AMCON Distributing Company (“AMCON”) (NYSE American: DIT), an
Omaha, Nebraska based consumer products company, is pleased to
announce fully diluted earnings per share of $5.57 on net income
available to common shareholders of $3.1 million for its first
fiscal quarter ended December 31, 2020.
“We are pleased with our results for the first fiscal quarter.
AMCON faced a challenging operating environment. Our management
team was able to deliver to our customers a safe and seamless level
of customer service,” said Christopher H. Atayan, AMCON’s Chairman
and Chief Executive Officer. Mr. Atayan further noted, “AMCON
remains focused on our long term strategic initiatives. We continue
to seek out acquisition opportunities for distributors who want to
align with our growing platform and customer centric management
philosophy.”
The wholesale distribution segment reported revenues of $393.6
million and operating income of $5.8 million for the first quarter
of fiscal 2021. The retail health food segment reported revenues of
$11.1 million and an operating loss of $0.1 million for the first
quarter of fiscal 2021.
“We work interactively with our customers to develop customized
foodservice and technology platforms. This collaborative approach
enables our customers to enhance their profitability, which is
especially important in light of rapidly changing market
conditions. Our customer base continues to grow geographically and
AMCON is deploying the capital and human resources necessary to
support this growth,” said Andrew C. Plummer, AMCON’s President and
Chief Operating Officer.
Charles J. Schmaderer, AMCON’s Chief Financial Officer said, “We
are pleased with the progress of our strategic investment in Team
Sledd, LLC. We ended the quarter with $65.6 million of
shareholders’ equity and continue to work closely with our banking
group to optimize our capital structure. During the quarter, we
refinanced and extended the maturity of certain term loans allowing
us to capitalize on the current interest rate environment.”
AMCON’s Healthy Edge Retail Group plays an important role in the
health and wellness of the communities it serves. Throughout the
pandemic, our management team has worked diligently to offer a
continuous and safe shopping experience for customers. Our long
term relationship with the organic/natural products vendor
community has enabled our stores to meet the demands of our
customers for total wellness solutions. Our strategy is to offer a
broad selection of the highest quality organic and natural
merchandise available supported by a high degree of customer
service not found at other big box retailers within our
industry.
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-one (21) 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,
2020 and September 30, 2020
December
September
2020
2020
(Unaudited)
ASSETS
Current assets:
Cash
$
515,098
$
661,195
Accounts receivable, less allowance for
doubtful accounts of $0.8 million at December 2020 and $0.9 million
at September 2020
29,712,850
34,278,429
Inventories, net
67,832,187
98,971,773
Prepaid and other current assets
7,884,267
2,091,645
Total current assets
105,944,402
136,003,042
Property and equipment, net
17,171,501
17,497,274
Operating lease right-of-use assets,
net
18,660,239
18,936,126
Note receivable
3,500,000
3,500,000
Goodwill
4,436,950
4,436,950
Other intangible assets, net
500,000
500,000
Equity method investment
7,189,433
6,744,095
Other assets
343,593
383,786
Total assets
$
157,746,118
$
188,001,273
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
17,054,417
$
22,108,299
Accrued expenses
11,137,468
8,306,160
Accrued wages, salaries and bonuses
2,468,758
4,761,020
Income taxes payable
465,553
567,408
Current operating lease liabilities
5,756,176
5,607,098
Current maturities of long-term debt
512,344
516,850
Total current liabilities
37,394,716
41,866,835
Credit facility
33,051,949
61,971,682
Deferred income tax liability, net
1,939,311
1,806,575
Long-term operating lease liabilities
13,575,388
14,028,606
Long-term debt, less current
maturities
5,477,181
2,608,794
Other long-term liabilities
757,387
927,241
Shareholders’ equity:
Preferred stock, $.01 par value, 1,000,000
shares authorized
—
—
Common stock, $.01 par value, 3,000,000
shares authorized, 551,369 shares outstanding at December 2020 and
537,715 shares outstanding at September 2020
8,834
8,697
Additional paid-in capital
25,007,239
24,282,058
Retained earnings
71,401,400
71,362,334
Treasury stock at cost
(30,867,287)
(30,861,549)
Total shareholders’ equity
65,550,186
64,791,540
Total liabilities and shareholders’
equity
$
157,746,118
$
188,001,273
