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AMCON Distributing Company Reports Fully Diluted Earnings Per Share Of $2.19 For The Fiscal Quarter Ended June 30, 2013

Stocks in this article: DIT

AMCON Distributing Company (“AMCON”) (NYSE MKT: DIT), an Omaha, Nebraska based consumer products company is pleased to announce fully diluted earnings per share of $2.19 on net income available to common stockholders of $1.6 million for the fiscal quarter ended June 30, 2013.

"We are pleased with the continued strong performance of the Company. Our management team is highly focused on generating attractive rates of return on the capital we deploy. Our lending group continues to work closely with our management team to further our strategic initiatives and we are delighted to announce the renewal and enhancement of our existing credit facility," said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. "We continue to actively seek strategic acquisitions in both our business segments," added Atayan.

Each of AMCON’s business segments reported good quarters. The wholesale distribution segment reported revenues of $306.7 million and operating income before depreciation and amortization of $4.4 million for the third fiscal quarter of 2013. The retail health food segment reported revenues of $9.3 million and operating income before depreciation and amortization of $0.5 million for the same period.

"We continue to focus on developing non-tobacco products and services to enhance the bottom line of our customers. AMCON has made a long term commitment of resources to this end," said Kathleen Evans, President of AMCON's wholesale distribution segment.

"Both of our new retail stores are now operational and in their initial build up phase. We are working diligently to generate store traffic and sales volumes to enable these stores to contribute to our bottom line," said Eric Hinkefent, President of AMCON’s retail health food segment.

“We were able to utilize our balance sheet to implement attractive merchant opportunities this quarter. We closely manage our liquidity on a day-to-day basis to capitalize on these opportunities in a meaningful way. At June 30, 2013, our stockholders’ equity was $51.3 million and consolidated debt was $33.4 million,” said Andrew Plummer, AMCON’s Chief Financial Officer. Plummer added, “We are extremely pleased with the favorable terms of our credit facility extension and the enhancements thereto. This renewal provides increased flexibility, ready access to capital, and reduced interest rates while extending our deep relationship with our existing lending group through July 2018.”

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