AMCON Distributing Company (“AMCON”) (AMEX:DIT), an Omaha,
Nebraska based consumer products company is pleased to announce
fully diluted earnings per common share of $2.40 per share for the
second fiscal quarter ended March 31, 2010.
“We were delighted with the progress our management team has
made in integrating our recent acquisition in Northwest Arkansas.
We continue to seek acquisitions that will expand our geographic
reach and penetration,” said Christopher H. Atayan, AMCON’s
Chairman and Chief Executive Officer.
AMCON’s wholesale distribution business reported revenues of
$221.0 million and operating income before depreciation and
amortization of $3.9 million in the second fiscal quarter of 2010.
AMCON’s retail health food business reported revenues of $9.5
million and operating income before depreciation of $1.2 million
for the same period.
Kathleen M. Evans, President of AMCON’s wholesale distribution
business commented, “We had a highly successful trade show this
year that highlighted our continued efforts to develop profit
making opportunities for our customers. Our continued emphasis on
food service products has been met with a positive reception. We
were especially proud of our ability to maintain continuity of
services to our customers during this very harsh winter
season.”
Eric Hinkefent, President of AMCON’s retail health food business
commented, “We were delighted to open our new store in Tulsa at the
end of the quarter. We are actively exploring opportunities to open
additional stores in our existing markets as well as expanding into
new markets. Conditions are challenging; however, our continued
focus on providing high levels of customer service with a broad
product selection at value oriented price is what consumers are
seeking.”
“Our business strategy is predicated on maintaining high levels
of liquidity. This liquidity enables us to develop proprietary
opportunities for our customers to enhance their profitability,”
said Andrew C. Plummer, AMCON’s Chief Financial Officer. “We expect
the various state and federal governmental authorities who regulate
the tobacco industry will continue to seek tax increases in the
coming quarters. Our careful working capital management is an
important tool for us as we navigate these treacherous waters,”
added Plummer.
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
locations in Arkansas, 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 (5).
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
AMCON Distributing Company and Subsidiaries Condensed Consolidated
Balance Sheets March 31, 2010 and September 30, 2009
March 2010 September (Unaudited) 2009 ASSETS Current
assets: Cash $ 529,408 $ 309,914
Accounts receivable, less
allowance for doubtful accounts of $1.1 million and $0.9
million, at March 2010 and September 2009
27,723,560 28,393,198 Inventories, net 35,325,691 34,486,027
Deferred income taxes 1,706,641 1,701,568 Prepaid and other current
assets 2,243,351 1,728,576 Total current assets
67,528,651 66,619,283 Property and equipment, net 11,863,643
11,256,627 Goodwill 6,149,168 5,848,808 Other intangible assets
4,908,894 3,373,269 Other assets 1,073,482 1,026,395
$ 91,523,838 $ 88,124,382 LIABILITIES AND SHAREHOLDERS'
EQUITY Current liabilities: Accounts payable $ 16,453,293 $
15,222,689 Accrued expenses 5,706,747 6,768,924 Accrued wages,
salaries and bonuses 2,441,473 3,257,832 Income taxes payable
876,919 3,984,258 Current maturities of credit facility 76,267
177,867 Current maturities of long-term debt 965,905
1,470,445 Total current liabilities 26,520,604 30,882,015
Credit facility, less current maturities 25,782,537 22,655,861
Deferred income taxes 1,227,590 1,256,713 Long-term debt, less
current maturities 5,637,282 5,066,185 Other long-term liabilities
459,966 - Series A cumulative, convertible preferred stock,
$.01 par value 100,000 shares authorized and issued, liquidation
preference $25.00 per share 2,500,000 2,500,000 Series B
cumulative, convertible preferred stock, $.01 par value 80,000
shares authorized and issued, liquidation preference $25.00 per
share 2,000,000 2,000,000 Shareholders' equity:
Preferred stock, $0.01 par,
1,000,000 shares authorized, 180,000 shares outstanding and
issued in Series A and B referred to above
- -
Common stock, $0.01 par value,
3,000,000 shares authorized, 575,508 shares outstanding at
March 2010 and 573,232 shares outstanding at September
2009
5,755 5,732 Additional paid-in capital 8,084,026 7,617,494 Retained
earnings 19,306,078 16,140,382 Total shareholders'
equity 27,395,859 23,763,608 $ 91,523,838 $
88,124,382 AMCON Distributing Company and Subsidiaries
Condensed Consolidated Unaudited Statements of Operations for the
three and six months ended March 31, 2010 and 2009 For the
three months For the six months ended March ended March 2010
2009 2010 2009 Sales (including excise taxes
