Amcon Distributing Co (DIT) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

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Amcon Distributing Co
Ticker: DIT CIK: 928465

Exhibit 99.1

AMCON Distributing Company Reports Results for the Quarter Ended June 30, 2020

OMAHA, Neb.--(BUSINESS WIRE)--July 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 $2.77 on net income available to common shareholders of $1.6 million for its third fiscal quarter ended June 30, 2020.

“AMCON continues to fulfill our role as an essential service provider and a key component of the United States supply chain as a distributor to convenience stores, truck stops, and rural grocery stores. In addition, our retail health food segment provides nutritional supplements that are an important component of health, wellness and immunity support,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. “We continue to be focused on our long-term strategic plan and are actively seeking acquisitions and other opportunities to expand the enterprise.”

“Our management team and associates have worked around the clock to secure product and position the organizational and operational assets that are at the foundation of our philosophy as a customer focused service organization. We have many long-term relationships with our key vendors which enabled us to navigate a challenging operational environment and minimize disruptions from the pandemic,” said Andrew C. Plummer, AMCON’s President and Chief Operating Officer. Mr. Plummer added, “We were pleased to close June 30, 2020 with shareholders’ equity of $64.0 million and consolidated debt of $59.6 million.”

The wholesale distribution segment reported revenues of $385.3 million and operating income of $4.4 million for the third quarter of fiscal 2020. The retail health food segment reported revenues of $11.5 million and an operating loss of $0.2 million for the third 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’s Healthy Edge Retail Group also operates twenty-one (21) 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 Monday, July 20, 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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