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AMCON Distributing Company Reports Fully Diluted Earnings Per Share of $1.99 for the Quarter Ended December 31, 2018

DRUCKEN

AMCON Distributing Company ("AMCON”) (NYSE American:DIT), an Omaha, Nebraska based consumer products company is pleased to announce fully diluted earnings per share of $1.99 on net income available to common shareholders of $1.2 million for its first fiscal quarter ended December 31, 2018.

"Our emphasis on first class service and reliability is the foundation of our position as a leader in the convenience distribution industry,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. He further noted, "The convenience store industry is evolving and developing foodservice programs that are competitive with quick serve restaurants. Our management philosophy is to provide AMCON customers a wide array of foodservice programs that offer menu options that are optimal for their staffing and facility requirements. Additionally, we are continually evaluating strategic acquisition opportunities which may enhance the portfolio of services we offer our customers and allow us to service them at the highest level.”

"We continue to make the necessary strategic commitments to grow with our customers as they expand organically and through acquisitions. Accordingly, we continue to closely evaluate our current distribution coverage areas and the potential for establishing new distribution centers. Our Bismarck, North Dakota warehouse enhancement project is an immediate priority towards which we are allocating significant management resources,” said Andrew C. Plummer, AMCON’s President and Chief Operating Officer. He further noted, "Our Healthy Edge Retail Group management team is highly focused on developing merchandising strategies that build on the combined operational strengths and market position of our three store brands.” Mr. Plummer further added, "We were pleased to close December 31, 2018 with total shareholders’ equity of $65.7 million and consolidated debt of $27.8 million.”

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 twenty-two (22) health and natural product retail stores in the Midwest and Florida. The retail stores operate under the names Akin’s Natural Foods Market www.akins.com in its Midwest market, and Chamberlin's Market & Cafe 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
December 31, 2018 and September 30, 2018
     
December September
2018 2018
(Unaudited)
ASSETS
Current assets:
Cash $ 821,708 $ 520,644
Accounts receivable, less allowance for doubtful accounts of $0.9 million at December 2018 and $0.9 million at September 2018 30,728,786 31,428,845
Inventories, net 56,552,256 78,869,615
Income taxes receivable 47,054 272,112
Prepaid and other current assets   9,262,230     4,940,775  
Total current assets 97,412,034 116,031,991
 
Property and equipment, net 16,332,606 15,768,484
Goodwill 4,436,950 4,436,950
Other intangible assets, net 3,399,311 3,414,936
Other assets   251,528     301,793  
Total assets $ 121,832,429   $ 139,954,154  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 16,764,367 $ 20,826,834
Accrued expenses 7,736,445 8,556,620
Accrued wages, salaries and bonuses 1,725,006 3,965,733
Current maturities of long-term debt   959,282     1,096,306  
Total current liabilities 27,185,100 34,445,493
 
Credit facility 23,315,463 35,428,597
Deferred income tax liability, net 2,059,743 1,782,801
Long-term debt, less current maturities 3,560,227 3,658,391
Other long-term liabilities 39,044 38,055
 
Shareholders’ equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized
Common stock, $.01 par value, 3,000,000 shares authorized, 617,295 shares outstanding at December 2018 and 615,777 shares outstanding at September 2018 8,561 8,441
Additional paid-in capital 23,110,713 22,069,098
Retained earnings 64,796,415 63,848,030
Treasury stock at cost   (22,242,837 )   (21,324,752 )
Total shareholders’ equity   65,672,852     64,600,817  
Total liabilities and shareholders' equity $ 121,832,429   $ 139,954,154  
 

The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.

 
AMCON Distributing Company and Subsidiaries
Condensed Consolidated Unaudited Statements of Operations
for the three months ended December 31, 2018 and 2017
     
For the three months ended December
2018 2017
Sales (including excise taxes of $93.0 million and $88.6 million, respectively) $ 344,733,920 $ 315,513,209
Cost of sales   324,101,782     297,321,447  
Gross profit   20,632,138     18,191,762  
Selling, general and administrative expenses 17,957,214 16,353,608
Depreciation and amortization   608,008     531,005  
  18,565,222     16,884,613  
Operating income   2,066,916     1,307,149  
 
Other expense (income):
Interest expense 322,950 202,191
Other (income), net   (3,355 )   (5,133 )
  319,595     197,058  
Income from operations before income taxes 1,747,321 1,110,091
Income tax expense (benefit)   502,000     (370,000 )
Net income available to common shareholders $ 1,245,321   $ 1,480,091  
 
