AMCON Distributing Company (“AMCON”) (NYSE AMEX:DIT), an Omaha,
Nebraska based consumer products company is pleased to announce
fully diluted earnings per share of $2.36 on net income available
to common stockholders of $1.8 million for the third fiscal quarter
ended June 30, 2011.
“The successful completion of our acquisition of the operating
assets of L.P. Shanks Company during the third fiscal quarter was a
significant achievement for our Company. We are very enthusiastic
to have expanded our presence in the Southeast region and are
focusing our energies on growing in this market. Our new customers
can look forward to high levels of customer service and proven
marketing programs as we integrate our operations. Integration of
this acquisition is our highest priority and we are proceeding in a
very careful manner. We have been pleased with the results to
date,” said Christopher H. Atayan, AMCON’s Chairman and Chief
Executive Officer. “We will continue to focus on acquisitions as a
critical element of our long-term strategy to expand our geographic
reach and depth of our market penetration.”
Each of AMCON’s operating segments had respectable quarters. The
wholesale distribution segment reported revenues of $254.3 million
and operating income before depreciation and amortization of $4.5
million in the third quarter of fiscal 2011. The retail health food
segment reported revenues of $9.5 million and operating income
before depreciation and amortization of $0.9 million for the same
period.
“We were very proud of our ability to maintain customer service
during the periods of severe weather this quarter in our service
territories. This reliability is a function of the emphasis we have
placed on the systems and procedures necessary to keep product
flowing to our customers,” said Kathleen Evans, President of
AMCON’s Wholesale Segment. “We are also looking forward to serving
our new customers in the Southeast with AMCON’s expanded suite of
products and services which are designed to enhance customer
profitability.”
Eric Hinkefent, President of AMCON’s Retail Health Food Segment
commented, “We have been able to carefully balance operational
efficiency with our high levels of customer service during this
period. This balance has enabled us to continue to generate profits
in an increasingly competitive market for natural foods and
supplements. Additional locations continue to be a high priority
and we are actively looking for sites that have the appropriate
price value relationship.”
“Our stockholders’ equity grew to $39.1 million during the
quarter. We used our credit lines to close the acquisition of L.P.
Shanks and also made significant seasonal investments during the
quarter. We are pleased that we continue to maintain high levels of
liquidity. Our expanded credit lines were very helpful in providing
us the flexibility we needed,” said Andrew Plummer, AMCON’s Chief
Financial Officer.
AMCON is a leading wholesale distributor of consumer products,
including beverages, candy, tobacco, groceries, foodservice, frozen
and chilled foods, and health and beauty care products with
locations in Arkansas, Illinois, Missouri, Nebraska, North Dakota,
South Dakota, and Tennessee. AMCON also operates fourteen (14)
health and natural product retail stores in the Midwest and
Florida. The retail stores operate under the names Chamberlin's
Market & Cafe www.chamberlins.com and Akin’s Natural Foods
Market www.akins.com.
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 and
the other factors described under Item 1.A. of the Company’s Annual
Report on Form 10-K. 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
June 30, 2011 and September 30,
2010
June September 2011 2010
(Unaudited) ASSETS Current assets: Cash $ 1,330,474 $
356,735
Accounts receivable, less allowance for
doubtful accounts of $0.8 million and $1.6 million at June
2011 and September 2010, respectively
34,508,718 27,903,689 Inventories, net 59,663,739 35,005,957
Deferred income taxes 1,584,981 1,905,974 Prepaid and other current
assets
6,492,944 3,013,485
Total current assets 103,580,856 68,185,840 Property and
equipment, net 14,087,436 11,855,669 Goodwill 6,149,168 6,149,168
Other intangible assets, net 5,747,387 4,807,644 Other assets
1,255,596 1,069,050
$ 130,820,443 $
92,067,371 LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: Accounts payable $ 19,249,594 $ 16,656,257
Accrued expenses 7,298,871 6,007,900 Accrued wages, salaries and
bonuses 2,605,329 3,161,817 Income taxes payable 510,945 2,366,667
Current maturities of long-term debt
1,466,525
893,291 Total current liabilities 31,131,264
29,085,932 Credit facility 47,350,031 18,816,709 Deferred
income taxes 2,276,551 1,075,861 Long-term debt, less current
maturities 6,521,334 5,226,586 Other long-term liabilities 431,524
587,479
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, 62,000 shares
outstanding at June 2011 and 80,000 shares outstanding at
September 2010, liquidation preference $25.00 per share
1,550,000 2,000,000
Shareholders’ equity:
Preferred stock, $0.01 par value,
