AMCON Distributing Company (“AMCON”) (NYSE American: DIT), an
Omaha, Nebraska based consumer products company, is pleased to
announce fully diluted earnings per share of $27.36 on net income
available to common shareholders of $15.5 million for the fiscal
year ended September 30, 2021. AMCON earned $11.00 per fully
diluted share on net income available to common shareholders of
$6.3 million for the fourth fiscal quarter ended September 30,
2021.
“We are pleased with our fiscal 2021 results. AMCON’s associates
and management did an outstanding job of securing the products and
staffing necessary for success in the convenience distribution
industry. We have a long-standing tradition of providing a superior
level of customer service. This core operating philosophy has
guided us through these difficult times and helped ensure that
AMCON’s customers have received a consistent and timely flow of
goods and services,” said Christopher H. Atayan, AMCON’s Chairman
and Chief Executive Officer. He further noted, “We continue to seek
strategic acquisition opportunities for operators who want to align
with our customer centric management philosophy.”
The wholesale distribution segment reported revenues of $1.6
billion and operating income of $24.5 million for fiscal 2021, and
revenues and operating income of $438.7 million and $7.9 million,
respectively, for the fourth fiscal quarter of fiscal 2021. The
retail health food segment reported revenues of $47.3 million and
operating income of $1.8 million for fiscal 2021, and revenues of
$12.1 million and operating income of $0.6 million for the fourth
fiscal quarter of fiscal 2021.
“We remain committed to making the requisite capital
expenditures in the coming years to support the Company’s
investments in its foodservice and technology platforms, expand its
geographic reach, and the continued redevelopment of its retail
health food store portfolio. We continue to expand the territories
we serve as our customers grow their store footprint,” said Andrew
C. Plummer, AMCON’s President and Chief Operating Officer.
Charles J. Schmaderer, AMCON’s Chief Financial Officer said, “At
September 30, 2021, our shareholders’ equity was $77.6 million,
resulting in adjusted book value per share of $139.27. During
fiscal 2021, we turned our inventory 20 times and ended the year
with $49.3 million of consolidated debt. At its lowest point during
fiscal 2021, the Company’s consolidated debt was approximately
$28.8 million.” Mr. Schmaderer also added, “We are pleased with the
results of our investment in Team Sledd, LLC.”
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 (20) 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
CONSOLIDATED BALANCE
SHEETS
September
September
2021
2020
ASSETS
Current assets:
Cash
$
519,591
$
661,195
Accounts receivable, less allowance for
doubtful accounts of $0.9 million at September 2021 and September
2020
35,844,163
34,278,429
Inventories, net
95,212,085
98,971,773
Prepaid expenses and other current
assets
4,999,125
2,091,645
Total current assets
136,574,964
136,003,042
Property and equipment, net
16,012,524
17,497,274
Operating lease right-of-use assets,
net
17,846,529
18,936,126
Note receivable, net of current
portion
3,325,000
3,500,000
Goodwill
4,436,950
4,436,950
Other intangible assets, net
500,000
500,000
Equity method investment
9,380,343
6,744,095
Other assets
334,819
383,786
Total assets
$
188,411,129
$
188,001,273
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
24,235,042
$
22,108,299
Accrued expenses
11,468,955
8,306,160
Accrued wages, salaries and bonuses
4,489,852
4,761,020
Income taxes payable
867,160
567,408
Current operating lease liabilities
5,513,390
5,607,098
Current maturities of long-term debt
561,202
516,850
Total current liabilities
47,135,601
41,866,835
Credit facility
43,650,865
61,971,682
Deferred income tax liability, net
1,531,228
1,806,575
Long-term operating lease liabilities
12,669,157
14,028,606
Long-term debt, less current
maturities
5,054,265
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 September 2021 and
537,715 shares outstanding at September 2020
8,834
8,697
Additional paid-in capital
24,918,781
24,282,058
Retained earnings
83,552,298
71,362,334
Treasury stock at cost
(30,867,287
)
(30,861,549
)
Total shareholders’ equity
77,612,626
64,791,540
