Exhibit 99.1

AMCON Distributing Company Reports Results for the Quarter Ended March 31, 2021

OMAHA, Neb.--(BUSINESS WIRE)--April 19, 2021--AMCON Distributing Company (“AMCON”) (NYSE American: DIT), an Omaha, Nebraska based consumer products company, is pleased to announce fully diluted earnings per share of $4.33 on net income available to common shareholders of $2.4 million for its second fiscal quarter ended March 31, 2021.

“We are pleased with our results for the second fiscal quarter. AMCON takes a long-term strategic view to the operation of our business. Providing our valued partners with the highest level of service guides our focus on a daily basis. Our outstanding team of associates work tirelessly to provide value to the customers and communities we serve,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. Mr. Atayan further noted, “AMCON continues to seek out acquisition opportunities for distributors who want to align with our growing platform and customer centric management philosophy.”

The wholesale distribution segment reported revenues of $366.2 million and operating income of $4.4 million for the second quarter of fiscal 2021. The retail health food segment reported revenues of $12.3 million and operating income of $0.7 million for the second quarter of fiscal 2021.

“Supply chain management is an essential element of servicing our customers in this challenging environment. Our proprietary technology platforms and state-of-the-art foodservice programs are tools we use to enhance our customers’ profitability. Our customer base continues to grow geographically and AMCON is deploying the capital and human resources necessary to support this growth in a collaborative fashion,” said Andrew C. Plummer, AMCON’s President and Chief Operating Officer. Mr. Plummer further noted, “We are actively searching for facilities in, and adjacent to, the geographic markets we serve.”

Charles J. Schmaderer, AMCON’s Chief Financial Officer said, “AMCON is pleased with the progress of our strategic investment in Team Sledd, LLC. We ended the quarter with $67.8 million of shareholders’ equity and continue to relentlessly focus on maintaining high levels of liquidity in our business to support operations and our growth initiatives.”

AMCON’s Healthy Edge Retail Group plays an important role in the health and wellness of the communities it serves. Throughout the pandemic, our management team has worked diligently to offer a continuous and safe shopping experience for customers. 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.

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 (20) health and natural product retail stores in the Midwest and Florida. The retail stores operate under the names Akin’s Natural Foods www.akins.com in its Midwest market, and Chamberlin's Natural Foods 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

March 31, 2021 and September 30, 2020

 

 

 

 

 

 

 

 

 

March

 

September

 

 

2021

 

2020

 

 

(Unaudited)

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash

 

$

616,109

 

 

$

661,195

 

Accounts receivable, less allowance for doubtful accounts of $0.9 million at March 2021 and September 2020

 

 

32,883,402

 

 

 

34,278,429

 

Inventories, net

 

 

81,088,400

 

 

 

98,971,773

 

Income taxes receivable

 

 

85,705

 

 

 

 

Prepaid and other current assets

 

 

6,188,097

 

 

 

2,091,645

 

Total current assets

 

 

120,861,713

 

 

 

136,003,042

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

16,670,297

 

 

 

17,497,274

 

Operating lease right-of-use assets, net

 

 

17,588,664

 

 

 

18,936,126

 

Note receivable

 

 

3,500,000

 

 

 

3,500,000

 

Goodwill

 

 

4,436,950

 

 

 

4,436,950

 

Other intangible assets, net

 

 

500,000

 

 

 

500,000

 

Equity method investment

 

 

7,606,925

 

 

 

6,744,095

 

Other assets

 

 

360,459

 

 

 

383,786

 

Total assets

 

$

171,525,008

 

 

$

188,001,273

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

22,553,918

 

 

$

22,108,299

 

Accrued expenses

 

 

8,737,907

 

 

 

8,306,160

 

Accrued wages, salaries and bonuses

 

 

3,656,777

 

 

 

4,761,020

 

Income taxes payable

 

 

 

 

 

567,408

 

Current operating lease liabilities

 

 

5,744,143

 

 

 

5,607,098

 

Current maturities of long-term debt

 

