AMCON Distributing Company (“AMCON”) (NYSE MKT:DIT), an Omaha,
Nebraska based consumer products company is pleased to announce
fully diluted earnings per share of $1.85 on net income available
to common shareholders of $1.3 million for the fiscal quarter ended
December 31, 2015.
“We are pleased with our start to fiscal 2016. Our business
strategy is centered on customer service and reliability and
enables us to compete well in a challenging environment,” said
Christopher H. Atayan, AMCON’s Chairman and Chief Executive
Officer. He further noted, “As a leader in the Convenience
Distribution industry, AMCON is actively seeking acquisitions that
can benefit from our extensive platform of services.”
“One of our goals is to continue to develop our foodservice
capabilities. Sales are growing industry wide in this category and
we are among the leaders in program development,” said Kathleen M.
Evans, President of AMCON’s Wholesale Distribution Segment.
“Industry growth in the retail health food sector has led to
greater competition from new market entrants and has pressured
sales. We have carefully rationalized our expense structure while
maintaining our customary high level of customer service,” said
Eric Hinkefent, President of AMCON’s Retail Health Food
Segment.
“We were pleased to close the December 31, 2015 quarter with
shareholders’ equity of $61.4 million and consolidated debt of
$14.8 million,” said Andrew C. Plummer, AMCON’s Chief Financial
Officer. Plummer added, “Providing cutting edge technology products
to our internal and external customers in a rapidly changing
environment requires considerable ongoing investment. We are also
driving more miles to serve our customers and investing significant
resources in our refrigerated delivery equipment.”
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 sixteen (16) health and
natural product retail stores in the Midwest and Florida. The
retail stores operate under the names Chamberlin's Market &
Cafe www.chamberlins.com and Akin’s Natural Foods Market
www.akins.com.
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, 2015
and September 30, 2015 December
September 2015 2015
(Unaudited) ASSETS Current assets: Cash $ 344,467 $
219,536 Accounts receivable, less allowance for doubtful accounts
of $0.9 million at both December 2015 and September 2015 31,410,516
31,866,787 Inventories, net 43,704,180 60,793,478 Deferred income
taxes 1,200,581 1,553,726 Income taxes receivable — 113,238 Prepaid
and other current assets
6,809,787
2,125,908 Total current assets
83,469,531 96,672,673 Property and equipment, net 12,635,474
12,753,145 Goodwill 6,349,827 6,349,827 Other intangible assets,
net 3,999,728 4,090,978 Other assets
279,792
317,184 $
106,734,352 $
120,183,807 LIABILITIES AND SHAREHOLDERS’
EQUITY Current liabilities: Accounts payable $ 15,775,388 $
17,044,726 Accrued expenses 6,218,204 7,224,963 Accrued wages,
salaries and bonuses 1,520,198 3,282,354 Income taxes payable
341,623 — Current maturities of long-term debt
354,047 351,383
Total current liabilities 24,209,460 27,903,426 Credit
facility 11,149,637 20,902,207 Deferred income taxes 3,762,477
3,696,098 Long-term debt, less current maturities 3,294,657
3,384,319 Other long-term liabilities 32,849 34,860
Series A cumulative, Convertible Preferred
Stock, $.01 par value 100,000 shares
authorized and issued, and a total
liquidation preference of $2.5 million at both
December 2015 and September 2015
2,500,000 2,500,000 Series B cumulative, Convertible Preferred
Stock, $.01 par value 80,000 shares
authorized, 16,000 shares issued and
outstanding at both December 2015 and
September 2015, and a total liquidation
preference of $0.4 million at both
December 2015 and September 2015
400,000 400,000
Shareholders’ equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized,
116,000
shares outstanding and issued in Series A
and B referred to above
— — Common stock, $.01 par value, 3,000,000 shares authorized,
609,339 shares
outstanding at December 2015 and 621,104
shares outstanding at September 2015
