AMCON Distributing Company (“AMCON”) (NYSE MKT:DIT), an Omaha,
Nebraska based consumer products company is pleased to announce
fully diluted earnings per share of $0.72 on net income available
to common shareholders of $0.5 million for the fiscal quarter ended
March 31, 2014.
“Both of our business segments operate in a highly competitive
environment. We continue to focus on customer service and
reliability to differentiate AMCON and position us as an industry
leader. We were pleased to make a small acquisition this quarter
that enhances our strength in the North Dakota market,” said
Christopher H. Atayan, AMCON’s Chairman and Chief Executive
Officer. He further noted, “We are actively pursuing acquisitions
to enhance and expand our service territory.”
Our wholesale distribution segment reported revenues of $263.2
million and operating income before depreciation and amortization
of $2.6 million for the second fiscal quarter of 2014. The retail
health food segment reported revenues of $9.2 million and operating
income before depreciation and amortization of $0.6 million for the
same period.
“Our annual spring trade show was very well received and
provides momentum as we enter our seasonally strong period. We
continue to expend resources to enhance our capability in
foodservice as the convenience industry is increasingly focused on
the profits derived from these products and services,” said
Kathleen M. Evans, President of AMCON’s Wholesale Distribution
Segment.
“Our Chamberlin’s and Akin’s retail health food stores have a
strong and long-standing brand dating back to 1935. As the natural
health food industry has grown, so too has the interest in health
food retailing from national and regional competitors. As a result,
the number of retail entrants in our Midwestern markets has
outpaced the natural food industry growth in those markets which
impacts our sales,” said Eric J. Hinkefent, President of AMCON’s
Retail Health Food Segment.
“We continue to maintain a high degree of balance sheet
liquidity. At March 31, 2014 our shareholders’ equity was $53.4
million and consolidated debt was $24.2 million,” said Andrew
Plummer, AMCON’s Chief Financial Officer. “The expansion of our
foodservice facilities at our Rapid City, South Dakota branch
continues to progress according to plan. This expansion will
provide significant additional capacity to meet our customers’
growing needs in the Dakotas resulting from considerable growth as
well as our recent acquisition in that market. In addition, we
continue to invest in information technology for internal and
external purposes,” added Mr. Plummer.
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 Illinois, Missouri, Nebraska, North Dakota, South
Dakota and Tennessee. AMCON also operates sixteen (16) 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 March 31, 2014 and
September 30, 2013 March September
2014
2013
(Unaudited) ASSETS Current assets: Cash $ 396,560 $
275,036 Accounts receivable, less allowance for doubtful accounts
of $1.2 million and $1.1 million at March 2014 and September 2013,
respectively 26,894,796 28,383,205 Inventories, net 49,075,457
46,125,187 Deferred income taxes 1,502,474 1,831,933 Prepaid and
other current assets
4,996,292
5,001,992 Total current assets 82,865,579
81,617,353 Property and equipment, net 13,525,701 13,088,859
Goodwill 6,349,827 6,349,827 Other intangible assets, net 4,638,478
4,820,978 Other assets
484,828
497,882 $ 107,864,413
$ 106,374,899
LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities:
Accounts payable $ 15,904,672 $ 15,859,636 Accrued expenses
5,472,356 6,714,444 Accrued wages, salaries and bonuses 1,992,439
2,754,136 Income taxes payable 303,759 1,922,351 Current maturities
of long-term debt
560,647
998,788 Total current liabilities 24,233,873
28,249,355 Credit facility 19,768,331 14,841,712 Deferred
income taxes 3,459,998 3,327,010 Long-term debt, less current
maturities 3,907,110 4,076,892 Other long-term liabilities 235,373
239,396
Series A cumulative, convertible preferred
stock, $.01 par value 100,000 shares authorized and issued, and a
total liquidation preference of $2.5 million at both March 2014 and
September 2013
2,500,000 2,500,000
Series B cumulative, convertible preferred
stock, $.01 par value 80,000 shares authorized, 16,000 shares
issued and outstanding at both March 2014 and September 2013, and a
total liquidation preference of $0.4 million at both March 2014 and
September 2013
400,000 400,000
Shareholders’ equity:
Preferred stock, $.01 par value, 1,000,000
shares authorized, 116,000 shares outstanding and issued in Series
A and B referred to above
— —
