AMCON Distributing Company (“AMCON”) (NYSE American: DIT), an
Omaha, Nebraska-based consumer products company is pleased to
announce fully diluted earnings per share of $0.80 on net income
available to common shareholders of $0.5 million for its first
fiscal quarter ended December 31, 2019.
“AMCON has a legacy of first-class service and reliability which
is the foundation of our position as a leader in the convenience
distribution industry,” said Christopher H. Atayan, AMCON’s
Chairman and Chief Executive Officer. He further noted, “The
convenience store industry continues to embrace foodservice
programs that are attractive to customers and competitive with
quick serve restaurants. AMCON develops foodservice programs
offering contemporary menu options that are optimal for our
customers’ staffing and facility requirements. Additionally, our
management team seeks strategic acquisition opportunities that
expand the depth and breadth of our service territory, or enhance
the portfolio of services we offer our customers.”
“Our service territory is expanding as our customers grow,” said
Andrew C. Plummer, AMCON’s President and Chief Operating Officer.
He further noted, “With that growth, we continue to invest in our
facilities, the development of leading edge technology and
efficient logistics capabilities that are necessary to serve our
customers’ needs on a daily basis. We were pleased to close
December 31, 2019 with shareholders’ equity of $62.0 million and
consolidated debt of $37.1 million.”
The wholesale distribution segment reported revenues of $350.0
million and operating income of $3.6 million for the first quarter
of fiscal 2020. The retail health food segment reported revenues of
$10.1 million and an operating loss of $1.1 million for the first
quarter of fiscal 2020.
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
www.akins.com in its Midwest market, and Chamberlin's Natural Foods
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
December 31, 2019 and
September 30, 2019
December
September
2019
2019
(Unaudited)
ASSETS
Current assets:
Cash
$
439,991
$
337,704
Accounts receivable, less allowance for
doubtful accounts of $1.2 million at December 2019 and $0.9 million
at September 2019
31,466,281
24,665,620
Inventories, net
62,958,790
102,343,517
Income taxes receivable
254,606
350,378
Prepaid and other current assets
8,464,551
7,148,459
Total current assets
103,584,219
134,845,678
Property and equipment, net
18,323,979
17,655,415
Operating lease right-of-use assets,
net
20,523,782
—
Goodwill
4,436,950
4,436,950
Other intangible assets, net
500,000
500,000
Other assets
231,527
273,579
Total assets
$
147,600,457
$
157,711,622
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
17,189,294
$
18,647,572
Accrued expenses
6,608,838
8,577,972
Accrued wages, salaries and bonuses
1,960,785
3,828,847
Current operating lease liabilities
5,460,582
—
Current maturities of long-term debt
537,285
532,747
Total current liabilities
31,756,784
31,587,138
Credit facility
33,524,029
60,376,714
Deferred income tax liability, net
1,978,165
1,823,373
Long-term operating lease liabilities
15,397,681
—
Long-term debt, less current
maturities
2,989,526
3,125,644
Other long-term liabilities
—
42,011
Shareholders’ equity:
Preferred stock, $.01 par value, 1,000,000
shares authorized
—
—
Common stock, $.01 par value, 3,000,000
shares authorized, 565,833 shares outstanding at December 2019 and
552,614 shares outstanding at September 2019
8,692
8,561
Additional paid-in capital
24,192,954
23,165,639
Retained earnings
66,592,637
66,414,397
Treasury stock at cost
(28,840,011
)
(28,831,855
)
Total shareholders’ equity
61,954,272
60,756,742
Total liabilities and shareholders’
equity
$
147,600,457
$
157,711,622
AMCON Distributing Company and
Subsidiaries
Condensed Consolidated
Unaudited Statements of Operations
for the three months ended
December 31, 2019 and 2018
For the three months ended
December
2019
2018
Sales (including excise taxes of $94.0
million and $93.0 million, respectively)
$
360,101,103
$
344,733,920
Cost of sales
339,256,392
324,101,782
Gross profit
20,844,711
20,632,138
Selling, general and administrative
expenses
18,952,735
17,957,214
Depreciation and amortization
725,461
608,008
19,678,196
18,565,222
Operating income
1,166,515
2,066,916
Other expense (income):
Interest expense
