AMCON DISTRIBUTING Aktie
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AMCON Distributing Company Reports Results for the Fiscal Year Ended September 30, 2019

Freitag, 08.11.19 22:10
AMCON Distributing Company Reports Results for the Fiscal Year Ended September 30, 2019
Bildquelle: iStock by Getty Images
OMAHA, Neb. –

AMCON Distributing Company (“AMCON”) (NYSE American: DIT), an Omaha, Nebraska based consumer products company is pleased to announce fully diluted earnings per share of $5.25 on net income available to common shareholders of $3.2 million for the fiscal year ended September 30, 2019. AMCON incurred a loss of $0.41 per fully diluted share on a net loss available to common shareholders of $0.2 million for the fourth fiscal quarter ended September 30, 2019.

“We are pleased with our results for fiscal 2019. Our management philosophy and tradition of sustained excellence in customer service has positioned AMCON as a leader in the Convenience Distribution Industry,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. He further noted, “We continue to expect a heightened level of capital expenditures in the coming years to support various strategic initiatives such as enhancements to our foodservice platform, investments in information technology, expansion of our geographic reach, and the continued redevelopment of our retail health food stores. In addition, we are seeking strategic acquisition opportunities.”

The wholesale distribution segment reported revenues of $1.3 billion and operating income of $17.3 million for fiscal 2019, and revenues and operating income of $356.7 million and $6.2 million, respectively, for the fourth fiscal quarter of fiscal 2019. The retail health food segment reported revenues of $44.2 million and an operating loss of $4.7 million for fiscal 2019, and revenues of $10.2 million and an operating loss of $4.2 million for the fourth quarter of fiscal 2019.

“Our customer base is growing and we are expanding our territories to serve them,” said Andrew C. Plummer, AMCON’s President and Chief Operating Officer. He further noted, “We completed the redevelopment of our Bismarck, ND facility in the second half of the fiscal year and are proud to report the operational efficiencies and new capabilities these investments are providing to customers. The fall trade show season was well received by our customer base and enthusiastically supported by our vendor community. We are also delighted to announce the promotion of Douglas Sperry and Chad Pickel to Group Vice Presidents, reflecting their increased operational roles which span multiple branches.”

Mr. Plummer further added, “At September 30, 2019, our shareholders’ equity was $60.8 million, resulting in adjusted book value per share of $106.56. We turned our inventory 19 times and consolidated debt was $64.0 million. At its lowest point during fiscal 2019 our consolidated debt was $16.3 million.”

AMCON’s Healthy Edge Retail Group operates in a highly competitive and challenging environment. The organic and natural vendor community has supported our management team’s efforts to remerchandise our stores. Our strategy is to offer a broad selection of products supported with customer service as an alternative to the capital intensive big box retailers in the segment.

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-two (22) 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

 

 

2019

 

2018

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash

 

$

337,704

 

 

$

520,644

 

Accounts receivable, less allowance for doubtful accounts of $0.9 million at September 2019 and September 2018

 

 

24,665,620

 

 

 

31,428,845

 

Inventories, net

 

 

102,343,517

 

 

 

78,869,615

 

Income taxes receivable

 

 

350,378

 

 

 

272,112

 

Prepaid and other current assets

 

 

7,148,459

 

 

 

4,940,775

 

Total current assets

 

 

134,845,678

 

 

 

116,031,991

 

 

 

 

 

 

Property and equipment, net

 

 

17,655,415

 

 

 

15,768,484

 

Goodwill

 

 

4,436,950

 

 

 

4,436,950

 

Other intangible assets, net

 

 

500,000

 

 

 

3,414,936

 

Other assets

 

 

273,579

 

 

 

301,793

 

Total assets

 

$

157,711,622

 

 

$

139,954,154

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

18,647,572

 

 

$

20,826,834

 

Accrued expenses

 

 

8,577,972

 

 

 

8,556,620

 

Accrued wages, salaries and bonuses

 

 

3,828,847

 

 

 

3,965,733

 

Current maturities of long-term debt

 

 

532,747

 

 

 

1,096,306

 

Total current liabilities

 

 

31,587,138

 

 

 

34,445,493

 

 

 

 

 

 

Credit facility

 

 

60,376,714

 

 

 

35,428,597

 

Deferred income tax liability, net

 

 

1,823,373

 

 

 

1,782,801

 

Long-term debt, less current maturities

 

 

3,125,644

 

 

 

3,658,391

 

Other long-term liabilities

 

 

42,011

 

 

 

38,055

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

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

 

 

 

 

Common stock, $.01 par value, 3,000,000 shares authorized, 552,614 shares outstanding at September 2019 and 615,777 shares outstanding at September 2018

 

 

8,561

 

 

 

8,441

 

Additional paid-in capital

 

 

23,165,639

 

 

 

22,069,098

 

Retained earnings

 

 

66,414,397

 

 

 

63,848,030

 

Treasury stock at cost

 

 

(28,831,855

)

 

 

(21,324,752

)

Total shareholders’ equity

 

 

60,756,742

 

 

 

64,600,817

 

Total liabilities and shareholders’ equity

 

$

157,711,622

 

 

$

139,954,154

 

AMCON Distributing Company and Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

Fiscal Years Ended September

 

 

2019

 

2018

Sales (including excise taxes of $370.2 million and $368.4 million, respectively)

 

$

1,392,388,157

 

 

$

1,322,306,658

 

Cost of sales

 

 

1,308,364,726

 

 

 

1,245,375,460

 

Gross profit

 

 

84,023,431

 

 

 

76,931,198

 

Selling, general and administrative expenses

 

 

72,182,883

 

 

 

66,781,234

 

Depreciation and amortization

 

 

2,617,591

 

 

 

2,318,146

 

Impairment charges

 

 

2,873,269

 

 

 

1,912,877

 

 

 

 

77,673,743

 

 

 

71,012,257

 

Operating income

 

 

6,349,688

 

 

 

5,918,941

 

 

 

 

 

 

Other expense (income):

 

 

 

 

Interest expense

 

 

1,598,864

 

 

 

1,194,373

 

Other (income), net

 

 

(61,119

)

 

 

(54,042

)

 

 

 

1,537,745

 

 

 

1,140,331

 

Income from operations before income taxes

 

 

4,811,943

 

 

 

4,778,610

 

Income tax expense

 

 

1,609,000

 

 

 

1,164,000

 

Net income available to common shareholders

 

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