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Amcon Distributing Co (DIT) SEC Filing 10-Q Quarterly Report for the period ending Friday, December 31, 2021

Amcon Distributing Co

CIK: 928465 Ticker: DIT
Exhibit 99.1


AMCON Distributing Company Reports Results for the Quarter Ended December 31, 2021

OMAHA, Neb.--(BUSINESS WIRE)--January 18, 2022--AMCON Distributing Company (“AMCON”) (NYSE American: DIT), an Omaha, Nebraska based consumer products company, is pleased to announce fully diluted earnings per share of $5.18 on net income available to common shareholders of $3.0 million for its first fiscal quarter ended December 31, 2021.

“We are pleased with our results for the first fiscal quarter. AMCON continues to navigate a challenging operating environment. Our management team was able to deliver our customers a safe, consistent and seamless level of customer service,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. Mr. Atayan further noted, “AMCON remains focused on our long-term strategic initiatives. We continue to seek out acquisition opportunities for distributors who want to align with our growing platform and customer centric management philosophy.”

The wholesale distribution segment reported revenues of $410.6 million and operating income of $7.4 million for the first quarter of fiscal 2022. The retail health food segment reported revenues of $11.9 million and operating income of $0.5 million for the first quarter of fiscal 2022.

“We work collaboratively with our customers to develop customized foodservice and technology platforms. This approach enables our customers to enhance their efficiencies and profitability, which is especially important in light of rapidly changing market conditions. Our customer base is growing geographically, and we are deploying the capital and human resources necessary to support this growth,” said Andrew C. Plummer, AMCON’s President and Chief Operating Officer. Mr. Plummer also noted, “AMCON’s associates and management did an outstanding job of securing the products and staffing necessary to best serve our customers in these challenging conditions.”

Charles J. Schmaderer, AMCON’s Chief Financial Officer said, “We are pleased with the progress of our strategic investment in Team Sledd, LLC. We ended the quarter with $79.6 million of shareholders’ equity and continue to work closely with our banking group to optimize our capital structure. We maintain consistently high levels of liquidity to support the growth of the enterprise.”

AMCON’s Healthy Edge Retail Group plays an important role in the health and wellness of the communities it serves. Throughout the pandemic, our management team has worked diligently to offer a continuous and safe shopping experience for customers. Our long-term relationship with the organic/natural products vendor community has enabled our stores to meet the demands of our customers for total wellness solutions. Our strategy is to offer a broad selection of the highest quality organic and natural merchandise available supported by a high degree of customer service not found at other big box retailers within our industry.

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 (20) 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.

This news release contains forward-looking statements that are subject to risks and uncertainties and which reflect management's current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results. A number of factors could affect the future results of the Company and could cause those results to differ materially from those expressed in the Company's forward-looking statements including, without limitation, availability of sufficient cash resources to conduct its business and meet its capital expenditures needs and the other factors described under Item 1.A. of the Company’s Annual Report on Form 10-K. Moreover, past financial performance should not be considered a reliable indicator of future performance. Accordingly, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 with respect to all such forward-looking statements.

Visit AMCON Distributing Company's web site at: www.amcon.com


The following information was filed by Amcon Distributing Co (DIT) on Tuesday, January 18, 2022 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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Inside Amcon Distributing Co's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Unaudited Statements Of Cash Flows
Condensed Consolidated Unaudited Statements Of Operations
Condensed Consolidated Unaudited Statements Of Operations (Parenthetical)
Condensed Consolidated Unaudited Statements Of Shareholders' Equity
Condensed Consolidated Unaudited Statements Of Shareholders' Equity (Parenthetical)
Business Segments
Business Segments (Details)
Business Segments (Tables)
Common Stock Repurchases
Common Stock Repurchases (Details)
Debt
Debt - Credit Facility (Details)
Debt - Cross Default And Co-Terminus Provisions And Other (Details)
Dividends
Dividends (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 - All Equity-Based Awards (Details)
Equity-Based Incentive Awards - Authorized And Approved Restricted Stock Units/Restricted Stock Awards (Details)
Equity-Based Incentive Awards - Omnibus Plans And Stock Options (Details)
Equity-Based Incentive Awards - Restricted Stock Units/Restricted Stock Awards 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
Inventories
Inventories (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies And Basis Of Presentation
Summary Of Significant Accounting Policies And Basis Of Presentation (Details)
Ticker: DIT
CIK: 928465
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-22-000286
Submitted to the SEC: Tue Jan 18 2022 4:10:44 PM EST
Accepted by the SEC: Tue Jan 18 2022
Period: Friday, December 31, 2021
Industry: Wholesale Groceries General Line

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