472,423
322,950
Other (income), net
(6,778
)
(3,355
)
465,645
319,595
Income from operations before income
taxes
700,870
1,747,321
Income tax expense
249,000
502,000
Net income available to common
shareholders
$
451,870
$
1,245,321
Basic earnings per share available to
common shareholders
$
0.80
$
2.02
Diluted earnings per share available to
common shareholders
$
0.80
$
1.99
Basic weighted average shares
outstanding
562,578
617,858
Diluted weighted average shares
outstanding
567,794
624,525
Dividends declared and paid per common
share
$
0.18
$
0.18
AMCON Distributing Company and
Subsidiaries
Condensed Consolidated
Unaudited Statements of Shareholders’ Equity
for the three months ended
December 31, 2019 and 2018
Additional
Common Stock
Treasury Stock
Paid in
Retained
Shares
Amount
Shares
Amount
Capital
Earnings
Total
THREE MONTHS ENDED DECEMBER
2018
Balance, October 1, 2018
844,089
$
8,441
(228,312
)
$
(21,324,752
)
$
22,069,098
$
63,848,030
$
64,600,817
Dividends on common stock, $0.46 per
share
—
—
—
—
—
(296,936
)
(296,936
)
Compensation expense and issuance of stock
in connection with equity-based awards
11,950
120
—
—
1,041,615
—
1,041,735
Repurchase of common stock
—
—
(10,432
)
(918,085
)
—
—
(918,085
)
Net income
—
—
—
—
—
1,245,321
1,245,321
Balance, December 31, 2018
856,039
$
8,561
(238,744
)
$
(22,242,837
)
$
23,110,713
$
64,796,415
$
65,672,852
THREE MONTHS ENDED DECEMBER
2019
Balance, October 1, 2019
856,039
$
8,561
(303,425
)
$
(28,831,855
)
$
23,165,639
$
66,414,397
$
60,756,742
Dividends on common stock, $0.46 per
share
—
—
—
—
—
(273,630
)
(273,630
)
Compensation expense and issuance of stock
in connection with equity-based awards
13,328
131
—
—
1,027,315
—
1,027,446
Repurchase of common stock
—
—
(109
)
(8,156
)
—
—
(8,156
)
Net income
—
—
—
—
—
451,870
451,870
Balance, December 31, 2019
869,367
$
8,692
(303,534
)
$
(28,840,011
)
$
24,192,954
$
66,592,637
$
61,954,272
AMCON Distributing Company and
Subsidiaries
Condensed Consolidated
Unaudited Statements of Cash Flows
for the three months ended
December 31, 2019 and 2018
December
December
2019
2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
451,870
$
1,245,321
Adjustments to reconcile net income from
operations to net cash flows from (used in) operating
activities:
Depreciation
725,461
592,383
Amortization
—
15,625
Equity-based compensation
129,931
316,056
Deferred income taxes
154,792
276,942
Provision for losses on doubtful
accounts
371,000
11,000
Inventory allowance
51,587
117,531
Other
(42,011
)
989
Changes in assets and liabilities:
Accounts receivable
(7,171,661
)
689,059
Inventories
39,333,140
22,199,828
Prepaid and other current assets
(1,578,437
)
(4,321,455
)
Other assets
42,052
50,265
Accounts payable
(1,623,841
)
(4,261,996
)
Accrued expenses and accrued wages,
salaries and bonuses
(2,509,401
)
(2,515,963
)
Income taxes receivable
95,772
225,058
Net cash flows from (used in) operating
activities
28,430,254
14,640,643
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment
(1,228,462
)
(956,976
)
Net cash flows from (used in) investing
activities
(1,228,462
)
(956,976
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit
facility
330,596,076
336,212,413
Repayments under revolving credit
facility
(357,448,761
)
(348,325,547
)
Principal payments on long-term debt
(131,580
)
(235,188
)
Repurchase of common stock
(8,156
)
(918,085
)
Dividends on common stock
(107,084
)
(116,196
)
Net cash flows from (used in) financing
activities
(27,099,505
)
(13,382,603
)
Net change in cash
102,287
301,064
Cash, beginning of period
337,704
520,644
Cash, end of period
$
439,991
$
821,708
Supplemental disclosure of cash flow
information:
Cash paid during the period for
interest
$
519,459
$
306,243
Cash paid (refunded) during the period for
income taxes
(1,563
)
—
Supplemental disclosure of non-cash
information:
Equipment acquisitions classified in
accounts payable
$
234,816
$
200,782
Dividends declared, not paid
166,546
180,740
Issuance of common stock in connection
with the vesting and exercise of equity-based awards
990,653
1,005,792
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version on businesswire.com: https://www.businesswire.com/news/home/20200120005512/en/
Christopher H. Atayan AMCON Distributing Company Ph
402-331-3727
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