Total liabilities and shareholders’
equity
$
188,411,129
$
188,001,273
AMCON Distributing Company and
Subsidiaries
CONSOLIDATED STATEMENTS OF
OPERATIONS
Fiscal Years Ended
September
2021
2020
Sales (including excise taxes of $403.9
million and $393.3 million, respectively)
$
1,672,378,581
$
1,521,278,763
Cost of sales
1,571,829,805
1,433,544,831
Gross profit
100,548,776
87,733,932
Selling, general and administrative
expenses
79,631,140
75,051,227
Depreciation
3,093,017
3,116,449
Impairment charges
—
485,270
82,724,157
78,652,946
Operating income
17,824,619
9,080,986
Other expense (income):
Interest expense
1,339,560
1,693,251
Other (income), net
(203,228
)
(114,276
)
1,136,332
1,578,975
Income from operations before income
taxes
16,688,287
7,502,011
Income tax expense
4,501,000
2,143,000
Equity method investment earnings, net of
tax
3,357,978
183,579
Net income available to common
shareholders
$
15,545,265
$
5,542,590
Basic earnings per share available to
common shareholders
$
28.24
$
9.88
Diluted earnings per share available to
common shareholders
$
27.36
$
9.76
Basic weighted average shares
outstanding
550,551
561,166
Diluted weighted average shares
outstanding
568,103
567,961
Dividends declared and paid per common
share
$
5.72
$
1.00
AMCON Distributing Company and
Subsidiaries
CONSOLIDATED STATEMENTS OF
SHAREHOLDERS’ EQUITY
Additional
Common Stock
Treasury Stock
Paid-in
Retained
Shares
Amount
Shares
Amount
Capital
Earnings
Total
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, $1.00 per
share
—
—
—
—
—
(594,653
)
(594,653
)
Compensation expense and issuance of stock
in connection with equity-based awards
13,828
136
—
—
1,116,419
—
1,116,555
Repurchase of common stock
—
—
(28,727
)
(2,029,694
)
—
—
(2,029,694
)
Net income
—
—
—
—
—
5,542,590
5,542,590
Balance September 30, 2020
869,867
$
8,697
(332,152
)
$
(30,861,549
)
$
24,282,058
$
71,362,334
$
64,791,540
Dividends on common stock, $5.72 per
share
—
—
—
—
—
(3,355,301
)
(3,355,301
)
Compensation expense and issuance of stock
in connection with equity-based awards
13,722
137
—
—
636,723
—
636,860
Repurchase of common stock
—
—
(68
)
(5,738
)
—
—
(5,738
)
Net income
—
—
—
—
—
15,545,265
15,545,265
Balance, September 30, 2021
883,589
$
8,834
(332,220
)
$
(30,867,287
)
$
24,918,781
$
83,552,298
$
77,612,626
AMCON Distributing Company and
Subsidiaries
CONSOLIDATED STATEMENTS OF
CASH FLOWS
September
September
2021
2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
15,545,265
$
5,542,590
Adjustments to reconcile net income from
operations to net cash flows from (used in)
operating activities:
Depreciation
3,093,017
3,116,449
Equity method investment earnings, net of
tax
(3,357,978
)
(183,579
)
Impairment charges
—
485,270
(Gain) loss on sales of property and
equipment
(9,864
)
105,039
Equity-based compensation
2,415,156
1,085,287
Deferred income taxes
(275,347
)
(16,798
)
Provision for losses on doubtful
accounts
50,000
(21,000
)
Inventory allowance
37,708
(322,240
)
Changes in assets and liabilities:
Accounts receivable
(1,615,734
)
(9,591,809
)
Inventories
3,721,980
3,693,984
Prepaid and other current assets
(2,732,480
)
4,794,469
Equity method investment distributions
1,392,730
—
Other assets
48,967
(110,207
)
Accounts payable
1,998,494
3,529,980
Accrued expenses and accrued wages,
salaries and bonuses
1,164,828
1,353,113
Other long-term liabilities
(169,854
)
885,230
Income taxes payable and receivable
(371,248
)
857,270
Net cash flows from (used in) operating
activities
20,935,640
15,203,048
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment
(1,525,882
)
(3,356,573
)
Proceeds from sales of property and
equipment
55,728
43,600
Investment in equity method investee
—
(6,500,000
)
Issuance of note receivable
—
(3,500,000
)
Net cash flows from (used in) investing
activities
(1,470,154
)
(13,312,973
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit
facility
1,663,751,276
1,515,476,055
Repayments under revolving credit
facility
(1,682,072,093
)
(1,513,881,087
)
Proceeds from borrowings on long-term
debt
3,000,000
—
Principal payments on long-term debt
(510,177
)
(532,747
)
Proceeds from exercise of stock
options
—
25,750
Repurchase of common stock
(5,738
)
(2,029,694
)
Dividends on common stock
(3,355,301
)
(594,653
)
Settlement and withholdings of
equity-based awards
