8. BUSINESS SEGMENTS

The Company has two reportable business segments: the wholesale distribution of consumer products and the retail sale of health and natural food products. The retail health food stores’ operations are aggregated to comprise the Retail Segment because such operations have similar economic characteristics, as well as similar characteristics with respect to the nature of products sold, the type and class of customers for the health food products and the methods used to sell the products. Included in the “Other” column are intercompany eliminations, and assets held and charges incurred by our holding company. The segments are evaluated on revenues, gross margins, operating income (loss), and income before taxes.


	Wholesale		Retail
	Segment		Segment		Other		Consolidated
THREE MONTHS ENDED JUNE 2018
External revenues:
Cigarettes	$	248,357,752	$	—	$	—	$	248,357,752
Tobacco		44,598,270		—		—		44,598,270
Confectionery		21,437,432		—		—		21,437,432
Health food		—		6,246,691		—		6,246,691
Foodservice & other		28,403,055		—		—		28,403,055
Total external revenue		342,796,509		6,246,691		—		349,043,200
Depreciation		284,609		314,476		—		599,085
Amortization		15,625		—		—		15,625
Operating income (loss)		4,245,654		(1,078,191)		(1,677,518)		1,489,945
Interest expense		22,585		—		238,925		261,510
Income (loss) from operations before taxes		4,239,525		(1,076,032)		(1,916,443)		1,247,050
Total assets		104,905,403		13,994,013		202,939		119,102,355
Capital expenditures		468,995		284,596		—		753,591

THREE MONTHS ENDED JUNE 2017
External revenue:
Cigarettes	$	236,433,449	$	—	$	—	$	236,433,449
Tobacco		41,478,941		—		—		41,478,941
Confectionery		22,024,887		—		—		22,024,887
Health food		—		6,376,725		—		6,376,725
Foodservice & other		26,528,198		—		—		26,528,198
Total external revenue		326,465,475		6,376,725		—		332,842,200
Depreciation		292,294		116,345		—		408,639
Amortization		66,251		—		—		66,251
Operating income (loss)		3,096,128		(615,276)		(1,519,050)		961,802
Interest expense		25,279		—		154,987		180,266
Income (loss) from operations before taxes		3,082,982		(610,896)		(1,674,037)		798,049
Total assets		98,406,083		14,135,564		167,671		112,709,318
Capital expenditures		109,648		813,888		—		923,536


	Wholesale		Retail
	Segment		Segment		Other		Consolidated
NINE MONTHS ENDED JUNE 2018
External revenue:
Cigarettes	$	679,812,016	$	—	$	—	$	679,812,016
Tobacco		125,776,543		—		—		125,776,543
Confectionery		57,210,816		—		—		57,210,816
Health food		—		19,349,676		—		19,349,676
Foodservice & other		77,614,644		—		—		77,614,644
Total external revenue		940,414,019		19,349,676		—		959,763,695
Depreciation		919,236		700,632		—		1,619,868
Amortization		63,750		—		—		63,750
Operating income (loss)		9,966,031		(1,744,717)		(4,515,367)		3,705,947
Interest expense		69,107		—		707,958		777,065
Income (loss) from operations before taxes		9,938,081		(1,737,416)		(5,220,625)		2,980,040
Total assets		104,905,403		13,994,013		202,939		119,102,355
Capital expenditures		1,137,117		983,241		—		2,120,358

NINE MONTHS ENDED JUNE 2017
External revenue:
Cigarettes	$	667,849,390	$	—	$	—	$	667,849,390
Tobacco		117,535,875		—		—		117,535,875
Confectionery		58,606,239		—		—		58,606,239
Health food		—		19,334,087		—		19,334,087
Foodservice & other		73,668,708		—		—		73,668,708
Total external revenue		917,660,212		19,334,087		—		936,994,299
Depreciation		981,232		351,310		—		1,332,542
Amortization		198,750		—		—		198,750
Operating income (loss)		9,802,019		(1,122,951)		(4,502,603)		4,176,465
Interest expense		77,100		—		468,619		545,719
Income (loss) from operations before taxes		9,749,503		(1,110,284)		(4,971,223)		3,667,996
Total assets		98,406,083		14,135,564		167,671		112,709,318
Capital expenditures		429,892		1,331,539		—		1,761,431