AMCON Distributing (DIT) 10-Q 18 Apr 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 31, 2022	Apr. 15, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-15589
Entity Registrant Name	AMCON DISTRIBUTING CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-0702918
Entity Address, Address Line One	7405 Irvington Road
Entity Address, City or Town	Omaha
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68122
City Area Code	402
Local Phone Number	331-3727
Title of 12(b) Security	Common Stock, $0.01 Par Value
Trading Symbol	DIT
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		584,789
Entity Central Index Key	0000928465
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2022	Sep. 30, 2021
Current assets:
Cash	$ 527,555	$ 519,591
Accounts receivable, less allowance for doubtful accounts of $0.9 million at March 2022 and September 2021	33,556,601	35,844,163
Inventories, net	90,248,795	95,212,085
Income taxes receivable	670,234
Prepaid expenses and other current assets	5,476,104	4,999,125
Total current assets	130,479,289	136,574,964
Property and equipment, net	15,282,499	16,012,524
Operating lease right-of-use assets, net	16,280,827	17,846,529
Note receivable, net of current portion	3,325,000	3,325,000
Goodwill	4,436,950	4,436,950
Other intangible assets, net	500,000	500,000
Equity method investment	10,451,386	9,380,343
Other assets	414,120	334,819
Total assets	181,170,071	188,411,129
Current liabilities:
Accounts payable	25,601,210	24,235,042
Accrued expenses	9,747,031	11,468,955
Accrued wages, salaries and bonuses	4,011,309	4,489,852
Income taxes payable		867,160
Current operating lease liabilities	5,458,358	5,513,390
Current maturities of long-term debt	572,100	561,202
Total current liabilities	45,390,008	47,135,601
Credit facility	35,191,547	43,650,865
Deferred income tax liability, net	2,630,427	1,531,228
Long-term operating lease liabilities	11,123,103	12,669,157
Long-term debt, less current maturities	4,765,465	5,054,265
Other long-term liabilities	36,069	757,387
Shareholders' equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized
Common stock, $.01 par value, 3,000,000 shares authorized, 584,789 shares outstanding at March 2022 and 551,369 shares outstanding at September 2021	9,168	8,834
Additional paid-in capital	26,555,046	24,918,781
Retained earnings	86,336,525	83,552,298
Treasury stock at cost	(30,867,287)	(30,867,287)
Total shareholders' equity	82,033,452	77,612,626
Total liabilities and shareholders' equity	$ 181,170,071	$ 188,411,129

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Sep. 30, 2021
Condensed Consolidated Balance Sheets
Accounts receivable, allowance for doubtful accounts	$ 0.9	$ 0.9
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	3,000,000	3,000,000
Common stock, shares outstanding (in shares)	584,789	551,369

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Unaudited Statements of Operations
Sales (including excise taxes of $89.1 million and $92.0 million, and $186.2 million and $192.5 million, respectively)	$ 391,888,192	$ 378,513,490	$ 814,459,469	$ 783,258,263
Cost of sales	365,211,270	355,540,704	760,849,885	736,823,498
Gross profit	26,676,922	22,972,786	53,609,584	46,434,765
Selling, general and administrative expenses	21,915,351	19,022,167	44,306,090	37,621,983
Depreciation	818,222	779,925	1,602,467	1,554,210
Total operating expenses	22,733,573	19,802,092	45,908,557	39,176,193
Operating income	3,943,349	3,170,694	7,701,027	7,258,572
Other expense (income):
Interest expense	244,920	310,543	567,018	686,973
Other (income), net	(60,958)	(84,265)	(101,068)	(126,088)
Total other expenses (income)	183,962	226,278	465,950	560,885
Income from operations before income taxes	3,759,387	2,944,416	7,235,077	6,697,687
Income tax expense	1,345,000	829,000	2,590,000	1,840,000
Equity method investment earnings, net of tax	591,795	313,492	1,362,161	648,831
Net income available to common shareholders	$ 3,006,182	$ 2,428,908	$ 6,007,238	$ 5,506,518
Basic earnings per share available to common shareholders	$ 5.29	$ 4.41	$ 10.62	$ 10.02
Diluted earnings per share available to common shareholders	$ 5.19	$ 4.33	$ 10.33	$ 9.87
Basic weighted average shares outstanding	567,889	551,369	565,694	549,729
Diluted weighted average shares outstanding	578,751	560,941	581,328	557,741
Dividends paid per common share	$ 0.18	$ 5.18	$ 5.36	$ 5.36

Condensed Consolidated Unaudi_2

Condensed Consolidated Unaudited Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Unaudited Statements of Operations
Sales, excise taxes	$ 89.1	$ 92	$ 186.2	$ 192.5

