AMCON Distributing pany(DIT) - 2024 Q4 - Annual Results

Financial Performance - AMCON reported fully diluted earnings per share of $7.15 and net income available to common shareholders of$ 4.3 million for the fiscal year ended September 30, 2024[1]. - Total sales for fiscal 2024 were $2.71 billion, an increase from$ 2.54 billion in fiscal 2023, representing a growth of approximately 6.7%[6]. - Gross profit for fiscal 2024 was $182.35 million, up from$ 170.84 million in fiscal 2023, indicating a gross margin improvement[6]. - Operating income decreased to $17.98 million in fiscal 2024 from$ 25.97 million in fiscal 2023, reflecting increased selling, general, and administrative expenses[6]. - Net income available to common shareholders decreased to $4,336,489 in September 2024 from$ 11,596,393 in September 2023, representing a decline of approximately 62.7%[9]. Revenue Segments - The wholesale distribution segment generated revenues of $2.7 billion with an operating income of$ 31.3 million, while the retail health food segment reported revenues of $42.5 million and operating income of$ 0.1 million for fiscal 2024[2]. Shareholder Equity and Cash Flow - Shareholders' equity increased to $111.73 million as of September 30, 2024, compared to$ 104.17 million in the previous year[5]. - AMCON's cash balance decreased to $672,788 from$ 790,931 year-over-year, while accounts receivable slightly decreased to $70.65 million[5]. - Net cash flows from operating activities significantly increased to$ 67,872,351 in September 2024, compared to $19,722,218 in September 2023, marking an increase of approximately 243.5%[9]. - Cash at the end of the period decreased to$ 672,788 in September 2024 from $790,931 in September 2023, a decline of approximately 15%[9]. Investments and Acquisitions - The company is investing in a new 250,000 square foot distribution facility in Colorado City, Colorado, to support growth initiatives in the Intermountain Region[3]. - The company acquired Burklund for$ 15,464,397 and Richmond Master for $6,631,039 during the period, indicating ongoing market expansion efforts[9]. - The company continues to seek strategic acquisition opportunities to align with its customer-focused approach and enhance its service capabilities[2]. Inventory and Accounts Receivable - Accounts receivable increased by$ 5,900,380 in September 2024, compared to a decrease of $(138,956) in September 2023, suggesting improved sales performance[9]. - The company reported a significant increase in inventories, rising to$ 29,003,285 in September 2024 from a decrease of $(7,728,394) in September 2023, indicating potential growth in product offerings[9]. Expenses and Cash Flow Management - Total depreciation expenses rose to$ 8,957,478 in September 2024, up from $7,161,468 in September 2023, reflecting an increase of about 25.1%[9]. - Cash paid for interest during the period was$ 9,985,313, compared to $8,311,375 in the previous year, indicating an increase of approximately 20.1%[9]. - The company reported a net cash outflow from investing activities of$ (42,108,695) in September 2024, a decrease from $(66,274,842) in September 2023, showing an improvement of about 36.4%[9]. - The company experienced a net cash outflow from financing activities of$ (2,320,299) in September 2024, compared to $(2,975,323) in September 2023, reflecting a reduction in financing costs[9]. Strategic Positioning - AMCON's strategic plan has led to becoming the third largest Convenience Distributor in the U.S. by territory covered, with a fully operational facility in Springfield, Missouri[2].