></a> <p align="center"> <font size="2" face="Times New Roman"><b>AMERICAN VANGUARD CORPORATION</b></font></p> <p align="center"> <font size="2" face="Times New Roman"><u>INDEX</u></font></p>
<table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="4%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="5%" valign="top"> <p align="center">&nbsp;</p> </td>
<td width="75%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="10%" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>Page Number</b></font></p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="4%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="5%" valign="top"> <p align="center">&nbsp;</p> </td>
<td width="75%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="10%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td> </tr>
<tr>
<td width="89%" colspan="4" valign="top"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">
<a href="#tx680_1">PART I - FINANCIAL INFORMATION</a></font></p> </td>
<td width="10%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="4%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="75%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="10%" valign="bottom"> <p align="center">&nbsp;</p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="84%" colspan="3" valign="top"> <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Item 1.</font></p> </td>
<td width="10%" valign="bottom"> <p align=right>&nbsp;</p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="84%" colspan="3" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="10%" valign="bottom"> <p align=right>&nbsp;</p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="4%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="80%" colspan="2" valign="top"> <p> <font size="2" face="Times New Roman">
<a href="#tx680_2">Financial Statements:</a></font></p> </td>
<td width="10%" valign="bottom"> <p align=right>&nbsp;</p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="4%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="80%" colspan="2" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="10%" valign="bottom"> <p align=right>&nbsp;</p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="4%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="75%" valign="bottom"> <p> <font size="2" face="Times New Roman">
<a href="#tx680_3">Consolidated Statements of Operations for the three months ended March 31, 2003 and 2002</a></font></p> </td>
<td width="10%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">1</font></p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="4%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="75%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="10%" valign="bottom"> <p align=right>&nbsp;</p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="4%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="75%" valign="bottom"> <p> <font size="2" face="Times New Roman">
<a href="#tx680_4">Consolidated Balance Sheets as of March 31, 2003, and December 31, 2002</a></font></p> </td>
<td width="10%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">2</font></p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="4%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="75%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="10%" valign="bottom"> <p align=right>&nbsp;</p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="4%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="75%" valign="bottom"> <p><font size="2" face="Times New Roman">
<a href="#tx680_5">Consolidated Statements of Cash Flows for the three months ended March 31, 2003 and 2002</a></font></p> </td>
<td width="10%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">4</font></p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="4%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="75%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="10%" valign="bottom"> <p align=right>&nbsp;</p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="4%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="75%" valign="bottom"> <p> <font size="2" face="Times New Roman">
<a href="#tx680_6">Notes to Consolidated Financial Statements</a></font></p> </td>
<td width="10%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">6</font></p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="4%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="75%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="10%" valign="bottom"> <p align=right>&nbsp;</p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="84%" colspan="3" valign="top"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Item 2.</font></p> </td>
<td width="10%" valign="bottom"> <p align=right>&nbsp;</p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="84%" colspan="3" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="10%" valign="bottom"> <p align=right>&nbsp;</p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="4%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="75%" valign="bottom"> <p><font size="2" face="Times New Roman">
<a href="#tx680_7">Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</a></font></p> </td>
<td width="10%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">9</font></p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="4%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="75%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="10%" valign="bottom"> <p align=right>&nbsp;</p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="84%" colspan="3" valign="top"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Item 3.</font></p> </td>
<td width="10%" valign="bottom"> <p align=right>&nbsp;</p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="84%" colspan="3" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="10%" valign="bottom"> <p align=right>&nbsp;</p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="4%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="75%" valign="bottom"> <p> <font size="2" face="Times New Roman">
<a href="#tx680_8">Quantitative and Qualitative Disclosures about Market Risk</a></font></p> </td>
<td width="10%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">16</font></p> </td> </tr>
<tr>
<td width="5%" valign="top">&nbsp;</td>
<td width="84%" colspan="3" valign="top">&nbsp;</td>
<td width="10%" valign="bottom">&nbsp;</td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="84%" colspan="3" valign="top"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Item 4.</font></p> </td>
<td width="10%" valign="bottom"> <p align=right>&nbsp;</p> </td> </tr>
<tr>
<td width="5%" valign="top" height="21"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="84%" colspan="3" valign="top" height="21"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="10%" valign="bottom" height="21"> <p align=right>&nbsp;</p> </td> </tr>
<tr>
<td width="5%" valign="top" height="23"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="4%" valign="top" height="23"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="5%" valign="top" height="23"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="75%" valign="bottom" height="23"> <p> <font size="2" face="Times New Roman">
<a href="#tx680_8a">Controls and Procedures</a></font></p> </td>
<td width="10%" valign="bottom" height="23"> <p align=right> <font size="2" face="Times New Roman">16</font></p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="4%" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="75%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="10%" valign="bottom"> <p align=right>&nbsp;</p> </td> </tr>
<tr>
<td width="89%" colspan="4" valign="top"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">
<a href="#tx680_9">PART II - OTHER INFORMATION</a></font></p> </td>
<td width="10%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">18</font></p> </td> </tr>
<tr>
<td width="89%" colspan="4" valign="top"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="10%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td> </tr>
<tr>
<td width="89%" colspan="4" valign="top"> <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">
<a href="#tx680_10">SIGNATURES AND CERTIFICATIONS</a></font></p> </td>
<td width="10%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">19</font></p> </td> </tr> </table>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p>
<a name="tx680_1"></a> <font size="2" face="Times New Roman"><b><u>PART I.&#160; FINANCIAL INFORMATION</u></b></font></p> <p> <font size="2" face="Times New Roman"><b>Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<a name="tx680_2"></a>FINANCIAL STATEMENTS</b></font></p> <p align="center"> <font size="2" face="Times New Roman"><b>AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES<br>
<a name="tx680_3"></a>CONSOLIDATED STATEMENTS OF OPERATIONS<br> (In thousands except per share amounts)</b></font></p> <p align="center"> <font size="2" face="Times New Roman">(Unaudited)</font></p>
<table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="18%" colspan="5" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>For the three months<br> ended March 31</b></font></p> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="18%" colspan="5" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="8%" colspan="2" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>2003</b></font></p> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="8%" colspan="2" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>2002</b></font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Net sales</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">27,342</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">19,018</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Cost of sales</font></p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">15,974</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">11,312</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:3em; text-indent:-1em"><font size="2" face="Times New Roman">Gross profit</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">11,368</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">7,706</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Operating expenses</font></p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">9,291</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">6,230</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Operating income</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">2,077</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">1,476</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Interest expense - net</font></p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">117</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">197</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Income before income tax</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">1,960</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">1,279</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Income taxes</font></p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">736</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">480</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:3em; text-indent:-1em"><font size="2" face="Times New Roman">Net income</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">1,224</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">799</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:3em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Earnings per common share (notes 3 &amp; 4)</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">.21</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">.14</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Earnings per common share - assuming dilution (notes 3 &amp; 4)</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">.20</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">.13</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Weighted average shares outstanding (notes 3 &amp; 4)</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">5,826</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">5,729</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Weighted average shares outstanding - assuming dilution (notes 3 &amp; 4)</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">6,090</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">5,995</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr> </table> <p align="center"><font size="2" face="Times New Roman">1</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align="center"> <font size="2" face="Times New Roman"><b>AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES<br>
<a name="tx680_4"></a>CONSOLIDATED BALANCE SHEETS&#160; <br> (In thousands)</b></font></p> <p align="center"> <font size="2" face="Times New Roman"><b><u>ASSETS</u></b>&nbsp;(note 5)</font></p>
<table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="79%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="8%" colspan="2" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>March 31,<br> 2003</b></font></p> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="8%" colspan="2" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>Dec. 31,<br> 2002</b></font></p> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td> </tr>
<tr>
<td width="79%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td> </tr>
<tr>
<td width="79%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="8%" colspan="2" valign="bottom"> <p align="center"><font size="1" face="Times New Roman"><b>(Unaudited)</b></font></p> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="8%" colspan="2" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>(Note)</b></font></p> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td> </tr>
<tr>
