Amcon Distributing Co (DIT) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

Amcon Distributing Co

CIK: 928465 Ticker: DIT

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 in its Midwest market, and Chamberlin's Market & Cafe, and Earth Origins Market in its Florida market.

The following information was filed by Amcon Distributing Co (DIT) on Wednesday, July 18, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Amcon Distributing Co provided additional information to their SEC Filing as exhibits

Ticker: DIT
CIK: 928465
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-18-005617
Submitted to the SEC: Wed Jul 18 2018 4:06:21 PM EST
Accepted by the SEC: Wed Jul 18 2018
Period: Saturday, June 30, 2018
Industry: Wholesale Groceries General Line

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