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Amcon Distributing Co (DIT) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, September 30, 2020

SEC Filings

Amcon Distributing Co

CIK: 928465 Ticker: DIT
Exhibit 99.1

AMCON Distributing Company Reports Results for the Fiscal Year Ended September 30, 2020

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.”


The following information was filed by Amcon Distributing Co (DIT) on Monday, November 9, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Amcon Distributing Co's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Operations (Parenthetical)
Consolidated Statements Of Shareholders??? Equity
Consolidated Statements Of Shareholders??? Equity (Parenthetical)
Acquisition (Details)
Acquisitions
Business Segments
Business Segments (Details)
Business Segments (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Debt
Debt (Tables)
Debt - Aggregate Minimum Principal Maturities Of Long-Term Debt And Other (Details)
Debt - Credit Facility (Details)
Debt - Long-Term Debt (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Equity Method Investment
Equity Method Investment (Details)
Equity Method Investment (Tables)
Equity Method Investment - Equity Investee's Summarized Financial Data (Details)
Equity-Based Incentive Awards
Equity-Based Incentive Awards (Tables)
Equity-Based Incentive Awards - Authorized And Approved Restricted Stock Unit Awards (Details)
Equity-Based Incentive Awards - Omnibus Plans And Stock Options (Details)
Equity-Based Incentive Awards - Restricted Stock Unit Activity (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Goodwill (Details)
Goodwill And Other Intangible Assets - Other Intangible Assets (Details)
Impact Of Covid-19
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Leases
Leases (Details)
Leases (Tables)
Leases - Components Of Lease Costs (Details)
Leases - Future Minimum Operating Lease Payments (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Other Information (Details)
Leases - Weighted-Average Remaining Lease Term And Weighted-Average Discount Rate (Details)
Profit Sharing Plan
Profit Sharing Plan (Details)
Property And Equipment, Net
Property And Equipment, Net (Details)
Property And Equipment, Net (Tables)
Subsequent Event
Subsequent Event (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Property And Equipment To Accounting Pronouncements (Details)
Treasury Stock
Treasury Stock (Details)
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

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