Amcon Distributing Co (DIT) SEC Filing 10-K Annual report for the fiscal year ending Friday, September 30, 2016

Exhibit 99.1

AMCON Distributing Company Reports Fully Diluted Earnings Per Share of $8.38 for the Fiscal Year Ended September 30, 2016

OMAHA, Neb.--(BUSINESS WIRE)--November 8, 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 $8.38 on net income available to common shareholders of $5.8 million for the fiscal year ended September 30, 2016. AMCON earned $2.32 per fully diluted share on net income available to common shareholders of $1.6 million for the fourth fiscal quarter ended September 30, 2016.

“We are pleased with our results for fiscal 2016. AMCON has earned its leadership position in the convenience distribution industry as a result of its determined and focused efforts to provide first class customer service and reliability. As the convenience store industry evolves and becomes increasingly complex, the wide variety of programs and services we offer serve to competitively differentiate AMCON,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. He further noted, “We are diligently implementing our focused strategic plan and customer centric philosophy which enables our management team to navigate the challenging business environment. Our objective is to deliver attractive risk adjusted rates of return on the capital we employ. We expect an enhanced level of capital expenditures in the coming years to support our efforts in foodservice, information technology, expansion of our territory, and the addition of retail health food stores.”

The wholesale distribution segment reported revenues of $1.3 billion and operating income before depreciation and amortization of $17.9 million for fiscal 2016, and revenues and operating income before depreciation and amortization of $336.7 million and $4.8 million, respectively, for the fourth fiscal quarter of fiscal 2016. The retail health food segment reported revenues of $27.4 million and operating income before depreciation and amortization of $0.5 million for fiscal 2016, and revenue of $6.1 million and an operating loss before depreciation and amortization of $0.3 million for the fourth quarter of fiscal 2016.

“We are actively working to expand our service territory and support our customers as they grow,” said Kathleen Evans, President of AMCON’s Wholesale Distribution Segment. Evans continued, “Our fall trade shows provided considerable momentum as we enter fiscal 2017. We take a long term approach to building our customers’ business which is mutually beneficial.”

“We opened a new flagship Chamberlin’s store in the Orlando market at the end of fiscal 2016. In addition, we have expanded our produce offerings and have made a meaningful investment in reimaging our brand and social media in this market,” said Clifford Ginn, President of AMCON’s Retail Health Food Segment. “We will continue to invest in new stores, store remodeling, and marketing as we seek to address the competitive challenges we face in the industry.”