7,197 7,061 Additional paid-in capital 16,677,791 15,509,199
Retained earnings 54,535,923 53,527,606 Treasury stock at cost
(9,835,639 )
(7,680,969 ) Total shareholders’ equity
61,385,272
61,362,897 $
106,734,352 $
120,183,807 AMCON Distributing
Company and Subsidiaries Condensed Consolidated Unaudited
Statements of Operations for the three months ended December
31, 2015 and 2014 December
2015 December 2014
Sales (including excise taxes of $97.3 million and $96.9 million at
December 2015 and December 2014, respectively) $ 322,008,249 $
315,433,476 Cost of sales
303,046,345
295,906,944 Gross profit
18,961,904 19,526,532
Selling, general and administrative expenses
15,845,134 16,181,122 Depreciation and amortization
566,949 576,305
16,412,083
16,757,427 Operating income
2,549,821 2,769,105
Other expense (income): Interest expense 212,454 237,142 Other
(income), net
(27,255 )
(7,067 )
185,199
230,075 Income from operations before income
tax expense 2,364,622 2,539,030 Income tax expense
1,009,000 993,000
Net income 1,355,622 1,546,030 Preferred stock dividend
requirements
(49,177 )
(49,177 ) Net income available to common
shareholders
$ 1,306,445
$ 1,496,853 Basic
earnings per share available to common shareholders $ 2.09 $ 2.44
Diluted earnings per share available to common shareholders 1.85
2.11 Basic weighted average shares outstanding 625,356
612,560 Diluted weighted average shares outstanding 733,484 734,256
AMCON Distributing Company and Subsidiaries
Condensed Consolidated Unaudited Statements of Cash Flows
for the three months ended December 31, 2015 and 2014
December 2015
December 2014 CASH FLOWS FROM OPERATING
ACTIVITIES: Net income $ 1,355,622 $ 1,546,030
Adjustments to reconcile net income from
operations to net cash flows from operating activities:
Depreciation 475,699 485,055 Amortization 91,250 91,250 (Gain) loss
on sale of property and equipment (11,441 ) 12,036 Equity-based
compensation 349,522 289,551 Deferred income taxes 419,524 379,261
Provision for losses on doubtful accounts 8,000 186,750 Provision
for losses on inventory obsolescence 44,903 10,420 Other (2,011 )
(2,012 ) Changes in assets and liabilities: Accounts
receivable 448,271 (308,132 ) Inventories 17,044,395 (3,870,295 )
Prepaid and other current assets (4,683,879 ) (1,544,107 ) Other
assets 37,392 131,443 Accounts payable (1,268,360 ) (174,140 )
Accrued expenses and accrued wages, salaries and bonuses (2,046,917
) (1,033,434 ) Income taxes payable
454,861
(1,112,164 ) Net cash flows
from operating activities 12,716,831 (4,912,488 ) CASH FLOWS
FROM INVESTING ACTIVITIES: Purchase of property and equipment
(361,565 ) (340,796 ) Proceeds from sales of property and equipment
14,000 2,800
Net cash flows from investing activities (347,565 ) (337,996 )
CASH FLOWS FROM FINANCING ACTIVITIES: Net (payments)
borrowings on bank credit agreements (9,752,570 ) 5,730,771
Principal payments on long-term debt (86,998 ) (84,411 ) Dividends
paid on convertible preferred stock (49,177 ) (49,177 ) Dividends
on common stock (119,514 ) (116,417 ) Repurchase of common stock
(2,154,670 ) — Withholdings on the exercise of equity-based awards
(81,406 )
(156,497 ) Net cash flows from financing
activities
(12,244,335 )
5,324,269 Net change in cash
124,931
73,785
Cash, beginning of period
219,536 99,922
Cash, end of period
$ 344,467
$ 173,707
December 2015 December 2014
Supplemental disclosure of cash flow information: Cash paid during
the period for interest $ 225,512 $ 223,385 Cash paid during the
period for income taxes 134,615 1,725,903 Supplemental
disclosure of non-cash information: Equipment acquisitions
classified as accounts payable $ 22,351 $ 60,737 Dividends payable
178,614 — Issuance of common stock in connection with the vesting
and exercise of equity-based awards 1,174,981 1,240,842
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version on businesswire.com: http://www.businesswire.com/news/home/20160118005761/en/
AMCON Distributing CompanyChristopher H. Atayan,
402-331-3727
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