1,000,000 shares authorized, 162,000 and 180,000 shares
outstanding and issued in Series A and B referred to above
— —
Common stock, $.01 par value, 3,000,000
shares authorized, 609,320 shares outstanding at June 2011 and
577,432 shares outstanding at September 2010
6,093 5,774 Additional paid-in capital 9,960,895 8,376,640 Retained
earnings
29,092,751
24,392,390 Total shareholders’ equity
39,059,739 32,774,804
$ 130,820,443 $
92,067,371
AMCON Distributing Company and
Subsidiaries
Condensed Consolidated Unaudited
Statements of Operations
for the three and nine months ended
June 30, 2011 and 2010
For the three months For the nine
months ended June ended June
2011 2010
2011 2010
Sales (including excise taxes of $85.9
million and $87.9 million, and $238.1 million and $246.3
million, respectively)
$ 263,828,199 $ 267,062,440 $ 725,388,399 $ 741,502,607 Cost of
sales
245,610,146
247,932,676 673,193,512
688,204,656 Gross profit
18,218,053 19,129,764
52,194,887
53,297,951
Selling, general and administrative
expenses
13,781,556 14,070,483 40,378,569 41,215,024 Depreciation and
amortization
519,099
440,466 1,523,815
1,243,307 14,300,655
14,510,949
41,902,384 42,458,331
Operating income
3,917,398
4,618,815 10,292,503
10,839,620 Other expense
(income): Interest expense 372,525 370,873 1,020,980 1,144,543
Other (income), net
(73,878 )
(32,758 )
(141,970 )
(69,184 )
298,647
338,115 879,010
1,075,359 Income from operations before
income tax 3,618,751 4,280,700 9,413,493 9,764,261 Income tax
expense
1,791,000
1,532,000 4,169,000
3,495,000 Net income 1,827,751 2,748,700
5,244,493 6,269,261 Preferred stock dividend requirements
(70,649 )
(74,052 )
(218,755 )
(222,158 ) Net income
available to common shareholders
$
1,757,102 $ 2,674,648
$ 5,025,738 $
6,047,103 Basic earnings per
share available to common shareholders: $ 2.93 $ 4.72 $ 8.53 $
10.73 Diluted earnings per share available to common shareholders:
$ 2.36 $ 3.67 $ 6.81 $ 8.39 Basic weighted average shares
outstanding 599,281 566,224 589,084 563,505 Diluted weighted
average shares outstanding 775,416 749,350 769,870 747,035
AMCON Distributing Company and
Subsidiaries
Condensed Consolidated Unaudited
Statements of Cash Flows
for the nine months ended June 30, 2011
and 2010
2011 2010
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 5,244,493
$ 6,269,261
Adjustments to reconcile net income from
operations to net cash flows from operating activities:
Depreciation 1,268,397 1,043,186 Amortization 255,418 200,121 Gain
on sale of property and equipment (37,177 ) (31,843 ) Stock based
compensation 1,740,969 376,422 Net excess tax benefit on
equity-based awards (125,904 ) (130,126 ) Deferred income taxes
1,521,683 (380,575 ) Provision for (recoveries) losses on doubtful
accounts (768,000 ) 750,489 Provision for losses on inventory
obsolescence 104,871 82,778 Other (6,033 ) 77,094 Changes in
assets and liabilities net of effects of business acquisition:
Accounts receivable 3,044,399 (2,325,168 ) Inventories (20,191,024
) (4,923,666 ) Prepaid and other current assets (3,444,459 )
(2,830,201 ) Other assets (186,546 ) (35,850 ) Accounts payable
2,598,310 3,388,920 Accrued expenses and accrued wages, salaries
and bonuses (824,500 ) (375,910 ) Income tax payable
(1,729,818 )
(1,326,635 ) Net cash
flows from operating activities (11,534,921 ) (171,703 )
CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and
equipment (1,641,035 ) (1,423,912 ) Proceeds from sales of property
and equipment 64,375 62,406 Acquisition
(13,368,057 )
(3,099,836 ) Net cash flows from
investing activities (14,944,717 ) (4,461,342 ) CASH FLOWS
FROM FINANCING ACTIVITIES: Net borrowings on bank credit agreements
28,533,322 5,646,484 Principal payments on long-term debt (684,108
) (682,574 ) Proceeds from exercise of stock options 22,391 126,973
Net excess tax benefit on equity-based awards 125,904 130,126
Dividends paid on convertible preferred stock (218,755 ) (222,158 )
Dividends on common stock
(325,377 )
(310,358 ) Net cash flows from financing activities
27,453,377 4,688,493
Net change in cash 973,739 55,448
Cash, beginning of period
356,735 309,914
Cash, end of period
$ 1,330,474
$ 365,362
2011 2010
Supplemental disclosure of cash flow information: Cash paid during
the period for interest $ 994,280 $ 1,141,934 Cash paid during the
period for income taxes 4,377,134 5,202,208 Supplemental
disclosure of non-cash information: Conversion by holders of Series
B Convertible Preferred Stock to common stock 450,000 — Equipment
acquisitions classified as accounts payable 33,233 35,866
Acquisition of equipment through capital leases — 14,969
Business acquisition: Accounts receivable 8,881,428 — Inventory
4,571,629 1,981,498 Property and equipment 1,891,000 122,978
Prepaid assets 35,000 — Fair value of non-competition agreement
444,428 — Customer relationship intangible assets 661,090 1,620,000
Goodwill — 300,360 Accrued expenses (120,000 ) — Note payable
(2,552,090 ) (500,000 ) Amount due under non-competition agreement
(444,428 ) — Fair value of contingent consideration due — (425,000
)
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