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Amcon Distributing Co (DIT) SEC Filing 10-K Annual Report for the fiscal year ending Friday, September 30, 2022

SEC Filings

Amcon Distributing Co

CIK: 928465 Ticker: DIT
Exhibit 99.1


AMCON Distributing Company Reports Results for the Quarter Ended June 30, 2022

OMAHA, Neb.--(BUSINESS WIRE)--July 18, 2022--AMCON Distributing Company (“AMCON” or “Company”) (NYSE American: DIT), an Omaha, Nebraska based consumer products company, is pleased to announce fully diluted earnings per share of $10.27 on net income available to common shareholders of $6.0 million for its third fiscal quarter ended June 30, 2022.

“We are pleased with our results for the third fiscal quarter. Our strategic plan, with its consistent focus on customer service, has furthered AMCON’s industry leadership in a highly challenging operating environment,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. Mr. Atayan further noted, “AMCON continues to seek out acquisition opportunities for convenience and food service distributors who want to align with the Company’s growing platform and customer centric management philosophy.”

The wholesale distribution segment reported revenues of $539.2 million and operating income of $9.4 million for the third quarter of fiscal 2022 which includes $108.7 million of revenue and $1.6 million of operating income related to the Company’s majority investment in Team Sledd, LLC (“Team Sledd”). The retail health food segment reported revenues of $11.4 million and operating income of $0.2 million for the third quarter of fiscal 2022.

“After a considerable search, we have acquired and are developing a new 160,000 square foot distribution center located near Springfield, Missouri to support the growth of our customer base,” said Andrew C. Plummer, AMCON’s President and Chief Operating Officer. Mr. Plummer further noted, “We continue to search for facilities in, and adjacent to, the geographic markets we serve.”

“AMCON acquired a controlling interest in Team Sledd during the period. As a result, we are now consolidating Team Sledd into our financial statements and recorded a $2.4 million gain related to the Company’s ownership interest in Team Sledd. We have been delighted with our partnership with Team Sledd since our initial investment,” said Charles J. Schmaderer, AMCON’s Chief Financial Officer. Mr. Schmaderer further noted, “During the period, AMCON amended and expanded its revolving credit facility with Bank of America and BMO Harris Bank to support strategic growth initiatives including the development of our new warehouse facility near Springfield, Missouri. As a core operating principle, we continue to maintain high levels of liquidity and ended the quarter with $99.1 million of consolidated shareholders’ equity.”

AMCON’s Healthy Edge Retail Group plays an important role in the health and wellness of the communities it serves. Our long-term relationship with the organic/natural products vendor community has enabled our stores to meet the demands of our customers for total wellness solutions. Our strategy is to offer a broad selection of the highest quality organic and natural merchandise available supported by a high degree of customer service not found at other big box retailers within our industry.


The following information was filed by Amcon Distributing Co (DIT) on Monday, July 18, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Amcon Distributing Co's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Operations (Parenthetical)
Consolidated Statements Of Shareholders' Equity
Consolidated Statements Of Shareholders' Equity (Parenthetical)
Acquisition
Acquisition (Tables)
Acquisition - Acquisition-Date Fair Value, Recognized Assets And Liabilities And Goodwill (Details)
Acquisition - Additional Information (Details)
Acquisition - Other Intangible Asset Acquired (Details)
Business Segments
Business Segments (Details)
Business Segments (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Debt
Debt (Tables)
Debt - Credit Facilities (Details)
Debt - Cross Default And Co-Terminus Provisions And Other (Details)
Debt - Long-Term Debt (Details)
Debt - Long-Term Debt - Aggregate Minimum Principal Maturities (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Equity-Based Incentive Awards
Equity-Based Incentive Awards (Tables)
Equity-Based Incentive Awards - Authorized And Approved Restricted Stock Units/Restricted Stock Awards (Details)
Equity-Based Incentive Awards - Omnibus Plans And Stock Options (Details)
Equity-Based Incentive Awards - Restricted Stock Units/Restricted Stock Awards Activity (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Details)
Goodwill And Other Intangible Assets - Amortization Expense (Details)
Goodwill And Other Intangible Assets - Goodwill (Details)
Goodwill And Other Intangible Assets - Other Intangible Assets (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Income Taxes - Components Of Income Tax Expense (Details)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Tax Expenses Reconciliation (Details)
Leases
Leases (Details)
Leases (Tables)
Leases - Components Of Lease Costs (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Other Information (Details)
Leases - Weighted-Average Remaining Lease Term And Weighted-Average Discount Rate (Details)
Profit Sharing Plans
Profit Sharing Plans (Details)
Property And Equipment, Net
Property And Equipment, Net (Details)
Property And Equipment, Net (Tables)
Subsequent Event
Subsequent Event (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Balance Sheet (Details)
Summary Of Significant Accounting Policies - Mandatorily Redeemable Non-Controlling Interest (Details)
Summary Of Significant Accounting Policies - Property And Equipment To Accounting Pronouncements (Details)
Summary Of Significant Accounting Policies - Statement Of Cash Flows (Details)
Summary Of Significant Accounting Policies - Statements Of Operations (Details)
Supplemental Pro Forma Information
Supplemental Pro Forma Information (Tables)
Supplemental Pro Forma Information - Acquisition (Details)
Supplemental Pro Forma Information - Equity Method Investment (Details)
Treasury Stock
Treasury Stock (Details)
Ticker: DIT
CIK: 928465
Form Type: 10-K Annual Report
Accession Number: 0001558370-22-018185
Submitted to the SEC: Wed Nov 23 2022 4:11:16 PM EST
Accepted by the SEC: Wed Nov 23 2022
Period: Friday, September 30, 2022
Industry: Wholesale Groceries General Line

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