AMCON DISTRIBUTING Aktie
WKN: A0BM27
ISIN: US02341Q2057 Land: USA
Branche: Handel und Konsum
Sektor: Handel
boerse.de Prädikat:
aktueller Kurs:
- EUR
Veränderung:
- EUR
Veränderung in %:
- %
weitere Analysen einblenden

AMCON Distributing Company Reports Results for the Quarter Ended March 31, 2020

Montag, 20.04.20 22:10
Newsbild
Bildquelle: Fotolia

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 $1.22 on net income available to common shareholders of $0.7 million for its second fiscal quarter ended March 31, 2020.

“Both of AMCON’s business segments are open for business. We are fully committed to our employees’ and customers’ success and safety during the rapidly evolving COVID-19 situation. While many of the states in which we operate have shelter in place orders, AMCON is an essential service provider and a key component of the United States supply chain as a distributor to convenience stores, truck stops, rural grocery stores as well as our role as a health food retailer,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. Atayan also noted, “Our Bank Group provided an expanded 5-year credit facility and on April 1, 2020 we successfully closed on our investment in Team Sledd, both of which further our long term strategic objectives. We welcome all the Team Sledd Associates, Customers and Vendors to the AMCON Community.”

“AMCON’s deepest sympathies go out to all who have been impacted by the coronavirus outbreaks. We want to thank our Associates who worked tirelessly during these challenging times to ensure our customers and communities had the essential products and supplies they need. Our management teams’ first priority is to maintain the continuity of our workforce and our employee’s safety in order to best serve our customers’ interests. Our team has worked diligently addressing simultaneous supply chain challenges that impacted the entire United States as several industry suppliers’ temporarily shut down during the COVID-19 crisis,” said Andrew C. Plummer, AMCON’s President and Chief Operating Officer. Plummer also noted, “Our team built and operated a Virtual Trade Show on short notice, as the governmental restrictions on large meetings made the traditional Spring Trade Show not possible. The customer response to the Virtual Trade Show was excellent and we built solid momentum going forward. We were pleased to close March 31, 2020 with shareholders’ equity of $62.6 million and consolidated debt of $46.6 million.”

The wholesale distribution segment reported revenues of $324.9 million and operating income of $2.9 million for the second quarter of fiscal 2020. The retail health food segment reported revenues of $13.0 million and operating income of $0.1 million for the second quarter of fiscal 2020.

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’s Healthy Edge Retail Group also operates twenty-one (21) 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

March 31, 2020 and September 30, 2019

 

 

 

 

 

 

 

 

 

March

 

September

 

 

2020

 

2019

 

 

(Unaudited)

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash

 

$

661,957

 

$

337,704

Accounts receivable, less allowance for doubtful accounts of $1.3 million at March 2020 and $0.9 million at September 2019

 

 

27,811,495

 

 

24,665,620

Inventories, net

 

 

84,912,508

 

 

102,343,517

Income taxes receivable

 

 

172,365

 

 

350,378

Prepaid and other current assets

 

 

6,986,997

 

 

7,148,459

Total current assets

 

 

120,545,322

 

 

134,845,678

 

 

 

 

 

 

 

Property and equipment, net

 

 

18,287,881

 

 

17,655,415

Operating lease right-of-use assets, net

 

 

19,689,507

 

 

Goodwill

 

 

4,436,950

 

 

4,436,950

Other intangible assets, net

 

 

500,000

 

 

500,000

Other assets

 

 

406,653

 

 

273,579

Total assets

 

$

163,866,313

 

$

157,711,622

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

22,985,979

 

$

18,647,572

Accrued expenses

 

 

6,650,445

 

 

8,577,972

Accrued wages, salaries and bonuses

 

 

3,107,209

 

 

3,828,847

Current operating lease liabilities

 

 

5,433,800

 

 

Current maturities of long-term debt

 

 

542,004

 

 

532,747

Total current liabilities

 

 

38,719,437

 

 

31,587,138

 

 

 

 

 

 

 

Credit facility

 

 

43,218,080

 

 

60,376,714

Deferred income tax liability, net

 

 

1,925,536

 

 

1,823,373

Long-term operating lease liabilities

 

 

14,597,065

 

 

Long-term debt, less current maturities

 

 

2,852,112

 

 

3,125,644

Other long-term liabilities

 

 

 

 

42,011

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

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

 

 

 

 

Common stock, $.01 par value, 3,000,000 shares authorized, 565,526 shares outstanding at March 2020 and 552,614 shares outstanding at September 2019

 

 

8,692

 

 

8,561

Additional paid-in capital

 

 

24,224,145

 

 

23,165,639

Retained earnings

 

 

67,184,900

 

 

66,414,397

Treasury stock at cost

 

 

(28,863,654)

 

 

(28,831,855)

Total shareholders’ equity

 

 

62,554,083

 

 

60,756,742

Total liabilities and shareholders’ equity

 

$

163,866,313

 

$

157,711,622

AMCON Distributing Company and Subsidiaries

Condensed Consolidated Unaudited Statements of Operations

for the three and six months ended March 31, 2020 and 2019

 

 

 

For the three months ended March

 

For the six months ended March

2020

2019

2020

2019

Sales (including excise taxes of $87.5 million and $82.9 million, and $181.5 million and $175.9 million, respectively)

 

$

337,886,516

 

$

310,715,873

 

$

697,987,619

 

$

655,449,793

Cost of sales

 

 

317,193,063

 

 

290,126,453

 

 

656,449,455

 

 

614,228,235

Gross profit

 

 

20,693,453

 

 

20,589,420

 

 

41,538,164

 

 

41,221,558

Selling, general and administrative expenses

 

 

18,512,890

 

 

17,391,681

 

 

37,465,626

 

 

35,348,896

Depreciation and amortization

 

 

790,901

 

 

641,228

 

 

1,516,361

 

 

1,249,236

 

 

 

19,303,791

 

 

18,032,909

 

 

38,981,987

 

 

36,598,132

Operating income

 

 

1,389,662

 

 

2,556,511

 

 

2,556,177

 

 

4,623,426

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expense (income):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

387,263

 

 

396,576

 

 

859,686

 

 

719,526

Other (income), net

 

 

(29,920)

 

 

(36,280)

 

 

(36,697)

 

 

(39,636)

 

 

 

357,343

 

 

360,296

 

 

822,989

 

 

679,890

Income from operations before income taxes

 

 

1,032,319

 

 

2,196,215

 

 

1,733,188

 

 

3,943,536

Income tax expense

 

 

333,000

 

 

673,000

 

 

582,000

AMCON DISTRIBUTING Aktie Chart Profichart

Chart
© 1994-2021 by boerse.de - Quelle für Kurse und Daten: ARIVA.DE AG - boerse.de übernimmt keine Gewähr