AMCON Distributing Company (“AMCON” or “Company”) (NYSE American: DIT), an Omaha, Nebraska based consumer products company, is pleased to announce fully diluted earnings per share of $10.27 on net income available to common shareholders of $6.0 million for its third fiscal quarter ended June 30, 2022.
“We are pleased with our results for the third fiscal quarter. Our strategic plan, with its consistent focus on customer service, has furthered AMCON’s industry leadership in a highly challenging operating environment,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. Mr. Atayan further noted, “AMCON continues to seek out acquisition opportunities for convenience and food service distributors who want to align with the Company’s growing platform and customer centric management philosophy.”
The wholesale distribution segment reported revenues of $539.2 million and operating income of $9.4 million for the third quarter of fiscal 2022 which includes $108.7 million of revenue and $1.6 million of operating income related to the Company’s majority investment in Team Sledd, LLC (“Team Sledd”). The retail health food segment reported revenues of $11.4 million and operating income of $0.2 million for the third quarter of fiscal 2022.
“After a considerable search, we have acquired and are developing a new 160,000 square foot distribution center located near Springfield, Missouri to support the growth of our customer base,” said Andrew C. Plummer, AMCON’s President and Chief Operating Officer. Mr. Plummer further noted, “We continue to search for facilities in, and adjacent to, the geographic markets we serve.”
“AMCON acquired a controlling interest in Team Sledd during the period. As a result, we are now consolidating Team Sledd into our financial statements and recorded a $2.4 million gain related to the Company’s ownership interest in Team Sledd. We have been delighted with our partnership with Team Sledd since our initial investment,” said Charles J. Schmaderer, AMCON’s Chief Financial Officer. Mr. Schmaderer further noted, “During the period, AMCON amended and expanded its revolving credit facility with Bank of America and BMO Harris Bank to support strategic growth initiatives including the development of our new warehouse facility near Springfield, Missouri. As a core operating principle, we continue to maintain high levels of liquidity and ended the quarter with $99.1 million of consolidated shareholders’ equity.”
AMCON’s Healthy Edge Retail Group plays an important role in the health and wellness of the communities it serves. Our long-term relationship with the organic/natural products vendor community has enabled our stores to meet the demands of our customers for total wellness solutions. Our strategy is to offer a broad selection of the highest quality organic and natural merchandise available supported by a high degree of customer service not found at other big box retailers within our industry.
AMCON is a leading wholesale distributor of consumer products, including beverages, candy, tobacco, groceries, foodservice, frozen and refrigerated foods, automotive supplies and health and beauty care products with distribution locations in Illinois, Missouri, Nebraska, North Dakota, South Dakota, Tennessee and West Virginia. AMCON, through its Healthy Edge Retail Group, operates nineteen (19) health and natural product retail stores in the Midwest and Florida. The retail stores operate under the names Akin’s Natural Foods www.akins.com in its Midwest market, and Chamberlin's Natural Foods www.chamberlins.com and Earth Origins Market www.earthoriginsmarket.com in its Florida market.
This news release contains forward-looking statements that are subject to risks and uncertainties and which reflect management's current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results. A number of factors could affect the future results of the Company and could cause those results to differ materially from those expressed in the Company's forward-looking statements including, without limitation, availability of sufficient cash resources to conduct its business and meet its capital expenditures needs and the other factors described under Item 1.A. of the Company’s Annual Report on Form 10-K. Moreover, past financial performance should not be considered a reliable indicator of future performance. Accordingly, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 with respect to all such forward-looking statements.