 

516,189

 

 

 

516,850

 

Total current liabilities

 

 

41,208,934

 

 

 

41,866,835

 

 

 

 

 

 

 

 

Credit facility

 

 

42,109,177

 

 

 

61,971,682

 

Deferred income tax liability, net

 

 

1,854,823

 

 

 

1,806,575

 

Long-term operating lease liabilities

 

 

12,438,764

 

 

 

14,028,606

 

Long-term debt, less current maturities

 

 

5,371,889

 

 

 

2,608,794

 

Other long-term liabilities

 

 

757,387

 

 

 

927,241

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

Preferred stock, $.01 par value, 1,000,000 shares authorized

 

 

 

 

 

 

Common stock, $.01 par value, 3,000,000 shares authorized, 551,369 shares outstanding at March 2021 and 537,715 shares outstanding at September 2020

 

 

8,834

 

 

 

8,697

 

Additional paid-in capital

 

 

24,917,765

 

 

 

24,282,058

 

Retained earnings

 

 

73,724,722

 

 

 

71,362,334

 

Treasury stock at cost

 

 

(30,867,287

)

 

 

(30,861,549

)

Total shareholders’ equity

 

 

67,784,034

 

 

 

64,791,540

 

Total liabilities and shareholders’ equity

 

$

171,525,008

 

 

$

188,001,273

 









 

AMCON Distributing Company and Subsidiaries

Condensed Consolidated Unaudited Statements of Operations

for the three and six months ended March 31, 2021 and 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended March

 

For the six months ended March

 

 

2021

 

2020

 

2021

 

2020

Sales (including excise taxes of $92.0 million and $87.5 million, and $192.5 million and $181.5 million, respectively)

 

$

378,513,490

 

 

$

337,886,516

 

 

$

783,258,263

 

 

$

697,987,619

 

Cost of sales

 

 

355,540,704

 

 

 

317,193,063

 

 

 

736,823,498

 

 

 

656,449,455

 

Gross profit

 

 

22,972,786

 

 

 

20,693,453

 

 

 

46,434,765

 

 

 

41,538,164

 

Selling, general and administrative expenses

 

 

19,022,167

 

 

 

18,512,890

 

 

 

37,621,983

 

 

 

37,465,626

 

Depreciation and amortization

 

 

779,925

 

 

 

790,901

 

 

 

1,554,210

 

 

 

1,516,361

 

 

 

 

19,802,092

 

 

 

19,303,791

 

 

 

39,176,193

 

 

 

38,981,987

 

Operating income

 

 

3,170,694

 

 

 

1,389,662

 

 

 

7,258,572

 

 

 

2,556,177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expense (income):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

310,543

 

 

 

387,263

 

 

 

686,973

 

 

 

859,686

 

Other (income), net

 

 

(84,265

)

 

 

(29,920

)

 

 

(126,088

)

 

 

(36,697

)

 

 

 

226,278

 

 

 

357,343

 

 

 

560,885

 

 

 

822,989

 

Income from operations before income taxes

 

 

2,944,416

 

 

 

1,032,319

 

 

 

6,697,687

 

 

 

1,733,188

 

Income tax expense

 

 

829,000

 

 

 

333,000

 

 

 

1,840,000

 

 

 

582,000

 

Equity method investment earnings, net of tax

 

 

313,492

 

 

 

 

 

 

648,831

 

 

 

 

Net income available to common shareholders

 

$

2,428,908

 

 

$

699,319

 

 

$

5,506,518

 

 

$

1,151,188

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share available to common shareholders

 

$

4.41

 

 

$

1.24

 

 

$

10.02

 

 

$

2.04

 

Diluted earnings per share available to common shareholders

 

$

4.33

 

 

$

1.22

 

 

$

9.87

 

 

$

2.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

551,369

 

 

 

565,697

 

 

 

549,729

 

 

 

564,129

 

Diluted weighted average shares outstanding

 

 

560,941

 

 

 

571,852

 

 

 

557,741

 

 

 