<td width="79%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Current assets:</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="79%" valign="bottom"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Cash</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">344</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">3,275</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="79%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Receivables:</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="79%" valign="bottom"> <p style="margin-left:5em; text-indent:-1em"><font size="2" face="Times New Roman">Trade</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">31,762</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">16,975</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="79%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:5em; text-indent:-1em"> <font size="2" face="Times New Roman">Other</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">343</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">219</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="79%" valign="bottom"> <p style="margin-left:5em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="79%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">32,105</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">17,194</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="79%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="79%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Inventories</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">24,469</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">21,228</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="79%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Prepaid expenses</font></p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">879</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">870</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="79%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Deferred tax asset</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">289</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">289</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="79%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Income tax benefit</font></p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">562</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">918</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="79%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="79%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:7em; text-indent:-1em"> <font size="2" face="Times New Roman">Total current assets</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">58,648</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">43,774</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="79%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Property, plant and equipment, net (note 2)</font></p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">21,797</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">19,984</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="79%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Land held for development</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">211</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">211</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="79%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Intangible assets</font></p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">16,741</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">10,878</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="79%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Other assets</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">576</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">601</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="79%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="79%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">$</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">97,973</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">75,448</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="79%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr> </table> <p align="center"> <font size="2" face="Times New Roman">2</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align="center"> <font size="2" face="Times New Roman"><b>AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES<br> CONSOLIDATED BALANCE SHEETS<br> (In thousands)</b></font></p> <p align="center"> <font size="2"
face="Times New Roman"><b><u>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</u></b></font></p>
<table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="74%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="11%" colspan="2" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>March 31,<br> 2003</b></font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="11%" colspan="2" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>Dec. 31,<br> 2002</b></font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="11%" colspan="2" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="11%" colspan="2" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="11%" colspan="2" valign="bottom"> <p align="center"><font size="1" face="Times New Roman"><b>(Unaudited)</b></font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=center><font size="1" face="Times New Roman"><b>(Note)</b></font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Current liabilities:</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Current installments of long-term debt</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">4,824</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">1,949</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:3em; text-indent:-1em"><font size="2" face="Times New Roman">Accounts payable</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">12,129</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">5,159</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Accrued program costs</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">6,310</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">4,875</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Accrued expenses and other payables</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">2,604</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">2,714</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Accrued royalty obligations</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">1,308</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">1,215</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="9%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="9%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:5em; text-indent:-1em"><font size="2" face="Times New Roman">Total current liabilities</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">27,175</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">15,912</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Long-term debt, excluding current installments</font></p> </td>
<td width="1%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">28,172</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">17,765</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Deferred income taxes</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">1,528</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">1,528</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="9%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="9%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:5em; text-indent:-1em"><font size="2" face="Times New Roman">Total liabilities</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">56,875</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">35,205</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="9%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="9%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Stockholders&#146; Equity:</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom"> <p style="margin-left:3em; text-indent:-1em"><font size="2" face="Times New Roman">Preferred stock, $.10 par value per share. Authorized 400,000 shares;&nbsp;none issued</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Common stock, $.10 par value per share.&nbsp;Authorized 10,000,000 shares; issued 6,367,477 shares</font></p>
</td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">636</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">636</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Additional paid-in capital</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">9,611</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">9,494</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Accumulated other comprehensive income</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">(255</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">)</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">(272</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">)</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom"> <p style="margin-left:3em; text-indent:-1em"><font size="2" face="Times New Roman">Retained earnings</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">33,342</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">32,621</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="9%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="9%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">43,334</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">42,479</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Less treasury stock at cost, 539,833&nbsp;shares at March 31, 2003 and December 31, 2002.</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">2,236</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">2,236</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="9%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="9%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:5em; text-indent:-1em"><font size="2" face="Times New Roman">Total stockholders&#146; equity</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">41,098</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">40,243</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="9%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="9%"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">97,973</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">75,448</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="74%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%"> <hr size="3" width="100%" noshade color=black> </td>
<td width="9%"> <hr size="3" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="2%"> <hr size="3" width="100%" noshade color=black> </td>
<td width="9%"> <hr size="3" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr> </table> <p align="center"><font size="2" face="Times New Roman">See notes to consolidated financial statements.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note: The balance sheet at December 31, 2002 has been derived from the audited financial statements at that date.</font></p> <p align="center"> <font size="2"
face="Times New Roman">3</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align="center"> <font size="2" face="Times New Roman"><b>AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES<br>
<a name="tx680_5"></a>CONSOLIDATED STATEMENTS OF CASH FLOWS<br> (In thousands)</b></font></p> <p align="center"> <font size="2" face="Times New Roman">For The Three Months Ended March 31, 2003 and 2002</font></p> <p align="center"> <font size="2"
face="Times New Roman">(Unaudited)</font></p>
<table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman"><b>Increase (decrease) in cash</b></font></p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="8%" colspan="2" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>2003</b></font></p> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="8%" colspan="2" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>2002</b></font></p> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Cash flows from operating activities:</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Net income</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">1,224</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">799</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Adjustments to reconcile net income loss to net cash used in operating activities:</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:5em; text-indent:-1em"> <font size="2" face="Times New Roman">Depreciation and amortization</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">761</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">507</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:5em; text-indent:-1em"><font size="2" face="Times New Roman">Changes in assets and liabilities associated with operations:</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:7em; text-indent:-1em"> <font size="2" face="Times New Roman">Increase in receivables</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">(14,911</font></p> </td>
<td width="2%" valign="bottom"> <p> <font size="2" face="Times New Roman">)</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">(3,899</font></p> </td>
<td width="1%" valign="bottom"> <p> <font size="2" face="Times New Roman">)</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:7em; text-indent:-1em"> <font size="2" face="Times New Roman">Decrease (increase) in inventories</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">(3,241</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">)</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">1,031</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:7em; text-indent:-1em"><font size="2" face="Times New Roman">Decrease (increase) in prepaid expenses and other current assets</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">347</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">(59</font></p> </td>
<td width="1%" valign="bottom"> <p> <font size="2" face="Times New Roman">)</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:7em; text-indent:-1em"> <font size="2" face="Times New Roman">Increase (decrease) in accounts payable</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">6,971</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">(2,951</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">)</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:7em; text-indent:-1em"> <font size="2" face="Times New Roman">Increase (decrease) in other payables and accrued expenses</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">914</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">(1,252</font></p> </td>
<td width="1%" valign="bottom"> <p> <font size="2" face="Times New Roman">)</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:9em; text-indent:-1em"><font size="2" face="Times New Roman">Net cash used in operating activities</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">(7,935</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">)</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">(5,824</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">)</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Cash flows from investing activities:</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Capital expenditures</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">(2,323</font></p> </td>
<td width="2%" valign="bottom"> <p> <font size="2" face="Times New Roman">)</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">(2,560</font></p> </td>