Visit AMCON Distributing Company's web site at: www.amcon.com
AMCON Distributing Company and Subsidiaries |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
June 30, 2022 and September 30, 2021 |
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|
|
|
|
|
|
|
||
|
|
June |
|
September |
||||
|
|
2022 |
|
2021 |
||||
|
|
(Unaudited) |
|
|
|
|||
ASSETS |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash |
|
$ |
600,936 |
|
|
$ |
519,591 |
|
Accounts receivable, less allowance for doubtful accounts of $2.6 million at June 2022 and $0.9 million September 2021 |
|
|
66,500,582 |
|
|
|
35,844,163 |
|
Inventories, net |
|
|
142,093,610 |
|
|
|
95,212,085 |
|
Income taxes receivable |
|
|
468,289 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
|
10,343,497 |
|
|
|
4,999,125 |
|
Total current assets |
|
|
220,006,914 |
|
|
|
136,574,964 |
|
|
|
|
|
|
|
|
||
Property and equipment, net |
|
|
48,452,634 |
|
|
|
16,012,524 |
|
Operating lease right-of-use assets, net |
|
|
19,672,900 |
|
|
|
17,846,529 |
|
Note receivable, net of current portion |
|
|
— |
|
|
|
3,325,000 |
|
Goodwill |
|
|
5,277,950 |
|
|
|
4,436,950 |
|
Other intangible assets, net |
|
|
2,135,645 |
|
|
|
500,000 |
|
Equity method investment |
|
|
— |
|
|
|
9,380,343 |
|
Other assets |
|
|
2,749,360 |
|
|
|
334,819 |
|
Total assets |
|
$ |
298,295,403 |
|
|
$ |
188,411,129 |
|
|
|
|
|
|
|
|
||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
40,975,820 |
|
|
$ |
24,235,042 |
|
Accrued expenses |
|
|
13,339,837 |
|
|
|
11,468,955 |
|
Accrued wages, salaries and bonuses |
|
|
7,346,300 |
|
|
|
4,489,852 |
|
Income taxes payable |
|
|
— |
|
|
|
867,160 |
|
Current operating lease liabilities |
|
|
6,204,257 |
|
|
|
5,513,390 |
|
Current maturities of long-term debt |
|
|
1,204,348 |
|
|
|
561,202 |
|
Total current liabilities |
|
|
69,070,562 |
|
|
|
47,135,601 |
|
|
|
|
|
|
|
|
||
Credit facilities |
|
|
101,228,521 |
|
|
|
43,650,865 |
|
Deferred income tax liability, net |
|
|
2,938,240 |
|
|
|
1,531,228 |
|
Long-term operating lease liabilities |
|
|
13,759,819 |
|
|
|
12,669,157 |
|
Long-term debt, less current maturities |
|
|
12,159,895 |
|
|
|
5,054,265 |
|
Other long-term liabilities |
|
|
66,694 |
|
|
|
757,387 |
|
|
|
|
|
|
|
|
||
Shareholders’ equity: |
|
|
|
|
|
|
||
Preferred stock, $.01 par value, 1,000,000 shares authorized |
|
|
— |
|
|
|
— |
|
Common stock, $.01 par value, 3,000,000 shares authorized, 584,789 shares outstanding at June 2022 and 551,369 shares outstanding at September 2021 |
|
|
9,168 |
|
|
|
8,834 |
|
Additional paid-in capital |
|
|
26,729,124 |
|
|
|
24,918,781 |
|
Retained earnings |
|
|
92,210,760 |
|
|
|
83,552,298 |
|
Treasury stock at cost |
|
|
(30,867,287 |
) |
|
|
(30,867,287 |
) |
Total parent shareholders’ equity |
|
|
88,081,765 |
|
|
|
77,612,626 |
|
Non-controlling interest |
|
|
10,989,907 |
|
|
|
— |
|
Total shareholders’ equity |
|
|
99,071,672 |
|
|
|
77,612,626 |
|
Total liabilities and shareholders’ equity |
|
$ |
298,295,403 |
|
|
$ |
188,411,129 |
|
| AMCON Distributing Company and Subsidiaries | ||||||||||||||||
Condensed Consolidated Unaudited Statements of Operations |
||||||||||||||||
for the three and nine months ended June 30, 2022 and 2021 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
For the three months ended June |
|
For the nine months ended June |
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Sales (including excise taxes of $129.2 million and $104.9 million, and $315.5 million and $297.4 million, respectively) |
|
$ |
550,584,152 |
|
|
$ |
438,313,030 |
|
|
$ |
1,365,043,621 |
|
|
$ |
1,221,571,294 |
|
Cost of sales |
|
|
516,907,540 |
|
|
|
412,771,324 |
|
|
|
