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 
                                   -------------    ------------- 
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 
                                   -------------    ------------- 
                                     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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