<td width="1%" valign="bottom"> <p> <font size="2" face="Times New Roman">)</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Additions to intangible assets</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">(3,314</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">)</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:3em; text-indent:-1em"><font size="2" face="Times New Roman">Net decrease (increase) in other noncurrent assets</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">26</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">(340</font></p> </td>
<td width="1%" valign="bottom"> <p> <font size="2" face="Times New Roman">)</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:9em; text-indent:-1em"> <font size="2" face="Times New Roman">Net cash used in investing activities</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">(5,611</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">)</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">(2,900</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">)</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr> </table> <p align="center"><font size="2" face="Times New Roman">(Continued)</font></p> <p align="center"> <font size="2"
face="Times New Roman">4</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align="center"> <font size="2" face="Times New Roman"><b>AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES<br> CONSOLIDATED STATEMENTS OF CASH FLOWS, CONTINUED<br> </b>(In thousands)</font></p> <p align="center">
<font size="2" face="Times New Roman">For The Three Months Ended March 31, 2003 and 2002</font></p> <p align="center"> <font size="2" face="Times New Roman">(Unaudited)</font></p>
<table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="8%" colspan="2" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>2003</b></font></p> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="8%" colspan="2" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>2002</b></font></p> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Cash flows from financing activities:</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Net borrowings under line of credit agreement</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">10,500</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">8,800</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Principal payments on long-term debt</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">(18</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">)</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">(98</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">)</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:3em; text-indent:-1em"><font size="2" face="Times New Roman">Exercise of stock options</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">116</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Purchase of treasury stock</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">(19</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">)</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:5em; text-indent:-1em"> <font size="2" face="Times New Roman">Net cash provided by financing activities</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">10,598</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">8,683</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:5em; text-indent:-1em"><font size="2" face="Times New Roman">Net (decrease) increase in cash</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">(2,948</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">)</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">(41</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">)</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Cash at beginning of year</font></p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">3,275</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">853</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Effect of exchange rate changes on cash</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">17</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Cash at end of period</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">344</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="7%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">812</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="78%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="7%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr> </table> <p><font size="2" face="Times New Roman"><b>Supplemental schedule of non-cash investing and financial activities:</b></font></p> <p>
<font size="2" face="Times New Roman">On March 19, 2003, the Company announced that the Board of Directors declared a cash dividend of $.13 per share ($.087 as adjusted for a 3-for-2 stock split) as well as a 3-for-2 stock split.&#160; Both
dividends will be distributed on April 11, 2003 to stockholders of record at the close of business on March 28, 2003.&#160; The cash dividend will be paid on the number of shares outstanding prior to the 3-for-2 stock split.&#160; Stockholders
entitled to fractional shares resulting from the stock split will receive cash in lieu of such fractional share based on the closing price of the Company&#146;s stock on March 28, 2003.&#160; Cash dividends to be paid April 11, 2003, will total
approximately $504,000.</font></p> <p> <font size="2" face="Times New Roman">During the quarter ended March 31, 2003, the Company completed the acquisition of six product lines, one related to the herbicide business and five related to a pre-harvest
crop protection business.&#160; In connection with these acquisitions, the Company recorded intangible assets in the amount of $6,114,000 (and a corresponding debt obligation of $2,800,000), of which $3,314,000 was paid during the period.</font></p>
<p> <font size="2" face="Times New Roman">On March 18, 2002, the Company announced that its Board of Directors declared a cash dividend of $.14 per share ($.07 as adjusted for the 3-for-2 stock split and 4-for-3 stock split of April 2003 and April
2002, respectively) as well as a 4-for-3 stock split.&#160;&#160; Both dividends were distributed on April 12, 2002 to stockholders of record at the close of business on March 29, 2002. The cash dividend was paid on the number of shares outstanding
prior to the 4-for-3 stock split.&#160; Stockholders entitled to fractional shares resulting from the stock dividend&#160; received cash in lieu of such fractional share based on the closing price of the Company&#146;s stock on March 29, 2002.&#160;
Cash dividends paid April 12, 2002 totaled $404,000.</font></p> <p align="center"> <font size="2" face="Times New Roman">See notes to consolidated financial statements.</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note: The balance sheet at December 31, 2002 has been derived from the audited financial statements at that date.</font></p> <p align="center"><font size="2"
face="Times New Roman">5</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align="center"> <font size="2" face="Times New Roman"><b>AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES</b></font></p> <p align="center">
<a name="tx680_6"></a> <font size="2" face="Times New Roman"><b>Notes to Consolidated Financial Statements</b></font></p> <p align="center"> <font size="2" face="Times New Roman">(Columnar Numbers in thousands except for share data)<br>
(Unaudited)</font></p>
<table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="5%" valign="top"> <p> <font size="2" face="Times New Roman">1.</font></p> </td>
<td width="95%" valign="top"> <p> <font size="2" face="Times New Roman">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.&#160; Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.&#160; In the
opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation, have been included.&#160; Operating results for the three months ended March 31, 2003 are not necessarily indicative of
the results that may be expected for the year ending December 31, 2003&#160; For further information, refer to the consolidated financial statements and footnotes thereto, included in the Company&#146;s Annual Report on Form 10-K for the year ended
December 31, 2002</font></p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="95%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p> <font size="2" face="Times New Roman">2.</font></p> </td>
<td width="95%" valign="top"> <p> <font size="2" face="Times New Roman">Property, plant and equipment at March 31, 2003 and December 31, 2002 consists of the following:</font></p> </td> </tr> </table> <BR>
<table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="90%">
<tr>
<td width="73%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="10%" colspan="2" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>March 31,<br> 2003</b></font></p> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="10%" colspan="2" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>December 31,<br> 2002</b></font></p> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td> </tr>
<tr>
<td width="73%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="9%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="9%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="73%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Land</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">2,441</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">2,441</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="73%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Buildings and improvements</font></p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">4,792</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">4,792</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="73%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Machinery and equipment</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">27,921</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">25,922</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="73%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Office furniture and fixtures</font></p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">2,542</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">2,538</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="73%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Automotive equipment</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">124</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">124</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="73%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Construction in progress</font></p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">11,474</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">11,154</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="73%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="9%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="9%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="73%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right><font size="2" face="Times New Roman">49,294</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">46,971</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="73%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Less accumulated depreciation</font></p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">27,497</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="9%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">26,987</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="73%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="9%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="9%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="73%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">21,797</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="9%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">19,984</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="73%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="9%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="9%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr> </table> <BR>
<table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="5%" valign="top"> <p> <font size="2" face="Times New Roman">3.</font></p> </td>
<td width="95%" valign="top"> <p> <font size="2" face="Times New Roman">On March 19, 2003, the Company announced that the Board of Directors declared a cash dividend of $.13 per share ($.087 as adjusted for a 3-for-2 stock split) as well as a
3-for-2 stock split.&#160; Both dividends will be distributed on April 11, 2003 to stockholders of record at the close of business on March 28, 2003.&#160; The cash dividend will be paid on the number of shares outstanding prior to the 3-for-2 stock
split.&#160; Stockholders entitled to fractional shares resulting from the stock split will receive cash in lieu of such fractional share based on the closing price of the Company&#146;s stock on March 28, 2003.&#160; Accordingly, all weighted
average share and per share amounts have been restated to reflect the stock split.</font></p> </td> </tr> </table> <p align="center"> <font size="2" face="Times New Roman">6</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align="center"> <font size="2" face="Times New Roman"><b>AMERICAN VANGUARD CORPORATION AND SUBSIDIARIES</b></font></p>
<table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="5%" valign="top"> <p> <font size="2" face="Times New Roman">4.</font></p> </td>
<td width="95%" valign="top"> <p> <font size="2" face="Times New Roman">Statement of Financial Accounting Standards (&#147;SFAS&#148;) No. 128, Earnings Per Share (&#147;EPS&#148;) requires dual presentation of basic EPS and diluted EPS on the face
of all income statements.&#160; Basic EPS is computed as net income divided by the weighted average number of shares of common stock outstanding during the period.&#160; Diluted EPS reflects potential dilution that could occur if securities or other
contracts, which, for the Company, consists of options to purchase shares of the Company&#146;s common stock are exercised.</font></p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="95%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="95%" valign="top"> <p><font size="2" face="Times New Roman">The components of basic and diluted earnings per share were as follows:</font></p> </td> </tr> </table> <BR>
<table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="90%">
<tr>
<td width="76%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="19%" colspan="5" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>Three Months Ended<br> March 31</b></font></p> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td> </tr>
<tr>
<td width="76%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="19%" colspan="5" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td> </tr>
<tr>
