AMCON Distributing Company (“AMCON”) (AMEX:DIT), an Omaha, Nebraska based consumer products company is pleased to announce fully diluted earnings per common share of $2.40 per share for the second fiscal quarter ended March 31, 2010.
“We were delighted with the progress our management team has made in integrating our recent acquisition in Northwest Arkansas. We continue to seek acquisitions that will expand our geographic reach and penetration,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer.
AMCON’s wholesale distribution business reported revenues of $221.0 million and operating income before depreciation and amortization of $3.9 million in the second fiscal quarter of 2010. AMCON’s retail health food business reported revenues of $9.5 million and operating income before depreciation of $1.2 million for the same period.
Kathleen M. Evans, President of AMCON’s wholesale distribution business commented, “We had a highly successful trade show this year that highlighted our continued efforts to develop profit making opportunities for our customers. Our continued emphasis on food service products has been met with a positive reception. We were especially proud of our ability to maintain continuity of services to our customers during this very harsh winter season.”
Eric Hinkefent, President of AMCON’s retail health food business commented, “We were delighted to open our new store in Tulsa at the end of the quarter. We are actively exploring opportunities to open additional stores in our existing markets as well as expanding into new markets. Conditions are challenging; however, our continued focus on providing high levels of customer service with a broad product selection at value oriented price is what consumers are seeking.”
“Our business strategy is predicated on maintaining high levels of liquidity. This liquidity enables us to develop proprietary opportunities for our customers to enhance their profitability,” said Andrew C. Plummer, AMCON’s Chief Financial Officer. “We expect the various state and federal governmental authorities who regulate the tobacco industry will continue to seek tax increases in the coming quarters. Our careful working capital management is an important tool for us as we navigate these treacherous waters,” added Plummer.