AMCON DISTRIBUTING CO Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>AMCON DISTRIBUTING CO filed its quarterly report (10-Q) for the period ending December 31, 2023, detailing financial information and segment performance.</b>

AI Summary

AMCON DISTRIBUTING CO (DIT) filed a Quarterly Report (10-Q) with the SEC on January 18, 2024. AMCON DISTRIBUTING CO filed a 10-Q for the period ending December 31, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 30th. The filing includes data related to common stock, treasury stock, and retained earnings. Segment data for Tobacco, Tobacco Food Service and Other, Health Food, Confectionery, and Cigarettes is provided.

Why It Matters

For investors and stakeholders tracking AMCON DISTRIBUTING CO, this filing contains several important signals. This 10-Q provides investors with an update on the company's financial position and operational performance for the most recent quarter. Understanding the segment data allows for analysis of which business areas are contributing most significantly to revenue and profitability.

Risk Assessment

Risk Level: low — AMCON DISTRIBUTING CO shows low risk based on this filing. The filing is a routine quarterly report (10-Q) and does not contain significant new information or disclosures that would indicate a change in risk profile.

Analyst Insight

Review the segment performance data within the 10-Q to identify trends in revenue generation across different product categories.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-01-18 — Filing Date (FILED AS OF DATE)
• 2023-10-01 — Quarter Start Date (Q1)
• 2022-10-01 — Prior Year Quarter Start Date (2022 Q1)

Key Players & Entities

• AMCON DISTRIBUTING CO (company) — FILER
• 0000928465 (company) — CENTRAL INDEX KEY
• DE (company) — STATE OF INCORPORATION
• NE (company) — STATE OF INCORPORATION
• 470702918 (company) — IRS NUMBER
• 001-15589 (company) — SEC FILE NUMBER
• 24542088 (company) — FILM NUMBER
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT

Forward-Looking Statements

• AMCON will provide further details on the source of the increase in Additional Paid-In Capital in future filings. (AMCON DISTRIBUTING CO) — medium confidence, target: 2024-04-30

FAQ

Key Dates

• 2024-01-18: Filing Date — Submission of the 10-Q report for the period ending 2023-12-31.
• 2023-12-31: Reporting Period End — End date for the financial data presented in the 10-Q.
• 2023-10-01: Quarter Start Date — Beginning of the fiscal quarter reported.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 Par Value DIT NYSE American Indic

Filing Documents

• dit-20231231x10q.htm (10-Q) — 1040KB
• dit-20231231xex31d1.htm (EX-31.1) — 14KB
• dit-20231231xex31d2.htm (EX-31.2) — 13KB
• dit-20231231xex32d1.htm (EX-32.1) — 7KB
• dit-20231231xex32d2.htm (EX-32.2) — 7KB
• dit-20231231x10q002.jpg (GRAPHIC) — 27KB
• 0001558370-24-000364.txt (&nbsp;) — 5010KB
• dit-20231231.xsd (EX-101.SCH) — 34KB
• dit-20231231_cal.xml (EX-101.CAL) — 42KB
• dit-20231231_def.xml (EX-101.DEF) — 112KB
• dit-20231231_lab.xml (EX-101.LAB) — 281KB
• dit-20231231_pre.xml (EX-101.PRE) — 218KB
• dit-20231231x10q_htm.xml (XML) — 813KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements : Condensed consolidated balance sheets at December 31, 2023 (unaudited) and September 30, 202 3 3 Condensed consolidated unaudited statements of operations for the three months ended December 31, 2023 and 2022 4 Condensed consolidated unaudited statements of shareholders' equity for the three months ended December 31, 2023 and 2022 5 Condensed consolidated unaudited statements of cash flows for the three months ended December 31, 2023 and 2022 6 Notes to condensed consolidated unaudited financial statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 21

Controls and Procedures

Item 4. Controls and Procedures 21

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 23

Risk Factors

Item 1A. Risk Factors 23

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 23

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 23

Other Information

Item 5. Other Information 23

Exhibits

Item 6. Exhibits 24 2 Table of Contents

— FINANCIAL INFORMATIO N

PART I — FINANCIAL INFORMATIO N

Financial Statement s

Item 1. Financial Statement s AMCON Distributing Company and Subsidiaries Condensed Consolidated Balance Sheets December 31, 2023 and September 30, 2023 December September 2023 2023 (Unaudited) ASSETS Current assets: Cash $ 996,695 $ 790,931 Accounts receivable, less allowance for credit losses of $ 2.3 million at December 2023 and $ 2.4 million at September 2023 68,822,905 70,878,420 Inventories, net 158,167,362 158,582,816 Income taxes receivable 1,517,687 1,854,484 Prepaid expenses and other current assets 13,926,848 13,564,056 Total current assets 243,431,497 245,670,707 Property and equipment, net 81,730,692 80,607,451 Operating lease right-of-use assets, net 23,345,042 23,173,287 Goodwill 5,778,325 5,778,325 Other intangible assets, net 5,150,510 5,284,935 Other assets 2,936,861 2,914,495 Total assets $ 362,372,927 $ 363,429,200 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 44,059,086 $ 43,099,326 Accrued expenses 13,788,439 14,922,279 Accrued wages, salaries and bonuses 5,160,357 8,886,529 Current operating lease liabilities 6,019,749 6,063,048 Current maturities of long-term debt 1,972,096 1,955,065 Current mandatorily redeemable non-controlling interest 1,757,236 1,703,604 Total current liabilities 72,756,963 76,629,851 Credit facilities 140,073,953 140,437,989 Deferred income tax liability, net 5,385,163 4,917,960 Long-term operating lease liabilities 17,646,454 17,408,758 Long-term debt, less current maturities 11,167,890 11,675,439 Mandatorily redeemable non-controlling interest, less current portion 7,933,339 7,787,227 Other long-term liabilities 523,157 402,882 Shareholders' equity: Preferred stock, $ .01 par value, 1,000,000 shares authorized — — Common stock, $ .01 par value, 3,000,000 shares authorized, 630,362 shares outstanding at December 2023 and 608,689 s

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS The Company's fiscal year ends on September 30 th , except for one non-wholly owned subsidiary whose fiscal year ends on the last Friday of September. The results for the interim period included with this Quarterly Report may not be indicative of the results which could be expected for the entire fiscal year. All significant intercompany transactions and balances have been eliminated in consolidation. Certain information and footnote disclosures normally included in our annual financial statements prepared in accordance with generally accepted accounting principles ("GAAP") have been condensed or omitted. In the opinion of management, the accompanying condensed consolidated unaudited financial statements ("financial statements") contain all adjustments necessary to fairly present the financial information included herein. The Company believes that although the disclosures contained herein are adequate to prevent the information presented from being misleading, these financial statements should be read in conjunction with the Company's annual audited consolidated financial statements for the fiscal year ended September 30, 2023, as filed with the Securities and Exchange Commission on Form 10-K. For purposes of this report, unless the context indicates otherwise, all references to "we", "us", "our", the "Company", and "AMCON" shall mean AMCON Distributing Company and its consolidated subsidiaries. Additionally, the three-month fiscal periods ended December 31, 2023 and December 31, 2022 have been referred to throughout this Quarterly Report as Q1 2024 and Q1 2023, respectively. The fiscal balance sheet dates as of December 31, 2023 and September 30, 2023 have been referred to as December 2023 and September 2023, respectively. ACCOUNTING PRONOUNCEMENTS Accounting Pronouncement Adopted In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, "Financial Instruments – Credit Losses

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View this 10-Q filing on SEC EDGAR