1,277,757,425 |
|
|
|
1,149,594,823 |
|
Gross profit |
|
|
33,676,612 |
|
|
|
25,541,706 |
|
|
|
87,286,196 |
|
|
|
71,976,471 |
|
Selling, general and administrative expenses |
|
|
25,862,325 |
|
|
|
20,501,117 |
|
|
|
70,168,415 |
|
|
|
58,123,100 |
|
Depreciation and amortization |
|
|
912,501 |
|
|
|
741,180 |
|
|
|
2,514,968 |
|
|
|
2,295,390 |
|
|
|
|
26,774,826 |
|
|
|
21,242,297 |
|
|
|
72,683,383 |
|
|
|
60,418,490 |
|
Operating income |
|
|
6,901,786 |
|
|
|
4,299,409 |
|
|
|
14,602,813 |
|
|
|
11,557,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other expense (income): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
655,811 |
|
|
|
329,929 |
|
|
|
1,222,829 |
|
|
|
1,016,902 |
|
Other (income), net |
|
|
(2,417,252 |
) |
|
|
(43,437 |
) |
|
|
(2,518,320 |
) |
|
|
(169,525 |
) |
|
|
|
(1,761,441 |
) |
|
|
286,492 |
|
|
|
(1,295,491 |
) |
|
|
847,377 |
|
Income from operations before income taxes |
|
|
8,663,227 |
|
|
|
4,012,917 |
|
|
|
15,898,304 |
|
|
|
10,710,604 |
|
Income tax expense |
|
|
2,397,000 |
|
|
|
1,076,000 |
|
|
|
4,987,000 |
|
|
|
2,916,000 |
|
Equity method investment earnings, net of tax |
|
|
307,973 |
|
|
|
754,293 |
|
|
|
1,670,133 |
|
|
|
1,403,124 |
|
Net income |
|
|
6,574,200 |
|
|
|
3,691,210 |
|
|
|
12,581,437 |
|
|
|
9,197,728 |
|
Less: Net income attributable to non-controlling interest |
|
|
(591,369 |
) |
|
|
— |
|
|
|
(591,369 |
) |
|
|
— |
|
Net income available to common shareholders |
|
$ |
5,982,831 |
|
|
$ |
3,691,210 |
|
|
$ |
11,990,068 |
|
|
$ |
9,197,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic earnings per share available to common shareholders |
|
$ |
10.50 |
|
|
$ |
6.69 |
|
|
$ |
21.15 |
|
|
$ |
16.71 |
|
Diluted earnings per share available to common shareholders |
|
$ |
10.27 |
|
|
$ |
6.48 |
|
|
$ |
20.62 |
|
|
$ |
16.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic weighted average shares outstanding |
|
|
569,689 |
|
|
|
551,369 |
|
|
|
567,026 |
|
|
|
550,276 |
|
Diluted weighted average shares outstanding |
|
|
582,370 |
|
|
|
569,481 |
|
|
|
581,578 |
|
|
|
561,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dividends paid per common share |
|
$ |
0.18 |
|
|
$ |
0.18 |
|
|
$ |
5.54 |
|
|
$ |
5.54 |
|
| AMCON Distributing Company and Subsidiaries | |||||||||||||||||||||||||||||||
Condensed Consolidated Unaudited Statements of Shareholders’ Equity |
|||||||||||||||||||||||||||||||
for the three and nine months ended June 30, 2022 and 2021 |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Common Stock |
|
Treasury Stock |
|
Additional
|
|
Retained |
|
Non-controlling |
|
|
|
||||||||||||||||||
|
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Capital |
|
Earnings |
|
Interest |
|
Total |
|||||||||||||||
THREE MONTHS ENDED JUNE 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, April 1, 2021 |
|
|
883,589 |
|
|
$ |
8,834 |
|
|
(332,220 |
) |
|
$ |
(30,867,287 |
) |
|
$ |
24,917,765 |
|
|
$ |
73,724,722 |
|
|
$ |
— |
|
|
$ |
67,784,034 |
|
Dividends on common stock, $0.18 per share |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(105,586 |
) |
|
|
— |
|
|
|
(105,586 |
) |
Compensation expense and settlement of equity-based awards |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
25,527 |
|
|
|
— |
|
|
|
— |
|
|
|
25,527 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,691,210 |
|
|
|
— |
|
|
|
3,691,210 |
|
Balance, June 30, 2021 |
|
|
883,589 |
|
|
$ |
8,834 |
|
|
(332,220 |
) |
|
$ |
(30,867,287 |
) |
|
$ |
24,943,292 |
|
|
$ |
77,310,346 |
|
|
$ |
— |
|
|
$ |
71,395,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
THREE MONTHS ENDED JUNE 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, April 1, 2022 |
