AMCON Distributing Company (“AMCON” or “the Company”) (NYSE American: DIT), an Omaha, Nebraska based consumer products company, is pleased to announce fully diluted earnings per share of $19.46 on net income available to common shareholders of $11.6 million for the fiscal year ended September 30, 2023.

“We are pleased with our fiscal 2023 results. Our business continues to encounter numerous operating challenges resulting from a labor shortage, supply chain issues, inflation, volatility in energy prices, and rising interest rates. Navigating these headwinds is the central focus of our management team for the near term. One of the core operating philosophies that guide our daily decision-making process is a relentless focus on managing the Company’s balance sheet and maximizing our liquidity position. Another of AMCON’s long-standing core operating philosophies is providing a superior level of customer service. The customer-centric approach we embrace has guided us through these challenging times and helped ensure that AMCON’s customers receive a consistent and timely flow of goods and services,” said Christopher H. Atayan, AMCON’s Chairman and Chief Executive Officer. He further noted, “We continue to actively seek strategic acquisition opportunities for operators who want to align with our customer-centric management philosophy and further the legacy of their enterprises.”

The wholesale distribution segment reported revenues of $2.5 billion and operating income of $39.7 million for fiscal 2023 and the retail health food segment reported revenues of $43.1 million and an operating loss of $0.7 million for fiscal 2023.

“In the medium term our primary strategic objective is to drive the growth of our foodservice business through our Henry’s Foods (“Henry’s”) subsidiary. Henry’s offers a breadth and depth of proprietary foodservice programs and associated store level merchandising that is unparalleled in the convenience distribution industry. Through Henry’s, we now have the capability to offer turn-key solutions that will enable our customer base to compete head on with the Quick Service Restaurant industry. We are investing heavily in our foodservice and technology platforms and associated staffing for these strategic focus areas,” said Andrew C. Plummer, AMCON’s President and Chief Operating Officer. “We are also looking to expand our geographic reach, to better serve our customers as they grow their store footprints.”

Charles J. Schmaderer, AMCON’s Chief Financial Officer said, “At September 30, 2023, our shareholders’ equity was $104.2 million. We continue to prioritize high levels of daily liquidity. Our strong liquidity position provided maximum flexibility to take advantage of attractive short-term merchandising opportunities from several of our key vendor partners that materialized near our fiscal year end.” Mr. Schmaderer also added, “We are investing capital to develop our new 175,000 square foot distribution facility in Springfield, Missouri which will support our customers’ growth initiatives.”

AMCON’s Healthy Edge Retail Group plays an important role in the health and wellness of the communities it serves. Our long-term relationship with the organic/natural products vendor community has enabled our stores to meet the demands of our customers for total wellness solutions. Our strategy is to offer a broad selection of the highest quality organic and natural merchandise available supported by a high degree of customer service not found at other big box retailers within our industry. We continue to rationalize our base of stores as well as developing new store opportunities.

AMCON is a leading Convenience Distributor of consumer products, including beverages, candy, tobacco, groceries, foodservice, frozen and refrigerated foods, automotive supplies and health and beauty care products with distribution centers in Illinois, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Tennessee and West Virginia. AMCON, through its Healthy Edge Retail Group, operates seventeen (17) health and natural product retail stores in the Midwest and Florida.

This news release contains forward-looking statements that are subject to risks and uncertainties and which reflect management's current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results. A number of factors could affect the future results of the Company and could cause those results to differ materially from those expressed in the Company's forward-looking statements including, without limitation, availability of sufficient cash resources to conduct its business and meet its capital expenditures needs and the other factors described under Item 1.A. of the Company’s Annual Report on Form 10-K. Moreover, past financial performance should not be considered a reliable indicator of future performance. Accordingly, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 with respect to all such forward-looking statements.

Visit AMCON Distributing Company's web site at: www.amcon.com

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