AMCON Distributing Company (“AMCON”) (NYSE AMEX:DIT), an Omaha, Nebraska based consumer products company is pleased to announce fully diluted earnings per share of $2.36 on net income available to common stockholders of $1.8 million for the third fiscal quarter ended June 30, 2011.
“The successful completion of our acquisition of the operating assets of L.P. Shanks Company during the third fiscal quarter was a significant achievement for our Company. We are very enthusiastic to have expanded our presence in the Southeast region and are focusing our energies on growing in this market. Our new customers can look forward to high levels of customer service and proven marketing programs as we integrate our operations. Integration of this acquisition is our highest priority and we are proceeding in a very careful manner. We have been pleased with the results to date,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. “We will continue to focus on acquisitions as a critical element of our long-term strategy to expand our geographic reach and depth of our market penetration.”
Each of AMCON’s operating segments had respectable quarters. The wholesale distribution segment reported revenues of $254.3 million and operating income before depreciation and amortization of $4.5 million in the third quarter of fiscal 2011. The retail health food segment reported revenues of $9.5 million and operating income before depreciation and amortization of $0.9 million for the same period.
“We were very proud of our ability to maintain customer service during the periods of severe weather this quarter in our service territories. This reliability is a function of the emphasis we have placed on the systems and procedures necessary to keep product flowing to our customers,” said Kathleen Evans, President of AMCON’s Wholesale Segment. “We are also looking forward to serving our new customers in the Southeast with AMCON’s expanded suite of products and services which are designed to enhance customer profitability.”