-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JAVbY1DuMtPD8EvmKGyEcRdnYFxrJqHxpZngpHBquuQeHrPxN1//OnQ44d+s2hMM 7lghp+wY+tkn2Ftb0VeIPQ== 0000928465-03-000010.txt : 20030211 0000928465-03-000010.hdr.sgml : 20030211 20030211092858 ACCESSION NUMBER: 0000928465-03-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030210 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMCON DISTRIBUTING CO CENTRAL INDEX KEY: 0000928465 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-GROCERIES & GENERAL LINE [5141] IRS NUMBER: 470702918 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15589 FILM NUMBER: 03548752 BUSINESS ADDRESS: STREET 1: 7405 IRVINGTON ROAD STREET 2: POST OFFICE BOX 641940 (68164-7940) CITY: OMAHA STATE: NE ZIP: 68122 BUSINESS PHONE: 4023313727 MAIL ADDRESS: STREET 1: 7405 IRVINGTON ROAD STREET 2: POST OFFICE BOX 641940 (68164-7940) CITY: OMAHA STATE: NE ZIP: 68122 8-K 1 form8k1stqtr.txt FORM 8-K FIRST QUARTER 2003 EARNINGS RELEASE SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES ACT OF 1934 Date of Report (Date of earliest event reported) February 10, 2003 ------------------------------------------------------------------ AMCON DISTRIBUTING COMPANY -------------------------- (Exact name of registrant as specified in its charter) DELAWARE 0-24708 47-0702918 - ------------------------------------------------------------------------------ (State or other (Commission (IRS Employer jurisdiction of File Number) Identification No.) incorporation) 7405 Irvington Road, Omaha, NE 68122 ------------------------------------ (Address of principal executive offices) (Zip Code) (402) 331-3727 -------------- (Registrant's telephone number, including area code) Not Applicable -------------- (Former name or former address, if changed since last report) ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS EXHIBIT NO. DESCRIPTION 99.1 Press release, dated February 10, 2003, issued by AMCON Distributing Company ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On February 10, 2003, AMCON issued a press release announcing the its earnings for the first quarter ended December 27, 2002. The press release is furnished herewith as an exhibit and incorporated herein by reference. SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AMCON DISTRIBUTING COMPANY (Registrant) Date: February 10, 2003 By : Michael D. James ------------------------- Name: Michael D. James Title: Treasurer & Chief Financial Officer EXHIBIT INDEX ------------- Exhibit Description 99.1 Press release, dated February 10, 2003, issued by AMCON Distributing Company Exhibit 99.1 NEWS RELEASE AMCON REPORTS 1ST QUARTER EARNINGS Omaha, NE, February 10, 2003 - AMCON Distributing Company (AMEX:DIT), an Omaha, NE based consumer products company, announced today that its net income for the first quarter ended December 2002 was $274,974 or $ 0.09 per diluted share compared with $390,642 or $0.14 per diluted share for the first quarter of the prior year. Sales for the first quarter were $197.7 million compared to $210.2 million for the same period in the prior year. William F. Wright, Chairman of AMCON, stated that "In a fiercely competitive environment, as is the wholesale distribution business, our sales did decline from the comparable quarter of last year but, in spite of that fact, we were able to retain the net income contribution from the wholesale distribution business and manage our inventories and receivables in a way that resulted in cash flow and debt reduction in excess of $12.0 million for the quarter. We were also able to control our operating expenses and continue our focus on customer service, which we believe sets us apart from our competitors. The realignment of our management team in our retail health food segment showed dramatic results last fiscal year. Because of this, as previously announced, we have allocated additional resources to the expansion of this business to remodel certain locations and to expand into new markets. We believe that this approach will allow us to increase sales and more effectively utilize our management overhead expenses." Wright added, "We announced last month the creation of a new beverage division which includes Hawaiian Springs Natural Water Company and The Beverage Group, Inc. The Beverage Group, Inc. will focus its efforts on the development of markets for Hawaiian Springs/R/ natural spring water products and other non- owned premium beverages on the U.S. mainland, Canada and Mexico. The upgrade to our water plant in Hawaii is now substantially completed and we expect a new warehouse and additional equipment presently being installed to be ready for the summer season. Additionally, we expect shortly to announce agreements with non-owned premium beverage manufacturers to distribute their products in our markets. Finally, we have completed the required analysis of goodwill impairment and have been advised that there is no impairment and, accordingly, no charges will need to be taken by the Company." AMCON is a leading wholesale distributor