Amcon Distributing Co (DIT) SEC Filing 10-Q Quarterly report for the period ending Tuesday, December 31, 2019

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Amcon Distributing Co
Ticker: DIT CIK: 928465

Exhibit 99.1

AMCON Distributing Company Reports Results for the Quarter Ended December 31, 2019

OMAHA, Neb.--(BUSINESS WIRE)--January 20, 2020--AMCON Distributing Company (“AMCON”) (NYSE American: DIT), an Omaha, Nebraska-based consumer products company is pleased to announce fully diluted earnings per share of $0.80 on net income available to common shareholders of $0.5 million for its first fiscal quarter ended December 31, 2019.

“AMCON has a legacy of first-class service and reliability which is the foundation 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, “The convenience store industry continues to embrace foodservice programs that are attractive to customers and competitive with quick serve restaurants. AMCON develops foodservice programs offering contemporary menu options that are optimal for our customers’ staffing and facility requirements. Additionally, our management team seeks strategic acquisition opportunities that expand the depth and breadth of our service territory, or enhance the portfolio of services we offer our customers.”

“Our service territory is expanding as our customers grow,” said Andrew C. Plummer, AMCON’s President and Chief Operating Officer. He further noted, “With that growth, we continue to invest in our facilities, the development of leading edge technology and efficient logistics capabilities that are necessary to serve our customers’ needs on a daily basis. We were pleased to close December 31, 2019 with shareholders’ equity of $62.0 million and consolidated debt of $37.1 million.”

The wholesale distribution segment reported revenues of $350.0 million and operating income of $3.6 million for the first quarter of fiscal 2020. The retail health food segment reported revenues of $10.1 million and an operating loss of $1.1 million for the first quarter of fiscal 2020.

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 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.

The following information was filed by Amcon Distributing Co (DIT) on Tuesday, January 21, 2020 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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