Condensed Consolidated Unaudi_3

Condensed Consolidated Unaudited Statements of Shareholders' Equity - USD ($)	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Total
Balance at Sep. 30, 2020	$ 8,697	$ (30,861,549)	$ 24,282,058	$ 71,362,334	$ 64,791,540
Balance (in shares) at Sep. 30, 2020	869,867	(332,152)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(3,144,130)	(3,144,130)
Compensation expense and settlement of equity-based awards	$ 137		635,707		635,844
Compensation expense and settlement of equity-based awards (in shares)	13,722
Repurchase of common stock		$ (5,738)			(5,738)
Repurchase of common stock (in shares)		(68)
Net income				5,506,518	5,506,518
Balance at Mar. 31, 2021	$ 8,834	$ (30,867,287)	24,917,765	73,724,722	67,784,034
Balance (in shares) at Mar. 31, 2021	883,589	(332,220)
Balance at Dec. 31, 2020	$ 8,834	$ (30,867,287)	25,007,239	71,401,400	65,550,186
Balance (in shares) at Dec. 31, 2020	883,589	(332,220)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(105,586)	(105,586)
Compensation expense and settlement of equity-based awards			(89,474)		(89,474)
Net income				2,428,908	2,428,908
Balance at Mar. 31, 2021	$ 8,834	$ (30,867,287)	24,917,765	73,724,722	67,784,034
Balance (in shares) at Mar. 31, 2021	883,589	(332,220)
Balance at Sep. 30, 2021	$ 8,834	$ (30,867,287)	24,918,781	83,552,298	$ 77,612,626
Balance (in shares) at Sep. 30, 2021	883,589	(332,220)			551,369
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(3,223,011)	$ (3,223,011)
Compensation expense and settlement of equity-based awards	$ 334		1,636,265		1,636,599
Compensation expense and settlement of equity-based awards (in shares)	33,420
Net income				6,007,238	6,007,238
Balance at Mar. 31, 2022	$ 9,168	$ (30,867,287)	26,555,046	86,336,525	$ 82,033,452
Balance (in shares) at Mar. 31, 2022	917,009	(332,220)			584,789
Balance at Dec. 31, 2021	$ 9,148	$ (30,867,287)	26,999,735	83,438,578	$ 79,580,174
Balance (in shares) at Dec. 31, 2021	915,009	(332,220)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(108,235)	(108,235)
Compensation expense and settlement of equity-based awards	$ 20		(444,689)		(444,669)
Compensation expense and settlement of equity-based awards (in shares)	2,000
Net income				3,006,182	3,006,182
Balance at Mar. 31, 2022	$ 9,168	$ (30,867,287)	$ 26,555,046	$ 86,336,525	$ 82,033,452
Balance (in shares) at Mar. 31, 2022	917,009	(332,220)			584,789

Condensed Consolidated Unaudi_4

Condensed Consolidated Unaudited Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Condensed Consolidated Unaudited Statements of Shareholders' Equity
Dividends on common stock	$ 0.18	$ 0.18	$ 5.36	$ 5.36

Condensed Consolidated Unaudi_5

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($)	6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 6,007,238	$ 5,506,518
Adjustments to reconcile net income from operations to net cash flows from (used in) operating activities:
Depreciation	1,602,467	1,554,210
Equity method investment earnings, net of tax	(1,362,161)	(648,831)
(Gain) loss on sales of property and equipment	(76,220)	(1,374)
Equity-based compensation	1,208,655	833,624
Deferred income taxes	1,099,199	48,248
Provision for losses on doubtful accounts	(3,000)	5,000
Inventory allowance	155,534	110,769
Changes in assets and liabilities:
Accounts receivable	2,290,562	1,390,027
Inventories	4,807,756	17,772,604
Prepaid and other current assets	(651,979)	(4,096,452)
Equity method investment distributions	744,118
Other assets	(79,301)	23,327
Accounts payable	1,465,370	429,389
Accrued expenses and accrued wages, salaries and bonuses	(700,748)	(610,589)
Other long-term liabilities	(721,318)	(169,854)
Income taxes payable and receivable	(1,990,394)	(867,112)
Net cash flows from (used in) operating activities	13,795,778	21,279,504
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(974,424)	(720,567)
Proceeds from sales of property and equipment	79,000	10,938
Principal payment received on note receivable	175,000
Net cash flows from (used in) investing activities	(720,424)	(709,629)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facility	819,125,190	771,182,879
Repayments under revolving credit facility	(827,584,508)	(791,045,384)
Proceeds from borrowings on long-term debt		3,000,000
Principal payments on long-term debt	(277,902)	(237,566)
Proceeds from exercise of stock options	173,590
Repurchase of common stock		(5,738)
Dividends on common stock	(3,223,011)	(3,144,130)
Settlement and withholdings of equity-based awards	(1,280,749)	(365,022)
Net cash flows from (used in) financing activities	(13,067,390)	(20,614,961)
Net change in cash	7,964	(45,086)
Cash, beginning of period	519,591	661,195
Cash, end of period	527,555	616,109
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	582,394	690,134
Cash paid during the period for income taxes	3,481,196	2,658,865
Supplemental disclosure of non-cash information:
Equipment acquisitions classified in accounts payable	29,047	16,230
Issuance of common stock in connection with the vesting and exercise of equity-based awards	$ 2,280,783	$ 949,812