<td width="76%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="9%" colspan="2" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>2003</b></font></p> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="9%" colspan="2" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>2002</b></font></p> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td> </tr>
<tr>
<td width="76%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="8%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="8%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p align="center">&nbsp;</p> </td> </tr>
<tr>
<td width="76%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"><font size="2" face="Times New Roman">Numerator:</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="8%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="8%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="76%" valign="bottom"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Net income</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="8%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">1,224</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p> <font size="2" face="Times New Roman">$</font></p> </td>
<td width="8%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">799</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="76%" valign="bottom"> <p style="margin-left:3em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="8%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="8%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="76%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em"> <font size="2" face="Times New Roman">Denominator:</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="8%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="8%" valign="bottom" bgcolor="#cceeff"> <p align=right>&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="76%" valign="bottom"> <p style="margin-left:3em; text-indent:-1em"><font size="2" face="Times New Roman">Weighted averages shares outstanding</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="8%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">5,826</font></p> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="8%" valign="bottom"> <p align=right> <font size="2" face="Times New Roman">5,729</font></p> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="76%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:3em; text-indent:-1em"> <font size="2" face="Times New Roman">Assumed exercise of stock options</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="8%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">264</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="8%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">266</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="76%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="8%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="8%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="76%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="8%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">6,090</font></p> </td>
<td width="2%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="8%" valign="bottom" bgcolor="#cceeff"> <p align=right> <font size="2" face="Times New Roman">5,995</font></p> </td>
<td width="1%" valign="bottom" bgcolor="#cceeff"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="76%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="2%" valign="bottom"> <p style="margin-left:1em; text-indent:-1em">&nbsp;</p> </td>
<td width="1%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="8%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="2%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="1%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="8%" valign="bottom"> <hr size="3" width="100%" noshade color=black> </td>
<td width="1%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr> </table> <BR>
<table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="5%" valign="top"> <p> <font size="2" face="Times New Roman">5.</font></p> </td>
<td width="95%" valign="top"> <p> <font size="2" face="Times New Roman">Substantially all of the Company&#146;s assets not otherwise specifically pledged as collateral on existing loans and capital leases, are pledged as collateral under the
Company&#146;s credit agreement with a bank.&#160; As referenced in note 1, for further information, refer to the consolidated financial statements and footnotes thereto (specifically note 3) included in the Company&#146;s Annual Report on Form 10-K
for the year ended December 31, 2002</font></p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="95%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p> <font size="2" face="Times New Roman">6.</font></p> </td>
<td width="95%" valign="top"> <p> <font size="2" face="Times New Roman">Reclassification - Certain items have been reclassified in the prior period consolidated financial statements to conform with the March 31, 2003 presentation.</font></p> </td>
</tr>
<tr>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="95%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p> <font size="2" face="Times New Roman">7.</font></p> </td>
<td width="95%" valign="top"> <p> <font size="2" face="Times New Roman">Recent Accounting Pronouncements - In June 2001, the Financial Accounting Standards Board (&#147;FASB&#148;) issued SFAS No.&#160; 143, <i>Accounting for Asset Retirement
Obligations</i> (&#147;SFAS 143&#148;), effective January 2003.&#160; SFAS 143 requires legal obligations associated with the retirement of long-lived assets to be recognized at their fair value at the time that the obligations are incurred.&#160;
Upon initial recognition of a liability, that cost should be capitalized as part of the related long-lived asset and allocated to expense over the estimated useful life of the asset.&#160; The Company adopted SFAS 143 on January 1, 2003, and does
not believe that the adoption had a material impact on the Company&#146;s financial statements.</font></p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="95%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="5%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="95%" valign="top"> <p><font size="2" face="Times New Roman">In July 2002, the FASB issued SFAS No. 146, <i>Accounting for Costs Associated with Exit or Disposal Activities</i> (&#147;SFAS 146&#148;), effective for exit or disposal
activities initiated after December</font></p> </td> </tr> </table> <p align="center"> <font size="2" face="Times New Roman">7</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

<table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="4%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td valign="top" colspan="9"> <p> <font size="2" face="Times New Roman">31, 2002.&#160; SFAS 146 addresses the financial accounting and reporting for certain costs associated with exit or disposal activities, including restructuring actions.&#160;
SFAS 146 excludes from its scope severance benefits that are subject to an on-going benefit arrangement governed by SFAS 112, Employer&#146;s Accounting for Post employment Benefits, and asset impairments governed by SFAS 144, Accounting for the
Impairment or Disposal of Long-Lived Assets.&#160; The Company does not believe that the adoption of SFAS 146 will have a material impact on the Company&#146;s financial statements.</font></p> </td> </tr>
<tr>
<td width="4%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td valign="top" colspan="9"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="4%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td valign="top" colspan="9"> <p><font size="2" face="Times New Roman">In November 2002, the FASB issued FASB Interpretation No. 45, <i>Guarantor&#146;s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of
Indebtedness of Others</i>. This Interpretation elaborates on the disclosures to be made by a guarantor in its interim and annual financial statements about its obligations under certain guarantees that it has issued. It also clarifies that a
guarantor is required to recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. The disclosure requirements of this Interpretation are currently effective and did not impact
the Company's financial position and results of operations. The initial recognition and initial measurement provisions of this Interpretation are applicable on a prospective basis to guarantees issued or modified after December 31, 2002.</font></p>
</td> </tr>
<tr>
<td width="4%" valign="top">&nbsp;</td>
<td valign="top" colspan="9">&nbsp;</td> </tr>
<tr>
<td width="4%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td valign="top" colspan="9"> <p> <font size="2" face="Times New Roman">In December 2002, the FASB issued SFAS No.&nbsp;148, <i>Accounting for Stock Based Compensation &#150; an Amendment of SFAS No. 123</i> (&#147;SFAS 148&#148;). This statement
amends SFAS No.&nbsp;123 to provide alternative methods of transition for a voluntary change to the fair value based method of accounting for stock-based employee compensation. In addition, this statement amends the disclosure requirements of SFAS
No.&nbsp;123 to require prominent disclosures in both annual and interim financial statements about the method of accounting for stock-based employee compensation and the effect of the method used on reported results.&#160; The Company adopted SFAS
148 on January&nbsp;1, 2003, and does not believe that the adoption had a material impact on the Company&#146;s financial statements.</font></p> </td> </tr>
<tr>
<td width="4%" valign="top">&nbsp;</td>
<td valign="top" colspan="9">&nbsp;</td> </tr>
<tr>
<td width="4%" valign="top">&nbsp;</td>
<td valign="top" colspan="9"><font face="Times New Roman, Times, serif" size="2">In January 2003, the FASB issued FASB Interpretation No. 46, <i>Consolidation of Variable Interest Entities (&#147;FIN 46&#148;)</i>. This Interpretation requires that
variable interest entities created after January 31, 2003, and variable interest entities in which an interest is obtained after that date, be evaluated for consolidation into an entity&#146;s financial statements. This Interpretation also applies,
beginning July 1, 2003 for the Company, to all variable interest entities in which an enterprise holds an interest that it acquired before February 1, 2003. We are in the process of evaluating all of our investments and other interests in entities
under the provisions of FIN 46 and have not yet determined the effect of its adoption on our financial position and results of operations. </font></td> </tr>
<tr>
<td width="4%" valign="top" height="15">&nbsp;</td>
<td valign="top" height="15" colspan="9">&nbsp;</td> </tr>
<tr>
<td width="5%" valign="top" height="15"><font size="2" face="Times New Roman">&nbsp;8.</font></td>
<td valign="top" height="15" colspan="9"><font face="ti" size="2">Stock-Based Compensation &#150; SFAS No. 123 &#147;Accounting for Stock-Based Compensation&#148;, allows companies to measure compensation cost in connection with employee share
option plans using a fair value based method or to continue to use an intrinsic value based method as defined by APB No. 25 &#147;Accounting for Stock Issued to Employees&#148;, which generally does not result in a compensation cost. The Company
accounts for stock-based compensation under APB 25, and does not recognize stock-based compensation expense upon the issuance of its stock options because the option terms are fixed and the exercise price equals the market price of the underlying
stock on the grant date. The following table illustrates the effect on net earnings and basic and diluted earnings per share if the Company had recognized compensation expense upon issuance of the options, based on the Black-Scholes option pricing
model: </font></td> </tr>
<tr>
<td width="4%" valign="top" height="15">&nbsp;</td>
<td width="39%" valign="top" height="15">&nbsp;</td>
<td width="10%" valign="top" height="15">&nbsp;</td>
<td colspan="4" valign="top" height="15">&nbsp;</td>
<td width="2%" valign="top" height="15">&nbsp;</td>
<td valign="top" height="15" width="3%">&nbsp;</td>
<td valign="top" height="15" width="18%">&nbsp;</td> </tr>
<tr>
<td width="4%" valign="top" height="15">&nbsp;</td>
<td width="39%" valign="top" height="15">&nbsp;</td>
<td width="10%" valign="top" height="15"><font face="Times New Roman, Times, serif" size="2"></font></td>
<td colspan="4" valign="top" height="15"> <center> <font face="Times New Roman, Times, serif" size="2">March 31, 2003</font> </center> </td>
<td width="2%" valign="top" height="15"><font face="Times New Roman, Times, serif" size="2"></font></td>
<td valign="top" height="15" width="3%"> <div align="right"><font face="Times New Roman, Times, serif"><font face="Times New Roman, Times, serif"><font size="2"><font face="Times New Roman, Times, serif"><font
size="2"></font></font></font></font></font></div> </td>
<td valign="top" height="15" width="18%"> <center> <font face="Times New Roman, Times, serif" size="2">March 31, 2002</font> </center> </td> </tr>
<tr>
<td width="4%" valign="top" height="18">&nbsp;</td>
<td width="39%" valign="top" height="18">&nbsp;</td>
<td width="10%" valign="top" height="18"><font face="Times New Roman, Times, serif" size="2"></font></td>
<td colspan="4" valign="top" height="18"> <hr color=black noshade align="right" width="100%" size="1"> </td>
<td width="2%" valign="top" height="18"> <center> <font face="Times New Roman, Times, serif"><font face="Times New Roman, Times, serif"><font size="2"><font face="Times New Roman, Times, serif"><font size="2"></font></font></font></font></font>
</center> </td>
<td colspan="2" valign="top" height="18"> <hr color=black noshade align="right" width="100%" size="1"> </td> </tr>
<tr>
<td width="4%" valign="top" height="15" bgcolor="#CCEEFF">&nbsp;</td>
<td width="39%" valign="top" height="15" bgcolor="#CCEEFF"><font face="Times New Roman, Times, serif" size="2">Net income</font></td>
<td width="10%" valign="top" height="15" bgcolor="#CCEEFF">&nbsp;</td>
<td valign="top" height="15" colspan="3" bgcolor="#CCEEFF"> <font face="Times New Roman, Times, serif" size="2">$</font></td>
<td valign="top" height="15" width="21%" bgcolor="#CCEEFF"> <div align="right"><font face="Times New Roman, Times, serif" size="2">1,224</font></div> </td>
<td valign="top" height="15" width="2%" bgcolor="#CCEEFF"><font face="Times New Roman, Times, serif" size="2"></font></td>
<td valign="top" height="15" width="3%" bgcolor="#CCEEFF"> <div align="left"><font face="Times New Roman, Times, serif" size="2">$</font></div> </td>
<td valign="top" height="15" width="18%" bgcolor="#CCEEFF"> <div align="right"><font face="Times New Roman, Times, serif" size="2"> 799</font></div> </td> </tr>
<tr>
<td width="4%" valign="top" height="15">&nbsp;</td>
<td width="39%" valign="top" height="15"><font face="Times New Roman, Times, serif" size="2">Employee compensation expense</font></td>
