AMCON Distributing Company - Form 8-K Summary
Business Context and Reporting Period
This Form 8-K, dated November 11, 2010, serves as a supplement to the Company's previously filed Form 10-K for the fiscal year ended September 30, 2010. The filing provides unaudited quarterly financial data for the eight quarters comprising fiscal years 2010 and 2009.
Key Financial Metrics
The following table summarizes the quarterly performance for the most recent fiscal year (2010) in thousands of dollars, except per share data:
| Quarter | Sales | Gross Profit | Net Income | Basic EPS | Diluted EPS |
|---|---|---|---|---|---|
| Q1 2010 | $243,941 | $17,228 | $1,729 | $2.95 | $2.32 |
| Q2 2010 | $230,499 | $16,940 | $1,791 | $3.05 | $2.40 |
| Q3 2010 | $267,062 | $19,130 | $2,749 | $4.72 | $3.67 |
| Q4 2010 | $269,036 | $18,410 | $2,697 | $4.62 | $3.59 |
The filing text does not provide specific values for total debt, liquidity ratios, or operating cash flows for the individual quarters.
Material Changes vs. Prior Period
- Revenue Growth: Sales increased in every quarter of fiscal 2010 compared to the corresponding quarters in fiscal 2009. For example, Q4 2010 sales were $269,036 versus $252,316 in Q4 2009.
- Discontinued Operations: Fiscal 2009 included significant non-recurring items in Q3, specifically a $4,666 gain on asset disposal and debt settlement. These items were absent in fiscal 2010, making year-over-year net income comparisons for Q3 distorted by the prior year's one-time gain.
- Earnings Stability: Excluding the discontinued operations in 2009, the Company demonstrated improved operating income consistency in 2010, with Q3 and Q4 operating income reaching $4,281 and $4,343 respectively, compared to $3,666 and $4,396 in 2009.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future outlook, or specific discussion of risks and contingencies beyond the standard disclaimer that the information is unaudited. The document strictly presents historical quarterly data.
Investor Verification Checklist
- Verify the full-year consolidated financial statements in the referenced Form 10-K filed for the period ended September 30, 2010.
- Confirm the impact of the discontinued operations in Q3 2009 on the comparability of earnings per share.
- Review the Company's balance sheet for debt levels and liquidity positions, as these are not detailed in this 8-K summary.
- Check for any subsequent events or updates to the quarterly data since the November 11, 2010 filing date.