AMCON Distributing Company and Subsidiaries
Condensed Consolidated Unaudited Statements of Operations
for the three and nine months ended June 30, 2010 and 2009
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For the three months For the nine months
ended June ended June
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2010 2009 2010 2009
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Sales (including excise taxes of $87.9
million and $77.4 million, and $246.3
million and $171.0 million, respectively) $ 267,062,440 $ 242,817,927 $ 741,502,607 $ 655,637,536
Cost of sales 247,932,676 225,753,469 688,204,656 605,481,395
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Gross profit 19,129,764 17,064,458 53,297,951 50,156,141
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Selling, general and administrative expenses 14,070,483 12,800,612 41,215,024 38,625,335
Depreciation and amortization 440,466 273,650 1,243,307 884,972
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14,510,949 13,074,262 42,458,331 39,510,307
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Operating income 4,618,815 3,990,196 10,839,620 10,645,834
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Other expense (income):
Interest expense 370,873 368,048 1,144,543 1,265,834
Other (income), net (32,758) (43,600) (69,184) (84,143)
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338,115 324,448 1,075,359 1,181,691
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Income from continuing operations
before income tax expense 4,280,700 3,665,748 9,764,261 9,464,143
Income tax expense 1,532,000 1,411,000 3,495,000 3,614,000
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Income from continuing operations 2,748,700 2,254,748 6,269,261 5,850,143
Discontinued operations
Gain on asset disposal and
debt settlement, net of income
tax expense of $2.7 million - 4,666,264 - 4,666,264
Income (loss) from discontinued operations,
net of income tax expense (benefit)
of $0.01 million and ($0.1) million,
respectively - 13,105 - (186,370)
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Income on discontinued operations - 4,679,369 - 4,479,894
Net income 2,748,700 6,934,117 6,269,261 10,330,037
Preferred stock dividends requirements (74,052) (74,052) (222,158) (493,786)
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Net income available to common shareholders $ 2,674,648 $ 6,860,065 $ 6,047,103 $ 9,836,251
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Basic earnings per share
available to common shareholders:
Continuing operations $ 4.72 $ 3.97 $ 10.73 $ 9.78
Discontinued operations - 8.52 - 8.17
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Net basic earnings per share
available to common shareholders $ 4.72 $ 12.49 $ 10.73 $ 17.95
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Diluted earnings per share
available to common shareholders:
Continuing operations $ 3.67 $ 3.11 $ 8.39 $ 7.37
Discontinued operations - 6.46 - 5.65
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Net diluted earnings per share
available to common shareholders $ 3.67 $ 9.57 $ 8.39 $ 13.02
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Weighted average shares outstanding:
Basic 566,224 549,397 563,505 547,859
Diluted 749,350 724,833 747,035 793,610
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