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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 | |
---|---|---|---|---|---|---|---|---|
-0.03 | -0.02% | 160.17 | 160.17 | 160.17 | 160.17 | 10 | 15:06:03 |
AMCON Distributing Company (“AMCON”) (NYSE American: DIT), an Omaha, Nebraska based consumer products company, is pleased to announce fully diluted earnings per share of $6.48 on net income available to common shareholders of $3.7 million for its third fiscal quarter ended June 30, 2021.
“We are pleased with our results for the third fiscal quarter. Our Management Team and Associates’ central focus is on delivering a consistent level of high quality service to our customers in this challenging economic environment,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. Mr. Atayan further noted, “AMCON continues to seek out acquisition opportunities for Convenience and Food Service Distributors who want to align with our growing platform and customer centric management philosophy.”
The wholesale distribution segment reported revenues of $426.6 million and operating income of $6.3 million for the third quarter of fiscal 2021. The retail health food segment reported revenues of $11.7 million and operating income of $0.6 million for the third quarter of fiscal 2021.
“Ongoing supply chain disruptions at consumer packaged goods companies have impacted product availability across all markets including the convenience distribution industry in which our Company operates. Additionally, the United States is experiencing an acute workforce shortage which has created a hyper-competitive wage environment which has impacted the Company’s operations. Our customer base continues to grow geographically and AMCON is deploying the capital and human resources necessary to support our customers’ growth in a collaborative fashion,” said Andrew C. Plummer, AMCON’s President and Chief Operating Officer. Mr. Plummer further noted, “We are actively searching for facilities in, and adjacent to, the geographic markets we serve.”
Charles J. Schmaderer, AMCON’s Chief Financial Officer said, “AMCON is pleased with the progress of our strategic investment in Team Sledd, LLC. In addition, AMCON ended the quarter with $71.4 million of shareholders’ equity and we continue to diligently focus on maintaining high levels of liquidity in our business to support operations and our growth initiatives.”
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
Condensed Consolidated Balance Sheets
June 30, 2021 and September 30, 2020
June
September
2021
2020
(Unaudited)
ASSETS
Current assets:
Cash
$
699,895
$
661,195
Accounts receivable, less allowance for doubtful accounts of $0.9 million at June 2021 and September 2020
36,526,770
34,278,429
Inventories, net
95,640,441
98,971,773
Prepaid and other current assets
5,769,066
2,091,645
Total current assets
138,636,172
136,003,042
Property and equipment, net
16,425,171
17,497,274
Operating lease right-of-use assets, net
17,148,745
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
7,784,753
6,744,095
Other assets
349,139
383,786
Total assets
$
188,780,930
$
188,001,273
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
24,788,839
$
22,108,299
Accrued expenses
11,169,530
8,306,160
Accrued wages, salaries and bonuses
3,839,072
4,761,020
Income taxes payable
495,860
567,408
Current operating lease liabilities
5,503,940
5,607,098
Current maturities of long-term debt
555,832
516,850
Total current liabilities
46,353,073
41,866,835
Credit facility
51,491,984
61,971,682
Deferred income tax liability, net
1,585,882
1,806,575
Long-term operating lease liabilities
12,000,823
14,028,606
Long-term debt, less current maturities
5,196,596
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 June 2021 and 537,715 shares outstanding at September 2020
8,834
8,697
Additional paid-in capital
24,943,292
24,282,058
Retained earnings
77,310,346
71,362,334
Treasury stock at cost
(30,867,287
)
(30,861,549
)
Total shareholders’ equity
71,395,185
64,791,540
Total liabilities and shareholders’ equity
$
188,780,930
$
188,001,273
AMCON Distributing Company and Subsidiaries
Condensed Consolidated Unaudited Statements of Operations
for the three and nine months ended June 30, 2021 and 2020
For the three months ended June
For the nine months ended June
2021
2020
2021
2020
Sales (including excise taxes of $104.9 million and $103.6 million, and $297.4 million and $285.1 million, respectively)
$
438,313,030
$
396,854,324
$
1,221,571,294
$
1,094,841,943
Cost of sales
412,771,324
375,202,044
1,149,594,823
1,031,651,499
Gross profit
25,541,706
21,652,280
71,976,471
63,190,444
Selling, general and administrative expenses
20,501,117
18,377,641
58,123,100
55,843,266
Depreciation
741,180
801,683
2,295,390
2,318,045
21,242,297
19,179,324
60,418,490
58,161,311
Operating income
4,299,409
2,472,956
11,557,981
5,029,133
Other expense (income):
Interest expense
329,929
461,581
1,016,902
1,321,267
Other (income), net
(43,437
)
(42,525
)
(169,525
)
(79,222
)
286,492
419,056
847,377
1,242,045
Income from operations before income taxes
4,012,917
2,053,900
10,710,604
3,787,088
Income tax expense
1,076,000
586,000
2,916,000
1,168,000
Equity method investment earnings, net of tax
754,293
111,666
1,403,124
111,666
Net income available to common shareholders
$
3,691,210
$
1,579,566
$
9,197,728
$
2,730,754
Basic earnings per share available to common shareholders
$
6.69
$
2.79
$
16.71
$
4.84