569,856

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared and paid per common share

 

$

5.18

 

 

$

0.46

 

 

$

5.36

 

 

$

0.64

 













 

AMCON Distributing Company and Subsidiaries

Condensed Consolidated Unaudited Statements of Shareholders’ Equity

for the three and six months ended March 31, 2021 and 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

Common Stock

 

Treasury Stock

 

Paid-in

 

Retained

 

 

 

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Earnings

 

Total

THREE MONTHS ENDED MARCH 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2020

 

869,367

 

$

8,692

 

(303,534

)

 

$

(28,840,011

)

 

$

24,192,954

 

 

$

66,592,637

 

 

$

61,954,272

 

Dividends on common stock, $0.18 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

(107,056

)

 

 

(107,056

)

Compensation expense and issuance of stock in connection with equity-based awards

 

 

 

 

 

 

 

 

 

 

31,191

 

 

 

 

 

 

31,191

 

Repurchase of common stock

 

 

 

 

(307

)

 

 

(23,643

)

 

 

 

 

 

 

 

 

(23,643

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

699,319

 

 

 

699,319

 

Balance, March 31, 2020

 

869,367

 

$

8,692

 

(303,841

)

 

$

(28,863,654

)

 

$

24,224,145

 

 

$

67,184,900

 

 

$

62,554,083

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THREE MONTHS ENDED MARCH 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2021

 

883,589

 

$

8,834

 

(332,220

)

 

$

(30,867,287

)

 

$

25,007,239

 

 

$

71,401,400

 

 

$

65,550,186

 

Dividends on common stock, $0.18 per share

 

 

 

 

 

 

 

 

 

 

 

 

 

(105,586

)

 

 

(105,586

)

Compensation expense and issuance of stock in connection with equity-based awards

 

 

 

 

 

 

 

 

 

 

(89,474

)

 

 

 

 

 

(89,474

)

Repurchase of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

2,428,908

 

 

 

2,428,908

 

Balance, March 31, 2021

 

883,589

 

$

8,834

 

(332,220

)

 

$

(30,867,287

)

 

$

24,917,765

 

 

$

73,724,722

 

 

$

67,784,034

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

Common Stock

 

Treasury Stock

 

Paid-in

 

Retained

 

 

 

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Capital

 

Earnings

 

Total

SIX MONTHS ENDED MARCH 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, October 1, 2019


856,039

 

$

8,561


(303,425

)

 

$

(28,831,855

)

 

$

23,165,639

 

 

$

66,414,397

 

 

$

60,756,742

 

Dividends on common stock, $0.64 per share


 

 

 

 

 

 

 

 

 

 

 

 

(380,685

)

 

 

(380,685

)

Compensation expense and issuance of stock in connection with equity-based awards


13,328

 

 

131

 

 

 

 

 

 

 

1,058,506

 

 

 

 

 

 

1,058,637

 

Repurchase of common stock

 

 

 

 

(416

)

 

 

(31,799

)

 

 

 

 

 

 

 

 

(31,799

)

Net income


 

 

 

 

 

 

 

 

 

 

 

 

1,151,188

 

 

 

1,151,188

 

Balance, March 31, 2020


869,367

 

$

8,692


(303,841

)

 

$

(28,863,654

)

 

$

24,224,145

 

 

$

67,184,900

 

 

$

62,554,083

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SIX MONTHS ENDED MARCH 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, October 1, 2020


869,867

 

$

8,697


(332,152

)

 

$

(30,861,549

)

 

$

24,282,058

 

 

$

71,362,334

 

 

$

64,791,540

 

Dividends on common stock, $5.36 per share


 

 

 

 

 

 

 

 

 

 

 

 

(3,144,130

)

 

 

(3,144,130

)

Compensation expense and issuance of stock in connection with equity-based awards


13,722

 

 

137

 

 

 

 

 

 

 

635,707

 

 

 

 

 

 

635,844

 

Repurchase of common stock

 

 

 

 

(68

)

 

 

(5,738

)

