Exhibit 99.1

AMCON Distributing Company Reports Fully Diluted Earnings Per Share of $1.18 for the Quarter Ended June 30, 2018

OMAHA, Neb.--(BUSINESS WIRE)--July 18, 2018--AMCON Distributing Company (“AMCON”) (NYSE American:DIT), an Omaha, Nebraska based consumer products company is pleased to announce fully diluted earnings per share of $1.18 on net income available to common shareholders of $0.8 million for its third fiscal quarter ended June 30, 2018.

“AMCON continues to enhance its leadership position in the convenience distribution industry by initiating the necessary operational and technological investments to support our customers’ needs. We are actively seeking acquisitions in our Wholesale Segment which can benefit from our extensive platform of customer service. In addition, we are also looking carefully at a number of internal geographic growth opportunities as our customer base expands,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. Mr. Atayan further noted, “Our Healthy Edge retail health food subsidiary acquired eight Earth Origins Market stores on July 15, 2018. These stores are located in Florida and will enhance our footprint in that growing market.”

“We are making the logistics, foodservice, and related technology commitments necessary to support our customers’ geographic growth. A key component of our strategic plan is utilizing our internal technology team to develop proprietary and custom designed programs which support our customers and enhance their profitability and efficiency,” said Kathleen M. Evans, President of AMCON’s Wholesale Distribution Segment.

Clifford Ginn, President of AMCON’s Healthy Edge Retail Health Food Segment commented, “We are diligently working to integrate our newly acquired stores in Florida and welcome our new associates and customers to the Healthy Edge family of stores.”

“We actively manage our working capital and liquidity position which provides us with the ability to respond quickly to the dynamic environments in which both of our business segments operate. This conservative approach provides us significant flexibility to act in the long term interest of the many constituencies we serve. Both of our business segments are utilizing significant financial resources in the course of making the investments necessary for long term competitive success. Toward that end, we also recently closed two health food retail stores and redeployed that capital within our Retail Health Food Segment,” said Andrew C. Plummer, AMCON’s Chief Financial Officer. “We were pleased to close the June 30, 2018 quarter with shareholders’ equity of $63.7 million and consolidated debt of $23.2 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

June 30, 2018 and September 30, 2017

   
June September
2018 2017
(Unaudited)
ASSETS
Current assets:
Cash $ 275,320 $ 523,065
Accounts receivable, less allowance for doubtful accounts of $0.8 million at both June 2018 and September 2017 33,943,794 30,690,403
Inventories, net 51,009,431 72,909,996
Prepaid and other current assets   10,062,688     4,218,811  
Total current assets 95,291,233 108,342,275
 
Property and equipment, net 13,715,318 13,307,986
Goodwill 6,349,827 6,349,827
Other intangible assets, net 3,430,561 3,494,311
Other assets   315,416     310,488  
Total assets $ 119,102,355   $ 131,804,887  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 19,122,752 $ 17,631,552
Accrued expenses 8,127,663 7,553,089
Accrued wages, salaries and bonuses 2,669,243 3,477,966
Income taxes payable 555,820 544,069
Current maturities of long-term debt   382,209     373,645  
Total current liabilities 30,857,687 29,580,321
 
Credit facility 20,485,436 29,037,182
Deferred income tax liability, net 1,663,832 2,336,263
Long-term debt, less current maturities 2,360,276 2,648,179
Other long-term liabilities 37,067 34,100
 
Shareholders’ equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized
Common stock, $.01 par value, 3,000,000 shares authorized, 615,988 shares outstanding at June 2018 and 678,006 shares outstanding at September 2017 8,441 8,314
Additional paid-in capital 22,042,155 20,825,919
Retained earnings 62,953,155 60,935,911
Treasury stock at cost   (21,305,694 )   (13,601,302 )
Total shareholders’ equity   63,698,057     68,168,842  
Total liabilities and shareholders' equity $ 119,102,355   $ 131,804,887  
 