<td width="10%" valign="top" height="15">&nbsp;</td>
<td valign="top" height="15" colspan="3"> <div align="left"><font face="Times New Roman, Times, serif" size="2">$</font></div> </td>
<td valign="top" height="15" nowrap width="21%"> <div align="right"><font face="Times New Roman, Times, serif" size="2">(20)</font></div> </td>
<td valign="top" height="15" width="2%"><font face="Times New Roman, Times, serif" size="2"> </font></td>
<td valign="top" height="15" width="3%"> <div align="left"><font face="Times New Roman, Times, serif" size="2">$</font></div> </td>
<td valign="top" height="15" width="18%"> <div align="right"><font face="ti" size="2"><font face="Times New Roman, Times, serif"><font face="Times New Roman, Times, serif"><font size="2"><font face="Times New Roman, Times, serif"><font
size="2">&#151;</font></font></font></font></font></font></div> </td> </tr>
<tr>
<td width="4%" valign="top" height="23">&nbsp;</td>
<td width="39%" valign="top" height="23">&nbsp;</td>
<td width="10%" valign="top" height="23"><font face="Times New Roman, Times, serif" size="2"></font></td>
<td valign="top" height="23" colspan="4"> <hr color=black noshade align="right" width="100%" size="1"> </td>
<td valign="top" height="23" width="2%"><font face="Times New Roman, Times, serif" size="2"></font></td>
<td valign="top" height="23" colspan="2"> <hr color=black noshade align="right" width="100%" size="1"> </td> </tr>
<tr>
<td width="4%" valign="top" height="25" bgcolor="#CCEEFF">&nbsp;</td>
<td width="39%" valign="top" height="25" bgcolor="#CCEEFF"><font face="Times New Roman, Times, serif" size="2">Pro forma</font></td>
<td width="10%" valign="top" height="25" bgcolor="#CCEEFF">&nbsp;</td>
<td valign="top" height="25" colspan="3" bgcolor="#CCEEFF"> <div align="left"><font face="Times New Roman, Times, serif" size="2">$</font></div> </td>
<td valign="top" height="25" width="21%" bgcolor="#CCEEFF"> <div align="right"><font face="Times New Roman, Times, serif" size="2">1,204</font></div> </td>
<td valign="top" height="25" width="2%" bgcolor="#CCEEFF"><font face="Times New Roman, Times, serif" size="2"></font></td>
<td valign="top" height="25" width="3%" bgcolor="#CCEEFF"> <div align="left"><font face="Times New Roman, Times, serif" size="2">$</font></div> </td>
<td valign="top" height="25" nowrap width="18%" bgcolor="#CCEEFF"> <div align="right"><font face="Times New Roman, Times, serif" size="2">799</font></div> </td> </tr>
<tr>
<td width="4%" valign="top" height="22">&nbsp;</td>
<td width="39%" valign="top" height="22">&nbsp;</td>
<td width="10%" valign="top" height="22"><font face="Times New Roman, Times, serif" size="2"></font></td>
<td valign="top" height="22" colspan="4"> <hr color=black noshade align="right" width="100%" size="3"> </td>
<td valign="top" height="22" width="2%"><font face="Times New Roman, Times, serif" size="2"></font></td>
<td valign="top" height="22" colspan="2"> <hr color=black noshade align="right" width="100%" size="3"> </td> </tr>
<tr>
<td width="4%" valign="top" height="15" bgcolor="#CCEEFF">&nbsp;</td>
<td width="39%" valign="top" height="15" bgcolor="#CCEEFF"><font face="Times New Roman, Times, serif" size="2">Earnings per common share</font></td>
<td width="10%" valign="top" height="15" bgcolor="#CCEEFF">&nbsp;</td>
<td valign="top" height="15" colspan="3" bgcolor="#CCEEFF"> <div align="left"><font face="Times New Roman, Times, serif" size="2">$</font></div> </td>
<td valign="top" height="15" width="21%" bgcolor="#CCEEFF"> <div align="right"><font face="Times New Roman, Times, serif" size="2">.21</font></div> </td>
<td valign="top" height="15" width="2%" bgcolor="#CCEEFF"><font face="Times New Roman, Times, serif" size="2"></font></td>
<td valign="top" height="15" width="3%" bgcolor="#CCEEFF"> <div align="left"><font face="Times New Roman, Times, serif" size="2">$</font></div> </td>
<td valign="top" height="15" width="18%" bgcolor="#CCEEFF"> <div align="right"><font face="Times New Roman, Times, serif" size="2">.14</font></div> </td> </tr>
<tr>
<td width="4%" valign="top" height="31">&nbsp;</td>
<td width="39%" valign="top" height="31">&nbsp;</td>
<td width="10%" valign="top" height="31"><font face="Times New Roman, Times, serif" size="2"></font></td>
<td valign="top" height="31" colspan="4"> <hr color=black noshade align="right" width="100%" size="3"> </td>
<td valign="top" height="31" width="2%"><font face="Times New Roman, Times, serif" size="2"></font></td>
<td valign="top" height="31" colspan="2"> <hr color=black noshade align="right" width="100%" size="3"> </td> </tr>
<tr>
<td width="4%" valign="top" height="15" bgcolor="#CCEEFF">&nbsp;</td>
<td width="39%" valign="top" height="15" bgcolor="#CCEEFF"><font face="Times New Roman, Times, serif" size="2">Pro forma</font></td>
<td width="10%" valign="top" height="15" bgcolor="#CCEEFF">&nbsp;</td>
<td valign="top" height="15" colspan="3" bgcolor="#CCEEFF"> <div align="left"><font face="Times New Roman, Times, serif" size="2">$</font></div> </td>
<td valign="top" height="15" width="21%" bgcolor="#CCEEFF"> <div align="right"><font face="Times New Roman, Times, serif" size="2">.21</font></div> </td>
<td valign="top" height="15" width="2%" bgcolor="#CCEEFF"><font face="Times New Roman, Times, serif" size="2"> </font></td>
<td valign="top" height="15" width="3%" bgcolor="#CCEEFF"> <div align="left"><font face="Times New Roman, Times, serif" size="2">$</font></div> </td>
<td valign="top" height="15" width="18%" bgcolor="#CCEEFF"> <div align="right"><font face="Times New Roman, Times, serif" size="2">.14 </font></div> </td> </tr>
<tr>
<td width="4%" valign="top" height="22">&nbsp;</td>
<td width="39%" valign="top" height="22">&nbsp;</td>
<td width="10%" valign="top" height="22"><font face="Times New Roman, Times, serif" size="2"></font></td>
<td valign="top" height="22" colspan="4"> <hr color=black noshade align="right" width="100%" size="3"> </td>
<td valign="top" height="22" width="2%"><font face="Times New Roman, Times, serif" size="2"></font></td>
<td valign="top" height="22" colspan="2"> <hr color=black noshade align="right" width="100%" size="3"> </td> </tr>
<tr>
<td width="4%" valign="top" height="15" bgcolor="#CCEEFF">&nbsp;</td>
<td valign="top" height="15" width="39%" bgcolor="#CCEEFF"><font face="Times New Roman, Times, serif" size="2">Earnings per common share&#150;assuming dilution</font></td>
<td valign="top" height="15" width="10%" bgcolor="#CCEEFF">&nbsp;</td>
<td valign="top" height="15" colspan="3" bgcolor="#CCEEFF"> <div align="left"><font face="Times New Roman, Times, serif" size="2">$</font></div> </td>
<td valign="top" height="15" width="21%" bgcolor="#CCEEFF"> <div align="right"><font face="Times New Roman, Times, serif" size="2">.20</font></div> </td>
<td valign="top" height="15" width="2%" bgcolor="#CCEEFF"><font face="Times New Roman, Times, serif" size="2"></font></td>
<td valign="top" height="15" width="3%" bgcolor="#CCEEFF"> <div align="left"><font face="Times New Roman, Times, serif" size="2">$</font></div> </td>
<td valign="top" height="15" width="18%" bgcolor="#CCEEFF"> <div align="right"><font face="Times New Roman, Times, serif" size="2"> .13 </font></div> </td> </tr>
<tr>
<td width="4%" valign="top" height="26">&nbsp;</td>
<td valign="top" height="26" width="39%">&nbsp;</td>
<td valign="top" height="26" width="10%"><font face="Times New Roman, Times, serif" size="2"></font></td>
<td valign="top" height="26" colspan="4"> <hr color=black noshade align="right" width="100%" size="3"> </td>
<td valign="top" height="26" width="2%"><font face="Times New Roman, Times, serif" size="2"></font></td>
<td valign="top" height="26" colspan="2"> <hr color=black noshade align="right" width="100%" size="3"> </td> </tr>
<tr>
<td width="4%" valign="top" height="23" bgcolor="#CCEEFF">&nbsp;</td>
<td valign="top" height="23" width="39%" bgcolor="#CCEEFF"><font face="Times New Roman, Times, serif" size="2">Pro forma</font></td>
<td valign="top" height="23" width="10%" bgcolor="#CCEEFF">&nbsp;</td>
<td valign="top" height="23" colspan="3" bgcolor="#CCEEFF"> <div align="left"><font face="Times New Roman, Times, serif" size="2">$</font></div> </td>
<td valign="top" height="23" width="21%" bgcolor="#CCEEFF"> <div align="right"><font face="Times New Roman, Times, serif" size="2">.20</font></div> </td>
<td valign="top" height="23" width="2%" bgcolor="#CCEEFF"><font face="Times New Roman, Times, serif" size="2"> </font></td>
<td valign="top" height="23" width="3%" bgcolor="#CCEEFF"> <div align="left"><font face="Times New Roman, Times, serif" size="2">$</font></div> </td>
<td valign="top" height="23" width="18%" bgcolor="#CCEEFF"> <div align="right"><font face="Times New Roman, Times, serif" size="2"> .13</font></div> </td> </tr>
<tr>
<td width="4%" valign="top" height="11"> <p>&nbsp;</p> </td>
<td valign="top" height="11" width="39%">&nbsp;</td>
<td valign="top" height="11" width="10%"> <p><font face="ti" size="2"><font face="Times New Roman, Times, serif"><font face="Times New Roman, Times, serif"><font size="2"><font face="Times New Roman, Times, serif"><font
size="2"></font></font></font></font></font> </font></p> </td>
<td valign="top" height="11" colspan="4"> <hr color=black noshade align="right" width="100%" size="3"> </td>
<td valign="top" height="11" width="2%"><font face="Times New Roman, Times, serif" size="2"></font></td>
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 <p> <font size="2" face="Times New Roman"><b>Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<a name="tx680_7"></a>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</b></font></p> <p> <font size="2" face="Times New Roman"><b><u>FORWARD-LOOKING STATEMENTS/RISK FACTORS:</u></b></font></p> <p> <font
size="2" face="Times New Roman">The Company, from time-to-time, may discuss forward-looking statements including assumptions concerning the Company&#146;s operations, future results and prospects.&#160; These forward-looking statements are based on
current expectations and are subject to a number of risks, uncertainties and other factors.&#160; In connection with the Private Securities Litigation Reform Act of 1995, the Company provides the following cautionary statements identifying important
factors which, among other things, could cause the actual results and events to differ materially from those set forth in or implied by the forward-looking statements and related assumptions contained in the entire Report.&#160; Such factors
include, but are not limited to: product demand and market acceptance risks; the effect of economic conditions; weather conditions; changes in regulatory policy; the impact of competitive products and pricing; changes in foreign exchange rates;
product development and commercialization difficulties; capacity and supply constraints or difficulties; availability of capital resources general business regulations, including taxes and other risks as detailed from time-to-time in the
Company&#146;s reports and filings filed with the U.S. Securities and Exchange Commission.&#160; It is not possible to foresee or identify all such factors.&#160; The Company makes no commitment to update any forward-looking statement or to disclose
any facts, events, or circumstances after the date hereof that may affect the accuracy of any forward-looking statement.&#160; For more detailed information, refer to Item 7, Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operation, Risk Factors, in the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2002.</font></p> <p> <font size="2" face="Times New Roman"><b><u>RESULTS OF OPERATIONS</u></b></font></p> <p> <font size="2"
face="Times New Roman"><b><u>Quarter Ended March 31:</u></b></font></p> <p><font size="2" face="Times New Roman">The Company reported net income of $1,224,000 or $.20 per diluted share in the quarter ended March 31, 2003 as compared to $799,000 or
$.13 per diluted share for the same period in 2002.</font></p> <p> <font size="2" face="Times New Roman">Net sales increased by 44% or $8,324,000 to $27,342,000 for quarter ended March 31, 2003 from $19,018,000 for the same period in 2002.&#160; A
significant portion of the sales increase came from the Company&#146;s corn soil insecticides combined with the Smartbox&#174; delivery system.</font></p> <p align="center"> <font size="2" face="Times New Roman">9</font></p>

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 <p> <font size="2" face="Times New Roman">The gross profit margin for the quarter ended March 31, 2003 remained relatively unchanged at 42% as compared to 41% for the same period in 2002.</font></p> <p> <font size="2"
face="Times New Roman">Operating expenses, which are net of other income, increased by $3,061,000 to $9,291,00 for the quarter ended March 31, 2003 as compared to $6,230,000 for the same period in 2002.&#160; The differences in operating expenses by
specific departmental costs are as follows:</font></p>
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<td width="95%" valign="top"> <p> <font size="2" face="Times New Roman">Selling expenses increased by $1,437,000 or 57% to $3,945,000 for the quarter ended March 31, 2003&#160; from $2,508,000 for the same period in 2002.&#160;Programs and related
costs accounted for 61% of the increase while increases in insurance costs, payroll, payroll related costs and marketing and promotional costs accounted for 12%, 7% and 6%, respectively, of the increase with increases in other variable costs
accounting for the balance. </font></p> </td> </tr> </table> <BR>
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<td width="95%" valign="top"> <p> <font size="2" face="Times New Roman">General and administrative expenses increased by $298,000 or 18% to $1,996,000 for the quarter ended March 31, 2003 as compared to $1,698,000 for the same period in 2002.&#160;
Increased costs related to the amortization of newly acquired product lines, increased outside professional fees and payroll and payroll related costs accounted for the increase.</font></p> </td> </tr>
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<tr>
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<td width="95%" valign="top"> <p> <font size="2" face="Times New Roman">Research and product development costs and regulatory registration expenses increased by $831,000 or 85% to $1,814,000 for the quarter ended March, 2003 as compared to $983,000
for the same period in 2002.&#160; The increase was due to increased costs incurred to generate scientific data related to the registration and possible new uses of the Company&#146;s products. Most of the increase were costs related to scientific
data generation for the international marketplace. The Company expects that its investment in data generation related to the international marketplace will continue and it will protect the Company&#146;s ability to sell into the export market.
