CONSOLIDATED BALANCE SHEETS
AMCON Distributing Company and Subsidiaries
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September 30, 2009 2008
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ASSETS
Current assets:
Cash $ 309,914 $ 457,681
Accounts receivable, less allowance
for doubtful accounts of $0.9 million
and $0.8 million in 2009 and 2008, respectively 28,393,198 27,198,414
Inventories, net 34,486,027 37,330,969
Deferred income taxes 1,701,568 1,260,609
Current assets of discontinued operations - 18,947
Prepaid and other current assets 1,728,576 3,519,650
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Total current assets 66,619,283 69,786,270
Property and equipment, net 11,256,627 10,907,541
Goodwill 5,848,808 5,848,808
Other intangible assets, net 3,373,269 3,373,269
Deferred income taxes - 234,171
Non-current assets of discontinued operations - 2,032,047
Other assets 1,026,395 1,123,252
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$ 88,124,382 $ 93,305,358
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 15,222,689 $ 14,738,214
Accrued expenses 6,768,924 5,275,697
Accrued wages, salaries and bonuses 3,257,832 2,636,699
Income taxes payable 3,984,258 313,021
Current liabilities of discontinued operations - 4,041,837
Current maturities of credit facility 177,867 3,046,000
Current maturities of long-term debt 1,470,445 787,128
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Total current liabilities 30,882,015 30,838,596
Credit facility, less current maturities 22,655,861 32,155,005
Deferred income taxes 1,256,713 -
Long-term debt, less current maturities 5,066,185 6,525,881
Noncurrent liabilities of discontinued operations - 6,542,310
Series A cumulative, convertible preferred stock, $.01 par value
100,000 authorized and issued, liquidation preference
$25.00 per share 2,500,000 2,438,355
Series B cumulative, convertible preferred stock, $.01 par value
80,000 authorized and issued, liquidation preference
$25.00 per share 2,000,000 1,857,645
Series C cumulative, convertible preferred stock, $.01 par value
80,000 authorized and issued at September 30, 2008,
liquidation preference $25.00 per share - 1,982,372
Commitments and contingencies
Shareholders' equity:
Preferred stock, $0.01 par value, 1,000,000 shares authorized,
180,000 shares outstanding and issued in Series A and B at
September 2009 and 260,000 shares outstanding and issued
in Series A, B and C at September 2008 referred to above - -
Common stock, $0.01 par value, 3,000,000 shares
authorized, 573,232 shares outstanding at September 2009
and 570,397 shares outstanding at September 2008 5,732 5,704
Additional paid-in capital 7,617,494 6,995,948
Retained earnings 16,140,382 3,963,542
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Total shareholders' equity 23,763,608 10,965,194
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$ 88,124,382 $ 93,305,358
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