Common stock, $.01 par value, 3,000,000
shares authorized, 611,432 shares outstanding at March 2014 and
623,115 shares outstanding at September 2013
6,677 6,543 Additional paid-in capital 13,580,479 12,502,135
Retained earnings 45,015,446 43,532,812 Treasury stock at cost
(5,242,874 )
(3,300,956 ) Total shareholders’ equity
53,359,728
52,740,534 $
107,864,413 $
106,374,899 AMCON
Distributing Company and Subsidiaries Condensed Consolidated
Unaudited Statements of Operations for the three and six
months ended March 31, 2014 and 2013 For the three
months For the six months ended March ended
March 2014 2013
2014 2013 Sales
(including excise taxes of $85.7 million and $87.2 million, and
$183.1 million and $185.2 million, respectively) $ 272,421,788 $
274,568,151 $ 578,047,345 $ 576,786,472 Cost of sales
254,801,826 256,271,131
540,786,320
539,259,663 Gross profit
17,619,962 18,297,020
37,261,025
37,526,809
Selling, general and administrative
expenses
15,812,174 15,438,195 32,304,437 31,286,667 Depreciation and
amortization
628,834
599,785 1,252,874
1,193,647 16,441,008
16,037,980
33,557,311 32,480,314
Operating income
1,178,954
2,259,040 3,703,714
5,046,495 Other expense (income):
Interest expense 222,624 248,992 524,619 565,044 Other (income),
net
(38,955 )
(114,846 )
(69,186 )
(176,195 )
183,669 134,146
455,433 388,849
Income from operations before income tax expense 995,285
2,124,894 3,248,281 4,657,646 Income tax expense
464,000 911,000
1,429,000 1,981,000
Net income 531,285 1,213,894 1,819,281 2,676,646 Preferred
stock dividend requirements
(48,108 )
(48,108 )
(97,285 )
(107,399 ) Net income available to common shareholders
$ 483,177 $
1,165,786 $ 1,721,996
$ 2,569,247
Basic earnings per share available to common shareholders $ 0.79 $
1.87 $ 2.79 $ 4.13 Diluted earnings per share available to common
shareholders $ 0.72 $ 1.63 $ 2.46 $ 3.55 Basic weighted
average shares outstanding 611,432 623,115 616,888 622,692 Diluted
weighted average shares outstanding 737,461 743,195 739,223 754,881
AMCON Distributing Company and
Subsidiaries Condensed Consolidated Unaudited Statements of
Cash Flows for the six months ended March 31, 2014 and
2013 2014 2013
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 1,819,281
$ 2,676,646 Adjustments to reconcile net income from operations to
net cash flows from operating activities: Depreciation 1,070,374
1,011,147 Amortization 182,500 182,500 Gain on sale of property and
equipment (24,746 ) (71,131 ) Equity-based compensation 717,821
652,421 Deferred income taxes 462,447 457,525 Provision for losses
on doubtful accounts 132,000 39,000 Provision for losses
(recoveries) on inventory obsolescence (1,121 ) 49,179 Other (4,023
) (4,023 ) Changes in assets and liabilities: Accounts
receivable 1,356,409 1,686,669 Inventories (2,474,084 ) (780,967 )
Prepaid and other current assets 5,700 152,987 Other assets 13,054
36,724 Accounts payable (34,071 ) (1,802,183 ) Accrued expenses and
accrued wages, salaries and bonuses (1,565,640 ) (1,123,486 )
Income tax payable
(1,618,592 )
(2,060,080 ) Net cash flows from operating activities
37,309 1,102,928 CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (1,362,832 ) (1,104,229 )
Proceeds from sales of property and equipment 29,969 139,540
Acquisition
(513,938 )
—
Net cash flows from investing activities (1,846,801 ) (964,689 )
CASH FLOWS FROM FINANCING ACTIVITIES: Net borrowings on bank
credit agreements 4,926,619 3,378,417 Principal payments on
long-term debt (607,923 ) (587,355 ) Repurchase of Series B
Convertible Preferred Stock and common stock (1,941,918 )
(2,572,085 ) Dividends paid on convertible preferred stock (97,285
) (107,399 ) Dividends on common stock (239,362 ) (234,917 )
Proceeds from exercise of stock options — 1,180 Withholdings on the
exercise of equity-based awards
(109,115
) (74,610 ) Net cash
flows from financing activities
1,931,016
(196,769 ) Net
change in cash 121,524 (58,530 )
Cash, beginning of period
275,036 491,387
Cash, end of period
$ 396,560
$ 432,857
Supplemental disclosure of cash flow information: Cash paid during
the period for interest $ 523,081 $ 564,422 Cash paid during the
period for income taxes 2,585,145 3,583,555 Supplemental
disclosure of non-cash information: Equipment acquisitions
classified as accounts payable 152,311 57,412
Issuance of common stock in connection
with the vesting and exercise of equity-based awards
1,154,869 1,389,258
Conversion by holder of Series B
Convertible Preferred Stock to common stock
— 100,000 Common stock acquired with other consideration — 760,871
AMCON Distributing CompanyChristopher H. Atayan,
402-331-3727
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