BUSINESS SEGMENTS

3 Months Ended

Dec. 31, 2020

BUSINESS SEGMENTS

BUSINESS SEGMENTS

9. 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 and income earned by our holding company. The segments are evaluated on revenues, gross margins, operating income (loss), and income (loss) before taxes.

	Wholesale		Retail
	Segment		Segment		Other		Consolidated
THREE MONTHS ENDED DECEMBER 2020
External revenues:
Cigarettes	$	276,589,707	$	—	$	—	$	276,589,707
Tobacco		64,845,544		—		—		64,845,544
Confectionery		20,164,577		—		—		20,164,577
Health food		—		11,147,098		—		11,147,098
Foodservice & other		31,997,848		—		—		31,997,848
Total external revenue		393,597,676		11,147,098		—		404,744,774
Depreciation		472,693		301,592		—		774,285
Operating income (loss)		5,788,239		(114,987)		(1,585,374)		4,087,878
Interest expense		29,536		—		346,894		376,430
Income (loss) from operations before taxes		5,769,260		(112,159)		(1,903,830)		3,753,271
Equity method investment earnings, net of tax		—		—		335,339		335,339
Total assets		128,232,076		18,583,221		10,930,821		157,746,118
Capital expenditures		406,440		42,072		—		448,512

	Wholesale		Retail
	Segment		Segment		Other		Consolidated
THREE MONTHS ENDED DECEMBER 2019
External revenue:
Cigarettes	$	245,050,054	$	—	$	—	$	245,050,054
Tobacco		54,317,548		—		—		54,317,548
Confectionery		20,836,862		—		—		20,836,862
Health food		—		10,096,495		—		10,096,495
Foodservice & other		29,800,144		—		—		29,800,144
Total external revenue		350,004,608		10,096,495		—		360,101,103
Depreciation		432,263		293,198		—		725,461
Operating income (loss)		3,649,014		(1,142,306)		(1,340,193)		1,166,515
Interest expense		33,974		—		438,449		472,423
Income (loss) from operations before taxes		3,619,664		(1,140,152)		(1,778,642)		700,870
Total assets		125,529,755		21,947,811		122,891		147,600,457
Capital expenditures		793,681		600,344		—		1,394,025