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION	6 Months Ended
	Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION	1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION ​ AMCON Distributing Company and Subsidiaries (“AMCON” or the “Company”) operate two business segments: ​ ● Our wholesale distribution segment (“Wholesale Segment”) distributes consumer products and provides a full range of programs and services to our customers that are focused on helping them manage their business and increase their profitability. We serve customers in 26 states and primarily operate in the Central, Rocky Mountain, and Mid-South regions of the United States. ​ ● Our retail health food segment (“Retail Segment”) operates twenty health food retail stores located throughout the Midwest and Florida. ​ WHOLESALE SEGMENT ​ Our Wholesale Segment is one of the largest wholesale distributors in the United States serving approximately 4,100 retail outlets including convenience stores, grocery stores, liquor stores, drug stores, and tobacco shops. We currently distribute over 17,700 different consumer products, including cigarettes and tobacco products, candy and other confectionery, beverages, groceries, paper products, health and beauty care products, frozen and refrigerated products and institutional foodservice products. Convenience stores represent our largest customer category. In December 2021, Convenience Store News ranked us as the sixth (6th) largest convenience store distributor in the United States based on annual sales. ​ Our Wholesale Segment offers retailers the ability to take advantage of manufacturer and Company sponsored sales and marketing programs, merchandising and product category management services, and the use of information systems and data services that are focused on minimizing retailers’ investment in inventory, while seeking to maximize their sales and profits. In addition, our wholesale distributing capabilities provide valuable services to both manufacturers of consumer products and convenience retailers. Manufacturers benefit from our broad retail coverage, inventory management, efficiency in processing small orders, and frequency of deliveries. Convenience retailers benefit from our distribution capabilities by gaining access to a broad product line, inventory optimization and merchandising expertise, information systems, and accessing trade credit. ​ Our Wholesale Segment operates six distribution centers located in Illinois, Missouri, Nebraska, North Dakota, South Dakota, and Tennessee. These distribution centers, combined with cross-dock facilities, include approximately 685,000 square feet of permanent floor space. Our principal suppliers include Altria, RJ Reynolds, ITG Brands, Hershey, Kellogg’s, Kraft, and Mars Wrigley. We also market private label lines of water, candy products, batteries, and other products. We do not maintain any long-term purchase contracts with our suppliers. ​ RETAIL SEGMENT ​ Our Retail Segment, through our Healthy Edge, Inc. subsidiary, is a specialty retailer of natural/organic groceries and dietary supplements which focuses on providing high quality products at affordable prices, with an exceptional level of customer service and nutritional consultation. All of the products carried in our stores must meet strict quality and ingredient guidelines, and include offerings such as gluten-free and antibiotic-free groceries and meat products, as well as products containing no artificial colors, flavors, preservatives, or partially hydrogenated oils. We design our retail sites in an efficient and flexible small-store format, which emphasizes a high energy and shopper-friendly environment. ​ We operate within the natural products retail industry, which is a subset of the U.S. grocery industry. This industry includes conventional, natural, gourmet and specialty food markets, mass and discount retailers, warehouse clubs, health food stores, dietary supplement retailers, drug stores, farmers markets, mail order and online retailers, and multi-level marketers. ​ Our Retail Segment operates twenty retail health food stores as Chamberlin’s Natural Foods (“Chamberlin’s”), Akin’s Natural Foods (“Akin’s”), and Earth Origins Market (“EOM”). These stores carry over 35,000 different national and regionally branded and private label products including high-quality natural, organic, and specialty foods consisting of produce, baked goods, frozen foods, nutritional supplements, personal care items, and general merchandise. Chamberlin’s, which was established in 1935, has a total of seven locations in and around Orlando, Florida. Akin’s, which was also established in 1935, has a total of six locations in Arkansas, Missouri, and Oklahoma. EOM has a total of seven locations in Florida. FINANCIAL STATEMENTS ​ The Company’s fiscal year ends on September 30. The results for the interim period included with this Quarterly Report may not be indicative of the results which could be expected for the entire fiscal year. All significant intercompany transactions and balances have been eliminated in consolidation. Certain information and footnote disclosures normally included in our annual financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) have been condensed or omitted. In the opinion of management, the accompanying condensed consolidated unaudited financial statements (“financial statements”) contain all adjustments necessary to fairly present the financial information included herein. The Company believes that although the disclosures contained herein are adequate to prevent the information presented from being misleading, these financial statements should be read in conjunction with the Company’s annual audited consolidated financial statements for the fiscal year ended September 30, 2021, as filed with the Securities and Exchange Commission on Form 10-K. For purposes of this report, unless the context indicates otherwise, all references to “we”, “us”, “our”, the “Company”, and “AMCON” shall mean AMCON Distributing Company and its subsidiaries. Additionally, the three month fiscal periods ended March 31, 2022 and March 31, 2021 have been referred to throughout this quarterly report as Q2 2022 and Q2 2021, respectively. The fiscal balance sheet dates as of March 31, 2022 and September 30, 2021 have been referred to as March 2022 and September 2021, respectively. ​ ACCOUNTING PRONOUNCEMENTS ​ Recent Accounting Pronouncements ​ In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which introduces a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require entities to incorporate considerations of historical information, current information, and reasonable and supportable forecasts. This ASU also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models, and methods for estimating expected credit losses. This guidance is effective for fiscal years beginning after December 15, 2022 (fiscal 2024 for the Company) with early adoption permitted. The Company is currently reviewing this ASU and its potential impact on our consolidated financial statements.

INVENTORIES

INVENTORIES	6 Months Ended
	Mar. 31, 2022
INVENTORIES
INVENTORIES	​ 2. INVENTORIES ​ Inventories in our wholesale segment consisted of finished goods and are stated at the lower of cost or net realizable value, determined on a FIFO basis. Inventories in our retail segment consisted of finished goods and are stated at the lower of cost or market using the retail method. The wholesale distribution and retail health food segment inventories consist of finished products purchased in bulk quantities to be redistributed to the Company’s customers or sold at retail. Finished goods included total reserves of approximately $0.9 million at March 2022 and $0.8 million at September 2021. These reserves include the Company’s obsolescence allowance, which reflects estimated unsalable or non-refundable inventory based upon an evaluation of slow moving and discontinued products. ​

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Mar. 31, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	3. GOODWILL AND OTHER INTANGIBLE ASSETS ​ Goodwill at March 2022 and September 2021 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March September ​ ​ 2022 ​ 2021 Wholesale Segment ​ $ 4,436,950 ​ $ 4,436,950 ​ ​ Other intangible assets at March 2022 and September 2021 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March September ​ ​ 2022 ​ 2021 Trademarks and tradenames (Retail Segment) ​ $ 500,000 ​ $ 500,000 ​ Goodwill, trademarks and tradenames are considered to have indefinite useful lives and therefore no amortization has been taken on these assets. Goodwill recorded on the Company’s consolidated balance sheet represents amounts allocated to its wholesale reporting unit which totaled $4.4 million at both March 2022 and September 2021. The Company performs its annual impairment testing during the fourth fiscal quarter of each year or as circumstances change or necessitate. There have been no material changes to the Company’s impairment assessments since its fiscal year ended September 2021.