Basic earnings per share available to common shareholders $ 2.02 $ 2.15
Diluted earnings per share available to common shareholders $ 1.99 $ 2.13
 
Basic weighted average shares outstanding 617,858 687,679
Diluted weighted average shares outstanding 624,525 695,950
 
Dividends declared and paid per common share $ 0.18 $ 0.18
 

 
AMCON Distributing Company and Subsidiaries
Condensed Consolidated Unaudited Statements of Shareholders’ Equity
for the three months ended December 31, 2018 and 2017
                           
Additional
Common Stock Treasury Stock Paid in Retained
Shares Amount Shares Amount Capital Earnings Total
THREE MONTHS ENDED DECEMBER 2017
Balance, October 1, 2017 831,438 $ 8,314 (153,432 ) $ (13,601,302 ) $ 20,825,919 $ 60,935,911 $ 68,168,842
Dividends on common stock, $0.46 per share (329,869 ) (329,869 )
Compensation expense and issuance of stock in connection with equity-based awards 12,651 127 1,183,701 1,183,828
Repurchase of common stock (171 ) (15,175 ) (15,175 )
Net income             1,480,091     1,480,091  
Balance, December 31, 2017 844,089 $ 8,441 (153,603 ) $ (13,616,477 ) $ 22,009,620 $ 62,086,133   $ 70,487,717  
 
THREE MONTHS ENDED DECEMBER 2018
Balance, October 1, 2018 844,089 $ 8,441 (228,312 ) $ (21,324,752 ) $ 22,069,098 $ 63,848,030 $ 64,600,817
Dividends on common stock, $0.46 per share (296,936 ) (296,936 )
Compensation expense and issuance of stock in connection with equity-based awards 11,950 120 1,041,615 1,041,735
Repurchase of common stock (10,432 ) (918,085 ) (918,085 )
Net income             1,245,321     1,245,321  
Balance, December 31, 2018 856,039 $ 8,561 (238,744 ) $ (22,242,837 ) $ 23,110,713 $ 64,796,415   $ 65,672,852  
 

 
AMCON Distributing Company and Subsidiaries
Condensed Consolidated Unaudited Statements of Cash Flows
for the three months ended December 31, 2018 and 2017
     
December December
2018 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 1,245,321 $ 1,480,091
Adjustments to reconcile net income from operations to net cash flows from

operating activities:

Depreciation 592,383 498,505
Amortization 15,625 32,500
Gain on sale of property and equipment (300 )
Equity-based compensation 316,056 334,256
Deferred income taxes 276,942 (482,112 )
Provision (recovery) for losses on doubtful accounts 11,000 (3,000 )
Inventory allowance 117,531 30,660
Other 989 989
 
Changes in assets and liabilities:
Accounts receivable 689,059 182,299
Inventories 22,199,828 23,179,388
Prepaid and other current assets (4,321,455 ) (3,763,827 )
Other assets 50,265 (13,155 )
Accounts payable (4,261,996 ) (2,523,433 )
Accrued expenses and accrued wages, salaries and bonuses (2,515,963 ) (2,011,951 )
Income taxes receivable   225,058     113,026  
Net cash flows from operating activities   14,640,643     17,053,936  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (956,976 ) (291,318 )
Proceeds from sales of property and equipment       300  
Net cash flows (used in) investing activities   (956,976 )   (291,018 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facility 336,212,413 305,522,554
Repayments under revolving credit facility (348,325,547 ) (321,921,515 )
Principal payments on long-term debt (235,188 ) (92,411 )
Repurchase of common stock (918,085 ) (15,175 )
Dividends on common stock (116,196 ) (129,026 )
Withholdings on the exercise of equity-based awards       (79,850 )
Net cash flows (used in) financing activities   (13,382,603 )   (16,715,423 )
Net change in cash 301,064 47,495
Cash, beginning of period   520,644     523,065  
Cash, end of period $ 821,708   $ 570,560  
 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest $ 306,243 $ 199,423
 
Supplemental disclosure of non-cash information:
Equipment acquisitions classified in accounts payable $ 200,782 $ 15,465
Dividends declared, not paid 180,740 200,843
Issuance of common stock in connection with the vesting and exercise of

equity-based awards

1,005,792 1,183,091
 

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