AMCON DISTRIBUTING CO Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>AMCON DISTRIBUTING CO filed its quarterly 10-Q report for the period ending March 31, 2024, detailing financial performance across its various business segments.</b>

AI Summary

AMCON DISTRIBUTING CO (DIT) filed a Quarterly Report (10-Q) with the SEC on April 18, 2024. AMCON DISTRIBUTING CO filed a 10-Q report for the period ending March 31, 2024. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on September 30th. The filing includes data related to various equity accounts such as Additional Paid-In Capital, Common Stock, and Retained Earnings. Segment data for Tobacco, Tobacco Food Service and Other, Health Food, Confectionery, and Cigarettes is included for wholesale and retail segments.

Why It Matters

For investors and stakeholders tracking AMCON DISTRIBUTING CO, this filing contains several important signals. This 10-Q filing provides investors with an updated view of AMCON DISTRIBUTING CO's financial health and operational performance for the most recent quarter. The detailed segment information allows for analysis of revenue streams and potential growth areas within the company's wholesale and retail operations.

Risk Assessment

Risk Level: low — AMCON DISTRIBUTING CO shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial updates without immediate indicators of significant risk or opportunity.

Analyst Insight

Monitor future filings for trends in segment performance and changes in equity accounts.

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-04-18 — Filing Date (FILED AS OF DATE)
• 0930 — Fiscal Year End (FISCAL YEAR END)
• 2024-01-01 — Q2 Start Date (2024-01-01 2024-03-31)
• 2024-03-31 — Q2 End Date (2024-01-01 2024-03-31)

Key Players & Entities

• AMCON DISTRIBUTING CO (company) — FILER
• 0000928465 (company) — CENTRAL INDEX KEY
• DE (company) — STATE OF INCORPORATION
• 470702918 (company) — IRS NUMBER
• OMAHA (company) — BUSINESS ADDRESS CITY
• NE (company) — BUSINESS ADDRESS STATE
• 68122 (company) — BUSINESS ADDRESS ZIP
• 4023313727 (company) — BUSINESS PHONE

FAQ

Industry Context

AMCON DISTRIBUTING CO operates in the wholesale and retail sectors, with a focus on groceries, tobacco, and health food products.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management discussion.
2. Analyze segment performance for trends in revenue and profitability.
3. Compare current quarter results to historical data for year-over-year performance assessment.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-18: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the quarterly update for the period ending March 31, 2024, following previous filings for the company.

Key Financial Figures

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

Filing Documents

• dit-20240331x10q.htm (10-Q) — 1451KB
• dit-20240331xex10d1.htm (EX-10.1) — 84KB
• dit-20240331xex10d2.htm (EX-10.2) — 298KB
• dit-20240331xex31d1.htm (EX-31.1) — 14KB
• dit-20240331xex31d2.htm (EX-31.2) — 13KB
• dit-20240331xex32d1.htm (EX-32.1) — 7KB
• dit-20240331xex32d2.htm (EX-32.2) — 7KB
• dit-20240331x10q002.jpg (GRAPHIC) — 27KB
• 0001558370-24-005311.txt (&nbsp;) — 6451KB
• dit-20240331.xsd (EX-101.SCH) — 32KB
• dit-20240331_cal.xml (EX-101.CAL) — 48KB
• dit-20240331_def.xml (EX-101.DEF) — 98KB
• dit-20240331_lab.xml (EX-101.LAB) — 268KB
• dit-20240331_pre.xml (EX-101.PRE) — 206KB
• dit-20240331x10q_htm.xml (XML) — 1164KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements : Condensed consolidated balance sheets at March 31, 2024 (unaudited) and September 30, 202 3 3 Condensed consolidated unaudited statements of operations for the three and six months ended March 31, 2024 and 2023 4 Condensed consolidated unaudited statements of shareholders' equity for the three and six months ended March 31, 2024 and 2023 5 Condensed consolidated unaudited statements of cash flows for the six months ended March 31, 2024 and 2023 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 16

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 25

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 26

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 26

Other Information

Item 5. Other Information 26

Exhibits

Item 6. Exhibits 27 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 March 31, 2024 and September 30, 2023 March September 2024 2023 (Unaudited) ASSETS Current assets: Cash $ 951,521 $ 790,931 Accounts receivable, less allowance for credit losses of $ 2.3 million at March 2024 and $ 2.4 million at September 2023 66,881,140 70,878,420 Inventories, net 121,324,279 158,582,816 Income taxes receivable 844,730 1,854,484 Prepaid expenses and other current assets 15,244,494 13,564,056 Total current assets 205,246,164 245,670,707 Property and equipment, net 94,475,740 80,607,451 Operating lease right-of-use assets, net 22,830,252 23,173,287 Goodwill 5,778,325 5,778,325 Other intangible assets, net 5,016,084 5,284,935 Other assets 2,810,304 2,914,495 Total assets $ 336,156,869 $ 363,429,200 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 51,726,762 $ 43,099,326 Accrued expenses 12,661,273 14,922,279 Accrued wages, salaries and bonuses 5,371,550 8,886,529 Current operating lease liabilities 6,031,117 6,063,048 Current maturities of long-term debt 4,485,028 1,955,065 Current mandatorily redeemable non-controlling interest 1,812,558 1,703,604 Total current liabilities 82,088,288 76,629,851 Credit facilities 99,194,708 140,437,989 Deferred income tax liability, net 5,071,404 4,917,960 Long-term operating lease liabilities 17,106,256 17,408,758 Long-term debt, less current maturities 16,045,738 11,675,439 Mandatorily redeemable non-controlling interest, less current portion 8,012,406 7,787,227 Other long-term liabilities 686,435 402,882 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 March 2024 and 608,689 shares outstandi

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 March 31, 2024 and March 31, 2023 have been referred to throughout this Quarterly Report as Q2 2024 and Q2 2023, respectively. The fiscal balance sheet dates as of March 31, 2024 and September 30, 2023 have been referred to as March 2024 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 (Topic 326):

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View this 10-Q filing on SEC EDGAR