of consumer products including beverages, candy, tobacco, groceries, food service, frozen and chilled foods, and health and beauty care products with distribution centers in Illinois, Missouri, Nebraska, North Dakota, South Dakota and Wyoming. Chamberlin's Natural Foods, Inc. and Health Food Associates, Inc., both wholly-owned subsidiaries of The Healthy Edge, Inc. (formerly Food For Health Co., Inc.), operate health and natural product retail stores in central Florida (7), Kansas, Missouri, Nebraska and Oklahoma (3). The retail stores operate under the names Chamberlin's Market & Cafe and Akin's Natural Foods Market. Hawaiian Natural Water Company, Inc., which was acquired in December of 2001, produces and sells natural spring water under the Hawaiian Springs label. The water is bottled at the source on the Big Island of Hawaii. The Beverage Group, Inc. markets and distributes Hawaiian Springs and other premium beverage products in the United States, Canada and Mexico. 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 the Company's forward looking statements. Moreover, past financial performance should not be considered a reliable indicator of future performance. Accordingly, the Company claims 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.com
AMCON Distributing Company and Subsidiaries Condensed Consolidated Balance Sheets December 2002 and September 2002 - ---------------------------------------------------------------------------------------- (Unaudited) December 2002 September 2002 ------------- -------------- ASSETS Current assets: Cash $ 118,375 $ 130,091 Accounts receivable, less allowance for doubtful accounts of $0.7 million and $0.6 million, respectively 26,488,856 31,216,783 Inventories 28,321,040 35,744,074 Income tax receivable 904,760 981,054 Deferred income taxes 324,369 324,369 Other 493,092 393,365 ------------ ------------ Total current assets 56,650,492 68,789,736 Fixed assets, net 16,009,266 16,096,124 Available-for-sale investments 710,590 562,000 Goodwill 6,091,402 6,091,402 Other Intangible Assets 11,728,084 11,804,284 Other assets 1,287,244 1,242,923 ------------ ------------ $ 92,477,078 $104,586,469 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 19,960,502 $ 19,873,851 Accrued expenses 3,390,965 3,969,164 Accrued wages, salaries, bonuses 1,595,735 1,371,310 Current liabilities of discontinued operations 87,378 93,558 Current portion of long-term debt 4,597,488 14,783,967 Current portion of subordinated debt 1,708,987 1,708,986 ------------ ------------ Total current liabilities 31,341,055 41,800,836 ------------ ------------ Deferred income taxes 844,780 788,316 Non-current liabilities of discontinued operations 188,025 197,024 Long-term debt, less current portion 34,375,600 36,362,099 Subordinated debt, less current portion 8,738,886 8,738,886 Commitments and contingencies Shareholders' equity: Preferred stock, $.01 par value, 1,000,000 shares authorized, none outstanding - - Common stock, $.01 par value, 15,000,000 shares authorized, 3,168,961 and 3,156,962 issued, respectively 31,690 31,570 Additional paid-in capital 5,998,006 5,977,643 Accumulated other comprehensive income, net of tax of $0.2 million and $0.2 million, respectively 386,897 294,771 Retained earnings 10,572,139 10,395,324 ------------ ------------ Total shareholders' equity 16,988,732 16,699,308 ------------ ------------ $ 92,477,078 $104,586,469 ============ ============
AMCON Distributing Company and Subsidiaries Condensed Consolidated Statements of Operations for the three months ended December 2002 and 2001 (Unaudited) - ---------------------------------------------------------------------------- 2002 2001 ------------- ------------ Sales (including excise taxes of $41.7 million and $38.4 million, respectively) $ 197,720,887 $ 210,153,847 Cost of sales 183,877,011 195,043,632 ------------- ------------- Gross profit 13,843,876 15,110,215 ------------- ------------- Selling, general and administrative expenses 12,175,703 12,557,354 Depreciation and amortization 556,346 719,284 ------------- ------------- 12,732,049 13,276,638 ------------- ------------- Income from operations 1,111,827 1,833,577 ------------- ------------- Other expense (income): Interest expense 843,655 1,084,098 Other income, net (171,802) (46,797) Equity in loss of unconsolidated affiliate - 95,007 ------------- ------------- 671,853 1,132,308 ------------- ------------- Income before income taxes 439,974 701,269 Income tax expense 165,000 310,627 ------------- ------------- Net income $ 274,974 $ 390,642 ============= ============= Earnings per share: Basic $ 0.09 $ 0.14 ============= ============= Diluted $ 0.09 $ 0.14 ============= ============= Dividends per share $ 0.03 $ 0.03 ============= ============= Weighted average shares outstanding: Basic 3,157,790 2,788,633 Diluted 3,232,023 2,859,271
FOR FURTHER INFORMATION CONTACT: Michael D. James Chief Financial Officer AMCON Distributing Company Tel 402-331-3727 Fax 402-331-4834 -----END PRIVACY-ENHANCED MESSAGE-----