Amcon Distributing Co (DIT) SEC Filing 10-K Annual report for the fiscal year ending Sunday, September 30, 2018

Exhibit 99.1

AMCON Distributing Company Reports Fully Diluted Earnings Per Share of $5.38 for the Fiscal Year Ended September 30, 2018

OMAHA, Neb.--(BUSINESS WIRE)--November 8, 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 $5.38 on net income available to common shareholders of $3.6 million for the fiscal year ended September 30, 2018. AMCON earned $1.60 per fully diluted share on net income available to common shareholders of $1.0 million for the fourth fiscal quarter ended September 30, 2018.

“We are pleased with our results for fiscal 2018. First class service and reliability continue to be the hallmark of our position as a leader in the convenience distribution industry,” said Christopher H. Atayan AMCON’s Chairman and Chief Executive Officer. He further noted, “Business conditions continue to be challenging for the convenience distribution industry. As a means of addressing this circumstance, we are placing increased emphasis on the development of foodservice programs that are competitive with quick service restaurants. Our management philosophy is to offer our customers a wide array of foodservice programs that offer menu options that work best with their staffing and facility requirements. Our long term commitment to foodservice excellence means that we will continue to invest in the appropriate facilities and equipment necessary to be a top level supplier in these markets. We continue to expect an enhanced level of capital expenditures in the coming years to support our efforts in foodservice, information technology, expansion of our territory, and continued redevelopment of our retail health food stores. Finally, we are continually evaluating strategic acquisition opportunities.”

The wholesale distribution segment reported revenues of $1.3 billion and operating income of $15.0 million for fiscal 2018, and revenues and operating income of $352.3 million and $5.0 million, respectively, for the fourth fiscal quarter of fiscal 2018. The retail health food segment reported revenues of $29.6 million and an operating loss of $3.1 million for fiscal 2018, and revenue of $10.2 million and an operating loss of $1.4 million for the fourth quarter of fiscal 2018.

“We are actively supporting our customers as they expand organically and from acquisitions,” said Andrew C. Plummer, AMCON’s President and Chief Operating Officer. He furthered noted, “Late in the fiscal year we acquired an additional warehouse immediately adjacent to our existing facility in Bismarck, North Dakota. This expansion will enable us to serve the growing needs of our customers in our northern region. Our fall trade show season was well received by our customer base and supported enthusiastically by our vendor community. Also, during the fourth quarter we were able to acquire eight (8) Earth Origins Market health food retail stores in the Florida market and we are now operating as the Healthy Edge Retail Group with three brands Akins, Chamberlin’s and Earth Origins Market. In addition, we were able to successfully complete the relocation of our existing store in South Lakeland.”