AMCON Distributing Company Reports Results for the Fiscal Year Ended September 30, 2025

OMAHA, Neb.--(BUSINESS WIRE)-- AMCON Distributing Company (“AMCON” or “the Company”) (NYSE American: DIT), an Omaha, Nebraska based Convenience and Foodservice Distributor, is pleased to announce fully diluted earnings per share of $0.92 on net income available to common shareholders of $0.6 million for the fiscal year ended September 30, 2025.

“We believe AMCON’s long term strategy of providing superior customer service, a wide range of foodservice programs, and leading-edge technology solutions combined with the third largest Convenience Distribution footprint in the United States positions our organization well in the years ahead,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. He further noted, “We continue to actively seek strategic acquisition opportunities for operators who want to align with our customer focused approach philosophy and further the legacy of their enterprises.”

The wholesale distribution segment reported revenues of $2.8 billion and operating income of $23.0 million for fiscal 2025 and the retail health food segment reported revenues of $44.5 million and operating income of $0.1 million for fiscal 2025.

“AMCON’s proprietary technology suite of services, combined with our integrated state of the art advertising, design, print and electronic display programs are designed to provide our customers a competitive edge,” said Andrew C. Plummer, AMCON’s President and Chief Operating Officer. Mr. Plummer continued, “Our management team works closely to create unique solutions as we deploy these capabilities across our entire organization.”

“We engage in a relentless daily focus on managing the Company’s balance sheet and maximizing our liquidity position. At September 30, 2025, our shareholders’ equity was $113.1 million,” said Charles J. Schmaderer, AMCON’s Chief Financial Officer. Mr. Schmaderer also added, “We are presently in the process of integrating our recent acquisitions in order to optimize our customers’ growth initiatives in the various regions we serve.”

AMCON, and its subsidiaries Team Sledd, LLC and Henry’s Foods, Inc., is a leading Convenience and Foodservice Distributor of consumer products, including beverages, candy, tobacco, groceries, foodservice, frozen and refrigerated foods, automotive supplies and health and beauty care products serving thirty-four (34) states from fourteen (14) distribution centers in Colorado, Idaho, Illinois, Indiana, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Tennessee and West Virginia. Through its Healthy Edge Retail Group, AMCON operates fifteen (15) health and natural product retail stores in the Midwest and Florida.

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 CONSOLIDATED BALANCE SHEETS
		September				September
			2025				2024
ASSETS
Current assets:
Cash		$	744,613			$	672,788
Accounts receivable, less allowance for credit losses of $2.4 million at September 2025 and $2.3 million at September 2024			73,192,069				70,653,907
Inventories, net			153,276,545				144,254,843
Income taxes receivable			140,986				718,645
Prepaid expenses and other current assets			12,150,645				12,765,088
Total current assets			239,504,858				229,065,271
Property and equipment, net			107,844,655				106,049,061
Operating lease right-of-use assets, net			30,488,841				25,514,731
Goodwill			5,778,325				5,778,325
Other intangible assets, net			4,240,359				4,747,234
Other assets			3,231,488				2,952,688
Total assets		$	391,088,526			$	374,107,310
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	69,532,355			$	54,498,225
Accrued expenses			15,459,406				15,802,727
Accrued wages, salaries and bonuses			6,745,698				8,989,355
Current operating lease liabilities			7,862,117				7,036,751
Current maturities of long-term debt			5,471,310				5,202,443
Current mandatorily redeemable non-controlling interest			7,020,895				1,703,604
Total current liabilities			112,091,781				93,233,105
Credit facilities			126,804,775				121,272,004
Deferred income tax liability, net			4,048,070				4,374,316
Long-term operating lease liabilities			22,845,456				18,770,001
Long-term debt, less current maturities			11,033,949				16,562,908
Mandatorily redeemable non-controlling interest, less current portion			—				6,507,896
Other long-term liabilities			1,193,081				1,657,295
Shareholders’ equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized			—				—
Common stock, $.01 par value, 3,000,000 shares authorized, 635,609 shares outstanding at September 2025 and 630,362 shares outstanding at September 2024			9,799				9,648
Additional paid-in capital			36,991,031				34,439,735
Retained earnings			108,475,842				108,552,565
Treasury stock at cost			(32,405,258	)			(31,272,163	)
Total shareholders’ equity			113,071,414				111,729,785
Total liabilities and shareholders’ equity		$	391,088,526			$	374,107,310

AMCON Distributing Company and Subsidiaries CONSOLIDATED STATEMENTS OF OPERATIONS
		Fiscal Years Ended September
			2025				2024
Sales (including excise taxes of $561.9 million and $569.5 million, respectively)		$	2,816,688,287			$	2,710,981,108
Cost of sales			2,628,458,039				2,528,626,652
Gross profit			188,230,248				182,354,456
Selling, general and administrative expenses			165,839,583				154,878,763
Depreciation and amortization			9,835,200				9,495,179
			175,674,783				164,373,942
Operating income			12,555,465				17,980,514
Other expense (income):
Interest expense			10,443,571				10,413,228
Change in fair value of mandatorily redeemable non-controlling interest			877,409				1,040,968
Other (income), net			(329,254	)			(936,171	)
			10,991,726				10,518,025
Income from operations before income taxes			1,563,739				7,462,489
Income tax expense			995,000				3,126,000
Net income available to common shareholders		$	568,739			$	4,336,489
Basic earnings per share available to common shareholders		$	0.93			$	7.24
Diluted earnings per share available to common shareholders		$	0.92			$	7.15
Basic weighted average shares outstanding			613,188				599,020
Diluted weighted average shares outstanding			616,486				606,782
Dividends paid per common share		$	1.00			$	1.00

