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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 | 0 | 01:00:00 |
From Apr 2019 to Apr 2024
AMCON Distributing Company (“AMCON”) (NYSE American:DIT), an Omaha, Nebraska based consumer products company is pleased to announce fully diluted earnings per share of $0.49 on net income available to common shareholders of $0.3 million for our second fiscal quarter ended March 31, 2018.
“We operate in a highly competitive environment in both our business segments. AMCON will continue to initiate the operating investments necessary to support our customers and enhance our leadership position in the Convenience Distribution Industry. Foodservice expertise is a critical part of the future of our industry and our commitment to this category remains at the forefront of our business strategy. In addition, we seek to develop proprietary 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. We are also looking carefully at a number of geographic growth opportunities as our customer base expands.”
“Our annual spring trade show in Kansas City was well received by our customers and vendors. This 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, “We are making the logistics and related technology investments necessary to support our customers’ geographic growth.”
“We are pleased with the progress of our new store in Lakeland, Florida. Our management team is developing market driven enhancements to our core business model in order for us to compete in this highly challenging retail environment. We will continue to invest heavily in new stores and store upgrades as that is necessary for us to remain a viable competitor in the market place,” 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 significant 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, 2018 quarter with shareholders’ equity of $70.1 million and consolidated debt of $33.4 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, 2018 and September 30, 2017 March September 2018 2017 (Unaudited) ASSETS Current assets: Cash $ 564,817 $ 523,065 Accounts receivable, less allowance for doubtful accounts of $0.7 million at March 2018 and $0.8 million at September 2017 29,245,698 30,690,403 Inventories, net 76,092,792 72,909,996 Prepaid and other current assets 3,002,475 4,218,811 Total current assets 108,905,782 108,342,275 Property and equipment, net 13,616,571 13,307,986 Goodwill 6,349,827 6,349,827 Other intangible assets, net 3,446,186 3,494,311 Other assets 330,391 310,488 Total assets $ 132,648,757 $ 131,804,887 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 17,720,165 $ 17,631,552 Accrued expenses 6,710,555 7,553,089 Accrued wages, salaries and bonuses 2,612,826 3,477,966 Income taxes payable 175,600 544,069 Current maturities of long-term debt 379,302 373,645 Total current liabilities 27,598,448 29,580,321 Credit facility 30,549,306 29,037,182 Deferred income tax liability, net 1,912,941 2,336,263 Long-term debt, less current maturities 2,456,769 2,648,179 Other long-term liabilities 36,078 34,100 Shareholders’ equity: Preferred stock, $.01 par value, 1,000,000 shares authorized — — Common stock, $.01 par value, 3,000,000 shares authorized, 684,004 shares outstanding at March 2018 and 678,006 shares outstanding at September 2017 8,441 8,314 Additional paid-in capital 22,036,562 20,825,919 Retained earnings 62,296,042 60,935,911 Treasury stock at cost (14,245,830 ) (13,601,302 ) Total shareholders’ equity 70,095,215 68,168,842 Total liabilities and shareholders' equity $ 132,648,757 $ 131,804,887AMCON Distributing Company and Subsidiaries Condensed Consolidated Unaudited Statements of Operations for the three and six months ended March 31, 2018 and 2017 For the three months ended March For the six months ended March 2018 2017 2018 2017 Sales (including excise taxes of $83.1 million and $85.7 million, and $171.7 million and $176.7 million, respectively) $ 295,207,286 $ 294,047,870 $ 610,720,495 $ 604,152,099 Cost of sales 278,141,110 276,573,968 575,462,557 568,362,211 Gross profit 17,066,176 17,473,902 35,257,938 35,789,888 Selling, general and administrative expenses 15,619,420 15,820,504 31,973,028 31,518,823 Depreciation and amortization 537,903 529,969 1,068,908 1,056,402 16,157,323 16,350,473 33,041,936 32,575,225 Operating income 908,853 1,123,429 2,216,002 3,214,663 Other expense (income): Interest expense 313,364 147,910 515,555 365,453 Other (income), net (27,410 ) (14,964 ) (32,543 ) (20,737 ) 285,954 132,946 483,012 344,716 Income from operations before income tax expense 622,899 990,483 1,732,990 2,869,947 Income tax expense (benefit) 284,000 502,000 (86,000 ) 1,335,000 Net income available to common shareholders $ 338,899 $ 488,483 $ 1,818,990 $ 1,534,947 Basic earnings per share available to common shareholders $ 0.49 $ 0.72 $ 2.64 $ 2.26 Diluted earnings per share available to common shareholders $ 0.49 $ 0.71 $ 2.61 $ 2.22 Basic weighted average shares outstanding 689,480 678,938 688,570 680,318 Diluted weighted average shares outstanding 697,406 688,016 697,563 690,190 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, 2018 and 2017 March March 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 1,818,990 $ 1,534,947
Adjustments to reconcile net income from operations to net cash flows from operating activities:
Depreciation 1,020,783 923,903 Amortization 48,125 132,499 Gain on sale of property and equipment (300 ) (21,624 ) Equity-based compensation 642,785 765,554 Deferred income taxes (423,322 ) 318,682 Provision (recovery) for losses on doubtful accounts (77,000 ) 29,000 Inventory allowance (231,625 ) 72,197 Other 1,978 1,308 Changes in assets and liabilities: Accounts receivable 1,521,705 2,266,241 Inventories (2,951,171 ) 2,625,416 Prepaid and other current assets 1,216,336 778,364 Other assets (19,903 ) (52,854 ) Accounts payable 126,012 (771,163 ) Accrued expenses and accrued wages, salaries and bonuses (1,059,839 ) (822,955 ) Income taxes payable (368,469 ) (117,476 ) Net cash flows from operating activities 1,265,085 7,662,039 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property and equipment (1,366,767 ) (837,895 ) Proceeds from sales of property and equipment 300 31,978 Net cash flows from investing activities (1,366,467 ) (805,917 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings under revolving credit facility 623,945,799 610,559,577 Repayments under revolving credit facility (622,433,675 ) (615,994,225 ) Principal payments on long-term debt (185,753 ) (180,267 ) Repurchase of common stock (644,528 ) (1,038,060 ) Dividends on common stock (458,859 ) (452,685 ) Withholdings on the exercise of equity-based awards (79,850 ) (107,082 ) Net cash flows from financing activities 143,134 (7,212,742 ) Net change in cash 41,752 (356,620 ) Cash, beginning of period 523,065 605,380 Cash, end of period $ 564,817 $ 248,760 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 489,840 $ 365,620 Cash paid during the period for income taxes 705,790 1,133,794 Supplemental disclosure of non-cash information: Equipment acquisitions classified in accounts payable 63,962 29,219Issuance of common stock in connection with the vesting and exercise of equity-based awards
1,183,091 1,262,763
View source version on businesswire.com: https://www.businesswire.com/news/home/20180418006266/en/
AMCON Distributing CompanyChristopher H. Atayan, 402-331-3727
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