EQUITY METHOD INVESTMENT

EQUITY METHOD INVESTMENT	6 Months Ended
	Mar. 31, 2022
EQUITY METHOD INVESTMENT.
EQUITY METHOD INVESTMENT	4. EQUITY METHOD INVESTMENT ​ The Company and Chas. M. Sledd Company (“Sledd”), a West Virginia wholesale distributor serving the convenience store industry, formed and jointly own and operate Team Sledd, LLC (“Team Sledd”), a limited liability company which owns and operates Sledd’s wholesale distribution business. In conjunction with the formation of Team Sledd, Sledd contributed substantially all of its assets and stated liabilities to Team Sledd, while the Company contributed $10.0 million in cash, of which $6.5 million was structured as equity and $3.5 million was structured as a secured loan to Team Sledd which is subordinate to the liens of Team Sledd's existing secured lenders. ​ At March 2022, AMCON owned approximately 49% of Team Sledd’s outstanding equity, with a carrying value of $10.5 million. For the three and six months ended March 2022, the Company recognized $0.6 million and $1.4 million, respectively, in equity investment earnings (net of income taxes) from its investment in Team Sledd. For the three and six months ended March 2021, the Company recognized $0.3 million and $0.6 million, respectively, in equity investment earnings (net of income taxes) from its investment in Team Sledd. The Company’s secured loan to Team Sledd had a carrying value of $3.3 million and $3.5 million as of March 2022 and September 2021, respectively. As of September 2021, approximately $0.2 million of the secured loan balance was recorded as a component of prepaid expenses and other current assets on the consolidated balance sheet. Pursuant to an operating agreement between the Company and Sledd, certain membership interests in Team Sledd may be redeemed over a period of years, with such redemptions being funded from the operations of Team Sledd. Any such redemptions would result in a corresponding increase in the percentage of the outstanding equity of Team Sledd owned by AMCON. ​ Team Sledd’s summarized unaudited financial data for the three and six months ended March 2022 and March 2021 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended March 2022 For the three months ended March 2021 For the six months ended March 2022 For the six months ended March 2021 Sales ​ $ 148,066,173 ​ $ 158,459,384 ​ $ 329,483,268 ​ $ 323,027,468 Gross profit ​ ​ 8,219,808 ​ ​ 7,719,918 ​ ​ 18,037,786 ​ ​ 15,567,308 Net income before income taxes ​ ​ 1,594,579 ​ ​ 941,027 ​ ​ 3,669,415 ​ ​ 1,944,820 Net income attributable to AMCON, net of tax ​ ​ 591,795 ​ ​ 313,492 ​ ​ 1,362,161 ​ ​ 648,831 ​

DIVIDENDS

DIVIDENDS	6 Months Ended
	Mar. 31, 2022
DIVIDENDS
DIVIDENDS	5. DIVIDENDS ​ The Company paid cash dividends on its common stock totaling $0.1 million and $3.2 million for the three and six month periods ended March 2022, respectively, and $3.0 million and $3.1 million for the three and six month periods ended March 2021, respectively. ​

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Mar. 31, 2022
EARNINGS PER SHARE
EARNINGS PER SHARE	6. EARNINGS PER SHARE ​ Basic earnings per share available to common shareholders is calculated by dividing net income by the weighted average number of common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing income from operations by the sum of the weighted average number of common shares outstanding and the weighted average dilutive equity awards. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended March ​ ​ 2022 ​ 2021 ​ Basic Diluted Basic Diluted Weighted average number of common shares outstanding ​ ​ 567,889 ​ ​ 567,889 ​ ​ 551,369 ​ ​ 551,369 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ ​ — ​ ​ 10,862 ​ ​ — ​ ​ 9,572 Weighted average number of shares outstanding ​ ​ 567,889 ​ ​ 578,751 ​ ​ 551,369 ​ ​ 560,941 Net income available to common shareholders ​ $ 3,006,182 ​ $ 3,006,182 ​ $ 2,428,908 ​ $ 2,428,908 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings per share available to common shareholders ​ $ 5.29 ​ $ 5.19 ​ $ 4.41 ​ $ 4.33 (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended March ​ ​ 2022 ​ 2021 ​ Basic Diluted Basic Diluted Weighted average number of common shares outstanding ​ ​ 565,694 ​ ​ 565,694 ​ ​ 549,729 ​ ​ 549,729 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ ​ — ​ ​ 15,634 ​ ​ — ​ ​ 8,012 Weighted average number of shares outstanding ​ ​ 565,694 ​ ​ 581,328 ​ ​ 549,729 ​ ​ 557,741 Net income available to common shareholders ​ $ 6,007,238 ​ $ 6,007,238 ​ $ 5,506,518 ​ $ 5,506,518 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings per share available to common shareholders ​ $ 10.62 ​ $ 10.33 ​ $ 10.02 ​ $ 9.87 (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive.

