AMCON Distributing Company (NYSE American: DIT), a leading Convenience and Foodservice Distributor based in Omaha, Nebraska, is pleased to report fully diluted earnings per share of $7.15, with net income available to common shareholders totaling $4.3 million for the fiscal year ended September 30, 2024.
Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer, shared, “Our strategic plan has come to full fruition in fiscal 2024. AMCON has expanded both geographically and within our existing territories, while also strengthening our foodservice capabilities. We are now the third largest Convenience Distributor in the United States based on the territory we cover. Our new facility in Springfield, Missouri is fully operational, providing the infrastructure needed to advance our foodservice initiatives. Our longstanding commitment to exceptional customer service has allowed us to navigate these challenging times, ensuring a reliable flow of goods and services to our customers.” He added, “We are actively seeking acquisition opportunities to align with operators who share our customer-focused philosophy and want to continue the legacy of their businesses.”
The wholesale distribution segment achieved revenues of $2.7 billion and operating income of $31.3 million for fiscal 2024. The retail health food segment reported revenues of $42.5 million and operating income of $0.1 million during the same period.
Andrew C. Plummer, AMCON’s President and Chief Operating Officer, commented, “Our foodservice business continues to grow, particularly through our Henry’s Foods subsidiary. Henry’s offers an extensive range of proprietary foodservice programs and store-level merchandising that set us apart in the convenience distribution industry. We now offer turn-key solutions that enable our customers to compete directly with the Quick Service Restaurant industry. We are making substantial investments in foodservice and technology platforms, as well as staffing, to deploy these capabilities across our organization.” He further noted, “Our integrated advertising, design, print, and electronic display programs provide our customers with a competitive edge.”
Charles J. Schmaderer, AMCON’s Chief Financial Officer, emphasized the Company’s continued focus on maintaining a strong balance sheet and liquidity position, with shareholders’ equity standing at $111.7 million as of September 30, 2024. He also mentioned, “We are investing capital to develop our recently acquired 250,000-square-foot distribution facility in Colorado City, Colorado, which will support our customers’ growth initiatives in the Intermountain Region.”
AMCON, along with its subsidiaries Team Sledd, LLC and Henry’s Foods, Inc., is a leading distributor of a wide range of consumer products, including beverages, candy, tobacco, groceries, foodservice, frozen and refrigerated foods, automotive supplies, and health and beauty care products. The Company operates 13 distribution centers across the U.S. in Colorado, Illinois, Indiana, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Tennessee, and West Virginia. AMCON also operates 15 health and natural product retail stores in the Midwest and Florida through its Healthy Edge Retail Group.
This press release includes forward-looking statements that reflect management’s beliefs and estimates regarding future economic conditions, industry trends, and Company performance. However, various factors could cause actual results to differ materially from those projected, including the availability of cash resources to fund business activities and capital expenditures, among other risks. For more information, please refer to the Company’s Annual Report on Form 10-K. Past financial performance should not be viewed as a reliable indicator of future results. Accordingly, the Company seeks protection under the safe harbor provisions for forward-looking statements.
