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AMCON Distributing Company Reports Results for the Quarter Ended December 31, 2021

OMAHA, Neb. , January 18 /Businesswire/ - AMCON Distributing Company (“AMCON”) (NYSE American: DIT), an Omaha, Nebraska based consumer products company, is pleased to announce fully diluted earnings per share of $5.18 on net income available to common shareholders of $3.0 million for its first fiscal quarter ended December 31, 2021.

“We are pleased with our results for the first fiscal quarter. AMCON continues to navigate a challenging operating environment. Our management team was able to deliver our customers a safe, consistent 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 $410.6 million and operating income of $7.4 million for the first quarter of fiscal 2022. The retail health food segment reported revenues of $11.9 million and operating income of $0.5 million for the first quarter of fiscal 2022.

“We work collaboratively with our customers to develop customized foodservice and technology platforms. This approach enables our customers to enhance their efficiencies and profitability, which is especially important in light of rapidly changing market conditions. Our customer base is growing geographically, and we are deploying the capital and human resources necessary to support this growth,” said Andrew C. Plummer, AMCON’s President and Chief Operating Officer. Mr. Plummer also noted, “AMCON’s associates and management did an outstanding job of securing the products and staffing necessary to best serve our customers in these challenging conditions.”

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 $79.6 million of shareholders’ equity and continue to work closely with our banking group to optimize our capital structure. We maintain consistently high levels of liquidity to support the growth of the enterprise.”

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

December 31, 2021 and September 30, 2021

 

 

 

 

 

 

 

 

 

December

 

September

 

 

2021

 

2021

 

 

(Unaudited)

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash

 

$

840,961

 

 

$

519,591

 

Accounts receivable, less allowance for doubtful accounts of $0.8 million at December 2021 and $0.9 million at September 2021

 

 

30,861,247

 

 

 

35,844,163

 

Inventories, net

 

 

97,742,318

 

 

 

95,212,085

 

Prepaid expenses and other current assets

 

 

4,830,698

 

 

 

4,999,125

 

Total current assets

 

 

134,275,224

 

 

 

136,574,964

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

15,449,705

 

 

 

16,012,524

 

Operating lease right-of-use assets, net

 

 

16,942,549

 

 

 

17,846,529

 

Note receivable, net of current portion

 

 

3,325,000

 

 

 

3,325,000

 

Goodwill

 

 

4,436,950

 

 

 

4,436,950

 

Other intangible assets, net

 

 

500,000

 

 

 

500,000

 

Equity method investment

 

 

10,406,708

 

 

 

9,380,343

 

Other assets

 

 

312,635

 

 

 

334,819

 

Total assets

 

$

185,648,771

 

 

$

188,411,129

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

18,372,775

 

 

$

24,235,042

 

Accrued expenses

 

 

9,686,140

 

 

 

11,468,955

 

Accrued wages, salaries and bonuses

 

 

2,892,772

 

 

 

4,489,852

 

Income taxes payable

 

 

1,194,512

 

 

 

867,160

 

Current operating lease liabilities

 

 

5,555,582

 

 

 

5,513,390

 

Current maturities of long-term debt

 

 

566,624

 

 

 

561,202

 

Total current liabilities

 

 

38,268,405

 

 

 

47,135,601

 

 

 

 

 

 

 

 

Credit facility

 

 

48,447,738

 

 

 

43,650,865

 

Deferred income tax liability, net

 

 

2,704,876

 

 

 

1,531,228

 

Long-term operating lease liabilities

 

 

11,723,408

 

 

 

12,669,157

 

Long-term debt, less current maturities

 

 

4,910,559

 

 

 

5,054,265

 

Other long-term liabilities

 

 

13,611

 

 

 

757,387

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

Preferred stock, $.01 par value, 1,000,000 shares authorized

 

 

 

 

 

 

Common stock, $.01 par value, 3,000,000 shares authorized, 582,789 shares outstanding at December 2021 and 551,369 shares outstanding at

September 2021

 

 

9,148

 

 

 

8,834

 

Additional paid-in capital

 

 

26,999,735

 

 

 

24,918,781

 

Retained earnings

 

 

83,438,578

 

 

 

83,552,298

 

Treasury stock at cost

 

 

(30,867,287

)

 

 

(30,867,287

)

Total shareholders’ equity

 

 

79,580,174

 

 

 

77,612,626

 

Total liabilities and shareholders’ equity

 

$

185,648,771

 

 

$

188,411,129

 

AMCON Distributing Company and Subsidiaries

Condensed Consolidated Unaudited Statements of Operations

for the three months ended December 31, 2021 and 2020

 

 

 

 

 

 

 

 

 

For the three months ended December

 

 

2021

 

2020

Sales (including excise taxes of $97.1 million and $100.5 million, respectively)

 

$

422,571,278

 

 

$

404,744,774

 

Cost of sales

 

 

395,638,615

 

 

 

381,282,795

 

Gross profit

 

 

26,932,663

 

 

 

23,461,979

 

Selling, general and administrative expenses

 

 

22,390,740

 

 

 

18,599,816

 

Depreciation

 

 

784,245

 

 

 

774,285

 

 

 

 

23,174,985

 

 

 

19,374,101

 

Operating income

 

 

3,757,678

 

STORY TAGS: Convenience Store, LGBTQ+, Catalog, Restaurant/Bar, Logistics/Supply Chain Management, Other Consumer, Office Products, Women, Seniors, Religion, Men, Other Transport, Wine & Spirits, Family, Tobacco, Supermarket, Transport, Specialty, Supply Chain Management, Consumer, Teens, Online Retail, Parenting, Children, Food/Beverage, Discount/Variety, Baby/Maternity, Fashion, Department Stores, Cosmetics, Retail, Home Goods, Nebraska, Earnings, United States, North America,

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