AMCON Earns $0.16 Per Share in First Quarter.Business Editors OMAHA Omaha, city, United States Omaha (ō`məhä, –hô), city (1990 pop. 335,795), seat of Douglas co., E Nebr., on the west bank of the Missouri River; inc. 1857. , Neb.--(BUSINESS WIRE)--Feb. 9, 2004 AMCON Distributing Company (AMEX AMEX See: American Stock Exchange :DIT), an Omaha, NE based consumer products company, announced today net income of $0.5 million or $0.16 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for the first quarter ended December December: see month. 2003 compared with $0.3 million or $0.09 per diluted share for the first quarter of the prior year. Sales for the first quarter were $193.0 million compared to $197.7 million for the same period in the prior year. William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack F. Wright, Chairman of AMCON, stated that, "Even though sales for the first quarter were down, primarily due to the deflationary de·fla·tion n. 1. The act of deflating or the condition of being deflated. 2. A persistent decrease in the level of consumer prices or a persistent increase in the purchasing power of money because of a reduction in available trend in cigarette prices, increases in sales due to increased volume in our wholesale segment and increases in sales in our retail health food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. segments tempered the sales loss by $10.6 million. "Income (loss) before taxes for the first quarter improved by $0.9 million in the wholesale segment and by $0.4 million in the retail health food segment. Hawaiian Hawaiian, member of the Polynesian group of the Austronesian family of languages. Of the fewer than 10,000 people who speak Hawaiian, only a few hundred are native speakers, but the language is taught in some Hawaiian schools and remains important as a symbol of Natural Water Company, Inc. also showed good improvement in the first quarter of the year, although this improvement was offset by greater losses in The Beverage Group ("TBG TBG abbr. thyroid-binding globulin TBG thyroxine-binding globulin. TBG Thyroxine-binding globulin, see there ") due to the fact that last year TBG only operated for 16 days in the quarter." Wright added "In our wholesale segment, manufacturer incentive programs ended in the fourth quarter of fiscal 2003 and final payments under those programs were received in the first quarter of this fiscal year. In an attempt to help alleviate Alleviate To make something easier to be endured. Mentioned in: Kinesiology, Applied the effect of the loss of these payments in future quarters, we (and many other wholesalers) raised our cigarette prices in the first quarter of this year without any corresponding price increase from manufacturers. "Our numbers for our retail health segment continued to improve with sales increasing by $0.5 million over the first quarter of the prior year and the segment operating at break even for the quarter. New management and a new, fully integrated system implementation were the catalyst for improvement in our Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians stores which lead to the decision to begin construction of a new store in the Midwest during the first quarter of fiscal 2004. Performance also improved in our Florida stores, as we continue to focus our efforts on further improvement in the Florida market over the remainder of the year. "In our beverage segment, Hawaiian Natural Water completed construction of its packaging and warehouse facility during the first quarter and changed to a new distributor in the Hawaii market. This lead to a 26% increase in natural spring water sales for the first quarter. In addition, sales of other specialty beverage products were $0.5 million compared to no sales in the first quarter of the prior fiscal year. We anticipated this for the first quarter of the current fiscal year and believe that the beverage segment will increase overall margins for our Company and its shareholders as our Company continues to reduce its reliance upon our wholesale segment." AMCON is a leading wholesale distributor of consumer products including beverages, candy candy: see confectionery. candy Sweet sugar- or chocolate-based confection. The Egyptians made candy from honey (combined with figs, dates, nuts, and spices), sugar being unknown. , tobacco, groceries gro·cer·y n. pl. gro·cer·ies 1. A store selling foodstuffs and various household supplies. 2. groceries Commodities sold by a grocer. , food service, frozen and chilled foods Chilled foods are prepared foods stored at refrigeration temperatures (at or below 8°C). They have been available in the United Kingdom and many other industrialised countries since the 1960s. , and health and beauty care products with distribution centers in Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. , Missouri Missouri, state, United States Missouri (mĭz  r`ē, –ə), one of the midwestern states of the United States. , Nebraska, North Dakota North Dakota, state in the N central United States. It is bordered by Minnesota, across the Red River of the North (E), South Dakota (S), Montana (W), and the Canadian provinces of Saskatchewan and Manitoba (N). , South Dakota South Dakota (dəkō`tə), state in the N central United States. It is bordered by North Dakota (N), Minnesota and Iowa (E), Nebraska (S), and Wyoming and Montana (W). and
Wyoming. Chamberlin's Natural Foods, Inc. and Health Food
Associates, Inc., both wholly-owned subsidiaries of The Healthy Edge,
Inc. (formerly Food For Health Co., Inc.), operate health and natural
product retail stores in central Florida
Central Florida is the central region of the United States state of Florida, on the East Coast. (7), Kansas, Missouri, Nebraska and Oklahoma (3). The retail stores operate under the names Chamberlin's Market & Cafe and Akin's Natural Foods Market. Hawaiian Natural Water Company, Inc., which was acquired in December of 2001, produces and sells natural spring water under the Hawaiian Springs label. The water is bottled at the source on the Big Island of Hawaii. The Beverage Group, Inc. markets and distributes Hawaiian Springs and other premium beverage products, including HYPE Energy Hype Energy is an energy drink sold in the U.S., Canada, and some 22 more countries around the world. Hype Energy currently comes in four varieties: Hype Energy Drink (silver and blue can), Hype Lite (white can), Hype Energy MFP (black carbon fiber can) and Hype Gold Drink, Royal Kona Iced Coffee, Bottle Green Presse and Fruit Sodas SODAS - [D.L. Parnas & J.A. Darringer. Proc FJCC 31:449-474, AFIPS (Fall 1967)]. , Bahia drinks and Xterra, a line of sports beverages and energy bars, in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada and Mexico. 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , 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. Moreover, past financial performance should not be considered a reliable indicator of future performance. Accordingly, the Company claims the protection of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. contained in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 with respect to all such forward-looking statements. Visit AMCON Distributing Company's web site at: www.amcon.com.
