AMCON Distributing Company (�AMCON�) (AMEX:DIT), an Omaha, Nebraska
based consumer products company is pleased to announce record fully
diluted earnings per common share of $6.26 on net income available
to common shareholders of $4.9 million for the fiscal year ended
September 30, 2008. �Our management team was able to deliver
superior performance in a very difficult economic environment. We
stuck with our conservative corporate strategy and it has worked,�
said Christopher H. Atayan, AMCON�s Chairman and Chief Executive
Officer. �We continue to believe that if we add economic value to
our customers, our shareholders will benefit. This is a message we
have been communicating throughout the course of the year in both
of our business segments. Our customers have responded by
participating jointly with us in the development of new ideas and
promotions that further enhance profitability. While times are
certainly tough we will continue to prudently move AMCON forward
and continue our focused execution of our business plan. During the
course of the year we had the opportunity to explore a number of
acquisition opportunities and are once again on the acquisition
trail. Additionally, we have enough confidence in our position in
the market to increase our quarterly dividend 25% to $0.10 as
previously reported.� Each of AMCON�s business segments reported
excellent results for the year. The wholesale distribution segment
reported revenues of $821.2 million and operating income before
depreciation and amortization of $13.2 million for fiscal 2008. The
retail health food segment reported revenues of $39.2 million and
operating income before depreciation and amortization of $4.1
million for fiscal 2008. AMCON ended the year with shareholders�
equity of $11.0 million. �Our customers and vendors place their
trust in us every day. We strive to deliver performance beyond
their expectations which is why we are able to maintain our
position as an industry leader,� said Kathleen Evans, President of
AMCON�s wholesale distribution segment. �The convenience store
industry was challenged this year and conditions will remain that
way for the near term. We look at this environment as one in which
our tradition of excellence serves to differentiate us from the
competition.� �Our commitment to delivering premium customer
service at competitive prices drives the informed consumer into our
stores. Further, we upgraded our website www.akins.com which has
been of benefit to customers who prefer that form of retail
channel,� said Eric Hinkefent, President of AMCON�s retail health
food segment. �We realized that our customers faced a difficult
economy and tailored nutritional solutions for both their health
and pocket book. We believe the demographic trends for the natural
foods industry over the long term are healthy, but the industry is
not immune from short term economic conditions.� �One of our
competitive advantages in these difficult times has been our strong
position of liquidity. As previously reported, our bank group
renewed our line of credit and term loans early,� said Andrew
Plummer, AMCON�s Chief Financial Officer. �AMCON maintains an
extremely conservative posture with respect to our day to day
financial operations. We believe this inures to the benefit of our
customers, as we are able to take advantage of opportunities to
enhance their profitability. Further this stance enabled us to
weather significant fuel increases during the course of the year.
As we head into fiscal 2009 we are assuming a continuing recession
for the course of the year.� AMCON is a leading wholesale
distributor of consumer products, including beverages, candy,
tobacco, groceries, food service, frozen and chilled foods, and
health and beauty care products with distribution centers in
Illinois, Missouri, Nebraska, North Dakota and South Dakota.