</font></p> </td> </tr>
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<tr>
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<td width="95%" valign="top"> <p> <font size="2" face="Times New Roman">Freight, delivery, storage and warehousing increased by $495,000 or 48% to $1,535,000 for the quarter ended March 31, 2003 as compared to $1,040,000 for the same period in
2002.&#160; The increase was related to increased sales.</font></p> </td> </tr> </table> <p align="center"><font size="2" face="Times New Roman">10</font></p>

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 <p> <font size="2" face="Times New Roman">Interest costs before capitalized interest and interest income were $267,000 during the quarter ended March 31, 2003 as compared to $204,000 for same period in 2002.&#160; The
Company&#146;s average overall debt for the quarter ended March 31, 2003 was $23,286,000 as compared to $13,644,000 for the same period in 2002.&#160; The higher overall debt levels accounted for the higher gross interest costs.&#160; The Company
capitalized $142,000 of interest costs related to construction in progress during the first quarter ended March 31, 2003 as compared to no capitalized interest in the same period of 2002.</font></p> <p> <font size="2" face="Times New Roman">Weather
patterns can have an impact on the Company&#146;s operations.&#160; Weather conditions influence pest population by impacting gestation cycles for particular pests and the effectiveness of some of the Company&#146;s products, among other
factors.&#160; The end user of some of the Company&#146;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&#146;s
products.</font></p> <p> <font size="2" face="Times New Roman">Because of elements inherent to the Company&#146;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&#146;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.&#160; The primary reason is that the use cycles do not necessarily coincide with financial reporting cycles.&#160; The combination of variable revenue streams, and changing product mixes, results in
varying quarterly levels of profitability.</font></p> <p> <font size="2" face="Times New Roman"><b><u>LIQUIDITY AND CAPITAL RESOURCES</u></b></font></p> <p> <font size="2" face="Times New Roman">The Company used $7,935,000 in operating activities
for the three months ended March 31, 2003.&#160; Net income of $1,244,000, non-cash depreciation and amortization of $761,000, a decrease of $347,000 in prepaid expenses, an increase of $6,971,000 in accounts payable and an increase of $894,000 in
other payables and accrued expenses provided $10,217,000 of cash for operations.&#160; This was more than offset by increases in receivables and inventory of $14,911,000 and $3,241,000, respectively; which used $18,152,000 in operating
activities.</font></p> <p><font size="2" face="Times New Roman">The Company used $5,611,000 in investing activities during the first quarter ended March 31, 2003.&#160; It invested $6,114,000 in the acquisition of new products (of which, $3,314,000
was disbursed in cash) and $2,323,000 in capital expenditures while other noncurrent assets declined by $26,000.</font></p> <p> <font size="2" face="Times New Roman">Financing activities provided $10,598,000 for the first three months of 2003.&#160;
Net borrowings under the Company&#146;s fully-secured </font></p> <p align="center"> <font size="2" face="Times New Roman">11</font></p>

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 <p> <font size="2" face="Times New Roman">revolving line of credit increased by $10,500,000.&#160; The Company made payments of its long-term debt of $18,000 and received $116,000 from the issuance of common
stock.</font></p> <p> <font size="2" face="Times New Roman">In May 2001, the Company announced that Amvac Chemical Corporation, a wholly-owned subsidiary of the Company, completed the acquisition of a manufacturing facility from E.I. Du Pont de
Nemours and Company (&#147;DuPont&#148;).&#160; The facility, termed Amvac Axis, Alabama (&#147;AAA&#148;) is one of three such units located on DuPont&#146;s five hundred and ten acre complex in Axis, Alabama.&#160; The&#160; acquisition of AAA
consisted of a long-term ground lease of twenty-five acres and the purchase of all improvements thereon.&#160; AAA is a multipurpose plant designed primarily to manufacture pyrethroids and organophosphates, including Fortress&#174;, a corn soil
insecticide that the Company purchased from DuPont in 2000.&#160; The acquisition of AAA significantly increased the Company&#146;s capacity while also providing flexibility and geographic diversity.&#160; Management believes, as the Company looks
to acquire additional product lines, AAA will allow the Company to produce compounds that could not be manufactured at the Company&#146;s Los Angeles (Commerce, California) facility and will further complement the Company&#146;s toll manufacturing
capabilities.&#160; The Company began the commissioning phase of AAA during the third quarter of 2001 and, for the most part, completed the re-commissioning the latter part of 2002.&#160; The Company intends to focus its efforts, in addition to
acquiring new product lines and expanding the use of its current products, on discussions with companies that in this time of consolidation in the Company&#146;s industry, may be interested in utilizing the Company&#146;s toll manufacturing
capabilities of AAA.&#160; </font></p> <p><font size="2" face="Times New Roman">In May 2002, the Company entered into a new $45,000,000 fully-secured long-term credit agreement.&#160; The Company&#146;s primary bank (the &#147;Bank&#148;) acted as
sole administrative agent arranger and syndication agent.&#160; The Bank syndicated the new credit facility with another bank.&#160; The $45,000,000 credit facility consists of a senior secured revolving line of credit of $35,000,000 and a
$10,000,000 senior secured term loan.&#160; The borrowings under the credit agreement bear interest at the prime rate (&#147;Referenced Loans&#148;), or at the Company&#146;s option, a fixed rate of interest offered by the Bank (&#147;Fixed
Loans&#148;) for terms of one, two, three, six, nine or twelve months.&#160; Interest on the Referenced Loans are payable quarterly, in arrears, on the last day of each March, June, September, and December, and on the maturity date of such loan in
the amount of interest then accrued but unpaid.&#160; Interest on the Fixed Loans are payable on the last day of the interest period, provided that, with an interest period longer than three months, interest is payable on the last day of each
three-month period after the commencement of such interest period.&#160; The senior secured revolving line of credit matures on May 31, 2005.&#160; The term loan matures on May 31, 2007.&#160; The principal payments of the term loan are payable in
equal quarterly installments of </font></p> <p align="center"> <font size="2" face="Times New Roman">12</font></p>

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 <p> <font size="2" face="Times New Roman">$625,000 each, on or before the last business day of each February, May, August and November, commencing May 31, 2003 and in one final installment in the amount necessary to
repay the remaining outstanding principal balance of the term loan in full on the maturity date.&#160; The Company had $16,500,000 in availability under its fully-secured revolving line of credit as of March 31, 2003. </font></p> <p> <font size="2"
face="Times New Roman">Management continues to believe, to continue to improve its working capital position, and maintain flexibility in financing interim needs, it will continue to explore alternate sources of financing.</font></p> <p> <font
size="2" face="Times New Roman"><b><u>RECENT ACCOUNTING PRONOUNCEMENTS</u></b></font></p> <p> <font size="2" face="Times New Roman">In June 2001, the Financial Accounting Standards Board (&#147;FASB&#148;) issued SFAS No.&#160; 143, <i>Accounting
for Asset Retirement Obligations</i> (&#147;SFAS 143&#148;), effective January 2003.&#160; SFAS 143 requires legal obligations associated with the retirement of long-lived assets to be recognized at their fair value at the time that the obligations
are incurred.&#160; Upon initial recognition of a liability, that cost should be capitalized as part of the related long-lived asset and allocated to expense over the estimated useful life of the asset.&#160; The Company adopted SFAS 143 on January
1, 2003, and does not believe that the adoption had a material impact on the Company&#146;s financial statements.</font></p> <p><font size="2" face="Times New Roman">In July 2002, the FASB issued SFAS No. 146, <i>Accounting for Costs Associated with
Exit or Disposal Activities</i> (&#147;SFAS 146&#148;), effective for exit or disposal activities initiated after December 31, 2002.&#160; SFAS 146 addresses the financial accounting and reporting for certain costs associated with exit or disposal
activities, including restructuring actions.&#160; SFAS 146 excludes from its scope severance benefits that are subject to an on-going benefit arrangement governed by SFAS 112, Employer&#146;s Accounting for Post employment Benefits, and asset
impairments governed by SFAS 144, Accounting for the Impairment or Disposal of Long-Lived Assets.&#160; The Company does not believe that the adoption of SFAS 146 will have a material impact on the Company&#146;s financial statements.</font></p>
<p><font face="Times New Roman, Times, serif" size="2">In November 2002, the FASB issued FASB Interpretation No. 45, <i>Guarantor&#146;s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of
Others</i>. This Interpretation elaborates on the disclosures to be made by a guarantor in its interim and annual financial statements about its obligations under certain guarantees that it has issued. It also clarifies that a guarantor is required
to recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. The disclosure requirements of this Interpretation are currently effective and did not impact the Company's