of $76.9 million and $43.3 million, and $158.4 million and $93.6
million, respectively) $ 230,499,129 $ 195,442,246 $ 474,440,167 $
412,819,608 Cost of sales 213,558,955
178,195,212 440,271,980 379,727,926 Gross profit
16,940,174 17,247,034 34,168,187
33,091,682 Selling, general and administrative expenses 13,365,802
13,027,140 27,144,541 25,824,722 Depreciation and amortization
415,572 300,988 802,841 611,322
13,781,374 13,328,128 27,947,382 26,436,044
Operating income 3,158,800 3,918,906 6,220,805
6,655,638 Other expense (income): Interest expense 368,425
408,587 773,670 897,786 Other (income), net (23,046 )
(26,476 ) (36,426 ) (40,543 ) 345,379
382,111 737,244 857,243
Income from continuing operations
before income tax
2,813,421 3,536,795 5,483,561 5,798,395 Income tax expense
1,022,000 1,343,000 1,963,000 2,203,000 Income
from continuing operations 1,791,421 2,193,795 3,520,561 3,595,395
Loss from discontinued operations, net of income tax benefit of
$0.1 million in each fiscal period - (97,437 ) -
(199,475 ) Net income 1,791,421 2,096,358 3,520,561 3,395,920
Preferred stock dividend requirements (73,239 )
(314,201 ) (148,106 ) (419,734 ) Net
income available to common shareholders $ 1,718,182 $ 1,782,157 $
3,372,455 $ 2,976,186 Basic earnings (loss) per share available to
common shareholders: Continuing operations $ 3.05 $ 3.43 $ 6.00 $
5.80 Discontinued operations - (0.18 ) - (0.36 ) Net
basic earnings per share available to common shareholders $ 3.05 $
3.25 $ 6.00 $ 5.44 Diluted earnings (loss) per share available to
common shareholders: Continuing operations $ 2.40 $ 2.72 $ 4.72 $
4.33 Discontinued operations - (0.12 ) - (0.24 ) Net
diluted earnings per share available to common shareholders $ 2.40
$ 2.60 $ 4.72 $ 4.09 Weighted average shares outstanding: Basic
564,216 548,619 562,145 547,089 Diluted 746,873 805,236 745,773
830,923 AMCON Distributing Company and Subsidiaries
Condensed Consolidated Unaudited Statements of Cash Flows for the
six months ended March 31, 2010 and 2009 2010
2009 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $
3,520,561 $ 3,395,920 Deduct: Loss from discontinued operations,
net of tax - (199,475 ) Income from continuing operations
3,520,561 3,595,395 Adjustments to reconcile net income from
continuing operations to net cash flows from operating activities:
Depreciation 678,860 611,322 Amortization 123,981 - Gain on sale of
property and equipment (16,935 ) (47,700 ) Stock based compensation
267,464 265,800 Net excess tax (benefit) deficiency on equity-based
awards (130,126 ) 16,592 Deferred income taxes (34,196 ) (222,412 )
Provision for losses on doubtful accounts 178,367 346,000 Provision
for losses on inventory obsolescence 16,393 327,673 Changes in
assets and liabilities: Accounts receivable 491,271 5,859,370
Inventories 1,125,441 6,480,136 Prepaid and other current assets
(519,415 ) (735,490 ) Other assets (47,087 ) 107,646 Accounts
payable 1,144,665 (2,852,021 ) Accrued expenses and accrued wages,
salaries and bonuses (1,878,536 ) 2,641,991 Income tax payable
(2,977,213 ) 2,045,058 Net cash flows from operating
activities - continuing operations 1,943,495 18,439,360 Net cash
flows from operating activities - discontinued operations -
42,692 Net cash flows from operating activities 1,943,495
18,482,052 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases
of property and equipment (1,102,929 ) (497,401 ) Proceeds from
sales of property and equipment 42,905 76,405 Acquisition
(3,099,836 ) - Net cash flows from investing activities (4,159,860
) (420,996 ) CASH FLOWS FROM FINANCING ACTIVITIES: Net
borrowings (payments) on bank credit agreements 3,025,076
(15,380,790 ) Principal payments on long-term debt (433,443 )
(397,410 ) Proceeds from exercise of stock options 68,965 - Net
excess tax benefit (deficiency) on equity-based awards 130,126
(16,592 ) Redemption of Series C convertible preferred stock -
(2,000,000 ) Dividends paid on preferred stock (148,106 ) (198,106
) Dividends on common stock (206,759 ) (114,079 ) Net
cash flows from financing activities 2,435,859
(18,106,977 ) Net change in cash 219,494 (45,921 ) Cash,
beginning of period 309,914 457,681 Cash, end of
period $ 529,408 $ 411,760 Supplemental
disclosure of cash flow information: Cash paid during the period
for interest $ 760,727 $ 968,296 Cash paid during the period for
income taxes 4,974,408 264,355 Supplemental disclosure of
non-cash information: Equipment acquisitions classified as accounts
payable 85,939 - Constructive dividends on Series A, B, and C
Convertible Preferred Stock - 221,628 Business acquisition:
Inventory 1,981,498 - Property and equipment 122,978 - Customer
relationships intangible asset 1,620,000 - Goodwill 300,360 - Note
payable 500,000 - Contingent consideration 425,000 -
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