|
|
917,009 |
|
|
$ |
9,168 |
|
|
(332,220 |
) |
|
$ |
(30,867,287 |
) |
|
$ |
26,555,046 |
|
|
$ |
86,336,525 |
|
|
$ |
— |
|
|
$ |
82,033,452 |
|
Dividends on common stock, $0.18 per share |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(108,596 |
) |
|
|
— |
|
|
|
(108,596 |
) |
Compensation expense and settlement of equity-based awards |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
174,078 |
|
|
|
— |
|
|
|
— |
|
|
|
174,078 |
|
Fair value measurement of non-controlling interest |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,419,138 |
|
|
|
10,419,138 |
|
Distributions |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(20,600 |
) |
|
|
(20,600 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,982,831 |
|
|
|
591,369 |
|
|
|
6,574,200 |
|
Balance, June 30, 2022 |
|
917,009 |
|
$ |
9,168 |
|
(332,220 |
) |
|
$ |
(30,867,287 |
) |
|
$ |
26,729,124 |
|
$ |
92,210,760 |
|
|
$ |
10,989,907 |
|
|
$ |
99,071,672 |
|
||||
|
|
Common Stock |
|
Treasury Stock |
|
Additional
|
|
Retained |
|
Non-controlling |
|
|
|
||||||||||||||||||
|
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Capital |
|
Earnings |
|
Interest |
|
Total |
|||||||||||||||
NINE MONTHS ENDED JUNE 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, October 1, 2020 |
|
|
869,867 |
|
|
$ |
8,697 |
|
|
(332,152 |
) |
|
$ |
(30,861,549 |
) |
|
$ |
24,282,058 |
|
|
$ |
71,362,334 |
|
|
$ |
— |
|
|
$ |
64,791,540 |
|
Dividends on common stock, $5.54 per share |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,249,716 |
) |
|
|
— |
|
|
|
(3,249,716 |
) |
Compensation expense and settlement of equity-based awards |
|
|
13,722 |
|
|
|
137 |
|
|
— |
|
|
|
— |
|
|
|
661,234 |
|
|
|
— |
|
|
|
— |
|
|
|
661,371 |
|
Repurchase of common stock |
|
|
— |
|
|
|
— |
|
|
(68 |
) |
|
|
(5,738 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,738 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,197,728 |
|
|
|
— |
|
|
|
9,197,728 |
|
Balance, June 30, 2021 |
|
|
883,589 |
|
|
$ |
8,834 |
|
|
(332,220 |
) |
|
$ |
(30,867,287 |
) |
|
$ |
24,943,292 |
|
|
$ |
77,310,346 |
|
|
$ |
— |
|
|
$ |
71,395,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
NINE MONTHS ENDED JUNE 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance, October 1, 2021 |
|
|
883,589 |
|
|
$ |
8,834 |
|
|
(332,220 |
) |
|
$ |
(30,867,287 |
) |
|
$ |
24,918,781 |
|
|
$ |
83,552,298 |
|
|
$ |
— |
|
|
$ |
77,612,626 |
|
Dividends on common stock, $5.54 per share |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,331,606 |
) |
|
|
— |
|
|
|
(3,331,606 |
) |
Compensation expense and settlement of equity-based awards |
|
|
33,420 |
|
|
|
334 |
|
|
— |
|
|
|
— |
|
|
|
1,810,343 |
|
|
|
— |
|
|
|
— |
|
|
|
1,810,677 |
|
Fair value measurement of non-controlling interest |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,419,138 |
|
|
|
10,419,138 |
|
Distributions |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(20,600 |
) |
|
|
(20,600 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,990,068 |
|
|
|
591,369 |
|
|
|
12,581,437 |
|
Balance, June 30, 2022 |
|
917,009 |
|
$ |
9,168 |
|
(332,220 |
) |
|
$ |
(30,867,287 |
) |
|
$ |
26,729,124 |
|
$ |
92,210,760 |
|
|
$ |
10,989,907 |
|
|
$ |
99,071,672 |
|
||||
AMCON Distributing Company and Subsidiaries |
||||||||
Condensed Consolidated Unaudited Statements of Cash Flows |
||||||||
for the nine months ended June 30, 2022 and 2021 |
||||||||
|
|
|
|
|
|
|
||
|
|
June |
|
June |
||||
|
|
2022 |
|
2021 |
||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
||
Net income |
|
$ |
12,581,437 |
|
|
$ |
9,197,728 |
|
Adjustments to reconcile net income to net cash flows from (used in) operating activities: |
