Current Report Filing (8-k)
January 19 2016 - 6:05AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
ACT OF 1934
Date
of Report (Date of earliest event reported) January 18, 2016
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AMCON
DISTRIBUTING COMPANY
(Exact
name of registrant as specified in its charter)
Delaware
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1-15589
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47-0702918
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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7405 Irvington Road, Omaha NE 68122
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(Address of principal executive offices) (Zip Code)
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402-331-3727
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(Registrant’s telephone number, including area code)
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Not Applicable
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(Former name or former address, if changed since last report)
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Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On January 18, 2016, the Company issued a press release announcing
financial results for its fiscal quarter ended December 31, 2015. A
copy of the press release is attached to this report as an exhibit.
The information in this report (including the exhibit) shall not be
deemed to be "filed" for the purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that Section. The information set forth in this report
(including the exhibit) shall not be incorporated by reference into any
registration statement or other document pursuant to the Securities Act
of 1933, as amended, except as shall be expressly set forth by specific
reference in such filing.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
EXHIBIT NO.
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DESCRIPTION
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99.1
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Press release, dated January 18, 2016, issued by AMCON Distributing
Company announcing financial results for its fiscal quarter ended
December 31, 2015.
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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AMCON DISTRIBUTING COMPANY
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(Registrant)
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Date:
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January 18, 2016
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/s/ Andrew C. Plummer
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Name:
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Andrew C. Plummer
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Title:
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Vice President & Chief Financial Officer
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3
Exhibit 99.1
AMCON
Distributing Company Reports Fully Diluted Earnings Per Share of $1.85
for the Quarter Ended December 31, 2015
OMAHA, Neb.--(BUSINESS WIRE)--January 18, 2016--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
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AMCON Distributing Company and Subsidiaries
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Condensed Consolidated Balance Sheets
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December 31, 2015 and September 30, 2015
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December
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September
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2015
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2015
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(Unaudited)
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ASSETS
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Current assets:
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Cash
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$
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344,467
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$
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219,536
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Accounts receivable, less allowance for doubtful accounts of $0.9
million at both December 2015 and September 2015
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31,410,516
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31,866,787
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Inventories, net
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43,704,180
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60,793,478
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Deferred income taxes
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1,200,581
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1,553,726
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Income taxes receivable
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—
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113,238
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Prepaid and other current assets
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6,809,787
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2,125,908
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Total current assets
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83,469,531
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96,672,673
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Property and equipment, net
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12,635,474
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12,753,145
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Goodwill
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6,349,827
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6,349,827
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Other intangible assets, net
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3,999,728
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4,090,978
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Other assets
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279,792
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317,184
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$
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106,734,352
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$
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120,183,807
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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Current liabilities:
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Accounts payable
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$
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15,775,388
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$
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17,044,726
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Accrued expenses
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6,218,204
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7,224,963
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Accrued wages, salaries and bonuses
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1,520,198
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3,282,354
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Income taxes payable
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341,623
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—
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Current maturities of long-term debt
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354,047
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351,383
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Total current liabilities
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24,209,460
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27,903,426
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Credit facility
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11,149,637
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20,902,207
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Deferred income taxes
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3,762,477
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3,696,098
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Long-term debt, less current maturities
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3,294,657
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3,384,319
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Other long-term liabilities
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32,849
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34,860
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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
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2,500,000
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2,500,000
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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
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400,000
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400,000
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Shareholders’ equity:
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Preferred stock, $.01 par value, 1,000,000 shares authorized, 116,000
shares outstanding and issued in Series A and B referred to above
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—
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—
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Common stock, $.01 par value, 3,000,000 shares authorized, 609,339
shares
outstanding at December 2015 and 621,104 shares outstanding at
September 2015
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7,197
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7,061
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Additional paid-in capital
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16,677,791
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15,509,199
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Retained earnings
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54,535,923
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53,527,606
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Treasury stock at cost
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(9,835,639
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)
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(7,680,969
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)
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Total shareholders’ equity
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61,385,272
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61,362,897
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$
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106,734,352
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$
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120,183,807
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AMCON Distributing Company and Subsidiaries
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Condensed Consolidated Unaudited Statements of Operations
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for the three months ended December 31, 2015 and 2014
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December 2015
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December 2014
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Sales (including excise taxes of $97.3 million and $96.9 million at
December 2015 and December 2014, respectively)
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$
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322,008,249
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$
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315,433,476
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Cost of sales
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303,046,345
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295,906,944
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Gross profit
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18,961,904
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19,526,532
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Selling, general and administrative expenses
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15,845,134
