Sales Performance - Sales for the quarter reached 696.5 million in the prior-year period, driven by strong demand in the convenience and foodservice distribution sectors [1] - The increase in sales was partially offset by the higher cost of goods sold, which rose to 649.6 million in the third quarter of fiscal 2023 [1] Profitability Metrics - The company's gross profit for the third quarter of fiscal 2024 was 46.9 million in the same quarter last year, with a stable gross profit margin of approximately 6.7% [2] - Operating income for the third quarter was 7.9 million in the year-ago quarter, primarily due to higher SG&A expenses [3] - Net income available to common shareholders for the third quarter was 3.9 million reported in the year-ago quarter, reflecting the impact of higher interest expenses and other costs [4] Expense Analysis - SG&A expenses increased 8.3% year over year, reaching 36.9 million in the prior-year quarter [5] - Interest expenses for the fiscal third quarter were 2.4 million in the third quarter of fiscal 2023 [6] Balance Sheet Position - As of June 30, 2024, total assets for the company were 363.4 million at the end of September 2023 [12] - Total shareholders' equity increased to 104.2 million as of September 30, 2023 [13] - Long-term debt, excluding current maturities, was 11.7 million at the end of September 2023, with current maturities of long-term debt standing at 26.9 million, a significant increase from $9.5 million in the same period of 2023 [14] - During the quarter, the company completed the acquisition of Richmond Master Distributors Inc., expected to strengthen its distribution network and customer base [15] - The company reported progress on its new 175,000-square-foot distribution facility in Springfield, MO, and enhancements to its 250,000-square-foot facility in Colorado City, CO [15]
AMCON (DIT) Q3 Earnings Fall Y/Y on High SG&A Costs, Sales Rise