AMCON Distributing Company Reports Results for the Quarter Ended March 31, 2026

Published: 2026-04-20 16:11:05 ET DIT

Published on 04/20/2026 at 04:11 pm EDT

AMCON Distributing Company (“AMCON” or “the Company”) (NYSE American: DIT), an Omaha, Nebraska based Convenience and Foodservice Distributor, announces fully diluted loss per share of $2.34 on a net loss available to common shareholders of $2.2 million for its second fiscal quarter ended March 31, 2026.

“AMCON’s commitment to proprietary foodservice programs and custom curated store level merchandising is a value-added approach to convenience distribution. We now have the capability to offer turn-key solutions that enable our retail partners the ability to compete favorably with the Quick Service Restaurant industry. Our foodservice programs are supported by AMCON’s industry leading platform of services, as well as the foundational support of our operating philosophy centered on a superior level of customer service,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. He further noted, “We continue to actively seek strategic acquisition opportunities for Convenience and Foodservice Distributors, and their families, who desire to align with our customer focused approach philosophy and further the legacy of their enterprises.”

“AMCON’s broad geographic scope enables us to service customers across multiple time zones. Our customer-centric approach provides extraordinary value to our retail partners in challenging weather conditions as our AMCON teams ensure a consistent and timely flow of goods and services. As we grow, our customer base has demonstrated enthusiasm for our integrated state-of-the-art advertising, design, print and electronic display programs. These marketing tools provide our customers a competitive edge, especially in support of foodservice,” said Andrew C. Plummer, AMCON’s President and Chief Operating Officer. He further noted, “AMCON’s ability to deliver product in an efficient fashion is a key strategic benefit to our retail partners in an era of rising costs.”

For the fiscal quarter ended March 2026, the wholesale distribution segment reported revenues of $703.9 million and operating income of $2.2 million, and the retail health food segment reported revenues of $11.8 million and operating income of $0.1 million.

“We continue our relentless daily focus on managing the Company’s balance sheet and maximizing our liquidity position. At March 31, 2026, our shareholders’ equity was $112.4 million,” said Charles J. Schmaderer, AMCON’s Chief Financial Officer. Mr. Schmaderer also added, “Cost structures for Convenience Distributors have been impacted by the cumulative impact of inflation over a multi-year period. These inflationary pressures have resulted in higher operating expenses in areas such as product costs, labor and employee benefits, equipment, and insurance.”

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 fifteen (15) distribution centers in Colorado, Idaho, Illinois, Indiana, Minnesota, Missouri, Nebraska, North Dakota, Ohio, 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

Condensed Consolidated Balance Sheets

March 31, 2026 and September 30, 2025

March

September

2026

2025

(Unaudited)

ASSETS

Current assets:

Cash

643,064

744,613

Accounts receivable, less allowance for credit losses of $2.4 million at March 2026 and $2.4 million at September 2025

72,803,828

73,192,069

Inventories, net

150,695,783

153,276,545

Income taxes receivable

30,156

140,986

Prepaid expenses and other current assets

16,060,448

12,150,645

Assets held for sale

943,638

—

Total current assets

241,176,917

239,504,858

Property and equipment, net

111,781,351

107,844,655

Operating lease right-of-use assets, net

28,527,753

30,488,841

Goodwill

5,778,325

Other intangible assets, net

4,008,507

4,240,359

Other assets

3,194,416

3,231,488

Total assets

394,467,269

391,088,526

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

69,904,304

69,532,355

Accrued expenses

15,552,569

15,459,406

Accrued wages, salaries and bonuses

5,155,787

6,745,698

Current operating lease liabilities

7,361,830

7,862,117

Current maturities of long-term debt

5,513,687

5,471,310

Current mandatorily redeemable non-controlling interest

7,459,135

7,020,895

Total current liabilities

110,947,312

112,091,781

Credit facilities

137,063,059

126,804,775

Deferred income tax liability, net

3,251,034

4,048,070

Long-term operating lease liabilities

21,340,946

22,845,456

Long-term debt, less current maturities

8,199,693

11,033,949

Other long-term liabilities

1,297,832

1,193,081

Shareholders’ equity:

Preferred stock, $.01 par value, 1,000,000 shares authorized

—

Common stock, $.01 par value, 3,000,000 shares authorized, 976,028 shares outstanding at March 2026 and 953,378 shares outstanding at September 2025

13,203

9,799

Additional paid-in capital

38,085,548

36,991,031

Retained earnings

106,673,900

108,475,842

Treasury stock at cost

(32,405,258

)

(32,405,258

)

Total shareholders’ equity

112,367,393

113,071,414

Total liabilities and shareholders’ equity

394,467,269

391,088,526

AMCON Distributing Company and Subsidiaries

Condensed Consolidated Unaudited Statements of Operations

for the three and six months ended March 31, 2026 and 2025

For the three months ended March

For the six months ended March

2026

2025

2026

2025

Sales (including excise taxes of $138.0 million and $126.1 million, and $281.1 and $269.5 million, respectively)

715,652,441

619,503,087

1,445,707,771

1,330,776,344

Cost of sales

672,163,242

576,475,202

1,354,170,245

1,240,854,907

Gross profit

43,489,199

43,027,885

91,537,526

89,921,437

Selling, general and administrative expenses

41,383,448

40,107,953

82,975,108

80,695,584

Depreciation and amortization

2,490,471

2,458,027

5,004,243

5,093,628

43,873,919

42,565,980

87,979,351

85,789,212

Operating income (loss)

(384,720

)

461,905

3,558,175

4,132,225

Other expense (income):

Interest expense

2,228,039

2,266,407

4,889,675

5,113,028

Change in fair value of mandatorily redeemable non-controlling interest

115,599

272,856

438,240

467,668

Other (income), net

(126,877

)

(56,398

)

(206,223

)

(167,930

)

2,216,761

2,482,865

5,121,692

5,412,766

Income (loss) from operations before income taxes

(2,601,481

)

(2,020,960

)

(1,563,517

)

(1,280,541

)

Income tax expense (benefit)

(427,000

)

(431,000

)

(182,000

)

(39,000

)

Net income (loss) available to common shareholders

(2,174,481

)

(1,589,960

)

(1,381,517

)

(1,241,541

)

Basic earnings (loss) per share available to common shareholders

(2.34

)

(1.72

)

(1.49

)

(1.35

)

Diluted earnings (loss) per share available to common shareholders

(2.34

)

(1.72

)

(1.49

)

(1.35

)

Basic weighted average shares outstanding

930,727

922,857

927,906

919,870

Diluted weighted average shares outstanding

930,727

922,857

927,906

919,870

Dividends paid per common share

0.31

0.43

AMCON Distributing Company and Subsidiaries

Condensed Consolidated Unaudited Statements of Shareholders’ Equity

for the three and six months ended March 31, 2026 and 2025

Additional

Common Stock

Treasury Stock

Paid-in

Retained

Amount

Capital

Earnings

Total

THREE MONTHS ENDED MARCH 2025

Balance, January 1, 2025

1,297,814

9,799

(329,656

)

(31,272,163

)

35,077,446

108,604,071

112,419,153

Dividends on common stock, $0.12 per share

—

(116,183

)

(116,183

)

Compensation expense related to equity-based awards

—

637,862

—

637,862

Net loss available to common shareholders

—

(1,589,960

)

(1,589,960

)

Balance, March 31, 2025

1,297,814

9,799

(329,656

)

(31,272,163

)

35,715,308

106,897,928

111,350,872

THREE MONTHS ENDED MARCH 2026

Balance, January 1, 2026

1,320,464

9,950

(344,436

)

(32,405,258

)

37,539,841

108,969,480

114,114,013

Dividends on common stock, $0.12 per share

—

(121,099

)

(121,099

)

Compensation expense related to equity-based awards

—

548,960

—

548,960

Issuance of shares for stock split

—

3,253

—

(3,253

)

—

Net loss available to common shareholders

—

(2,174,481

)

(2,174,481

)

Balance, March 31, 2026

1,320,464

13,203

(344,436

)