Chamberlin's Natural Foods, Inc. and Health Food Associates, Inc.,
both wholly-owned subsidiaries of The Healthy Edge, Inc., operate
health and natural product retail stores in central Florida (6),
Kansas, Missouri, Nebraska and Oklahoma (4). The retail stores
operate under the names Chamberlin's Market & Cafe and Akins
Natural Foods Market. This news release contains forward-looking
statements that are subject to risks and uncertainties and which
reflect management's current beliefs and estimates of future
economic circumstances, industry conditions, Company performance
and financial results. A number of factors could affect the future
results of the Company and could cause those results to differ
materially from those expressed in the Company's forward-looking
statements including, without limitation, availability of
sufficient cash resources to conduct its business and meet its
capital expenditures needs. Moreover, past financial performance
should not be considered a reliable indicator of future
performance. Accordingly, the Company claims the protection of the
safe harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 with respect to all such
forward-looking statements. Visit AMCON Distributing Company's web
site at: www.amcon.com. CONSOLIDATED BALANCE SHEETS � AMCON
Distributing Company and Subsidiaries � � � September 30, 2008 �
2007 ASSETS Current assets: Cash $ 457,681 $ 717,554 Accounts
receivable, less allowance for doubtful accounts of $0.8 million
and $0.3 million in 2008 and 2007, respectively 27,198,414
27,848,938 Inventories, net 37,330,969 29,738,727 Deferred income
taxes 1,260,609 1,446,389 Current assets of discontinued operations
18,947 18,897 Prepaid and other current assets � 3,519,650 � �
5,935,208 � Total current assets 69,786,270 65,705,713 � Property
and equipment, net 10,907,541 11,190,768 Goodwill 5,848,808
5,848,808 Other intangible assets, net 3,373,269 3,400,070 Deferred
income taxes 234,171 2,768,043 Non-current assets of discontinued
operations 2,032,047 2,057,033 Other assets � 1,123,252 � �
1,093,150 � $ 93,305,358 � $ 92,063,585 � � LIABILITIES AND
SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $
14,738,214 $ 15,253,562 Accrued expenses 5,275,697 5,293,923
Accrued wages, salaries and bonuses 2,636,699 2,202,594 Income
taxes payable 313,021 367,773 Current liabilities of discontinued
operations 4,041,837 4,035,863 Current maturities of credit
facility 3,046,000 3,046,000 Current maturities of long-term debt �
787,128 � � 568,024 � Total current liabilities 30,838,596
30,767,739 � Credit facility, less current maturities 32,155,005
35,808,180 Long-term debt, less current maturities 6,525,881
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 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
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 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
value, 1,000,000 shares authorized, 260,000 shares outstanding and
issued in Series A, B, and C referred to above - - Common stock,
$0.01 par value, 3,000,000 shares authorized, 570,397 shares
outstanding at September 2008 and 529,436 shares outstanding at
September 2007 5,704 5,295 Additional paid-in capital 6,995,948
6,396,131 Retained earnings (deficit) � 3,963,542 � � (857,895 )
Total shareholders' equity � 10,965,194 � � 5,543,531 � $
93,305,358 � $ 92,063,585 � CONSOLIDATED STATEMENTS OF OPERATIONS
AMCON Distributing Company and Subsidiaries Fiscal Years Ended
September 30 � 2008 � 2007 Sales (including excise taxes of $206.8
million and � � $208.2 million, respectively) $ 860,451,122 $
853,566,512 � Cost of sales � 795,774,780 � � � 789,317,758 � Gross
profit � 64,676,342 � � � 64,248,754 � � Selling, general and
administrative expenses 51,631,324 50,963,645 Depreciation and
amortization � 1,386,218 � � � 1,831,640 � � 53,017,542 � � �
52,795,285 � Operating income 11,658,800 11,453,469 � Other expense
(income): Interest expense 2,986,215 4,816,324 Other (income), net
� (114,613 ) � � (194,608 ) � 2,871,602 � � � 4,621,716 � Income
from continuing operations before income tax expense 8,787,198
6,831,753 Income tax expense � 3,194,000 � � � 2,626,000 � Income
from continuing operations 5,593,198 4,205,753 � Discontinued
operations Gain on disposal of discontinued operations, net of
income tax expense of $0.6 million - 829,090 � Loss from
