AMCON Distributing Company (“AMCON”) (NYSE AMEX:DIT), an Omaha, Nebraska based consumer products company is pleased to announce fully diluted earnings per share of $1.83 on net income available to common stockholders of $1.4 million for the fiscal quarter ended December 31, 2011.
“The integration of the Crossville, Tennessee branch continues to progress according to plan. Considerable management attention is focused on diversifying the product mix. We are working hard to introduce our full range of products and services to enhance our customer’s ability to improve margins. Overall business conditions in both of our segments remain highly competitive so we were pleased with the results for the quarter,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. “We believe we are well positioned strategically in the current environment and are actively engaged in organically developing new business opportunities within our existing customer base and prospects. We also continue to be active on the acquisition trail,” noted Mr. Atayan.
Each of AMCON’s business segments reported solid quarters. The wholesale distribution segment reported revenues of $275.0 million and operating income before depreciation and amortization of $3.9 million for the first fiscal quarter of fiscal 2012. The retail health food segment reported revenues of $8.5 million and operating income before depreciation and amortization of $0.5 million for the first fiscal quarter of 2012.
“We hosted our first trade show for the Crossville branch during the quarter. The show was well received by customers, with considerable enthusiasm shown for our industry leading e-Space planogram program. We also completed a significant capital expansion for freezers and related food service equipment in our Quincy branch which positions us well as we expand our food service offerings,” said Kathleen Evans, President of AMCON’s wholesale distribution segment.
“Our Chamberlin’s stores in Florida continue to show improved results as that region recovers from the depths of the recession. Our Akin's stores in the Midwest are experiencing increased competition from several national health food chains which negatively impacted results in the first quarter. On a long term basis our stores are well positioned to compete. Consumers of natural products tend to be a well educated customer segment, who demand a higher level of product and dietary knowledge by in store associates, which is our strength,” said Eric Hinkefent, President of AMCON’s Retail Health Food Segment.