(32,405,258

)

38,085,548

106,673,900

112,367,393

Additional

Common Stock

Treasury Stock

Paid-in

Retained

Amount

Capital

Earnings

Total

SIX MONTHS ENDED MARCH 2025

Balance, October 1, 2024

1,275,164

9,648

(329,656

)

(31,272,163

)

34,439,735

108,552,565

111,729,785

Dividends on common stock, $0.43 per share

—

(413,096

)

(413,096

)

Compensation expense and issuance of stock in connection with equity-based awards

22,650

151

—

1,275,573

—

1,275,724

Net loss available to common shareholders

—

(1,241,541

)

(1,241,541

)

Balance, March 31, 2025

1,297,814

9,799

(329,656

)

(31,272,163

)

35,715,308

106,897,928

111,350,872

SIX MONTHS ENDED MARCH 2026

Balance, October 1, 2025

1,297,814

9,799

(344,436

)

(32,405,258

)

36,991,031

108,475,842

113,071,414

Dividends on common stock, $0.43 per share

—

(420,425

)

(420,425

)

Compensation expense and issuance of stock in connection with equity-based awards

22,650

151

—

1,097,770

—

1,097,921

Issuance of shares for stock split

—

3,253

—

(3,253

)

—

Net loss available to common shareholders

—

(1,381,517

)

(1,381,517

)

Balance, March 31, 2026

1,320,464

13,203

(344,436

)

(32,405,258

)

38,085,548

106,673,900

112,367,393

AMCON Distributing Company and Subsidiaries

Condensed Consolidated Unaudited Statements of Cash Flows

for the six months ended March 31, 2026 and 2025

March

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss) available to common shareholders

(1,381,517

)

(1,241,541

)

Adjustments to reconcile net income (loss) available to common shareholders to net cash flows from (used in) operating activities:

Depreciation

4,772,391

4,824,777

Amortization

231,852

268,851

(Gain) loss on sales of property and equipment

(94,394

)

(44,229

)

Equity-based compensation

1,097,921

1,275,724

Deferred income taxes

(797,036

)

(571,672

)

Provision for credit losses

4,000

(164,616

)

Inventory allowance

(8,695

)

32,688

Change in fair value of contingent consideration

—

(1,453,452

)

Change in fair value of mandatorily redeemable non-controlling interest

438,240

467,668

Changes in assets and liabilities, net of effects of business combinations:

Accounts receivable

384,241

5,749,877

Inventories

2,589,457

(13,324,448

)

Prepaid and other current assets

(3,909,803

)

(245,028

)

Other assets

37,072

(50,666

)

Accounts payable

(32,480

)

2,898,936

Accrued expenses and accrued wages, salaries and bonuses

(1,540,457

)

(4,490,508

)

Other long-term liabilities

104,751

237,652

Income taxes payable and receivable

110,830

380,354

Net cash flows from (used in) operating activities

2,006,373

(5,449,633

)

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of property and equipment

(9,328,436

)

(6,451,773

)

Proceeds from sales of property and equipment

174,534

67,208

Acquisition of Arrowrock Supply

—

(6,131,527

)

Net cash flows from (used in) investing activities

(9,153,902

)

(12,516,092

)

CASH FLOWS FROM FINANCING ACTIVITIES:

Borrowings under revolving credit facilities

1,369,524,265

1,262,647,310

Repayments under revolving credit facilities

(1,359,265,981

)

(1,241,627,743

)

Principal payments on long-term debt

(2,791,879

)

(2,627,680

)

Dividends on common stock

(420,425

)

(413,096

)

Net cash flows from (used in) financing activities

7,045,980

17,978,791

Net change in cash

(101,549

)

13,066

Cash, beginning of period

744,613

672,788

Cash, end of period

643,064

685,854

Supplemental disclosure of cash flow information:

Cash paid during the period for interest, net of amounts capitalized

4,962,484

5,215,092

Cash paid during the period for income taxes, net of refunds

499,080

151,318

Supplemental disclosure of non-cash information:

Equipment acquisitions classified in accounts payable

445,813

841,018

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