financial position and results of operations. The initial recognition and initial measurement provisions of this Interpretation are applicable on a prospective basis to guarantees issued or modified after December 31, 2002. </font></p> <p> <font
size="2" face="Times New Roman">In December 2002, the FASB issued SFAS No.&nbsp;148, <i>Accounting for Stock Based Compensation &#150; an Amendment of SFAS No. 123</i> (&#147;SFAS 148&#148;). This statement amends SFAS No.&nbsp;123 to provide
alternative methods of transition for a voluntary change to the fair value based method of accounting for stock-based employee compensation. In addition, this statement amends the disclosure requirements of SFAS No.&nbsp;123 to require prominent
disclosures in both annual and interim financial statements about the method of accounting for stock-based employee compensation and the effect of the method used on reported results.&#160; The Company adopted SFAS 148 on January&nbsp;1, 2003, and
does not believe that the adoption had a material impact on the Company&#146;s financial statements. </font></p> <p> <font face="Times New Roman, Times, serif" size="2">In January 2003, the FASB issued FASB Interpretation No. 46, <i>Consolidation of
Variable Interest Entities (&#147;FIN 46&#148;)</i>. This Interpretation requires that variable interest entities created after January 31, 2003, and variable interest entities in which an interest is obtained after that date, be evaluated for
consolidation into an entity<i>&#146;</i>s financial statements. This Interpretation also applies, beginning July 1, 2003 for the Company, to all variable interest entities in which an enterprise holds an interest that it acquired before February 1,
2003. We are in the process of evaluating all of our investments and other interests in entities under the provisions of FIN 46 and have not yet determined the effect of its adoption on our financial position and results of operations. </font></p>
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 <p> <font size="2" face="Times New Roman"><b><u>CRITICAL ACCOUNTING POLICIES</u></b></font></p> <p> <font size="2" face="Times New Roman">The Company&#146;s accounting policies are more fully described preceding the
Company&#146;s consolidated financial statements.&#160; Certain of the Company&#146;s policies require the application of judgment by management in selecting the appropriate assumptions for calculating financial estimates.&#160; These judgements are
based on historical experience, terms of existing contracts, commonly accepted industry practices and other assumptions that the Company believes are reasonable under the circumstances.&#160; These estimates and assumptions are reviewed periodically
and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary.&#160; Actual results may differ from these estimates under different assumptions or conditions.&#160; The
Company&#146;s critical accounting polices and estimates include:</font></p> <p><font size="2" face="Times New Roman"><u>Revenue Recognition</u></font></p> <p> <font size="2" face="Times New Roman">Sales are recognized upon shipment of products or
transfer of title to the customer.</font></p> <p> <font size="2" face="Times New Roman"><u>Programs</u></font></p> <p> <font size="2" face="Times New Roman">Effective January 1, 2002, the Company adopted Emerging Issues Task Force Issue No. 01-9,
<i>Accounting for Consideration Given by a Vendor to a Customer or a Reseller of the Vendor&#146;s Products</i> (&#147;EITF 01-9&#148;). Upon adoption of EITF 01-9, the Company was required to classify certain payments to its customers as a
reduction of sales. The Company previously classified certain of these payments as operating expenses in the consolidated statement of income. </font></p> <p> <font size="2" face="Times New Roman"><u>Inventories</u></font></p> <p> <font size="2"
face="Times New Roman">Inventories are stated at the lower of cost or market.&#160; Cost is determined using the first-in, first-out method.</font></p> <p> <font size="2" face="Times New Roman"><u>Long-lived Assets</u></font></p> <p> <font size="2"
face="Times New Roman">The carrying value of long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable.&#160; Measurement of the impairment loss
is based on the fair value of the asset.&#160; Generally, fair value will be determined using valuation techniques such as the present value of expected future cash flows.</font></p> <p align="center"> <font size="2"
face="Times New Roman">14</font></p>

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 <p> <font size="2" face="Times New Roman"><u>Property, Plant and Equipment and Depreciation</u></font></p> <p> <font size="2" face="Times New Roman">Property, plant and equipment includes the cost of land, buildings,
machinery and equipment, office furniture and fixtures, automobiles, and construction projects and significant improvements to existing plant and equipment.&#160; Interest costs related to significant construction projects may be capitalized at the
Company&#146;s weighted average cost of capital.&#160; Expenditures for maintenance and minor repairs are expensed as incurred.&#160; When property or equipment is sold or otherwise disposed of, the related cost and accumulated depreciation is
removed from the respective accounts and the gain or loss realized on disposition is reflected in earnings.&#160; All plant and equipment is depreciated using the straight-line method, utilizing estimated useful property lives.&#160; Building lives
range from 10 to 30 years; machinery and equipment lives range from 3 to 15 years; office furniture and fixture lives range from 3 to 10 years, automobile lives range from 3 to 6 years; construction projects and significant improvements to existing
plant and equipment lives range from 3 to 15 years when placed in service.</font></p> <p><font size="2" face="Times New Roman"><u>Foreign Currency Translation</u></font></p> <p> <font size="2" face="Times New Roman">Assets and liabilities of foreign
subsidiaries, where the local currency is the functional currency, have been translated at year end exchange rates and profit and loss accounts have been translated using weighted average yearly exchange rates.&#160; Adjustments resulting from
translation have been recorded in the equity section of the balance sheet as cumulative translation adjustments in other comprehensive loss.</font></p> <p> <font size="2" face="Times New Roman">The effect of foreign currency exchange gains and
losses on transactions that are denominated in currencies other that the entity&#146;s functional currency are remeasured into the functional currency using the end of the period exchange rates.&#160; The effects of remeasurement related to foreign
currency transactions are included in current profit and loss accounts.</font></p> <p> <font size="2" face="Times New Roman"><u>Fair Value of Financial Instruments</u></font></p> <p> <font size="2" face="Times New Roman">The carrying values of cash,
receivables and accounts payable approximate their fair values because of the short maturity of these instruments.</font></p> <p> <font size="2" face="Times New Roman">The fair value of the Company&#146;s long-term debt and note payable to bank is
estimated based on the quoted market prices for the same or similar issues or on the current rates offered to the Company for debt of the same remaining maturities.&#160; Such fair value approximates the respective carrying values of the
Company&#146;s long-term debt and note payable to bank.</font></p> <p align="center"> <font size="2" face="Times New Roman">15</font></p>

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 <p> <font size="2" face="Times New Roman"><u>Income Taxes</u></font></p> <p> <font size="2" face="Times New Roman">Income taxes have been provided using the asset and liability method in accordance with Financial
Accounting Standard No. 109, &#147;Accounting for Income Taxes&#148;.</font></p> <p> <font size="2" face="Times New Roman">The asset and liability method requires the recognition of deferred tax assets and liabilities for future tax consequences of
temporary differences between the financial statement bases and tax bases of assets and liabilities at the date of the financial statements using the provisions of the tax laws then in effect.</font></p> <p><font size="2"
face="Times New Roman"><u>Goodwill and Other Intangible Assets</u></font></p> <p> <font size="2" face="Times New Roman">Effective January 1, 2002, the Company adopted Statement of Financial Accounting Standards No. 142, <i>Goodwill and Other
Intangible Assets</i> (&#147;SFAS 142&#148;).&#160; Under SFAS 142, goodwill and intangible assets deemed to have indefinite lives are no longer amortized, but are subject to an annual impairment test.&#160; Other intangible assets continue to be
amortized over their useful lives. As of January 1, 2002, the Company performed the first of the required impairment tests of goodwill.&#160; Additionally, the Company performed its annual impairment test in the fourth quarter of 2002.&#160; No
impairment was present upon performing any of the 2002 impairment tests. At December 31, 2002, the Company&#146;s intangible assets had definitive lives and our being amortized over their useful lives. </font></p> <p> <font size="2"
face="Times New Roman">Prior to SFAS 142, the Company&#146;s goodwill was amortized on the straight-line basis over a 15 year period.&#160; The effects of no longer amortizing the Company&#146;s goodwill is not material to the financial
statements.</font></p> <p> <font size="2" face="Times New Roman"><b>Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<a name="tx680_8"></a>QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK</b></font></p> <p> <font size="2" face="Times New Roman">There are no material changes from the disclosures in the Company&#146;s&#160; Form 10-K filed with the U.S.
