AMCON Distributing Co. Files Q3 2024 10-Q

TL;DR

AMCON 10-Q filed. Q3 2024 financials out. Equity accounts updated.

AI Summary

AMCON Distributing Co. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the third quarter of fiscal year 2024. Key financial data and changes in equity accounts such as common stock, additional paid-in capital, and retained earnings are reported.

Why It Matters

This filing provides investors with the latest financial performance data for AMCON Distributing Co., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags or significant negative news.

Key Numbers

• Q3 2024 — Fiscal Quarter (Reporting period for the 10-Q filing.)
• 09-30 2024 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• AMCON DISTRIBUTING CO (company) — Filer
• 0000928465 (company) — Central Index Key
• 20240630 (date) — Period of Report
• 20240718 (date) — Filing Date

FAQ

Key Financial Figures

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

Filing Documents

• dit-20240630x10q.htm (10-Q) — 1633KB
• dit-20240630xex10d1.htm (EX-10.1) — 65KB
• dit-20240630xex31d1.htm (EX-31.1) — 14KB
• dit-20240630xex31d2.htm (EX-31.2) — 13KB
• dit-20240630xex32d1.htm (EX-32.1) — 7KB
• dit-20240630xex32d2.htm (EX-32.2) — 7KB
• dit-20240630x10q002.jpg (GRAPHIC) — 27KB
• 0001558370-24-009894.txt ( ) — 7174KB
• dit-20240630.xsd (EX-101.SCH) — 38KB
• dit-20240630_cal.xml (EX-101.CAL) — 59KB
• dit-20240630_def.xml (EX-101.DEF) — 170KB
• dit-20240630_lab.xml (EX-101.LAB) — 350KB
• dit-20240630_pre.xml (EX-101.PRE) — 271KB
• dit-20240630x10q_htm.xml (XML) — 1447KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements : Condensed consolidated balance sheets at June 30, 2024 (unaudited) and September 30, 202 3 3 Condensed consolidated unaudited statements of operations for the three and nine months ended June 30, 2024 and 2023 4 Condensed consolidated unaudited statements of shareholders' equity for the three and nine months ended June 30, 2024 and 2023 5 Condensed consolidated unaudited statements of cash flows for the nine months ended June 30, 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 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 26

Controls and Procedures

Item 4. Controls and Procedures 27

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 28

Risk Factors

Item 1A. Risk Factors 28

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 28

Other Information

Item 5. Other Information 28

Exhibits

Item 6. Exhibits 29 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 June 30, 2024 and September 30, 2023 June September 2024 2023 (Unaudited) ASSETS Current assets: Cash $ 719,342 $ 790,931 Accounts receivable, less allowance for credit losses of $ 2.5 million at June 2024 and $ 2.4 million at September 2023 80,469,376 70,878,420 Inventories, net 160,778,835 158,582,816 Income taxes receivable 330,170 1,854,484 Prepaid expenses and other current assets 15,991,451 13,564,056 Total current assets 258,289,174 245,670,707 Property and equipment, net 103,989,865 80,607,451 Operating lease right-of-use assets, net 24,710,670 23,173,287 Goodwill 5,778,325 5,778,325 Other intangible assets, net 4,881,659 5,284,935 Other assets 2,954,262 2,914,495 Total assets $ 400,603,955 $ 363,429,200 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 46,249,366 $ 43,099,326 Accrued expenses 16,590,155 14,922,279 Accrued wages, salaries and bonuses 8,168,882 8,886,529 Current operating lease liabilities 6,662,109 6,063,048 Current maturities of long-term debt 5,335,127 1,955,065 Current mandatorily redeemable non-controlling interest 1,651,608 1,703,604 Total current liabilities 84,657,247 76,629,851 Credit facilities 156,941,944 140,437,989 Deferred income tax liability, net 4,594,841 4,917,960 Long-term operating lease liabilities 18,358,088 17,408,758 Long-term debt, less current maturities 17,917,378 11,675,439 Mandatorily redeemable non-controlling interest, less current portion 6,497,523 7,787,227 Other long-term liabilities 1,669,817 402,882 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 June 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 June 30, 2024 and June 30, 2023 have been referred to throughout this Quarterly Report as Q3 2024 and Q3 2023, respectively. The fiscal balance sheet dates as of June 30, 2024 and September 30, 2023 have been referred to as June 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): Mea

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View this 10-Q filing on SEC EDGAR