Diluted earnings per share available to common shareholders
$
6.48
$
2.77
$
16.37
$
4.79
Basic weighted average shares outstanding
551,369
565,483
550,276
564,578
Diluted weighted average shares outstanding
569,481
569,902
561,940
569,873
Dividends declared and paid per common share
$
0.18
$
0.18
$
5.54
$
0.82
AMCON Distributing Company and Subsidiaries
Condensed Consolidated Unaudited Statements of Shareholders’ Equity
for the three and nine months ended June 30, 2021 and 2020
Additional
Common Stock
Treasury Stock
Paid-in
Retained
Shares
Amount
Shares
Amount
Capital
Earnings
Total
THREE MONTHS ENDED JUNE 2020
Balance, April 1, 2020
869,367
$
8,692
(303,841
)
$
(28,863,654
)
$
24,224,145
$
67,184,900
$
62,554,083
Dividends on common stock, $0.18 per share
—
—
—
—
—
(107,091
)
(107,091
)
Compensation expense and issuance of stock in connection with equity-based awards
500
5
—
—
26,728
—
26,733
Repurchase of common stock
—
—
(1,148
)
(68,725
)
—
—
(68,725
)
Net income
—
—
—
—
—
1,579,566
1,579,566
Balance, June 30, 2020
869,867
$
8,697
(304,989
)
$
(28,932,379
)
$
24,250,873
$
68,657,375
$
63,984,566
THREE MONTHS ENDED JUNE 2021
Balance, April 1, 2021
883,589
$
8,834
(332,220
)
$
(30,867,287
)
$
24,917,765
$
73,724,722
$
67,784,034
Dividends on common stock, $0.18 per share
—
—
—
—
—
(105,586
)
(105,586
)
Compensation expense and issuance of stock in connection with equity-based awards
—
—
—
—
25,527
—
25,527
Repurchase of common stock
—
—
—
—
—
—
—
Net income
—
—
—
—
—
3,691,210
3,691,210
Balance, June 30, 2021
883,589
$
8,834
(332,220
)
$
(30,867,287
)
$
24,943,292
$
77,310,346
$
71,395,185
Additional
Common Stock
Treasury Stock
Paid-in
Retained
Shares
Amount
Shares
Amount
Capital
Earnings
Total
NINE MONTHS ENDED JUNE 2020
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, $0.82 per share
—
—
—
—
—
(487,776
)
(487,776
)
Compensation expense and issuance of stock in connection with equity-based awards
13,828
136
—
—
1,085,234
—
1,085,370
Repurchase of common stock
—
—
(1,564
)
(100,524
)
—
—
(100,524
)
Net income
—
—
—
—
—
2,730,754
2,730,754
Balance, June 30, 2020
869,867
$
8,697
(304,989
)
$
(28,932,379
)
$
24,250,873
$
68,657,375
$
63,984,566
NINE MONTHS ENDED JUNE 2021
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, $5.54 per share
—
—
—
—
—
(3,249,716
)
(3,249,716
)
Compensation expense and issuance of stock in connection with equity-based awards
13,722
137
—
—
661,234
—
661,371
Repurchase of common stock
—
—
(68
)
(5,738
)
—
—
(5,738
)
Net income
—
—
—
—
—
9,197,728
9,197,728
Balance, June 30, 2021
883,589
$
8,834
(332,220
)
$
(30,867,287
)
$
24,943,292
$
77,310,346
$
71,395,185
AMCON Distributing Company and Subsidiaries
Condensed Consolidated Unaudited Statements of Cash Flows
for the nine months ended June 30, 2021 and 2020
June
June
2021
2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
9,197,728
$
2,730,754
Adjustments to reconcile net income from operations to net cash flows from (used in) operating activities:
Depreciation
2,295,390
2,318,045
Equity method investment earnings, net of tax
(1,403,124
)
(111,666
)
(Gain) loss on sales of property and equipment
(8,057
)
17,042
Equity-based compensation
1,819,272
765,704
Deferred income taxes
(220,693
)
(2,862
)
Provision for losses on doubtful accounts
86,000
349,000
Inventory allowance
238,148
182,218
Changes in assets and liabilities:
Accounts receivable
(2,334,341
)
(9,309,422
)
Inventories
3,093,184
20,152,080
Prepaid and other current assets
(3,677,421
)
(373,414
)
Equity method investment distributions
828,466
—
Other assets
34,647
(126,364
)
Accounts payable
2,680,540
2,040,386
Accrued expenses and accrued wages, salaries and bonuses
804,983
(1,424,472
)
Other long-term liabilities
(169,854
)
125,744
Income taxes payable and receivable
(537,548
)
794,027
Net cash flows from (used in) operating activities
12,727,320
18,126,800
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment
(1,254,958
)
(2,901,134
)
Proceeds from sales of property and equipment
39,728
16,600
Investment in equity method investee
—
(6,500,000
)
Issuance of note receivable
—
(3,500,000
)
Net cash flows from (used in) investing activities
(1,215,230
)
(12,884,534
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facility
1,217,375,073
1,083,878,207
Repayments under revolving credit facility
(1,227,854,771
)
(1,087,870,919
)
Proceeds from borrowings on long-term debt
3,000,000
—
Principal payments on long-term debt
(373,216
)
(397,936
)
Proceeds from exercise of stock options
—
25,750
Repurchase of common stock
(5,738
)
(100,524
)
Dividends on common stock
(3,249,716
)
(487,776
)
Settlement and withholdings of equity-based awards
(365,022
)
(30,208
)
Net cash flows from (used in) financing activities
(11,473,390
)
(4,983,406
)
Net change in cash
38,700
258,860
Cash, beginning of period
661,195
337,704
Cash, end of period
$
699,895
$
596,564
Supplemental disclosure of cash flow information:
Cash paid during the period for interest
$
1,031,457
$
1,387,381
Cash paid during the period for income taxes
3,667,036
376,835
Supplemental disclosure of non-cash information:
Equipment acquisitions classified in accounts payable
$
—
$
100,424
Issuance of common stock in connection with the vesting and exercise of equity-based awards
949,812
990,653
View source version on businesswire.com: https://www.businesswire.com/news/home/20210719005750/en/
Christopher H. Atayan AMCON Distributing Company Ph 402-331-3727
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