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 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 MARCH 2021
External revenues:
Cigarettes	$	255,558,043	$	—	$	—	$	255,558,043
Tobacco		61,431,768		—		—		61,431,768
Confectionery		19,901,516		—		—		19,901,516
Health food		—		12,306,332		—		12,306,332
Foodservice & other		29,315,831		—		—		29,315,831
Total external revenue		366,207,158		12,306,332		—		378,513,490
Depreciation		487,004		292,921		—		779,925
Operating income (loss)		4,431,132		661,303		(1,921,741)		3,170,694
Interest expense		58,109		—		252,434		310,543
Income (loss) from operations before taxes		4,425,941		664,193		(2,145,718)		2,944,416
Equity method investment earnings, net of tax		—		—		313,492		313,492
Total assets		142,275,883		17,673,640		11,575,485		171,525,008
Capital expenditures		186,991		101,294		—		288,285


	Wholesale		Retail
	Segment		Segment		Other		Consolidated
THREE MONTHS ENDED MARCH 2020
External revenue:
Cigarettes	$	228,865,603	$	—	$	—	$	228,865,603
Tobacco		51,639,145		—		—		51,639,145
Confectionery		18,027,050		—		—		18,027,050
Health food		—		12,994,651		—		12,994,651
Foodservice & other		26,360,067		—		—		26,360,067
Total external revenue		324,891,865		12,994,651		—		337,886,516
Depreciation		443,143		347,758		—		790,901
Operating income (loss)		2,907,818		85,521		(1,603,677)		1,389,662
Interest expense		32,590		—		354,673		387,263
Income (loss) from operations before taxes		2,902,907		87,760		(1,958,348)		1,032,319
Total assets		142,552,270		20,835,266		478,777		163,866,313
Capital expenditures		439,019		349,425		—		788,444


	Wholesale		Retail
	Segment		Segment		Other		Consolidated
SIX MONTHS ENDED MARCH 2021
External revenue:
Cigarettes	$	532,147,749	$	—	$	—	$	532,147,749
Tobacco		126,277,312		—		—		126,277,312
Confectionery		40,066,093		—		—		40,066,093
Health food		—		23,453,430		—		23,453,430
Foodservice & other		61,313,679		—		—		61,313,679
Total external revenue		759,804,833		23,453,430		—		783,258,263
Depreciation		959,697		594,513		—		1,554,210
Operating income (loss)		10,219,371		546,316		(3,507,115)		7,258,572
Interest expense		87,645		—		599,328		686,973
Income (loss) from operations before taxes		10,195,201		552,034		(4,049,548)		6,697,687
Equity method investment earnings, net of tax		—		—		648,831		648,831
Total assets		142,275,883		17,673,640		11,575,485		171,525,008
Capital expenditures		593,431		143,366		—		736,797


	Wholesale		Retail
	Segment		Segment		Other		Consolidated
SIX MONTHS ENDED MARCH 2020
External revenue:
Cigarettes	$	473,915,657	$	—	$	—	$	473,915,657
Tobacco		105,956,693		—		—		105,956,693
Confectionery		38,863,912		—		—		38,863,912
Health food		—		23,091,146		—		23,091,146
Foodservice & other		56,160,211		—		—		56,160,211
Total external revenue		674,896,473		23,091,146		—		697,987,619
Depreciation		875,405		640,956		—		1,516,361
Operating income (loss)		6,556,832		(1,056,785)		(2,943,870)		2,556,177
Interest expense		66,564		—		793,122		859,686
Income (loss) from operations before taxes		6,522,571		(1,052,392)		(3,736,991)		1,733,188
Total assets		142,552,270		20,835,266		478,777		163,866,313
Capital expenditures		1,232,700		949,769		—		2,182,469