 

 

 

 

 

 

 

 

(5,738

)

Net income


 

 

 

 

 

 

 

 

 

 

 

 

5,506,518

 

 

 

5,506,518

 

Balance, March 31, 2021


883,589

 

$

8,834


(332,220

)

 

$

(30,867,287

)

 

$

24,917,765

 

 

$

73,724,722

 

 

$

67,784,034

 


AMCON Distributing Company and Subsidiaries

Condensed Consolidated Unaudited Statements of Cash Flows

for the six months ended March 31, 2021 and 2020

 

 

 

 

 

 

 

 

 

March

 

March

 

 

2021

 

2020

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net income

 

$

5,506,518

 

 

$

1,151,188

 

Adjustments to reconcile net income from operations to net cash flows from (used in) operating activities:

 

 

 

 

 

 

Depreciation

 

 

1,554,210

 

 

 

1,516,361

 

Equity method investment earnings, net of tax

 

 

(648,831

)

 

 

 

(Gain) loss on sales of property and equipment

 

 

(1,374

)

 

 

33,642

 

Equity-based compensation

 

 

833,624

 

 

 

446,114

 

Deferred income taxes

 

 

48,248

 

 

 

102,163

 

Provision for losses on doubtful accounts

 

 

5,000

 

 

 

390,000

 

Inventory allowance

 

 

110,769

 

 

 

55,746

 

Other

 

 

 

 

 

(42,011

)

Changes in assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

1,390,027

 

 

 

(3,535,875

)

Inventories

 

 

17,772,604

 

 

 

17,375,263

 

Prepaid and other current assets

 

 

(4,096,452

)

 

 

(100,883

)

Other assets

 

 

23,327

 

 

 

(133,074

)

Accounts payable

 

 

429,389

 

 

 

4,401,077

 

Accrued expenses and accrued wages, salaries and bonuses

 

 

(610,589

)

 

 

(1,432,939

)

Other long-term liabilities

 

 

(169,854

)

 

 

 

Income taxes payable and receivable

 

 

(867,112

)

 

 

178,013

 

Net cash flows from (used in) operating activities

 

 

21,279,504

 

 

 

20,404,785

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchase of property and equipment

 

 

(720,567

)

 

 

(2,245,139

)

Proceeds from sales of property and equipment

 

 

10,938

 

 

 

 

Net cash flows from (used in) investing activities

 

 

(709,629

)

 

 

(2,245,139

)

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Borrowings under revolving credit facility

 

 

771,182,879

 

 

 

680,161,101

 

Repayments under revolving credit facility

 

 

(791,045,384

)

 

 

(697,319,735

)

Proceeds from borrowings on long-term debt

 

 

3,000,000

 

 

 

 

Principal payments on long-term debt

 

 

(237,566

)

 

 

(264,275

)

Repurchase of common stock

 

 

(5,738

)

 

 

(31,799

)

Dividends on common stock

 

 

(3,144,130

)

 

 

(380,685

)

Settlement and withholdings of equity-based awards

 

 

(365,022

)

 

 

 

Net cash flows from (used in) financing activities

 

 

(20,614,961

)

 

 

(17,835,393

)

Net change in cash

 

 

(45,086

)

 

 

324,253

 

Cash, beginning of period

 

 

661,195

 

 

 

337,704

 

Cash, end of period

 

$

616,109

 

 

$

661,957

 

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Cash paid during the period for interest

 

$

690,134

 

 

$

927,322

 

Cash paid during the period for income taxes

 

 

2,658,865

 

 

 

301,824

 

 

 

 

 

 

 

 

Supplemental disclosure of non-cash information:

 

 

 

 

 

 

Equipment acquisitions classified in accounts payable

 

$

16,230

 

 

$

6,583

 

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

 

 

949,812

 

 

 

990,653

 

 

Contacts

Christopher H. Atayan
AMCON Distributing Company
Ph 402-331-3727

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Screenshot of financial stability report for Coco-Cola (2019)
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Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

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Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
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See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

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