Securities and Exchange Commission for the year ended December 31, 2002.</font></p> <p> <font size="2" face="Times New Roman"><b>Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<a name="tx680_8a"></a>CONTROLS AND PROCEDURES</b></font></p> <p> <font size="2" face="Times New Roman"><b>Disclosure Controls and Procedures</b></font></p> <p> <font size="2" face="Times New Roman">The Company maintains controls and procedures
designed to ensure that it is able to collect the information it is required to disclose in the reports it files with the Securities and Exchange Commission (&#147;SEC&#148;), and to process, summarize and disclose this information within the time
perioods specified in the rules of the SEC.&#160; The Company&#146;s Chief Executive and Chief Financial Officers are responsible for establishing and maintaining these </font></p> <p align="center"> <font size="2"
face="Times New Roman">16</font></p>

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 <p><font size="2" face="Times New Roman">procedures, and as required by the rules of the SEC, evaluate their effectiveness.&#160; Based on their evaluation of the Company&#146;s disclosure controls and procedures
which took place as of a date within 90 days of the filing date of this report, the Chief Executive and Chief Financial Officers believe that these procedures are effective to ensure that the Company is able to collect, process and disclose the
information it is required to disclose in the reports it files with the SEC within the required time periods.</font></p> <p> <font size="2" face="Times New Roman"><b>Internal Controls</b></font></p> <p> <font size="2" face="Times New Roman">The
Company maintains a system of internal controls designed to provide a reasonable assurance that transactions are executed in accordance with management&#146;s general or specific authorization; transactions are recorded as necessary (1) to permit
preparation of financial statements in conformity with generally accepted accounting principles, and (2) to maintain accountability for assets; access to assets is permitted only in accordance with management&#146;s general or specific
authorization; and the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.</font></p> <p align="center"> <font size="2"
face="Times New Roman">17</font></p>

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 <p> <font size="2" face="Times New Roman"><b><u>PART II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<a name="tx680_9"></a>OTHER INFORMATION</u></b></font></p> <p> <font size="2" face="Times New Roman">The Company was not required to report any matters or changes for any items of Part II except as disclosed below.</font></p> <p> <font size="2"
face="Times New Roman"><b>Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibits and Reports on Form 8-K</u></b></font></p> <p> <font size="2"
face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</font></p>
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<td width="2%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="97%" valign="top"> <p> <font size="2" face="Times New Roman">Exhibit 99.1 - Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002.</font></p> </td> </tr> </table> <p><font
size="2" face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reports on Form 8-K</font></p>
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<td width="2%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="18%" valign="top"> <p> <font size="2" face="Times New Roman"><u>Date of the Report:</u></font></p> </td>
<td width="78%" valign="top"> <p> <font size="2" face="Times New Roman">February 7, 2003</font></p> </td> </tr>
<tr>
<td width="2%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="18%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="78%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="2%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="97%" colspan="2" valign="top"> <p> <font size="2" face="Times New Roman"><u>Description:</u> On February 3, 2003, American Vanguard Corporation issued a press release announcing that Amvac Chemical Corporation, a wholly-owned subsidiary
of American Vanguard Corporation, had signed a definitive agreement to acquire the global Pre-Harvest Crop Protection business from Pace International, LLC.</font></p> </td> </tr> </table> <p align="center"> <font size="2"
face="Times New Roman">18</font></p>

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 <p align="center">
<a name="tx680_10"></a> <font size="2" face="Times New Roman"><b>SIGNATURES</b></font></p> <p> <font size="2" face="Times New Roman">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.</font></p>
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<td width="49%" colspan="2" valign="top"> <p> <font size="2" face="Times New Roman">A<small>MERICAN</small> V<small>ANGUARD</small> C<small>ORPORATION</small></font></p> </td> </tr>
<tr>
<td width="50%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="4%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="44%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="50%" valign="bottom"> <p><font size="2" face="Times New Roman">Dated: May 12, 2003</font></p> </td>
<td width="4%" valign="top"> <p> <font size="2" face="Times New Roman">By:</font></p> </td>
<td width="44%" valign="bottom"> <p align="center"> <font size="2" face="Times New Roman">/s/ E<small>RIC</small> G. W<small>INTEMUTE</small></font></p> </td> </tr>
<tr>
<td width="50%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="4%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="44%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td> </tr>
<tr>
<td width="50%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="4%" valign="top"> <p align="center">&nbsp;</p> </td>
<td width="44%" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>Eric G. Wintemute <br> President,<br> Chief Executive Officer and Director</b></font></p> </td> </tr>
<tr>
<td width="50%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="4%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="44%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="50%" valign="bottom"> <p> <font size="2" face="Times New Roman">Dated: May 12, 2003</font></p> </td>
<td width="4%" valign="top"> <p> <font size="2" face="Times New Roman">By:</font></p> </td>
<td width="44%" valign="bottom"> <p align="center"> <font size="2" face="Times New Roman">/s/ J<small>AMES</small> A. B<small>ARRY</small></font></p> </td> </tr>
<tr>
<td width="50%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="4%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="44%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td> </tr>
<tr>
<td width="50%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="4%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="44%" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>James A. Barry<br> Senior Vice President,<br> Chief Financial Officer,<br> Secretary/Treasurer and Director</b></font></p> </td> </tr> </table> <p
align="center"> <font size="2" face="Times New Roman">19</font></p>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align="center"><font size="2" face="Times New Roman"><b>AMERICAN VANGUARD CORPORATION</b></font></p> <p> <font size="2" face="Times New Roman"><b><u>CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER</u></b></font></p>
<p> <font size="2" face="Times New Roman">I, Eric G. Wintemute, certify that:</font></p> <p> <font size="2" face="Times New Roman">1. I have reviewed this quarterly report on Form 10-Q of American Vanguard Corporation;</font></p> <p> <font size="2"
face="Times New Roman">2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this quarterly report; </font></p> <p> <font size="2" face="Times New Roman">3. Based on my knowledge, the financial statements, and other financial information included in
this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; </font></p> <p> <font size="2"
face="Times New Roman">4. The registrant&#146;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we
have:</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) evaluated the effectiveness of
the registrant&#146;s disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the &#147;Evaluation Date&#148;); and</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;</font></p> <p><font
size="2" face="Times New Roman">5. The registrant&#146;s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant&#146;s auditors and the audit committee of registrant&#146;s board of directors (or
persons performing the equivalent function):</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies in the design or operation of internal controls which could adversely affect the
registrant&#146;s ability to record, process, summarize and report financial data and have identified for the registrant&#146;s auditors any material weaknesses in internal controls; and</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal controls; and</font></p> <p> <font size="2"
face="Times New Roman">6. The registrant&#146;s other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.</font></p>
<table align="center" border="0" style="border-collapse:collapse" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td width="37%" valign="bottom"> <p> <font size="2" face="Times New Roman">May 12, 2003</font></p> </td>
<td width="62%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="37%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="62%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="37%" valign="bottom"> <p align="center"> <font size="2" face="Times New Roman">/s/ E<small>RIC</small> G. W<small>INTEMUTE</small></font></p> </td>
<td width="62%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="37%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="62%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="37%" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>Eric G. Wintemute<br> Chief Executive Officer, American Vanguard Corporation</b></font></p> </td>
<td width="62%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr> </table> <p align="center"><font size="2" face="Times New Roman">20</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <p align="center"> <font size="2" face="Times New Roman"><b>AMERICAN VANGUARD CORPORATION</b></font></p> <p> <font size="2" face="Times New Roman"><b><u>CERTIFICATION OF THE CHIEF FINANCIAL OFFICER</u></b></font></p>
<p> <font size="2" face="Times New Roman">I, James A. Barry, certify that:</font></p> <p> <font size="2" face="Times New Roman">1. I have reviewed this quarterly report on Form 10-Q of American Vanguard Corporation;</font></p> <p> <font size="2"
face="Times New Roman">2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this quarterly report; </font></p> <p> <font size="2" face="Times New Roman">3. Based on my knowledge, the financial statements, and other financial information included in
this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; </font></p> <p> <font size="2"
face="Times New Roman">4. The registrant&#146;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we
have:</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) evaluated the effectiveness of
the registrant&#146;s disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the &#147;Evaluation Date&#148;); and</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;</font></p> <p><font
size="2" face="Times New Roman">5. The registrant&#146;s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant&#146;s auditors and the audit committee of registrant&#146;s board of directors (or
persons performing the equivalent function):</font></p> <p> <font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies in the design or operation of internal controls which could adversely affect the
registrant&#146;s ability to record, process, summarize and report financial data and have identified for the registrant&#146;s auditors any material weaknesses in internal controls; and</font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#146;s internal controls; and</font></p> <p> <font size="2"
face="Times New Roman">6. The registrant&#146;s other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.</font></p>
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<tr>
<td width="35%" valign="bottom"> <p> <font size="2" face="Times New Roman">May 12, 2003</font></p> </td>
<td width="64%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="35%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="64%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="35%" valign="bottom"> <p align="center"> <font size="2" face="Times New Roman">/s/ J<small>AMES</small> A. B<small>ARRY</small></font></p> </td>
<td width="64%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="35%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="64%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="35%" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>James A. Barry<br> Chief Financial Officer, American Vanguard Corporation</b></font></p> </td>
<td width="64%" valign="top"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr> </table> <p align="center"><font size="2" face="Times New Roman">21</font></p>
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<TYPE>EX-99.1
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<DESCRIPTION>CERTIFICATIONS OF CEO & CFO
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<HTML><HEAD>
<TITLE>Certifications of CEO &amp; CFO</TITLE>
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  <p align=right> <font size="2" face="Times New Roman"><b>Exhibit 99.1</b></font></p> <p align="center"> <font size="2" face="Times New Roman"><b>AMERICAN VANGUARD CORPORATION</b></font></p> <p> <font size="2"
face="Times New Roman"><b>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</b></font></p> <p> <font size="2"
face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Quarterly Report of American Vanguard Corporation (the &#147;Company&#148;) on Form 10-Q for the period ended March 31, 2003 as filed with the
Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), the undersigned Chief Executive Officer and Chief Financial Officer of the Company hereby certify, pursuant to 18 U.S.C. &#167;1350, as adopted pursuant to &#167;906 of
the Sarbanes-Oxley Act of 2002 that, based on their knowledge, the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and 2) the information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of the Company as of and for the periods covered in the Report.</font></p>
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<td width="26%" valign="bottom"> <p align="center"> <font size="2" face="Times New Roman">/s/ E<small>RIC</small> G. W<small>INTEMUTE</small></font></p> </td>
<td width="73%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="26%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="73%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="26%" valign="bottom"> <p align="center"> <font size="1" face="Times New Roman"><b>Eric G. Wintemute, Chief Executive Officer</b></font></p> </td>
<td width="73%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="26%" valign="bottom"> <p align="center">&nbsp;</p> </td>
<td width="73%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
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<td width="26%" valign="bottom"> <p align="center"><font size="2" face="Times New Roman">/s/ J<small>AMES</small> A. B<small>ARRY</small></font></p> </td>
<td width="73%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="26%" valign="bottom"> <hr size="1" width="100%" noshade color=black> </td>
<td width="73%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="26%" valign="bottom"> <p align="center"><font size="1" face="Times New Roman"><b>James A. Barry, Chief Financial Officer</b></font></p> </td>
<td width="73%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="26%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td>
<td width="73%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr>
<tr>
<td width="26%" valign="bottom"> <p><font size="2" face="Times New Roman">May 12, 2003</font></p> </td>
<td width="73%" valign="bottom"> <p><font size="2" face="Times New Roman">&nbsp;</font></p> </td> </tr> </table> <p><font size="2" face="Times New Roman">&nbsp;</font></p>
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