AMCON Distributing pany(DIT)

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AMCON Distributing Company Acquires Colorado Distribution Facility
Businesswire· 2024-02-23 14:15
OMAHA, Neb.--(BUSINESS WIRE)--AMCON Distributing Company (“AMCON”) (NYSE American: DIT), an Omaha, Nebraska-based Convenience and Foodservice Distributor is pleased to announce it has acquired a new distribution facility located in Colorado City, Colorado. “ This strategic move represents a significant expansion of our operations and underscores AMCON’s commitment to enhanced service for our customers in the Rocky Mountain, Intermountain and Southwest regions of the United States. We are making meaningful ...
AMCON Distributing pany(DIT) - 2024 Q1 - Quarterly Report
2024-01-17 16:00
PART I — FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the three months ended December 31, 2023, including balance sheets, statements of operations, shareholders' equity, cash flows, and detailed accounting notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets slightly decreased to $362.4 million by December 31, 2023, while shareholders' equity increased to $106.9 million, primarily due to retained earnings Condensed Consolidated Balance Sheet Highlights (in millions) | Account | Dec 31, 2023 | Sep 30, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $243.4 | $245.7 | | **Total Assets** | $362.4 | $363.4 | | **Total Current Liabilities** | $72.8 | $76.6 | | **Total Liabilities** | $255.5 | $259.3 | | **Total Shareholders' Equity** | $106.9 | $104.2 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Unaudited%20Statements%20of%20Operations) Q1 2024 sales increased 14.0% year-over-year, but operating income declined 30.7% to $3.8 million, and net income fell 59.3% to $1.1 million, resulting in diluted EPS of $1.78 Q1 2024 vs Q1 2023 Statement of Operations (in millions, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Sales** | $645.0 | $566.0 | | **Gross Profit** | $43.3 | $35.0 | | **Operating Income** | $3.8 | $5.5 | | **Net Income** | $1.1 | $2.6 | | **Diluted EPS** | $1.78 | $4.46 | [Condensed Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Unaudited%20Statements%20of%20Shareholders'%20Equity) Shareholders' equity increased to $106.9 million by December 31, 2023, driven by net income and equity-based compensation, partially offset by dividends - Shareholders' equity grew to **$106.9 million** at the end of Q1 2024, supported by net income and stock compensation, despite dividend payments[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Unaudited%20Statements%20of%20Cash%20Flows) Q1 2024 operating cash flow improved to $5.0 million, while investing activities used $3.8 million and financing activities used $1.0 million, a shift from prior year's financing inflow Q1 2024 vs Q1 2023 Cash Flow Summary (in millions) | Cash Flow Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Operating Activities** | $5.0 | $(48.5) | | **Investing Activities** | $(3.8) | $(1.4) | | **Financing Activities** | $(1.0) | $49.9 | | **Net Change in Cash** | $0.2 | $0.02 | [Notes to Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Unaudited%20Financial%20Statements) Notes detail the company's Wholesale and Retail segments, accounting policies, debt structure, and segment performance, including the adoption of ASU 2016-13 with no material impact - The company operates two segments: a **Wholesale Segment**, ranked as the **6th largest convenience store distributor** in the U.S., and a **Retail Segment** with **15 health food stores**[21](index=21&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) - On October 1, 2023, the company adopted ASU 2016-13 regarding credit losses, which did not have a **material effect** on the consolidated financial statements[30](index=30&type=chunk) Q1 2024 Segment Performance (in millions) | Segment | External Revenue | Operating Income (Loss) | | :--- | :--- | :--- | | **Wholesale** | $634.3 | $7.0 | | **Retail** | $10.7 | $(0.02) | - The company has a combined borrowing capacity of **$300.0 million** under its credit facilities. As of December 2023, **$140.1 million** was outstanding, with **$88.5 million** available[45](index=45&type=chunk)[47](index=47&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A discusses Q1 2024 financial results, noting a 14.0% sales increase driven by the Henry's acquisition, but significant declines in operating and net income due to increased expenses and interest costs - The business is impacted by macroeconomic factors like inflation and supply chain disruptions, which have decreased consumer discretionary spending and increased operating costs[62](index=62&type=chunk) - The company is monitoring potential FDA regulations that could prohibit or limit the sale of certain tobacco products, such as menthol cigarettes, which may negatively impact future revenues[63](index=63&type=chunk) Consolidated Results Summary: Q1 2024 vs Q1 2023 | Metric | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | **Sales** | $645.0M | $566.0M | 14.0% | | **Gross Profit** | $43.3M | $35.0M | 23.8% | | **Operating Income** | $3.8M | $5.5M | (30.7)% | | **Net Income** | $1.1M | $2.6M | (59.3)% | [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Q1 2024 Wholesale sales grew 14.1% to $634.3 million, driven by acquisition and price increases, while retail sales rose 4.2%; gross profit margin improved, but operating expenses increased, leading to lower net income - Wholesale segment sales increased by **$78.5 million**, driven by the Henry's acquisition (**$78.7 million**) and cigarette manufacturer price increases (**$26.3 million**), partially offset by a **$31.5 million** decrease from lower cigarette carton volume[84](index=84&type=chunk) - Retail segment sales increased by **$0.4 million** due to a reopened store and higher sales at existing locations, which was partially offset by the closure of four stores[84](index=84&type=chunk) - Operating expenses increased by **$10.0 million**, with the acquisition of Henry's accounting for **$7.8 million** of the increase[87](index=87&type=chunk) - Interest expense rose by **$0.6 million** due to higher interest rates and increased debt balances related to the Henry's acquisition[90](index=90&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is primarily from $300 million in credit facilities, with $88.5 million available as of December 2023 at an average interest rate of 7.17%, sensitive to working capital and interest rate risks - The company finances operations through three main credit facilities with a total borrowing capacity of **$300.0 million**[94](index=94&type=chunk)[95](index=95&type=chunk) - At December 2023, available liquidity under the facilities was **$88.5 million**, with an average interest rate of **7.17%**[96](index=96&type=chunk)[97](index=97&type=chunk) - During Q1 2024, the company declared a special dividend of **$0.28 per share**, totaling approximately **$0.2 million**, which was paid in Q2 2024[101](index=101&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable for the current reporting period - Not applicable[106](index=106&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of December 31, 2023, with no material changes to internal controls over financial reporting, aside from Henry's acquisition integration - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were **effective** as of December 31, 2023[108](index=108&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting, other than the ongoing implementation of controls for the acquired Henry's business[112](index=112&type=chunk) PART II — OTHER INFORMATION [Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) No legal proceedings were reported during the period - None[114](index=114&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported since the last annual report on Form 10-K - No material changes to the Company's risk factors were reported since the last annual report on Form 10-K[115](index=115&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Unregistered equity securities were issued to management for awards, exempt under Section 4(a)(2) of the Securities Act of 1933 - Unregistered securities were issued to management during the quarter related to equity awards, exempt from registration under the Securities Act of 1933[116](index=116&type=chunk) [Other Information](index=38&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter - No directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" during the three months ended December 31, 2023[119](index=119&type=chunk) [Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including CEO and CFO certifications and the Interactive Data File - The report includes CEO and CFO certifications under Sections 302 and 906 of the Sarbanes-Oxley Act as exhibits[120](index=120&type=chunk)
AMCON Distributing pany(DIT) - 2023 Q4 - Annual Report
2023-11-07 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ⌧ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2023 ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock, $0.01 Par Value DIT NYSE American S ...
AMCON Distributing pany(DIT) - 2023 Q3 - Quarterly Report
2023-07-17 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________to _________ Commission File Number 1-15589 (Exact name of registrant as specified in its charter) | Delaware | 47-0702918 | | --- | --- | | ...
AMCON Distributing pany(DIT) - 2023 Q2 - Quarterly Report
2023-04-17 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________to _________ Commission File Number 1-15589 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by ...
AMCON Distributing pany(DIT) - 2023 Q1 - Quarterly Report
2023-01-17 16:00
Commission File Number 1-15589 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 OR ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________to _________ (Exact name of registrant as specified in its charter) | Delaware | 47-0702918 | | --- | --- ...
AMCON Distributing pany(DIT) - 2022 Q4 - Annual Report
2022-11-22 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ⌧ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2022 ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to _________ Commission File Number 1-15589 (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorpora ...
AMCON Distributing pany(DIT) - 2022 Q3 - Quarterly Report
2022-07-17 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________to _________ Commission File Number 1-15589 (Exact name of registrant as specified in its charter) | --- | --- | |--------------------------- ...
AMCON Distributing pany(DIT) - 2022 Q2 - Quarterly Report
2022-04-17 16:00
PART I — FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents AMCON Distributing Company's unaudited condensed consolidated financial statements, including balance sheets, statements of operations, shareholders' equity, cash flows, and accompanying notes for the periods ended March 31, 2022 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2022, total assets were $181.2 million, a decrease from $188.4 million at September 30, 2021, primarily due to lower inventories and accounts receivable Condensed Consolidated Balance Sheets (in thousands) | Account | March 2022 (Unaudited) | September 2021 | | :--- | :--- | :--- | | **Total current assets** | $130,479 | $136,575 | | **Total assets** | **$181,170** | **$188,411** | | **Total current liabilities** | $45,390 | $47,136 | | **Total liabilities** | $99,137 | $110,800 | | **Total shareholders' equity** | $82,033 | $77,613 | | **Total liabilities and shareholders' equity** | **$181,170** | **$188,411** | [Condensed Consolidated Unaudited Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Unaudited%20Statements%20of%20Operations) For Q2 2022, sales rose 3.5% to $391.9 million and net income increased 23.8% to $3.0 million, with diluted EPS at $5.19 Statements of Operations Highlights (in thousands, except per share data) | Metric | Q2 2022 | Q2 2021 | Six Months 2022 | Six Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Sales | $391,888 | $378,513 | $814,459 | $783,258 | | Gross Profit | $26,677 | $22,973 | $53,610 | $46,435 | | Operating Income | $3,943 | $3,171 | $7,701 | $7,259 | | Net Income | $3,006 | $2,429 | $6,007 | $5,507 | | Diluted EPS | $5.19 | $4.33 | $10.33 | $9.87 | [Condensed Consolidated Unaudited Statements of Shareholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Unaudited%20Statements%20of%20Shareholders%27%20Equity) Shareholders' equity increased from $77.6 million to $82.0 million by March 31, 2022, driven by net income and partially offset by dividends - For the six months ended March 31, 2022, total shareholders' equity increased by approximately **$4.4 million**. Key changes include a **$6.0 million** increase from net income and a **$3.2 million** decrease due to dividend payments[18](index=18&type=chunk)[19](index=19&type=chunk) [Condensed Consolidated Unaudited Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Unaudited%20Statements%20of%20Cash%20Flows) Net cash from operating activities decreased to $13.8 million for the six months ended March 31, 2022, primarily due to working capital changes Cash Flow Summary for Six Months Ended March 31 (in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash from operating activities | $13,796 | $21,280 | | Net cash used in investing activities | ($720) | ($710) | | Net cash used in financing activities | ($13,067) | ($20,615) | | **Net change in cash** | **$8** | **($45)** | [Notes to Condensed Consolidated Unaudited Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Unaudited%20Financial%20Statements) The notes detail business segments, accounting policies, the Team Sledd equity investment, credit facility terms, and segment-level financial performance - The company operates two business segments: a Wholesale Segment serving approximately **4,100 retail outlets**, and a Retail Segment operating **twenty health food stores**[24](index=24&type=chunk)[25](index=25&type=chunk) - The company holds a **49% equity interest** in Team Sledd, LLC, with a carrying value of **$10.5 million** as of March 2022. This investment generated **$1.4 million** in earnings for the six months ended March 2022[39](index=39&type=chunk) Segment Operating Income (in thousands) | Period | Wholesale Segment | Retail Segment | | :--- | :--- | :--- | | **Q2 2022** | $6,303 | $746 | | **Q2 2021** | $4,431 | $661 | | **Six Months 2022** | $13,742 | $1,208 | | **Six Months 2021** | $10,219 | $546 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses macroeconomic impacts, operational results for three and six-month periods, and the company's strong liquidity position [Business Update and Impact of COVID-19](index=25&type=section&id=Business%20Update%20and%20Impact%20of%20COVID-19) The company faces macroeconomic headwinds including supply chain disruptions, higher fuel costs, and potential FDA regulations on tobacco products - The business is facing cost pressures from global supply chain challenges, higher fuel costs, and a competitive labor market, creating an inflationary environment[74](index=74&type=chunk) - The company is closely monitoring potential FDA regulations to ban or limit menthol and flavored tobacco products, which would have a negative impact on financial results if implemented[76](index=76&type=chunk) [Results of Operations – Three Months Ended March 2022](index=31&type=section&id=Results%20of%20Operations%20%E2%80%93%20Three%20Months%20Ended%20March%202022) Consolidated sales increased 3.5% to $391.9 million, driven by wholesale segment growth, while operating expenses rose due to higher compensation and fuel costs - Wholesale segment sales increased by **$13.3 million**, reflecting a **$16.8 million** increase from cigarette price hikes and a **$12.3 million** increase from other product sales, partially offset by a **$15.8 million** decrease from lower cigarette carton volume[96](index=96&type=chunk) - Operating expenses increased by **$2.9 million**, largely due to a **$1.8 million** rise in employee compensation and benefits from a competitive labor market and a **$0.5 million** increase in fuel costs[99](index=99&type=chunk) [Results of Operations – Six Months Ended March 2022](index=35&type=section&id=Results%20of%20Operations%20%E2%80%93%20Six%20Months%20Ended%20March%202022) Consolidated sales grew 4.0% to $814.5 million, with wholesale segment gross profit increasing, though operating expenses rose due to higher employee, insurance, and fuel costs - Wholesale segment sales increased by **$30.3 million**, reflecting a **$35.7 million** increase from cigarette price hikes and a **$26.5 million** increase from other product sales, partially offset by a **$31.9 million** decrease from lower cigarette carton volume[103](index=103&type=chunk) - Operating expenses increased by **$6.7 million**, primarily due to a **$4.8 million** rise in employee compensation, a **$1.0 million** increase in insurance costs, and a **$0.9 million** increase in fuel costs[107](index=107&type=chunk) [Liquidity and Capital Resources](index=37&type=section&id=Liquidity%20and%20Capital%20Resources) The company primarily finances operations through a $110.0 million revolving credit facility, with $70.8 million available as of March 2022 - The main source of liquidity is a credit facility with a **$110.0 million** revolving limit and a **$25.0 million** accordion feature[107](index=107&type=chunk) - As of March 2022, the company had **$70.8 million** available under its credit facility, with **$35.2 million** outstanding[111](index=111&type=chunk) - The company paid cash dividends totaling **$3.2 million** for the six-month period ended March 31, 2022[114](index=114&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is noted as not applicable for this reporting period - Not applicable[120](index=120&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal controls - Based on an evaluation as of March 31, 2022, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective[122](index=122&type=chunk) - There were no changes in internal control over financial reporting during the fiscal quarter that materially affected, or are reasonably likely to materially affect, internal controls[128](index=128&type=chunk) PART II — OTHER INFORMATION [Item 1. Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings during the period - None[130](index=130&type=chunk) [Item 1A. Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K - No material changes to the Company's risk factors as previously disclosed in the Form 10-K for the fiscal year ended September 30, 2021[131](index=131&type=chunk) [Other Items (2, 3, 4, 5)](index=44&type=section&id=Other%20Items) Items 2, 3, 4, and 5 were all reported as not applicable for this reporting period - Items 2, 3, 4, and 5 are not applicable for this reporting period[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) [Item 6. Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO/CFO certifications and the Interactive Data File - Exhibits filed include CEO and CFO certifications pursuant to Sarbanes-Oxley Sections 302 and 906, and the Interactive Data File (XBRL)[137](index=137&type=chunk) Signatures - The report was duly signed and authorized on April 18, 2022, by Christopher H. Atayan (CEO and Chairman) and Charles J. Schmaderer (VP, CFO, and Secretary)[139](index=139&type=chunk)[140](index=140&type=chunk)
AMCON Distributing pany(DIT) - 2022 Q1 - Quarterly Report
2022-01-17 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ⌧ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2021 OR ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________to _________ (Exact name of registrant as specified in its charter) Commission File Number 1-15589 | --- | |----------------------------- ...