(415,057
)
(30,208
)
Net cash flows from (used in) financing
activities
(19,607,090
)
(1,566,584
)
Net change in cash
(141,604
)
323,491
Cash, beginning of period
661,195
337,704
Cash, end of period
$
519,591
$
661,195
Supplemental disclosure of cash flow
information:
Cash paid during the period for
interest
$
1,353,985
$
1,743,098
Cash paid during the period for income
taxes
5,138,454
1,302,528
Supplemental disclosure of non-cash
information:
Equipment acquisitions classified in
accounts payable
$
128,249
$
—
Issuance of common stock in connection
with the vesting and exercise of
equity-based awards
949,812
990,653
AMCON Distributing Company and
Subsidiaries
FISCAL YEAR 2021
(dollars in thousands, except per share
data)
First
Second
Third
Fourth
Sales
$
404,745
$
378,513
$
438,313
$
450,807
Gross profit
23,462
22,973
25,542
28,572
Income from operations before income
taxes
3,753
2,944
4,013
5,978
Net income available to common
shareholders
$
3,078
$
2,429
$
3,691
$
6,348
Basic earnings per share available to
common shareholders
$
5.61
$
4.41
$
6.69
$
11.51
Diluted earnings per share available to
common shareholders
$
5.57
$
4.33
$
6.48
$
11.00
FISCAL YEAR 2020
(dollars in thousands, except per share
data)
First
Second
Third
Fourth
Sales
$
360,101
$
337,887
$
396,854
$
426,437
Gross profit
20,845
20,693
21,652
24,543
Income from operations before income
taxes
701
1,032
2,054
3,715
Net income available to common
shareholders
$
452
$
699
$
1,580
$
2,812
Basic earnings per share available to
common shareholders
$
.80
$
1.24
$
2.79
$
5.10
Diluted earnings per share available to
common shareholders
$
.80
$
1.22
$
2.77
$
5.00
The Company’s quarterly earnings per share are based on weighted
average shares outstanding for the quarter; therefore the sum of
the quarters may not equal the full year earnings per share
amount.
AMCON Distributing Company and
Subsidiaries
GAAP Reconciliation and Management Explanation of Non-GAAP
Financial Measures
The financial measure of adjusted book value per share included
in this press release (“adjusted book value per share”) has been
determined by methods other than in accordance with U.S. generally
accepted accounting principles (“GAAP”). Management believes that
this non-GAAP financial measurement reflects an additional way of
viewing aspects of the Company’s business that, when viewed
together with its financial results computed in accordance with
GAAP, provides a more complete understanding of factors affecting
historical financial performance of the Company. This measure is
important to investors interested in determining the amount of book
value per share if all potentially dilutive shares were exercised
or vested and outstanding. This non-GAAP financial measurement is
not intended to be a substitute for the comparable GAAP
measurements and should be read only in conjunction with our
consolidated financial statements prepared in accordance with
GAAP.
The Company has defined the non-GAAP financial measure of
adjusted book value per share as follows:
- “Adjusted book value per share” is defined as total
shareholders’ equity increased by the impact of proceeds from the
exercise of all stock options and vesting of restricted stock units
divided by total common shares outstanding plus common shares
issuable upon the exercise of all stock options and vesting of
restricted stock units.”
September 2021
Number of common shares outstanding at
September 30, 2021
551,369
Total shareholders’ equity at September
30, 2021
$
77,612,626
Book value per share at September 30,
2021
$
140.76
September 2021
Number of common shares outstanding at
September 30, 2021
551,369
Add: common shares potentially issuable
for stock options and unvested restricted stock units /1/
57,470
608,839
Total shareholders’ equity at September
30, 2021
$
77,612,626
Equity impact if all potential common
shares were exercised or vested /1/
7,177,416
$
84,790,042
Adjusted book value per share at September
30, 2021
$
139.27
____________
/1/
Assumes the exercise of all vested and
unvested stock options and vesting of all outstanding restricted
stock units at September 30, 2021.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211108006076/en/
Christopher H. Atayan AMCON Distributing Company Ph
402-331-3727
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