DEBT

DEBT	6 Months Ended
	Mar. 31, 2022
DEBT
DEBT	7. DEBT ​ The Company primarily finances its operations through a credit facility agreement (the “Facility”) and long-term debt agreements with banks. The Facility is provided through Bank of America acting as the senior agent and with BMO Harris Bank (“BMO”) participating in a loan syndication. ​ CREDIT FACILITY ​ The Facility included the following significant terms at March 2022: ​ ● A March 2025 maturity date without a penalty for prepayment. ​ ● $110.0 million revolving credit limit. ​ ● Loan accordion allowing the Company to increase the size of the Facility by $25.0 million. ​ ● A provision providing an additional $10.0 million of credit advances for certain inventory purchases. ​ ● Evergreen renewal clause automatically renewing the Facility for one year unless either the borrower or lender provides written notice terminating the Facility at least 90 days prior to the end of any original or renewal term of the Facility. ​ ● The Facility bears interest at either the bank’s prime rate , or at LIBOR (or equivalent successor rate index) plus 125 - 150 basis points depending on certain Facility utilization measures, at the election of the Company. For this purpose, in no event shall LIBOR be less than zero basis points. ​ ● Lending limits subject to accounts receivable and inventory limitations. ​ ● An unused commitment fee equal to one-quarter of one percent ( 1 / 4 %) per annum on the difference between the maximum loan limit and average monthly borrowings. ​ ● Secured by collateral including all of the Company’s equipment, intangibles, inventories, and accounts receivable. ​ ● A financial covenant requiring a fixed charge coverage ratio of at least 1.0 as measured by the previous twelve month period then ended only if excess availability falls below 10% of the maximum loan limit as defined in the Facility. The Company’s fixed charge coverage ratio was over 1.0 for the trailing twelve months . ​ ● Provides that the Company may use up to $5.0 million annually, on a collective basis, for the payment of dividends on its common stock, or other distributions or investments, provided the Company is not in default before or after such dividends, distributions or investments. Additionally, the Company may pay dividends on its common stock, or make other distributions or investments in excess of $5.0 million annually provided the Company meets certain excess availability and proforma fixed charge coverage ratios and is not in default before or after such dividends, distributions or investments. ​ The amount available for use from the Facility at any given time is subject to a number of factors, including eligible accounts receivable and inventory balances that fluctuate day-to-day. Based on our collateral and loan limits as defined in the Facility agreement, the credit limit of the Facility at March 2022 was $106.0 million, of which $35.2 million was outstanding, leaving $70.8 million available. ​ At March 2022, the revolving portion of the Facility balance bore interest based on the bank’s prime rate and various short-term LIBOR rate elections made by the Company. The average interest rate was 1.76% at March 2022. For the six months ended March 2022, our peak borrowings under the Facility were $64.3 million, and our average borrowings and average availability under the Facility were $39.1 million and $56.5 million, respectively. ​ Cross Default and Co-Terminus Provisions ​ The Company owns real estate in Bismarck, ND, Quincy, IL, and Rapid City, SD, which is financed through a single term loan with BMO (the “Real Estate Loan”) which is also a participant lender on the Facility. The Real Estate Loan contains cross default provisions which would cause the loan to be considered in default if the loans where BMO is a lender, including the Facility, were in default. There were no such cross defaults at March 2022. In addition, the Real Estate Loan contains co-terminus provisions which require all loans with BMO to be paid in full if any of the loans are paid in full prior to the end of their specified terms. ​ Other ​ The Company has issued a letter of credit for $0.6 million to its workers’ compensation insurance carrier as part of its self-insured loss control program.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Mar. 31, 2022
INCOME TAXES
INCOME TAXES	8. INCOME TAXES ​ The Company’s effective income tax rate increased during the three and six month periods ended March 2022 as compared to the respective prior year periods, primarily due to higher non-deductible compensation during the current year periods, resulting in effective income tax rates in excess of statutory rates.

EQUITY-BASED INCENTIVE AWARDS

EQUITY-BASED INCENTIVE AWARDS	6 Months Ended
	Mar. 31, 2022
EQUITY-BASED INCENTIVE AWARDS
EQUITY-BASED INCENTIVE AWARDS	9. EQUITY-BASED INCENTIVE AWARDS ​ Omnibus Plans ​ The Company has three equity-based incentive plans, the 2014 Omnibus Incentive Plan, the 2018 Omnibus Incentive Plan, and the 2022 Omnibus Incentive Plan (collectively the “Omnibus Plans”), which provide for equity incentives to employees. Each Omnibus Plan was designed with the intent of encouraging employees to acquire a vested interest in the growth and performance of the Company. The Omnibus Plans together permit the issuance of up to 195,000 shares of the Company’s common stock in the form of stock options, restricted stock awards, restricted stock units, performance share awards as well as awards such as stock appreciation rights, performance units, performance shares, bonus shares, and dividend share awards payable in the form of common stock or cash. The number of shares issuable under the Omnibus Plans is subject to customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company’s common stock. At March 2022, awards with respect to a total of 111,420 shares, net of forfeitures, had been awarded pursuant to the Omnibus Plans and awards with respect to another 83,580 shares may be awarded under the Omnibus Plans. ​ Stock Options ​ The following is a summary of stock option activity during the six months ended March 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number ​ Average ​ ​ of ​ Exercise ​ ​ Shares ​ Price Outstanding at September 2021 22,250 ​ $ 86.76 Granted — ​ ​ — Exercised (22,250) ​ 86.76 Forfeited/Expired — ​ — Outstanding at March 2022 — ​ $ — ​

