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OMAHA, Neb.--(BUSINESS WIRE)--November 9, 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 $9.76 on net income available to common shareholders of $5.5 million for the fiscal year ended September 30, 2020. AMCON earned $5.00 per fully diluted share on net income available to common shareholders of $2.8 million for the fourth fiscal quarter ended September 30, 2020.
“We are pleased with our fiscal 2020 results. AMCON’s associates and managers have fully embraced our role as an essential service provider as the nation navigates the COVID-19 pandemic. Our longstanding philosophy and tradition of sustained excellence in customer service has enabled AMCON to provide a consistent and timely flow of goods and services to our customers,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. He further noted, “Notwithstanding the challenging macroeconomic environment, we were able to close on a key long-term strategic investment in Team Sledd, LLC, a leading convenience distributor in the Appalachian region of the United States. This investment has brought a very talented group of associates into the AMCON family and has significantly expanded our geographic footprint. We continue to seek strategic acquisition opportunities for operators who want to align with our customer centric management philosophy.”
The wholesale distribution segment reported revenues of $1.5 billion and operating income of $17.3 million for fiscal 2020, and revenues and operating income of $415.1 million and $6.4 million, respectively, for the fourth fiscal quarter of fiscal 2020. The retail health food segment reported revenues of $46.0 million and an operating loss of $1.8 million for fiscal 2020, and revenues of $11.4 million and an operating loss of $0.6 million for the fourth fiscal quarter of fiscal 2020.
“We continue to anticipate a heightened level of capital expenditures in the coming years as we make targeted investments in our foodservice and technology platforms, expand our geographic reach, and continue to redevelop our retail health food store portfolio. As our customer base grows, we are expanding the territories we serve in support of this growth,” said Andrew C. Plummer, AMCON’s President and Chief Operating Officer.
Charles J. Schmaderer, AMCON’s Chief Financial Officer said, “At September 30, 2020, our shareholders’ equity was $64.8 million, resulting in adjusted book value per share of $115.50. During fiscal 2020, we turned our inventory 19 times and ended the year with $65.1 million of consolidated debt. At its lowest point during fiscal 2020, the Company’s total consolidated debt was approximately $22.2 million.” Mr. Schmaderer also added, “We were delighted to renew our long term credit facility with our existing banking group during fiscal 2020. Our banking group has been a long-term partner and supporter of the Company’s strategic growth and expansion initiatives.”
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Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Amcon Distributing Co.
Amcon Distributing Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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New Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which introduces a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables.
For example, periodically we have inventory "buy-in" opportunities which offer more favorable pricing terms.
We expect our inventory and Facility will return to normalized levels during the first quarter of fiscal 2021 as the associated inventory is sold and the Facility is paid down.
The Company elected the package of practical expedients within ASC 842 that allows an entity to not reassess, prior to the effective date, (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, or (iii) initial direct costs for any existing leases.
This ASU also expands the disclosure requirements to enable users of financial statements to understand the entity's assumptions, models and methods for estimating expected credit losses.
The Company believes that the...Read more
These impairment charges arose from...Read more
Except as required by law,...Read more
This change was primarily related...Read more
Our gross profit does not...Read more
Our fiscal 2020 Retail Segment...Read more
These estimations require significant judgment...Read more
During fiscal 2020, our peak...Read more
Of this change, approximately $3.7...Read more
The amendments in this update...Read more
This guidance is effective for...Read more
Sales in our Wholesale Segment...Read more
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Accounting Pronouncement Adopted ? During...Read more
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Amcon Distributing Co provided additional information to their SEC Filing as exhibits
Ticker: DIT
CIK: 928465
Form Type: 10-K Annual Report
Accession Number: 0001558370-20-013380
Submitted to the SEC: Mon Nov 09 2020 4:28:36 PM EST
Accepted by the SEC: Mon Nov 09 2020
Period: Wednesday, September 30, 2020
Industry: Wholesale Groceries General Line