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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AMCON Distributing Co | AMEX:DIT | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 156.82 | 156.53 | 150.20 | 156.53 | 44 | 22:00:00 |
AMCON Distributing Company (“AMCON”) (NYSE MKT:DIT), an Omaha, Nebraska based consumer products company is pleased to announce fully diluted earnings per share of $0.71 on net income available to common shareholders of $0.5 million for our second fiscal quarter ended March 31, 2017.
“We continue to invest in our wholesale business to enhance our leadership position in the convenience distribution industry. We are expanding our foodservice and technology capabilities as the needs of our customers grow in complexity. This approach has served to differentiate us from our competition,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. He further noted, “We are actively seeking acquisitions that can benefit from our extensive platform of customer service and are evaluating several geographic growth opportunities as our customer base expands.”
For the second fiscal quarter of 2017, our Wholesale Distribution Segment reported revenues of $287.3 million and operating income of $2.7 million. Our Retail Health Food Segment reported revenues of $6.7 million and an operating loss of $0.2 million for the same period.
“Our annual spring trade show in Kansas City was well received by our customers and vendors. This annual event provides momentum as we enter our customers’ peak selling season,” said Kathleen M. Evans, President of AMCON’s Wholesale Distribution Segment. She further noted, “As we expand into new territories we are implementing the logistics investments and technology necessary to support our customers’ geographic growth.”
“We are pleased with the progress of our new store in Orlando. Our management team is developing market driven enhancements to our core business model in order to compete in this highly challenging retail environment,” said Clifford Ginn, President of AMCON’s Retail Health Food Segment.
“We actively manage our working capital and liquidity which provides an 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 best interest of the many constituencies we serve. Both of our business segments are utilizing financial resources in the course of making the investments necessary for long term competitive success,” said Andrew C. Plummer, AMCON’s Chief Financial Officer. “We were pleased to close the March 31, 2017 quarter with shareholders’ equity of $67.1 million and consolidated debt of $8.3 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 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, 2017 and September 30, 2016
March September 2017 2016 (Unaudited)ASSETS
Current assets: Cash $ 248,760 $ 605,380Accounts receivable, less allowance for doubtful accounts of $0.7 million at March 2017 and $0.7 million at September 2016
27,737,863 30,033,104 Inventories, net 45,707,269 48,404,882 Deferred income taxes 1,182,299 1,441,919 Income taxes receivable 282,435 164,959 Prepaid and other current assets 7,829,685 8,608,049 Total current assets 82,988,311 89,258,293 Property and equipment, net 12,373,290 12,607,877 Goodwill 6,349,827 6,349,827 Other intangible assets, net 3,626,812 3,759,311 Other assets 340,936 288,082 Total assets $ 105,679,176 $ 112,263,390LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities: Accounts payable $ 17,255,595 $ 18,164,983 Accrued expenses 6,299,199 6,792,884 Accrued wages, salaries and bonuses 2,653,577 3,580,996 Current maturities of long-term debt 367,982 362,495 Total current liabilities 26,576,353 28,901,358 Credit facility 5,102,578 10,537,226 Deferred income taxes 4,080,631 4,021,569 Long-term debt, less current maturities 2,836,070 3,021,824 Other long-term liabilities 32,123 30,815 Shareholders’ equity: Preferred stock, $.01 par value, 1,000,000 shares authorized — —Common stock, $.01 par value, 3,000,000 shares authorized, 678,938 shares outstanding and issued at March 2017 and 677,057 shares outstanding and issued at September 2016
8,314 8,184 Additional paid-in capital 20,782,045 19,525,554 Retained earnings 59,775,503 58,693,241 Treasury stock at cost (13,514,441 ) (12,476,381 ) Total shareholders’ equity 67,051,421 65,750,598 Total liabilities and shareholders' equity $ 105,679,176 $ 112,263,390
