AMCON Distributing Company Reports Results for the Fiscal Year Ended September 30, 2024
OMAHA, Neb.--(BUSINESS WIRE)--November 08, 2024--
AMCON Distributing Company ("AMCON" or "the Company") (NYSE American: DIT), an Omaha, Nebraska based Convenience and Foodservice Distributor, is pleased to announce fully diluted earnings per share of $7.15 on net income available to common shareholders of $4.3 million for the fiscal year ended September 30, 2024.
"We have seen our strategic plan come to full bloom in fiscal 2024. AMCON has grown its footprint geographically, expanded within our existing footprint, and enhanced our foodservice capability. We are now the third largest Convenience Distributor in the United States measured by territory covered. Our new Springfield, Missouri facility is fully operational and provides the infrastructure necessary to advance our foodservice initiatives. AMCON's long-standing core operating philosophy is providing a superior level of customer service. Our customer-centric approach has guided us through these challenging times and ensured that AMCON's customers received a consistent and timely flow of goods and services," said Christopher H. Atayan, AMCON's Chairman and Chief Executive Officer. He further noted, "We continue to actively seek strategic acquisition opportunities for operators who want to align with our customer focused approach philosophy and further the legacy of their enterprises."
The wholesale distribution segment reported revenues of $2.7 billion and operating income of $31.3 million for fiscal 2024 and the retail health food segment reported revenues of $42.5 million and operating income of $0.1 million for fiscal 2024.
"We continue to drive the growth of our foodservice business through our Henry's Foods ("Henry's") subsidiary. Henry's offers a breadth and depth of proprietary foodservice programs and associated store level merchandising that is unparalleled in the convenience distribution industry. Through Henry's, we now have the capability to offer turn-key solutions that will enable our customer base to compete head-on with the Quick Service Restaurant industry. We are investing heavily in our foodservice and technology platforms and associated staffing for these strategic focus areas as we deploy these capabilities across our entire organization," said Andrew C. Plummer, AMCON's President and Chief Operating Officer. Mr. Plummer continued, "In particular, we now have integrated state of the art advertising, design, print and electronic display programs that we believe provide our customers a competitive edge."
"We continue our relentless daily focus on managing the Company's balance sheet and maximizing our liquidity position. At September 30, 2024, our shareholders' equity was $111.7 million," said Charles J. Schmaderer, AMCON's Chief Financial Officer. Mr. Schmaderer also added, "We are investing capital to develop our recently acquired 250,000 square foot distribution facility in Colorado City, Colorado, which will support our customers' growth initiatives in the Intermountain Region."
AMCON, and its subsidiaries Team Sledd, LLC and Henry's Foods, Inc., is a leading Convenience and Foodservice Distributor of consumer products, including beverages, candy, tobacco, groceries, foodservice, frozen and refrigerated foods, automotive supplies and health and beauty care products with thirteen (13) distribution centers in Colorado, Illinois, Indiana, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Tennessee and West Virginia. Through its Healthy Edge Retail Group, AMCON operates fifteen (15) health and natural product retail stores in the Midwest and Florida.
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
2024 2023
----------- -----------
ASSETS
Current assets:
Cash $ 672,788 $ 790,931
Accounts receivable, less
allowance for credit losses of
$2.3 million at September 2024
and $2.4 million at September
2023 70,653,907 70,878,420
Inventories, net 144,254,843 158,582,816
Income taxes receivable 718,645 1,854,484
Prepaid expenses and other
current assets 12,765,088 13,564,056
----------- -----------
Total current assets 229,065,271 245,670,707
Property and equipment, net 106,049,061 80,607,451
Operating lease right-of-use assets,
net 25,514,731 23,173,287
Goodwill 5,778,325 5,778,325
Other intangible assets, net 4,747,234 5,284,935
Other assets 2,952,688 2,914,495
----------- -----------
Total assets $374,107,310 $363,429,200
=========== ===========
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities:
Accounts payable $ 54,498,225 $ 43,099,326
Accrued expenses 15,802,727 14,922,279
Accrued wages, salaries and
bonuses 8,989,355 8,886,529
Current operating lease
liabilities 7,036,751 6,063,048
Current maturities of long-term
debt 5,202,443 1,955,065
Current mandatorily redeemable
non-controlling interest 1,703,604 1,703,604
----------- -----------
Total current liabilities 93,233,105 76,629,851
Credit facilities 121,272,004 140,437,989
Deferred income tax liability, net 4,374,316 4,917,960
Long-term operating lease
liabilities 18,770,001 17,408,758
Long-term debt, less current
maturities 16,562,908 11,675,439
Mandatorily redeemable
non-controlling interest, less
current portion 6,507,896 7,787,227
Other long-term liabilities 1,657,295 402,882
Shareholders' equity:
Preferred stock, $.01 par value,
1,000,000 shares authorized -- --
Common stock, $.01 par value,
3,000,000 shares authorized,
630,362 shares outstanding at
September 2024 and 608,689
shares outstanding at September
2023 9,648 9,431
Additional paid-in capital 34,439,735 30,585,388
Retained earnings 108,552,565 104,846,438
Treasury stock at cost (31,272,163) (31,272,163)
----------- -----------
Total shareholders' equity 111,729,785 104,169,094
----------- -----------
Total liabilities and shareholders'
equity $374,107,310 $363,429,200
=========== ===========
AMCON Distributing Company and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS
Fiscal Years Ended September
----------------------------------
2024 2023
------------- -------------
Sales (including excise taxes of
$569.5 million and $564.6
million, respectively) $2,710,981,108 $2,539,994,999
Cost of sales 2,528,626,652 2,369,150,102
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Gross profit 182,354,456 170,844,897
------------- -------------
Selling, general and
administrative expenses 154,878,763 137,301,668
Depreciation and amortization 9,495,179 7,576,646
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164,373,942 144,878,314
------------- -------------
Operating income 17,980,514 25,966,583
------------- -------------
Other expense (income):
Interest expense 10,413,228 8,550,431
Change in fair value of
mandatorily redeemable
non-controlling interest 1,040,968 1,307,599
Other (income), net (936,171) (1,193,840)
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