discontinued operations, net of income tax benefit of $0.2 million
and $0.3 million, respectively � (260,952 ) � � (594,539 ) (Loss)
income on discontinued operations � (260,952 ) � � 234,551 � Net
income 5,332,246 4,440,304 Preferred stock dividend requirements �
(419,839 ) � � (418,692 ) Net income available to common
shareholders $ 4,912,407 � � $ 4,021,612 � Basic earnings (loss)
per share available to common shareholders: Continuing operations $
9.65 $ 7.19 Discontinued operations � (0.49 ) � � 0.44 � Net basic
earnings per share available to common shareholders $ 9.16 � � $
7.63 � Diluted earnings (loss) per share available to common
shareholders: Continuing operations $ 6.57 $ 4.89 Discontinued
operations � (0.31 ) � � 0.27 � Net diluted earnings per share
available to common shareholders $ 6.26 � � $ 5.16 � � Weighted
average shares outstanding: Basic 536,319 527,062 Diluted 851,298
860,121 CONSOLIDATED STATEMENTS OF CASH FLOWS AMCON Distributing
Company and Subsidiaries Fiscal Years Ended September 30 � 2008 �
2007 CASH FLOWS FROM OPERATING ACTIVITIES: � � Net income $
5,332,246 $ 4,440,304 Deduct: (Loss) income from discontinued
operations, net of tax � (260,952 ) � � 234,551 � Income from
continuing operations 5,593,198 4,205,753 � Adjustments to
reconcile income from continuing operations to net cash flows from
operating activities: Depreciation 1,359,417 1,791,907 Amortization
26,801 39,733 Loss (gain) on sale of property and equipment (39,619
) 27,235 Stock based compensation 435,250 70,993 Excess tax benefit
on exercise of stock options (16,592 ) - Deferred income taxes
2,719,652 2,621,261 Provision for losses on doubtful accounts
505,000 (250,196 ) Provision for losses on inventory obsolescence
101,998 52,242 � Changes in assets and liabilities, Accounts
receivable 145,524 217,009 Inventories (7,694,240 ) (383,768 )
Prepaid and other current assets 2,415,558 (566,058 ) Other assets
(30,102 ) 254,314 Accounts payable (515,348 ) 739,188 Accrued
expenses and accrued wages, salaries and bonuses 415,879 1,574,429
Income taxes payable � (38,160 ) � � 198,837 � Net cash flows from
operating activities - continuing operations 5,384,216 10,592,879
Net cash flows from operating activities - discontinued operations
� (230,042 ) � � (1,929,323 ) Net cash flows from operating
activities � 5,154,174 � � � 8,663,556 � � CASH FLOWS FROM
INVESTING ACTIVITIES: Purchase of property and equipment (845,156 )
(514,277 ) Proceeds from sales of property and equipment � 86,209 �
� � 101,328 � Net cash flows from investing activities - continuing
operations (758,947 ) (412,949 ) Net cash flows from investing
activities - discontinued operations - � � � 3,965,394 � Net cash
flows from investing activities (758,947 ) 3,552,445 � CASH FLOWS
FROM FINANCING ACTIVITIES: Net payments on bank credit agreement
(3,653,175 ) (9,969,248 ) Principal payments on long-term debt
(656,092 ) (734,416 ) Proceeds from exercise of stock options
148,384 46,686 Excess tax benefit on exercise of stock options
16,592 - Debt issuance costs - (100,000 ) Dividends on preferred
stock (419,839 ) (418,692 ) Dividends on common stock � (90,970 ) �
- � Net cash flows from financing activities - continuing
operations (4,655,100 ) (11,175,670 ) � Net cash flows from
financing activities - discontinued operations - � � � (803,915 )
Net cash flow from financing activities � (4,655,100 ) � �
(11,979,585 ) Net change in cash (259,873 ) 236,416 � Cash,
beginning of year � 717,554 � � � 481,138 � Cash, end of year $
457,681 � � $ 717,554 � � Fiscal Years � 2008 � 2007 Supplemental
disclosure of cash flow information: � � Cash paid during the year
for interest $ 3,116,098 $ 4,890,997 Cash paid during the year for
income taxes 354,208 94,901 � Supplemental disclosure of non-cash
information: � Acquisition of equipment through capital leases $
277,624 68,422 Forgiveness of debt and related interest in
connection with settlement of TSI litigation - $ (3,735,145 )
Forgiveness of water royalty in connection with settlement of TSI
litigation - (2,807,000 ) Issuance of note payable in connection
with TSI litigation - 5,000,000 Issuance of note payable in
connection with settlement of TBG litigation - 763,983 Buyer's
assumption of HNWC lease in connection with the sale of HNWC's
assets - discontinued operations - (225,502 )
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