AMCON Distributing Company (“AMCON”) (NYSE MKT:DIT), an Omaha, Nebraska based consumer products company is pleased to announce fully diluted earnings per share of $0.72 on net income available to common shareholders of $0.5 million for the fiscal quarter ended March 31, 2014.
“Both of our business segments operate in a highly competitive environment. We continue to focus on customer service and reliability to differentiate AMCON and position us as an industry leader. We were pleased to make a small acquisition this quarter that enhances our strength in the North Dakota market,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. He further noted, “We are actively pursuing acquisitions to enhance and expand our service territory.”
Our wholesale distribution segment reported revenues of $263.2 million and operating income before depreciation and amortization of $2.6 million for the second fiscal quarter of 2014. The retail health food segment reported revenues of $9.2 million and operating income before depreciation and amortization of $0.6 million for the same period.
“Our annual spring trade show was very well received and provides momentum as we enter our seasonally strong period. We continue to expend resources to enhance our capability in foodservice as the convenience industry is increasingly focused on the profits derived from these products and services,” said Kathleen M. Evans, President of AMCON’s Wholesale Distribution Segment.
“Our Chamberlin’s and Akin’s retail health food stores have a strong and long-standing brand dating back to 1935. As the natural health food industry has grown, so too has the interest in health food retailing from national and regional competitors. As a result, the number of retail entrants in our Midwestern markets has outpaced the natural food industry growth in those markets which impacts our sales,” said Eric J. Hinkefent, President of AMCON’s Retail Health Food Segment.
“We continue to maintain a high degree of balance sheet liquidity. At March 31, 2014 our shareholders’ equity was $53.4 million and consolidated debt was $24.2 million,” said Andrew Plummer, AMCON’s Chief Financial Officer. “The expansion of our foodservice facilities at our Rapid City, South Dakota branch continues to progress according to plan. This expansion will provide significant additional capacity to meet our customers’ growing needs in the Dakotas resulting from considerable growth as well as our recent acquisition in that market. In addition, we continue to invest in information technology for internal and external purposes,” added Mr. Plummer.