AMCON Distributing Company (“AMCON”) (NYSE American:DIT), an
Omaha, Nebraska based consumer products company is pleased to
announce fully diluted earnings per share of $1.18 on net income
available to common shareholders of $0.8 million for its third
fiscal quarter ended June 30, 2018.
“AMCON continues to enhance its leadership position in the
convenience distribution industry by initiating the necessary
operational and technological investments to support our customers’
needs. We are actively seeking acquisitions in our Wholesale
Segment which can benefit from our extensive platform of customer
service. In addition, we are also looking carefully at a number of
internal geographic growth opportunities as our customer base
expands,” said Christopher H. Atayan, AMCON’s Chairman and Chief
Executive Officer. Mr. Atayan further noted, “Our Healthy Edge
retail health food subsidiary acquired eight Earth Origins Market
stores on July 15, 2018. These stores are located in Florida and
will enhance our footprint in that growing market.”
“We are making the logistics, foodservice, and related
technology commitments necessary to support our customers’
geographic growth. A key component of our strategic plan is
utilizing our internal technology team to develop proprietary and
custom designed programs which support our customers and enhance
their profitability and efficiency,” said Kathleen M. Evans,
President of AMCON’s Wholesale Distribution Segment.
Clifford Ginn, President of AMCON’s Healthy Edge Retail Health
Food Segment commented, “We are diligently working to integrate our
newly acquired stores in Florida and welcome our new associates and
customers to the Healthy Edge family of stores.”
“We actively manage our working capital and liquidity position
which provides us with the ability to respond quickly to the
dynamic environments in which both of our business segments
operate. This conservative approach provides us significant
flexibility to act in the long term interest of the many
constituencies we serve. Both of our business segments are
utilizing significant financial resources in the course of making
the investments necessary for long term competitive success. Toward
that end, we also recently closed two health food retail stores and
redeployed that capital within our Retail Health Food Segment,”
said Andrew C. Plummer, AMCON’s Chief Financial Officer. “We were
pleased to close the June 30, 2018 quarter with shareholders’
equity of $63.7 million and consolidated debt of $23.2
million.”
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 twenty-two (22) health
and natural product retail stores in the Midwest and Florida. The
retail stores operate under the names Akin’s Natural Foods Market
www.akins.com in its Midwest market, and Chamberlin's Market &
Cafe www.chamberlins.com, and Earth Origins Market
www.earthoriginsmarket.com in its Florida 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 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, 2018 and September 30,
2017
June September 2018 2017
(Unaudited) ASSETS Current assets: Cash $ 275,320 $
523,065 Accounts receivable, less allowance for doubtful accounts
of $0.8 million at both June 2018 and September 2017 33,943,794
30,690,403 Inventories, net 51,009,431 72,909,996 Prepaid and other
current assets 10,062,688 4,218,811
Total current assets 95,291,233 108,342,275 Property and
equipment, net 13,715,318 13,307,986 Goodwill 6,349,827 6,349,827
Other intangible assets, net 3,430,561 3,494,311 Other assets
315,416 310,488 Total assets $
119,102,355 $ 131,804,887
LIABILITIES AND
SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $
19,122,752 $ 17,631,552 Accrued expenses 8,127,663 7,553,089
Accrued wages, salaries and bonuses 2,669,243 3,477,966 Income
taxes payable 555,820 544,069 Current maturities of long-term debt
382,209 373,645 Total current
liabilities 30,857,687 29,580,321 Credit facility 20,485,436
29,037,182 Deferred income tax liability, net 1,663,832 2,336,263
Long-term debt, less current maturities 2,360,276 2,648,179 Other
long-term liabilities 37,067 34,100 Shareholders’ equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized — —
Common stock, $.01 par value, 3,000,000 shares authorized, 615,988
shares outstanding at June 2018 and 678,006 shares outstanding at