|
|
|
|
|
|
||
Depreciation |
|
|
2,486,613 |
|
|
|
2,295,390 |
|
Amortization |
|
|
28,355 |
|
|
|
— |
|
Equity method investment earnings, net of tax |
|
|
(1,670,133 |
) |
|
|
(1,403,124 |
) |
Gain on re-valuation of equity method investment to fair value |
|
|
(2,387,411 |
) |
|
|
— |
|
Gain on sales of property and equipment |
|
|
(133,639 |
) |
|
|
(8,057 |
) |
Equity-based compensation |
|
|
1,903,884 |
|
|
|
1,819,272 |
|
Deferred income taxes |
|
|
1,407,012 |
|
|
|
(220,693 |
) |
Provision for losses on doubtful accounts |
|
|
83,000 |
|
|
|
86,000 |
|
Inventory allowance |
|
|
688,902 |
|
|
|
238,148 |
|
Changes in assets and liabilities net of effects of business acquisition: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(1,215,238 |
) |
|
|
(2,334,341 |
) |
Inventories |
|
|
(4,674,292 |
) |
|
|
3,093,184 |
|
Prepaid and other current assets |
|
|
(2,986,167 |
) |
|
|
(3,677,421 |
) |
Equity method investment distributions |
|
|
1,095,467 |
|
|
|
828,466 |
|
Other assets |
|
|
(728,596 |
) |
|
|
34,647 |
|
Accounts payable |
|
|
1,313,711 |
|
|
|
2,680,540 |
|
Accrued expenses and accrued wages, salaries and bonuses |
|
|
1,926,479 |
|
|
|
804,983 |
|
Other long-term liabilities |
|
|
(690,693 |
) |
|
|
(169,854 |
) |
Income taxes payable and receivable |
|
|
(1,890,449 |
) |
|
|
(537,548 |
) |
Net cash flows from (used in) operating activities |
|
|
7,138,242 |
|
|
|
12,727,320 |
|
|
|
|
|
|
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
||
Purchase of property and equipment |
|
|
(13,940,428 |
) |
|
|
(1,254,958 |
) |
Proceeds from sales of property and equipment |
|
|
145,500 |
|
|
|
39,728 |
|
Principal payment received on note receivable |
|
|
175,000 |
|
|
|
— |
|
Cash acquired in business acquisition |
|
|
7,958 |
|
|
|
— |
|
Net cash flows from (used in) investing activities |
|
|
(13,611,970 |
) |
|
|
(1,215,230 |
) |
|
|
|
|
|
|
|
||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
||
Borrowings under revolving credit facilities |
|
|
1,393,048,057 |
|
|
|
1,217,375,073 |
|
Repayments under revolving credit facilities |
|
|
(1,381,508,745 |
) |
|
|
(1,227,854,771 |
) |
Proceeds from borrowings on long-term debt |
|
|
— |
|
|
|
3,000,000 |
|
Principal payments on long-term debt |
|
|
(524,874 |
) |
|
|
(373,216 |
) |
Proceeds from exercise of stock options |
|
|
173,590 |
|
|
|
— |
|
Repurchase of common stock |
|
|
— |
|
|
|
(5,738 |
) |
Dividends on common stock |
|
|
(3,331,606 |
) |
|
|
(3,249,716 |
) |
Settlement and withholdings of equity-based awards |
|
|
(1,280,749 |
) |
|
|
(365,022 |
) |
Distributions to non-controlling interest |
|
|
(20,600 |
) |
|
|
— |
|
Net cash flows from (used in) financing activities |
|
|
6,555,073 |
|
|
|
(11,473,390 |
) |
Net change in cash |
|
|
81,345 |
|
|
|
38,700 |
|
Cash, beginning of period |
|
|
519,591 |
|
|
|
661,195 |
|
Cash, end of period |
|
$ |
600,936 |
|
|
$ |
699,895 |
|
|
|
|
|
|
|
|
||
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
||
Cash paid during the period for interest |
|
$ |
1,201,073 |
|
|
$ |
1,031,457 |
|
Cash paid during the period for income taxes |
|
|
5,468,488 |
|
|
|
3,667,036 |
|
|
|
|
|
|
|
|
||
Supplemental disclosure of non-cash information: |
|
|
|
|
|
|
||
Equipment acquisitions classified in accounts payable |
|
$ |
123,801 |
|
|
$ |
— |
|
Effect of business acquisition (see Note 2) |
|
|
23,308,624 |
|
|
|
— |
|
Issuance of common stock in connection with the vesting and exercise of equity-based awards |
|
|
2,280,783 |
|
|
|
949,812 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220718005507/en/
Contacts
Christopher H. Atayan
AMCON Distributing Company
Ph 402-331-3727
