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AMCON Distributing Company (DIT0.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in sales to $711,273,256 from $644,959,073 in the same quarter the previous year. The increase is attributed to acquisitions and price increases by cigarette manufacturers.
Cost of sales for the quarter was $664,379,704, resulting in a gross profit of $46,893,552, compared to $43,300,922 in the previous year. The gross profit percentage decreased slightly to 6.6% from 6.7%.
Operating expenses rose to $43,223,231 from $39,477,845, primarily due to acquisitions and increased health insurance costs.
Net income for the quarter was $348,419, down from $1,070,961 in the previous year. The decline is attributed to higher interest expenses and increased operating costs.
The company reported cash flows used in operating activities of $39,867,877, compared to cash provided of $4,996,124 in the previous year.
AMCON's wholesale segment sales increased by $66.5 million, driven by acquisitions and price increases, while retail segment sales decreased slightly by $0.2 million due to store closures.
The company declared a $0.28 per share special dividend to be paid in Q2 2025.
AMCON continues to focus on integrating recent acquisitions and expanding its geographic footprint.
The filing also details various credit facility agreements, including amendments to increase borrowing capacity and extend maturity dates.
The company acknowledges the impact of macroeconomic factors, including inflation and regulatory changes, on its operations and financial results.
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 quarterly 10-Q report dated January 21, 2025. To report an error, please email earnings@qz.com.