BUSINESS SEGMENTS

BUSINESS SEGMENTS	6 Months Ended
	Mar. 31, 2022
BUSINESS SEGMENTS
BUSINESS SEGMENTS	10. BUSINESS SEGMENTS ​ The Company has two reportable business segments: the wholesale distribution of consumer products and the retail sale of health and natural food products. The retail health food stores’ operations are aggregated to comprise the Retail Segment because such operations have similar economic characteristics, as well as similar characteristics with respect to the nature of products sold, the type and class of customers for the health food products and the methods used to sell the products. Included in the “Other” column are intercompany eliminations, equity method investment earnings, net of tax and assets held and charges incurred and income earned by our holding company. The segments are evaluated on revenues, gross margins, operating income (loss), and income (loss) before taxes. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated THREE MONTHS ENDED MARCH 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 256,539,579 ​ $ — ​ $ — ​ $ 256,539,579 Tobacco ​ ​ 66,739,280 ​ ​ — ​ ​ — ​ ​ 66,739,280 Confectionery ​ ​ 22,671,755 ​ ​ — ​ ​ — ​ ​ 22,671,755 Health food ​ ​ — ​ ​ 12,419,296 ​ ​ — ​ ​ 12,419,296 Foodservice & other ​ ​ 33,518,282 ​ ​ — ​ ​ — ​ ​ 33,518,282 Total external revenue ​ ​ 379,468,896 ​ ​ 12,419,296 ​ ​ — ​ ​ 391,888,192 Depreciation ​ ​ 499,567 ​ ​ 318,655 ​ ​ — ​ ​ 818,222 Operating income (loss) ​ ​ 6,303,312 ​ ​ 746,068 ​ ​ (3,106,031) ​ ​ 3,943,349 Interest expense ​ ​ 53,067 ​ ​ — ​ ​ 191,853 ​ ​ 244,920 Income (loss) from operations before taxes ​ ​ 6,281,362 ​ ​ 748,572 ​ ​ (3,270,547) ​ ​ 3,759,387 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 591,795 ​ ​ 591,795 Total assets ​ ​ 149,384,369 ​ ​ 17,563,452 ​ ​ 14,222,250 ​ ​ 181,170,071 Capital expenditures ​ ​ 466,703 ​ ​ 187,093 ​ ​ — ​ ​ 653,796 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated THREE MONTHS ENDED MARCH 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 255,558,043 ​ $ — ​ $ — ​ $ 255,558,043 Tobacco ​ ​ 61,431,768 ​ ​ — ​ ​ — ​ ​ 61,431,768 Confectionery ​ ​ 19,901,516 ​ ​ — ​ ​ — ​ ​ 19,901,516 Health food ​ ​ — ​ ​ 12,306,332 ​ ​ — ​ ​ 12,306,332 Foodservice & other ​ ​ 29,315,831 ​ ​ — ​ ​ — ​ ​ 29,315,831 Total external revenue ​ ​ 366,207,158 ​ ​ 12,306,332 ​ ​ — ​ ​ 378,513,490 Depreciation ​ ​ 487,004 ​ ​ 292,921 ​ ​ — ​ ​ 779,925 Operating income (loss) ​ ​ 4,431,132 ​ ​ 661,303 ​ ​ (1,921,741) ​ ​ 3,170,694 Interest expense ​ ​ 58,109 ​ ​ — ​ ​ 252,434 ​ ​ 310,543 Income (loss) from operations before taxes ​ ​ 4,425,941 ​ ​ 664,193 ​ ​ (2,145,718) ​ ​ 2,944,416 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 313,492 ​ ​ 313,492 Total assets ​ ​ 142,275,883 ​ ​ 17,673,640 ​ ​ 11,575,485 ​ ​ 171,525,008 Capital expenditures ​ ​ 186,991 ​ ​ 101,294 ​ ​ — ​ ​ 288,285 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated SIX MONTHS ENDED MARCH 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 535,905,970 ​ $ — ​ $ — ​ $ 535,905,970 Tobacco ​ ​ 135,807,514 ​ ​ — ​ ​ — ​ ​ 135,807,514 Confectionery ​ ​ 47,150,791 ​ ​ — ​ ​ — ​ ​ 47,150,791 Health food ​ ​ — ​ ​ 24,344,501 ​ ​ — ​ ​ 24,344,501 Foodservice & other ​ ​ 71,250,693 ​ ​ — ​ ​ — ​ ​ 71,250,693 Total external revenue ​ ​ 790,114,968 ​ ​ 24,344,501 ​ ​ — ​ ​ 814,459,469 Depreciation ​ ​ 986,332 ​ ​ 616,135 ​ ​ — ​ ​ 1,602,467 Operating income (loss) ​ ​ 13,741,978 ​ ​ 1,207,653 ​ ​ (7,248,604) ​ ​ 7,701,027 Interest expense ​ ​ 108,562 ​ ​ — ​ ​ 458,456 ​ ​ 567,018 Income (loss) from operations before taxes ​ ​ 13,673,095 ​ ​ 1,213,313 ​ ​ (7,651,331) ​ ​ 7,235,077 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 1,362,161 ​ ​ 1,362,161 Total assets ​ ​ 149,384,369 ​ ​ 17,563,452 ​ ​ 14,222,250 ​ ​ 181,170,071 Capital expenditures ​ ​ 643,684 ​ ​ 231,538 ​ ​ — ​ ​ 875,222 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated SIX MONTHS ENDED MARCH 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 532,147,749 ​ $ — ​ $ — ​ $ 532,147,749 Tobacco ​ ​ 126,277,312 ​ ​ — ​ ​ — ​ ​ 126,277,312 Confectionery ​ ​ 40,066,093 ​ ​ — ​ ​ — ​ ​ 40,066,093 Health food ​ ​ — ​ ​ 23,453,430 ​ ​ — ​ ​ 23,453,430 Foodservice & other ​ ​ 61,313,679 ​ ​ — ​ ​ — ​ ​ 61,313,679 Total external revenue ​ ​ 759,804,833 ​ ​ 23,453,430 ​ ​ — ​ ​ 783,258,263 Depreciation ​ ​ 959,697 ​ ​ 594,513 ​ ​ — ​ ​ 1,554,210 Operating income (loss) ​ ​ 10,219,371 ​ ​ 546,316 ​ ​ (3,507,115) ​ ​ 7,258,572 Interest expense ​ ​ 87,645 ​ ​ — ​ ​ 599,328 ​ ​ 686,973 Income (loss) from operations before taxes ​ ​ 10,195,201 ​ ​ 552,034 ​ ​ (4,049,548) ​ ​ 6,697,687 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 648,831 ​ ​ 648,831 Total assets ​ ​ 142,275,883 ​ ​ 17,673,640 ​ ​ 11,575,485 ​ ​ 171,525,008 Capital expenditures ​ ​ 593,431 ​ ​ 143,366 ​ ​ — ​ ​ 736,797 ​

