AMCON Returns to Profitability With Sales Increase of 109%.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. 12, 2002 AMCON Distributing Company (AMEX AMEX See: American Stock Exchange :DIT), an Omaha, NE based consumer products distributor, announced today that it had returned to profitability as sales more that doubled during its first quarter ended December 2001 compared to the first quarter of the prior year. In addition, earnings per share increased to $0.14 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 compared to $0.06 per diluted share for the prior comparable quarter. William F. Wright, Chairman of AMCON, noted that "We are extremely happy that our realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. , which began during the last fiscal year, is beginning to show results, even though we believe that the full results of that realignment will not be realized until the third or fourth quarter of this year." Wright noted further that, "Although income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the decreased from $0.20 per diluted share to $0.14 per diluted share for the quarter, such decrease was primarily due to increases in the LIFO (Last In-First Out) A queueing method in which the next item to be retrieved is the item most recently placed in the queue. Contrast with FIFO. LIFO - stack inventory reserves, the lack of comparable price increase income from the prior comparable quarter, and increases in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. due to overall growth." At the same time, Wright noted that "The acquisition of our Quincy, IL distribution business in June 2001, which fueled most of the growth in sales for the quarter, is beginning to produce profits, a trend which we expect to continue in the future. In addition, the retail segment, although still showing a loss, improved over the prior year's comparable quarter, a factor which, Wright noted, we also hope to continue." Wright further indicated that "Our wholesale distribution and retail health food segments continue to operate in fiercely competitive environments with more pressure placed upon profit margins than experienced in the past. We will continue to focus our efforts on customer service, expansion of our distribution territories and improving operating efficiencies to compete in these markets." Wright added, "We completed the acquisition of Hawaiian Natural Water Company ("HNWC") in December 2001 and we have added seasoned veterans to the senior management team since the acquisition. The water plant is in the process of upgrading its bottling equipment in order to improve capacity. This project is expected to be completed in the third quarter of fiscal 2002. Our marketing staff is currently focusing on expanding the market for our premium Hawaiian Springs(TM) product. However, until such time, we expect this segment will continue to incur operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. ." AMCON is a leading wholesale distributor of consumer products including beverages, candy, tobacco, groceries, 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, 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. HNWC produces and sells natural water under the Hawaiian Springs(TM) label that 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, 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
Selected Financial Information
for the three months ended December 2001 and 2000
(Unaudited)
----------------------------------------------------------------------
2001 2000
------------ -----------
Sales $210,153,847 $100,506,835
============ ============
Income from continuing operations $ 390,642 $ 550,702
Loss from discontinued operations, net
of income tax benefit of $0.2 million - (387,908)
------------ ------------
Net income $ 390,642 $ 162,794
============ ============
Basic earnings (loss) per share:
Continuing operations $ 0.14 $ 0.20
Discontinued operations - (0.14)
------------ ------------
Net basic earnings (loss) per share $ 0.14 $ 0.06
============ ============
Diluted earnings (loss) per share:
Continuing operations $ 0.14 $ 0.20
Discontinued operations - (0.14)
------------ ------------
Net diluted earnings (loss) per share $ 0.14 $ 0.06
============ ============
Dividends per share $ 0.03 $ 0.03
============ ============
Weighted average shares outstanding:
Basic 2,788,633 2,737,688
Diluted 2,859,271 2,819,743
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion