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AMCON Distributing Company (DIT+0.54%) has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing reports that AMCON's total revenue for fiscal 2024 was $2.71 billion, an increase from $2.54 billion in fiscal 2023. The Wholesale Segment accounted for $2.67 billion of the total revenue, while the Retail Segment contributed $42.5 million.
Gross profit for the year was $182.4 million, representing 6.7% of sales, consistent with the previous fiscal year. Operating income was $18.0 million, down from $26.0 million in the prior year.
Net income available to common shareholders was $4.3 million, compared to $11.6 million in fiscal 2023. This decrease is attributed to increased operating expenses and interest expenses.
The company completed acquisitions of Burklund Distributors, Inc. and Richmond Master Distributors, Inc. during fiscal 2024, expanding its regional footprint. These acquisitions contributed $98.6 million in additional sales.
AMCON's Wholesale Segment remains a significant part of its business, with cigarettes representing 62% of consolidated revenue. The Retail Segment operates 15 health food stores, contributing to the company's diversification strategy.
Operating expenses increased to $164.4 million from $144.9 million in fiscal 2023, driven by acquisitions, employee compensation, and insurance costs.
Interest expense rose to $10.4 million due to higher interest rates and increased debt from acquisitions.
The company's cash flow from operations was $67.9 million, with capital expenditures of $28.4 million, including investments in new distribution facilities.
AMCON's credit facilities have a total borrowing capacity of $300 million, with $121.3 million outstanding as of September 2024.
The company paid dividends of $0.6 million, or $1.00 per share, during fiscal 2024, reflecting its ongoing commitment to returning capital to shareholders.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AMCON Distributing Company annual 10-K report dated November 8, 2024. To report an error, please email earnings@qz.com.