AMCON Distributing Company and Subsidiaries
Condensed Consolidated Balance Sheets
December 2003 and September 2003
----------------------------------------------------------------------
(Unaudited)
December September
2003 2003
------------- ------------
ASSETS
Current assets:
Cash $ 622,984 $ 668,073
Available-for-sale investments 97,500 512,694
Accounts receivable, less allowance for
doubtful accounts of $0.8 million
and $0.8 million, respectively 25,463,399 28,170,129
Inventories 33,646,348 32,489,051
Income tax receivable 12,242 -
Deferred income taxes 1,568,476 1,568,476
Other 584,945 581,950
----------- -----------
Total current assets 61,995,894 63,990,373
Fixed assets, net 16,790,340 16,951,615
Goodwill 6,091,397 6,091,397
Other intangible assets 11,340,720 11,420,542
Other assets 1,302,231 1,045,503
----------- -----------
$97,520,582 $99,499,430
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $18,439,514 $15,092,091
Accrued expenses 3,610,175 3,715,370
Accrued wages, salaries, bonuses 1,675,260 1,462,678
Income tax payable - 540,414
Current liabilities of discontinued
operations 108,951 117,612
Current portion of long-term debt 10,470,304 15,348,167
Current portion of subordinated debt 7,692,666 7,762,666
----------- -----------
Total current liabilities 41,996,870 44,038,998
----------- -----------
Deferred income taxes 1,258,473 1,367,367
Non-current liabilities of discontinued
operations 14,025 161,025
Long-term debt, less current portion 35,732,436 35,654,423
Subordinated debt, less current portion 976,220 976,220
Commitments and contingencies
Shareholders' equity:
Preferred stock, $.01 par value, 1,000,000
shares authorized, none outstanding - -
Common stock, $.01 par value, 15,000,000
shares authorized, 3,169,154 and
3,168,954 issued, respectively 31,692 31,690
Additional paid-in capital 5,998,497 5,997,977
Accumulated other comprehensive income,
net of tax of $0.03 million and $0.1
million, respectively 42,164 220,732
Retained earnings 11,470,205 11,050,998
----------- -----------
Total shareholders' equity 17,542,558 17,301,397
----------- -----------
$97,520,582 $99,499,430
=========== ===========
AMCON Distributing Company and Subsidiaries
Condensed Consolidated Statements of Operations
for the three months ended December 2003 and 2002
(Unaudited)
----------------------------------------------------------------------
2003 2002
------------ ------------
Sales (including excise taxes of
$45.3 million and $41.7 million,
respectively) $193,037,116 $197,720,887
Cost of sales 177,972,857 183,877,011
------------ ------------
Gross profit 15,064,259 13,843,876
------------ ------------
Selling, general and administrative
expenses 13,370,097 12,175,703
Depreciation and amortization 561,118 556,346
------------ ------------
13,931,215 12,732,049
------------ ------------
Income from operations 1,133,044 1,111,827
------------ ------------
Other expense (income):
Interest expense 778,908 843,655
Other income, net (430,108) (171,802)
------------ ------------
348,800 671,853
------------ ------------
Income before income taxes 784,244 439,974
Income tax expense 270,000 165,000
------------ ------------
Net income $ 514,244 $ 274,974
============ ============
Earnings per share:
Basic $ 0.16 $ 0.09
============ ============
Diluted $ 0.16 $ 0.09
============ ============
Dividends per share $ 0.03 $ 0.03
============ ============
Weighted average shares outstanding:
Basic 3,168,987 3,157,790
Diluted 3,213,292 3,232,023
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