AMCON Distributing Company and Subsidiaries
Condensed Consolidated Balance Sheets
June 30, 2008 and September 30, 2007
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June 2008 September
(Unaudited) 2007
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ASSETS
Current assets:
Cash $ 646,696 $ 717,554
Accounts receivable, less allowance for doubtful
accounts of $0.5 million and $0.3 million, respectively 25,537,979 27,848,938
Inventories, net 37,730,061 29,738,727
Deferred income taxes 1,588,880 1,446,389
Current assets of discontinued operations 3,485 18,897
Prepaid and other current assets 4,261,048 5,935,208
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Total current assets 69,768,149 65,705,713
Property and equipment, net 11,080,791 11,190,768
Goodwill 5,848,808 5,848,808
Other intangible assets, net 3,373,269 3,400,070
Deferred income taxes 625,261 2,768,043
Non-current assets of discontinued operations 2,057,033 2,057,033
Other assets 1,346,397 1,093,150
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$ 94,099,708 $ 92,063,585
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 15,017,107 $ 15,253,562
Accrued expenses 5,176,143 5,293,923
Accrued wages, salaries and bonuses 1,654,009 2,202,594
Income taxes payable 197,407 367,773
Current liabilities of discontinued operations 4,199,466 4,035,863
Current maturities of credit facility 3,046,000 3,046,000
Current maturities of long-term debt 726,548 568,024
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Total current liabilities 30,016,680 30,767,739
Credit facility, less current maturities 35,354,698 35,808,180
Long-term debt, less current maturities 6,794,247 7,123,453
Noncurrent liabilities of discontinued operations 6,542,310 6,542,310
Series A cumulative, convertible preferred stock, $.01 par value
100,000 shares authorized and issued, liquidation preference
$25.00 per share 2,438,355 2,438,355
Series B cumulative, convertible preferred stock, $.01 par value
80,000 shares authorized and issued, liquidation preference
$25.00 per share 1,857,645 1,857,645
Series C cumulative, convertible preferred stock, $.01 par value
80,000 shares authorized and issued, liquidation preference
$25.00 per share 1,982,372 1,982,372
Commitments and contingencies
Shareholders' equity:
Preferred stock, $0.01 par, 1,000,000 shares authorized,
260,000 shares outstanding and issued in Series A, B and C
referred to above - -
Common stock, $.01 par value, 3,000,000 shares authorized,
568,564 shares outstanding at June 2008 and 529,436
shares outstanding at September 2007 5,686 5,295
Additional paid-in capital 6,817,726 6,396,131
Retained earnings (deficit) 2,289,989 (857,895)
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Total shareholders' equity 9,113,401 5,543,531
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$ 94,099,708 $ 92,063,585
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