AMCON Distributing Company and Subsidiaries
Condensed Consolidated Unaudited Statements of Operations
for the three and six months ended March 31, 2017 and 2016
For the three months ended March For the six months ended March 2017 2016 2017 2016 Sales (including excise taxes of $85.7 million and $88.7 million, and $176.7 million and $186.0 million, respectively) $ 294,047,870 $ 296,449,126 $ 604,152,099 $ 618,457,375 Cost of sales 276,573,968 278,908,888 568,362,211 581,955,233 Gross profit 17,473,902 17,540,238 35,789,888 36,502,142 Selling, general and administrative expenses 15,820,504 14,770,358 31,518,823 30,615,492 Depreciation and amortization 529,969 575,681 1,056,402 1,142,630 16,350,473 15,346,039 32,575,225 31,758,122 Operating income 1,123,429 2,194,199 3,214,663 4,744,020 Other expense (income): Interest expense 147,910 161,402 365,453 373,856 Other (income), net (14,964 ) (35,827 ) (20,737 ) (63,082 ) 132,946 125,575 344,716 310,774 Income from operations before income tax expense 990,483 2,068,624 2,869,947 4,433,246 Income tax expense 502,000 922,000 1,335,000 1,931,000 Net income 488,483 1,146,624 1,534,947 2,502,246 Preferred stock dividend requirements — (48,643 ) — (97,820 ) Net income available to common shareholders $ 488,483 $ 1,097,981 $ 1,534,947 $ 2,404,426 Basic earnings per share available to common shareholders $ 0.72 $ 1.81 $ 2.26 $ 3.90 Diluted earnings per share available to common shareholders $ 0.71 $ 1.61 $ 2.22 $ 3.46 Basic weighted average shares outstanding 678,938 606,080 680,318 615,768 Diluted weighted average shares outstanding 688,016 712,547 690,190 723,317 Dividends declared and paid per common share $ 0.46 $ 0.46 $ 0.64 $ 0.64
AMCON Distributing Company and Subsidiaries
Condensed Consolidated Unaudited Statements of Cash Flows
for the six months ended March 31, 2017 and 2016
March March 2017 2016 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 1,534,947 $ 2,502,246 Adjustments to reconcile net income from operations to net cash flows from operating activities: Depreciation 923,903 960,130 Amortization 132,499 182,500 Gain on sale of property and equipment (21,624 ) (34,482 ) Equity-based compensation 765,554 660,203 Deferred income taxes 318,682 352,242 Provision (recovery) for losses on doubtful accounts 29,000 (67,000 ) Provision for losses on inventory obsolescence 72,197 70,818 Other 1,308 (4,022 ) Changes in assets and liabilities: Accounts receivable 2,266,241 2,677,840 Inventories 2,625,416 4,128,553 Prepaid and other current assets 778,364 (1,954,372 ) Other assets (52,854 ) 20,467 Accounts payable (771,163 ) (1,005,681 ) Accrued expenses and accrued wages, salaries and bonuses (822,955 ) (1,479,465 ) Income taxes receivable (117,476 ) 343,304 Net cash flows from operating activities 7,662,039 7,353,281 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (837,895 ) (692,402 ) Proceeds from sales of property and equipment 31,978 48,164 Net cash flows from investing activities (805,917 ) (644,238 ) CASH FLOWS FROM FINANCING ACTIVITIES: Net payments on bank credit agreements (5,434,648 ) (3,292,820 ) Principal payments on long-term debt (180,267 ) (174,650 ) Repurchase of common stock (1,038,060 ) (2,547,683 ) Dividends paid on convertible preferred stock — (97,820 ) Dividends on common stock (452,685 ) (412,210 ) Withholdings on the exercise of equity-based awards (107,082 ) (81,406 ) Net cash flows from financing activities (7,212,742 ) (6,606,589 ) Net change in cash (356,620 ) 102,454 Cash, beginning of period 605,380 219,536 Cash, end of period $ 248,760 $ 321,990 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 365,620 $ 391,130 Cash paid during the period for income taxes 1,133,794 1,235,454 Supplemental disclosure of non-cash information: Equipment acquisitions classified as accounts payable 29,219 17,500 Issuance of common stock in connection with the vesting and exercise of equity-based awards 1,262,763 1,174,981
View source version on businesswire.com: http://www.businesswire.com/news/home/20170418006429/en/
AMCON Distributing CompanyChristopher H. Atayan, 402-331-3727
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