COMMON STOCK REPURCHASES

COMMON STOCK REPURCHASES	6 Months Ended
	Mar. 31, 2022
COMMON STOCK REPURCHASES
COMMON STOCK REPURCHASES	11. COMMON STOCK REPURCHASES ​ The Company did not repurchase any shares of its common stock during the three and six months ended March 2022. The Company did not repurchase any shares of its common stock during the three months ended March 2021, and repurchased 68 shares of its common stock during the six months ended March 2021 for cash totaling less than $0.1 million. All repurchased shares were recorded in treasury stock at cost. ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Mar. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
WHOLESALE SEGMENT AND RETAIL SEGMENT	AMCON Distributing Company and Subsidiaries (“AMCON” or the “Company”) operate two business segments: ​ ● Our wholesale distribution segment (“Wholesale Segment”) distributes consumer products and provides a full range of programs and services to our customers that are focused on helping them manage their business and increase their profitability. We serve customers in 26 states and primarily operate in the Central, Rocky Mountain, and Mid-South regions of the United States. ​ ● Our retail health food segment (“Retail Segment”) operates twenty health food retail stores located throughout the Midwest and Florida. ​ WHOLESALE SEGMENT ​ Our Wholesale Segment is one of the largest wholesale distributors in the United States serving approximately 4,100 retail outlets including convenience stores, grocery stores, liquor stores, drug stores, and tobacco shops. We currently distribute over 17,700 different consumer products, including cigarettes and tobacco products, candy and other confectionery, beverages, groceries, paper products, health and beauty care products, frozen and refrigerated products and institutional foodservice products. Convenience stores represent our largest customer category. In December 2021, Convenience Store News ranked us as the sixth (6th) largest convenience store distributor in the United States based on annual sales. ​ Our Wholesale Segment offers retailers the ability to take advantage of manufacturer and Company sponsored sales and marketing programs, merchandising and product category management services, and the use of information systems and data services that are focused on minimizing retailers’ investment in inventory, while seeking to maximize their sales and profits. In addition, our wholesale distributing capabilities provide valuable services to both manufacturers of consumer products and convenience retailers. Manufacturers benefit from our broad retail coverage, inventory management, efficiency in processing small orders, and frequency of deliveries. Convenience retailers benefit from our distribution capabilities by gaining access to a broad product line, inventory optimization and merchandising expertise, information systems, and accessing trade credit. ​ Our Wholesale Segment operates six distribution centers located in Illinois, Missouri, Nebraska, North Dakota, South Dakota, and Tennessee. These distribution centers, combined with cross-dock facilities, include approximately 685,000 square feet of permanent floor space. Our principal suppliers include Altria, RJ Reynolds, ITG Brands, Hershey, Kellogg’s, Kraft, and Mars Wrigley. We also market private label lines of water, candy products, batteries, and other products. We do not maintain any long-term purchase contracts with our suppliers. ​ RETAIL SEGMENT ​ Our Retail Segment, through our Healthy Edge, Inc. subsidiary, is a specialty retailer of natural/organic groceries and dietary supplements which focuses on providing high quality products at affordable prices, with an exceptional level of customer service and nutritional consultation. All of the products carried in our stores must meet strict quality and ingredient guidelines, and include offerings such as gluten-free and antibiotic-free groceries and meat products, as well as products containing no artificial colors, flavors, preservatives, or partially hydrogenated oils. We design our retail sites in an efficient and flexible small-store format, which emphasizes a high energy and shopper-friendly environment. ​ We operate within the natural products retail industry, which is a subset of the U.S. grocery industry. This industry includes conventional, natural, gourmet and specialty food markets, mass and discount retailers, warehouse clubs, health food stores, dietary supplement retailers, drug stores, farmers markets, mail order and online retailers, and multi-level marketers. ​ Our Retail Segment operates twenty retail health food stores as Chamberlin’s Natural Foods (“Chamberlin’s”), Akin’s Natural Foods (“Akin’s”), and Earth Origins Market (“EOM”). These stores carry over 35,000 different national and regionally branded and private label products including high-quality natural, organic, and specialty foods consisting of produce, baked goods, frozen foods, nutritional supplements, personal care items, and general merchandise. Chamberlin’s, which was established in 1935, has a total of seven locations in and around Orlando, Florida. Akin’s, which was also established in 1935, has a total of six locations in Arkansas, Missouri, and Oklahoma. EOM has a total of seven locations in Florida.
FINANCIAL STATEMENTS	FINANCIAL STATEMENTS ​ The Company’s fiscal year ends on September 30. The results for the interim period included with this Quarterly Report may not be indicative of the results which could be expected for the entire fiscal year. All significant intercompany transactions and balances have been eliminated in consolidation. Certain information and footnote disclosures normally included in our annual financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) have been condensed or omitted. In the opinion of management, the accompanying condensed consolidated unaudited financial statements (“financial statements”) contain all adjustments necessary to fairly present the financial information included herein. The Company believes that although the disclosures contained herein are adequate to prevent the information presented from being misleading, these financial statements should be read in conjunction with the Company’s annual audited consolidated financial statements for the fiscal year ended September 30, 2021, as filed with the Securities and Exchange Commission on Form 10-K. For purposes of this report, unless the context indicates otherwise, all references to “we”, “us”, “our”, the “Company”, and “AMCON” shall mean AMCON Distributing Company and its subsidiaries. Additionally, the three month fiscal periods ended March 31, 2022 and March 31, 2021 have been referred to throughout this quarterly report as Q2 2022 and Q2 2021, respectively. The fiscal balance sheet dates as of March 31, 2022 and September 30, 2021 have been referred to as March 2022 and September 2021, respectively.
ACCOUNTING PRONOUNCEMENTS	ACCOUNTING PRONOUNCEMENTS ​ Recent Accounting Pronouncements ​ In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which introduces a forward-looking approach, based on expected losses, to estimate credit losses on certain types of financial instruments, including trade receivables. The estimate of expected credit losses will require entities to incorporate considerations of historical information, current information, and reasonable and supportable forecasts. This ASU also expands the disclosure requirements to enable users of financial statements to understand the entity’s assumptions, models, and methods for estimating expected credit losses. This guidance is effective for fiscal years beginning after December 15, 2022 (fiscal 2024 for the Company) with early adoption permitted. The Company is currently reviewing this ASU and its potential impact on our consolidated financial statements.