September 2017 8,441 8,314 Additional paid-in capital 22,042,155
20,825,919 Retained earnings 62,953,155 60,935,911 Treasury stock
at cost (21,305,694 ) (13,601,302 ) Total
shareholders’ equity 63,698,057 68,168,842
Total liabilities and shareholders' equity $ 119,102,355
$ 131,804,887
AMCON Distributing Company and
Subsidiaries
Condensed Consolidated Unaudited
Statements of Operations
for the three and nine months ended
June 30, 2018 and 2017
For the three months ended June
For the nine months ended June 2018 2017
2018 2017 Sales (including excise taxes of $96.2
million and $95.1 million, and $267.9 million and $271.8 million,
respectively) $ 349,043,200 $ 332,842,200 $ 959,763,695 $
936,994,299 Cost of sales 329,930,190
314,818,453 905,392,747 883,180,664
Gross profit 19,113,010 18,023,747
54,370,948 53,813,635 Selling,
general and administrative expenses 17,008,355 16,587,055
48,981,383 48,105,878 Depreciation and amortization 614,710
474,890 1,683,618
1,531,292 17,623,065 17,061,945
50,665,001 49,637,170 Operating income
1,489,945 961,802 3,705,947
4,176,465 Other expense (income):
Interest expense 261,510 180,266 777,065 545,719 Other (income),
net (18,615 ) (16,513 ) (51,158 )
(37,250 ) 242,895 163,753
725,907 508,469 Income from operations before
income tax expense 1,247,050 798,049 2,980,040 3,667,996 Income tax
expense 462,000 413,000 376,000
1,748,000 Net income available to common
shareholders $ 785,050 $ 385,049 $ 2,604,040 $
1,919,996 Basic earnings per share available to
common shareholders $ 1.21 $ 0.57 $ 3.85 $ 2.82 Diluted earnings
per share available to common shareholders $ 1.18 $ 0.56 $ 3.79 $
2.78 Basic weighted average shares outstanding 651,170
678,938 676,103 679,858 Diluted weighted average shares outstanding
664,688 691,701 686,576 690,840 Dividends declared and paid
per common share $ 0.18 $ 0.18 $ 0.82 $ 0.82
AMCON Distributing Company and
Subsidiaries
Condensed Consolidated Unaudited
Statements of Cash Flows
for the nine months ended June 30, 2018
and 2017
June June 2018 2017 CASH
FLOWS FROM OPERATING ACTIVITIES: Net income $ 2,604,040 $ 1,919,996
Adjustments to reconcile net income from
operations to net cash flows from operating activities:
Depreciation 1,619,868 1,332,542 Amortization 63,750 198,750 Gain
on sale of property and equipment (5,300 ) (30,854 ) Equity-based
compensation 957,656 1,193,005 Deferred income taxes (672,431 )
120,367 Provision for losses on doubtful accounts 23,000 42,000
Inventory allowance (267,389 ) 4,852 Other 2,967 2,296 Changes in
assets and liabilities: Accounts receivable (3,276,391 ) (1,044,423
) Inventories 22,167,954 (701,279 ) Prepaid and other current
assets (5,843,877 ) 771,870 Other assets (4,928 ) (38,358 )
Accounts payable 1,584,358 322,325 Accrued expenses and accrued
wages, salaries and bonuses 125,758 (659,813 ) Income taxes payable
11,751 7,059 Net cash flows from
operating activities 19,090,786 3,440,335
CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of
property and equipment (2,120,358 ) (1,761,431 ) Proceeds from
sales of property and equipment 5,300 42,655
Net cash flows from investing activities (2,115,058 )
(1,718,776 ) CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facility 1,043,415,401
950,104,143 Repayments under revolving credit facility
(1,051,967,147 ) (950,313,271 ) Principal payments on long-term
debt (279,339 ) (271,031 ) Repurchase of common stock (7,704,392 )
(1,038,060 ) Dividends on common stock (586,796 ) (579,848 )
Withholdings on the exercise of equity-based awards (101,200
) (107,082 ) Net cash flows from financing activities
(17,223,473 ) (2,205,149 ) Net change in cash (247,745 )
(483,590 ) Cash, beginning of period 523,065
605,380 Cash, end of period $ 275,320 $ 121,790
Supplemental disclosure of cash flow information:
Cash paid during the period for interest $ 764,557 $ 545,719 Cash
paid during the period for income taxes 1,036,680 1,620,574
Supplemental disclosure of non-cash information: Equipment
acquisitions classified in accounts payable 8,203 9,881
Issuance of common stock in connection
with the vesting and exercise of equity-based awards
1,183,091 1,262,763
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AMCON Distributing CompanyChristopher H. Atayan,
402-331-3727
AMCON Distributing (AMEX:DIT)
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