AMCON Year-to-Date Profits Up 145%
PR Newswire - May 10, 1999 19:04
OMAHA, Neb., May 10 /PRNewswire/ -- AMCON Distributing Company (Nasdaq:
DIST), an
Omaha-based consumer products distributor, reported net income for the six months
ended March 31,
1999, of $2,304,846 or $0.90 per diluted share, compared to $940,020 or $0.38 per diluted
share for the
prior year, an increase of 145%. Sales for the six months were $172.3 million, a 28.7%
increase over
comparable sales for the prior year period.
Sales for the second quarter, ended March 31, 1999, were $90.0 million, a 30.6% increase
over sales
of $68.9 million for the second quarter of the prior year. Net income for the second
quarter was
$861,446 or $0.34 per diluted share, compared to $268,244 or $0.11 per diluted share for
the second
quarter of the prior year.
William F. Wright, Chairman, said, "Sales and net income growth for the second quarter
reflected
substantial price increase on cigarettes, the benefit of which was reduced by $1.4 million
pre-tax from
our election of the LIFO method for inventories. The nonrecurring portion of the benefits
associated
with the price increases has now been fully realized in our operating results. We continue
to be
pleased with the growth from our existing businesses and expect our recent acquisitions in
the health
food industry, U.S. Health (at the wholesale level) and Chamberlin Natural Foods, Inc. (at
the retail
level), to significantly contribute to operations in the future."
AMCON is a leading wholesale distributor of consumer products including beverages,
candy, tobacco,
groceries, food service, and health and beauty care products, with seven distribution
centers in
Kansas, Missouri (2), Nebraska, North Dakota, South Dakota and Wyoming. Food For
Health Co.,
Inc. ("FFH"), which serves the western and southern United States, is a leading wholesale
distributor
of health and beauty care products, dairy and frozen foods, and organic produce. FFH has
three
facilities located in Texas, Arizona and Florida. Chamberlin Natural Foods, Inc., a
wholly-owned
subsidiary of FFH, operates six health and natural product retail stores in central Florida.
Chamberlin
was designated last year by a trade publication as the number one health food retail chain
in America.
This news release contains forward looking statements that are subject to risks and
uncertainties and
which reflect management's current beliefs and estimates of future economic
circumstances, industry
conditions, company performance and financial results. A number of factors could affect
the future
results of the Company and could cause those results to differ materially from those
expressed in our
forward looking statements. Moreover, past financial performance should not be
considered a reliable
indicator of future performance. Accordingly, we claim the protection of the safe harbor
for forward
looking statements contained in the Private Securities Litigation Reform Act of 1995, with
respect to
all such forward looking statements.
Visit AMCON Distributing Company's web site at: www.amcon-dist.com
AMCON Distributing Company
Selected Financial Information
for the three and six-months ended March 31, 1999 and 1998
Unaudited)
For the three months For the six months
ended March 31 ended March 31
1999 1998 1999 1998
Sales $90,039,560 $68,946,009 $172,348,320 $133,894,568
Net income $861,446 $268,244 $2,304,846 $940,020
Earnings share
Basic $0.35 $0.11 $0.93 $0.38
Diluted $0.34 $0.11 $0.90 $0.38
Weighted average shares
outstanding:
Basic 2,479,903 2,449,903 2,479,903 2,449,903
Diluted 2,571,471 2,526,365 2,570,001 2,504,195
SOURCE AMCON Distributing Company
/CONTACT: Michael D. James of AMCON Distributing Company, 402-331-3727,
or fax, 402-331-4834/
/Web site: amcon-dist.com |