AMCON Distributing Company and
Subsidiaries Condensed Consolidated Unaudited Statements of
Operations for the three months ended December 31, 2020 and
2019
For the three months ended
December
2020
2019
Sales (including excise taxes of $100.5
million and $94.0 million, respectively)
$
404,744,774
$
360,101,103
Cost of sales
381,282,795
339,256,392
Gross profit
23,461,979
20,844,711
Selling, general and administrative
expenses
18,599,816
18,952,735
Depreciation and amortization
774,285
725,461
19,374,101
19,678,196
Operating income
4,087,878
1,166,515
Other expense (income):
Interest expense
376,430
472,423
Other (income), net
(41,823)
(6,778)
334,607
465,645
Income from operations before income
taxes
3,753,271
700,870
Income tax expense
1,011,000
249,000
Equity method investment earnings, net of
tax
335,339
—
Net income available to common
shareholders
$
3,077,610
$
451,870
Basic earnings per share available to
common shareholders
$
5.61
$
0.80
Diluted earnings per share available to
common shareholders
$
5.57
$
0.80
Basic weighted average shares
outstanding
548,125
562,578
Diluted weighted average shares
outstanding
552,059
567,794
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, 2020
and 2019
Additional
Common Stock
Treasury Stock
Paid-in
Retained
Shares
Amount
Shares
Amount
Capital
Earnings
Total
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
THREE MONTHS ENDED DECEMBER
2020
Balance, October 1, 2020
869,867
$
8,697
(332,152)
$
(30,861,549)
$
24,282,058
$
71,362,334
$
64,791,540
Dividends on common stock, $5.18 per
share
—
—
—
—
—
(3,038,544)
(3,038,544)
Compensation expense and issuance of stock
in connection with equity-based awards
13,722
137
—
—
725,181
—
725,318
Repurchase of common stock
—
—
(68)
(5,738)
—
—
(5,738)
Net income
—
—
—
—
—
3,077,610
3,077,610
Balance, December 31, 2020
883,589
$
8,834
(332,220)
$
(30,867,287)
$
25,007,239
$
71,401,400
$
65,550,186
AMCON Distributing Company and
Subsidiaries Condensed Consolidated Unaudited Statements of Cash
Flows for the three months ended December 31, 2020 and 2019
December
December
2020
2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
3,077,610
$
451,870
Adjustments to reconcile net income from
operations to net cash flows from (used in) operating
activities:
Depreciation
774,285
725,461
Equity method investment earnings, net of
tax
(335,339)
—
Loss (gain) on sales of property and
equipment
(2,000)
—
Equity-based compensation
346,891
129,931
Deferred income taxes
132,736
154,792
Provision (recovery) for losses on
doubtful accounts
(24,000)
371,000
Inventory allowance
172,137
51,587
Other
—
(42,011)
Changes in assets and liabilities:
Accounts receivable
4,589,579
(7,171,661)
Inventories
30,967,449
39,333,140
Prepaid and other current assets
(5,792,622)
(1,578,437)
Other assets
40,193
42,052
Accounts payable
(5,069,889)
(1,623,841)
Accrued expenses and accrued wages,
salaries and bonuses
(1,793,704)
(2,509,401)
Other long-term liabilities
(169,854)
—
Income taxes payable and receivable
(211,854)
95,772
Net cash flows from (used in) operating
activities
26,701,618
28,430,254
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment
(432,505)
(1,228,462)
Proceeds from sales of property and
equipment
2,000
—
Net cash flows from (used in) investing
activities
(430,505)
(1,228,462)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit
facility
385,943,710
330,596,076
Repayments under revolving credit
facility
(414,863,443)
(357,448,761)
Proceeds from borrowings on long-term
debt
3,000,000
—
Principal payments on long-term debt
(136,119)
(131,580)
Repurchase of common stock
(5,738)
(8,156)
Dividends on common stock
(105,599)
(107,084)
Settlement and withholdings of
equity-based awards
(250,021)
—
Net cash flows from (used in) financing
activities
(26,417,210)
(27,099,505)
Net change in cash
(146,097)
102,287
Cash, beginning of period
661,195
337,704
Cash, end of period
$
515,098
$
439,991
Supplemental disclosure of cash flow
information:
Cash paid during the period for
interest
$
426,655
$
519,459
Cash paid (refunded) during the period for
income taxes
1,090,119
(1,563)
Supplemental disclosure of non-cash
information:
Equipment acquisitions classified in
accounts payable
$
16,007
$
234,816
Dividends declared, not paid
2,932,945
166,546
Issuance of common stock in connection
with the vesting and exercise of equity-based awards
949,812
990,653
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version on businesswire.com: https://www.businesswire.com/news/home/20210119005968/en/
Christopher H. Atayan AMCON Distributing Company Ph
402-331-3727
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