AMCON Distributing Company and Subsidiaries CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
																Additional
		Common Stock							Treasury Stock							Paid-in				Retained
		Shares			Amount				Shares			Amount				Capital				Earnings				Total
Balance, October 1, 2023		943,272			$	9,431			(334,583	)		$	(31,272,163	)		$	30,585,388			$	104,846,438			$	104,169,094
Dividends on common stock, $1.00 per share		—				—			—				—				—				(630,362	)			(630,362	)
Compensation expense and issuance of stock in connection with equity-based awards		21,673				217			—				—				3,854,347				—				3,854,564
Net income available to common shareholders		—				—			—				—				—				4,336,489				4,336,489
Balance, September 30, 2024		964,945			$	9,648			(334,583	)		$	(31,272,163	)		$	34,439,735			$	108,552,565			$	111,729,785
Dividends on common stock, $1.00 per share		—				—			—				—				—				(645,462	)			(645,462	)
Compensation expense and issuance of stock in connection with equity-based awards		15,100				151			—				—				2,551,296				—				2,551,447
Repurchase of common stock		—				—			(9,853	)			(1,133,095	)			—				—				(1,133,095	)
Net income available to common shareholders		—				—			—				—				—				568,739				568,739
Balance, September 30, 2025		980,045			$	9,799			(344,436	)		$	(32,405,258	)		$	36,991,031			$	108,475,842			$	113,071,414

AMCON Distributing Company and Subsidiaries CONSOLIDATED STATEMENTS OF CASH FLOWS
		September				September
			2025				2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income available to common shareholders		$	568,739			$	4,336,489
Adjustments to reconcile net income available to common shareholders to net cash flows from (used in) operating activities:
Depreciation			9,328,325				8,957,478
Amortization			506,875				537,701
(Gain) loss on sales of property and equipment			(90,237	)			(177,467	)
Equity-based compensation			2,551,447				2,489,781
Deferred income taxes			(326,246	)			(543,644	)
Provision for credit losses			53,549				(64,705	)
Inventory allowance			(320,305	)			62,349
Change in fair value of contingent consideration			(1,453,452	)			(124,992	)
Change in fair value of mandatorily redeemable non-controlling interest			877,409				1,040,968
Changes in assets and liabilities, net of effects of business combinations:
Accounts receivable			(2,579,336	)			5,900,380
Inventories			(5,703,098	)			29,003,285
Prepaid and other current assets			616,232				2,227,044
Other assets			(278,800	)			(38,193	)
Accounts payable			16,009,694				11,397,485
Accrued expenses and accrued wages, salaries and bonuses			(1,949,997	)			1,221,322
Other long-term liabilities			278,968				511,231
Income taxes payable and receivable			577,659				1,135,839
Net cash flows from (used in) operating activities			18,667,426				67,872,351
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment			(9,003,396	)			(20,429,805	)
Proceeds from sales of property and equipment			113,214				416,546
Acquisition of Arrowrock Supply			(6,131,527	)			—
Acquisition of Burklund			—				(15,464,397	)
Acquisition of Richmond Master			—				(6,631,039	)
Net cash flows from (used in) investing activities			(15,021,709	)			(42,108,695	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities			2,588,656,781				2,517,192,464
Repayments under revolving credit facilities			(2,583,124,010	)			(2,536,358,449	)
Principal payments on long-term debt			(5,260,092	)			(3,765,153	)
Repurchase of common stock			(1,133,095	)			—
Dividends on common stock			(645,462	)			(630,362	)
Redemption and distributions to non-controlling interest			(2,068,014	)			(2,320,299	)
Net cash flows from (used in) financing activities			(3,573,892	)			(25,881,799	)
Net change in cash			71,825				(118,143	)
Cash, beginning of period			672,788				790,931
Cash, end of period		$	744,613			$	672,788
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of amounts capitalized		$	10,522,689			$	9,985,313
Cash paid during the period for income taxes, net of refunds			724,088				2,520,127
Supplemental disclosure of non-cash information:
Equipment acquisitions classified in accounts payable		$	41,384			$	1,016,948
Purchase of property financed with promissory note			—				8,000,000
Portion of Burklund acquisition financed with promissory note			—				3,900,000
Portion of Burklund acquisition financed with contingent consideration			—				1,578,444
Issuance of common stock in connection with the vesting of equity-based awards			—				1,296,372

 

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For Further Information Contact:

Charles J. Schmaderer

AMCON Distributing Company

Ph 402-331-3727

Source: AMCON Distributing Company