AMCON Reports Profit With Sales Increase of 93%.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)--May 9, 2002 AMCON Distributing Company (AMEX AMEX See: American Stock Exchange :DIT), an Omaha, NE based consumer products distributor, announced today that its sales increased to $194.2 million in the second quarter ended March 2002, a 93% increase over the prior year. In addition, earnings of $0.03 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 quarter was reported compared to a loss of $0.57 per diluted share for the prior comparable quarter. For the six months ended March 2002, sales were $404.3 million, a 101% increase over the first six months of the prior year. Earnings per share for the first six months of the fiscal year increased to $0.16 per diluted share compared to a loss of $0.51 per diluted share for the first six months of the prior year. William F. Wright, Chairman of AMCON, stated that "We are pleased with the results of our second quarter, and particularly with the increase of over $1.0 million in our operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the quarter. Our acquisition of the Quincy, IL distribution business in June 2001 generated most of the sales growth for the quarter and for the six months ended March 2002 and the wholesale distribution segment continues to generate profits. The retail segment, although still showing a loss, continues to improve. Our business in Hawaii, which bottles natural spring water under the Hawaiian Springs label, is in the final process of upgrading the plant, which upgrade will dramatically improve its capacity. At that time, we expect those sales to increase. 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, 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 last year, produces and sells natural water under the Hawaiian Springs(TM) label. The water is bottled at the source on the Big Island of Hawaii. 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-dist.com Financial table follows
AMCON Distributing Company and Subsidiaries
Condensed Consolidated Statements of Operations
for the three and six-months ended March 2002 and 2001
(Unaudited)
---------------------------------------------------------------------
For the three months For the six months
ended March ended March
-------------------------- --------------------------
2002 2001 2002 2001
------------ ------------ ------------ ------------
Sales $194,159,299 $100,785,157 $404,313,146 $201,291,992
============ ============ ============ ============
Income (loss)
from
continuing
operations $ 90,435 $ (378,444) $ 481,078 $ 172,258
Loss from
discontinued
operations,
net of income
tax benefit of
$0.3 million
and $0.6
million,
respectively - (506,527) - (894,435)
Loss on
disposal of
discontinued
operations,
net of income
tax benefit of
$0.4 million. - (675,416) - (675,416)
------------ ------------ ------------ ------------
Net income
(loss) $ 90,435 $ (1,560,387) $ 481,078 $ (1,397,593)
============ ============ ============ ============
Basic earnings
(loss) per
share:
Continuing
operations $ 0.03 $ (0.14) $ 0.16 $ 0.06
Discontinued
operations - (0.43) - (0.57)
------------ ------------ ------------ ------------
Net basic
earnings
(loss) per
share $ 0.03 $ (0.57) $ 0.16 $ (0.51)
============ ============ ============ ============
Diluted
earnings
(loss) per
share:
Continuing
operations $ 0.03 $ (0.14) $ 0.16 $ 0.06
Discontinued
operations - (0.43) - (0.57)
------------ ------------ ------------ ------------
Net diluted
earnings
(loss) per
share $ 0.03 $ (0.57) $ 0.16 $ (0.51)
============ ============ ============ ============
Dividends per
share $ 0.03 $ 0.03 $ 0.06 $ 0.06
============ ============ ============ ============
Weighted
average shares
outstanding:
Basic 3,112,962 2,738,031 2,950,797 2,737,859
Diluted 3,186,858 2,738,031 3,023,067 2,737,859
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