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16,181,122
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Depreciation and amortization
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566,949
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576,305
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16,412,083
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16,757,427
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Operating income
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2,549,821
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2,769,105
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Other expense (income):
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Interest expense
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212,454
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237,142
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Other (income), net
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(27,255
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(7,067
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185,199
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230,075
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Income from operations before income tax expense
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2,364,622
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2,539,030
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Income tax expense
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1,009,000
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993,000
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Net income
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1,355,622
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1,546,030
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Preferred stock dividend requirements
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(49,177
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)
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(49,177
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)
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Net income available to common shareholders
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$
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1,306,445
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$
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1,496,853
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Basic earnings per share available to common shareholders
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$
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2.09
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$
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2.44
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Diluted earnings per share available to common shareholders
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1.85
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2.11
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Basic weighted average shares outstanding
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625,356
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612,560
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Diluted weighted average shares outstanding
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733,484
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734,256
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AMCON Distributing Company and Subsidiaries
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Condensed Consolidated Unaudited Statements of Cash Flows
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for the three months ended December 31, 2015 and 2014
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December 2015
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December 2014
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net income
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$
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1,355,622
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$
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1,546,030
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Adjustments to reconcile net income from operations to net cash
flows from operating activities:
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Depreciation
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475,699
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485,055
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Amortization
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91,250
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91,250
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(Gain) loss on sale of property and equipment
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(11,441
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)
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12,036
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Equity-based compensation
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349,522
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289,551
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Deferred income taxes
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419,524
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379,261
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Provision for losses on doubtful accounts
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8,000
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186,750
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Provision for losses on inventory obsolescence
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44,903
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10,420
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Other
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(2,011
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)
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(2,012
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)
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Changes in assets and liabilities:
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Accounts receivable
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448,271
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(308,132
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)
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Inventories
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17,044,395
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(3,870,295
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)
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Prepaid and other current assets
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(4,683,879
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)
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(1,544,107
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)
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Other assets
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37,392
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131,443
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Accounts payable
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(1,268,360
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)
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(174,140
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)
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Accrued expenses and accrued wages, salaries and bonuses
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(2,046,917
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)
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|
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(1,033,434
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)
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Income taxes payable
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454,861
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(1,112,164
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)
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Net cash flows from operating activities
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12,716,831
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(4,912,488
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)
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CASH FLOWS FROM INVESTING ACTIVITIES:
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Purchase of property and equipment
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(361,565
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)
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(340,796
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)
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Proceeds from sales of property and equipment
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14,000
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|
|
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|
2,800
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Net cash flows from investing activities
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(347,565
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)
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(337,996
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)
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CASH FLOWS FROM FINANCING ACTIVITIES:
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Net (payments) borrowings on bank credit agreements
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(9,752,570
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)
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5,730,771
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Principal payments on long-term debt
|
|
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(86,998
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)
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|
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(84,411
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)
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Dividends paid on convertible preferred stock
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|
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(49,177
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)
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(49,177
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)
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Dividends on common stock
|
|
|
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(119,514
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)
|
|
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(116,417
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)
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Repurchase of common stock
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|
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(2,154,670
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)
|
|
|
|
—
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Withholdings on the exercise of equity-based awards
|
|
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(81,406
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)
|
|
|
|
(156,497
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)
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Net cash flows from financing activities
|
|
|
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(12,244,335
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)
|
|
|
|
5,324,269
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Net change in cash
|
|
|
|
124,931
|
|
|
|
|
73,785
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|
Cash, beginning of period
|
|
|
|
219,536
|
|
|
|
|
99,922
|
|
Cash, end of period
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|
|
$
|
344,467
|
|
|
|
$
|
173,707
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 2015
|
|
|
December 2014
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
Cash paid during the period for interest
|
|
|
$
|
225,512
|
|
|
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$
|
223,385
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|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTACT:
AMCON Distributing Company
Christopher H. Atayan,
402-331-3727
AMCON Distributing (AMEX:DIT)
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