AMCON Distributing Company and Subsidiaries

Condensed Consolidated Unaudited Statements of Operations

for the three and nine months ended June 30, 2018 and 2017

       
For the three months ended June For the nine months ended June
2018 2017 2018 2017
Sales (including excise taxes of $96.2 million and $95.1 million, and $267.9 million and $271.8 million, respectively) $ 349,043,200 $ 332,842,200 $ 959,763,695 $ 936,994,299
Cost of sales   329,930,190     314,818,453     905,392,747     883,180,664  
Gross profit   19,113,010     18,023,747     54,370,948     53,813,635  
Selling, general and administrative expenses 17,008,355 16,587,055 48,981,383 48,105,878
Depreciation and amortization   614,710     474,890     1,683,618     1,531,292  
  17,623,065     17,061,945     50,665,001     49,637,170  
Operating income   1,489,945     961,802     3,705,947     4,176,465  
 
Other expense (income):
Interest expense 261,510 180,266 777,065 545,719
Other (income), net   (18,615 )   (16,513 )   (51,158 )   (37,250 )
  242,895     163,753     725,907     508,469  
Income from operations before income tax expense 1,247,050 798,049 2,980,040 3,667,996
Income tax expense   462,000     413,000     376,000     1,748,000  
Net income available to common shareholders $ 785,050   $ 385,049   $ 2,604,040   $ 1,919,996  
 
Basic earnings per share available to common shareholders $ 1.21 $ 0.57 $ 3.85 $ 2.82
Diluted earnings per share available to common shareholders $ 1.18 $ 0.56 $ 3.79 $ 2.78
 
Basic weighted average shares outstanding 651,170 678,938 676,103 679,858
Diluted weighted average shares outstanding 664,688 691,701 686,576 690,840
 
Dividends declared and paid per common share $ 0.18 $ 0.18 $ 0.82 $ 0.82
 

AMCON Distributing Company and Subsidiaries

Condensed Consolidated Unaudited Statements of Cash Flows

for the nine months ended June 30, 2018 and 2017

   
June June
2018 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 2,604,040 $ 1,919,996

Adjustments to reconcile net income from operations to net cash flows from operating activities:

Depreciation 1,619,868 1,332,542
Amortization 63,750 198,750
Gain on sale of property and equipment (5,300 ) (30,854 )
Equity-based compensation 957,656 1,193,005
Deferred income taxes (672,431 ) 120,367
Provision for losses on doubtful accounts 23,000 42,000
Inventory allowance (267,389 ) 4,852
Other 2,967 2,296
Changes in assets and liabilities:
Accounts receivable (3,276,391 ) (1,044,423 )
Inventories 22,167,954 (701,279 )
Prepaid and other current assets (5,843,877 ) 771,870
Other assets (4,928 ) (38,358 )
Accounts payable 1,584,358 322,325
Accrued expenses and accrued wages, salaries and bonuses 125,758 (659,813 )
Income taxes payable   11,751     7,059  
Net cash flows from operating activities   19,090,786     3,440,335  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (2,120,358 ) (1,761,431 )
Proceeds from sales of property and equipment   5,300     42,655  
Net cash flows from investing activities   (2,115,058 )   (1,718,776 )
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facility 1,043,415,401 950,104,143
Repayments under revolving credit facility (1,051,967,147 ) (950,313,271 )
Principal payments on long-term debt (279,339 ) (271,031 )
Repurchase of common stock (7,704,392 ) (1,038,060 )
Dividends on common stock (586,796 ) (579,848 )
Withholdings on the exercise of equity-based awards   (101,200 )   (107,082 )
Net cash flows from financing activities   (17,223,473 )   (2,205,149 )
Net change in cash (247,745 ) (483,590 )
Cash, beginning of period   523,065     605,380  
Cash, end of period $ 275,320   $ 121,790  
 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest $ 764,557 $ 545,719
Cash paid during the period for income taxes 1,036,680 1,620,574
 
Supplemental disclosure of non-cash information:
Equipment acquisitions classified in accounts payable 8,203 9,881

Issuance of common stock in connection with the vesting and exercise of equity-based awards

1,183,091 1,262,763

CONTACT:
AMCON Distributing Company
Christopher H. Atayan, 402-331-3727

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