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Mar. 31, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ March September ​ ​ 2022 ​ 2021 Wholesale Segment ​ $ 4,436,950 ​ $ 4,436,950
Schedule of other intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ March September ​ ​ 2022 ​ 2021 Trademarks and tradenames (Retail Segment) ​ $ 500,000 ​ $ 500,000

EQUITY METHOD INVESTMENT (Table

EQUITY METHOD INVESTMENT (Tables)	6 Months Ended
	Mar. 31, 2022
EQUITY METHOD INVESTMENT.
Summarized financial data of equity investee	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended March 2022 For the three months ended March 2021 For the six months ended March 2022 For the six months ended March 2021 Sales ​ $ 148,066,173 ​ $ 158,459,384 ​ $ 329,483,268 ​ $ 323,027,468 Gross profit ​ ​ 8,219,808 ​ ​ 7,719,918 ​ ​ 18,037,786 ​ ​ 15,567,308 Net income before income taxes ​ ​ 1,594,579 ​ ​ 941,027 ​ ​ 3,669,415 ​ ​ 1,944,820 Net income attributable to AMCON, net of tax ​ ​ 591,795 ​ ​ 313,492 ​ ​ 1,362,161 ​ ​ 648,831

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Mar. 31, 2022
EARNINGS PER SHARE
Schedule of net earnings per share available to common shareholders	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended March ​ ​ 2022 ​ 2021 ​ Basic Diluted Basic Diluted Weighted average number of common shares outstanding ​ ​ 567,889 ​ ​ 567,889 ​ ​ 551,369 ​ ​ 551,369 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ ​ — ​ ​ 10,862 ​ ​ — ​ ​ 9,572 Weighted average number of shares outstanding ​ ​ 567,889 ​ ​ 578,751 ​ ​ 551,369 ​ ​ 560,941 Net income available to common shareholders ​ $ 3,006,182 ​ $ 3,006,182 ​ $ 2,428,908 ​ $ 2,428,908 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings per share available to common shareholders ​ $ 5.29 ​ $ 5.19 ​ $ 4.41 ​ $ 4.33 (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the six months ended March ​ ​ 2022 ​ 2021 ​ Basic Diluted Basic Diluted Weighted average number of common shares outstanding ​ ​ 565,694 ​ ​ 565,694 ​ ​ 549,729 ​ ​ 549,729 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) ​ ​ — ​ ​ 15,634 ​ ​ — ​ ​ 8,012 Weighted average number of shares outstanding ​ ​ 565,694 ​ ​ 581,328 ​ ​ 549,729 ​ ​ 557,741 Net income available to common shareholders ​ $ 6,007,238 ​ $ 6,007,238 ​ $ 5,506,518 ​ $ 5,506,518 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net earnings per share available to common shareholders ​ $ 10.62 ​ $ 10.33 ​ $ 10.02 ​ $ 9.87 (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive.

EQUITY-BASED INCENTIVE AWARDS (

EQUITY-BASED INCENTIVE AWARDS (Tables)	6 Months Ended
	Mar. 31, 2022
EQUITY-BASED INCENTIVE AWARDS
Summary of stock options activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number ​ Average ​ ​ of ​ Exercise ​ ​ Shares ​ Price Outstanding at September 2021 22,250 ​ $ 86.76 Granted — ​ ​ — Exercised (22,250) ​ 86.76 Forfeited/Expired — ​ — Outstanding at March 2022 — ​ $ —

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	6 Months Ended
	Mar. 31, 2022
BUSINESS SEGMENTS
Schedule of segment information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated THREE MONTHS ENDED MARCH 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 256,539,579 ​ $ — ​ $ — ​ $ 256,539,579 Tobacco ​ ​ 66,739,280 ​ ​ — ​ ​ — ​ ​ 66,739,280 Confectionery ​ ​ 22,671,755 ​ ​ — ​ ​ — ​ ​ 22,671,755 Health food ​ ​ — ​ ​ 12,419,296 ​ ​ — ​ ​ 12,419,296 Foodservice & other ​ ​ 33,518,282 ​ ​ — ​ ​ — ​ ​ 33,518,282 Total external revenue ​ ​ 379,468,896 ​ ​ 12,419,296 ​ ​ — ​ ​ 391,888,192 Depreciation ​ ​ 499,567 ​ ​ 318,655 ​ ​ — ​ ​ 818,222 Operating income (loss) ​ ​ 6,303,312 ​ ​ 746,068 ​ ​ (3,106,031) ​ ​ 3,943,349 Interest expense ​ ​ 53,067 ​ ​ — ​ ​ 191,853 ​ ​ 244,920 Income (loss) from operations before taxes ​ ​ 6,281,362 ​ ​ 748,572 ​ ​ (3,270,547) ​ ​ 3,759,387 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 591,795 ​ ​ 591,795 Total assets ​ ​ 149,384,369 ​ ​ 17,563,452 ​ ​ 14,222,250 ​ ​ 181,170,071 Capital expenditures ​ ​ 466,703 ​ ​ 187,093 ​ ​ — ​ ​ 653,796 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated THREE MONTHS ENDED MARCH 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 255,558,043 ​ $ — ​ $ — ​ $ 255,558,043 Tobacco ​ ​ 61,431,768 ​ ​ — ​ ​ — ​ ​ 61,431,768 Confectionery ​ ​ 19,901,516 ​ ​ — ​ ​ — ​ ​ 19,901,516 Health food ​ ​ — ​ ​ 12,306,332 ​ ​ — ​ ​ 12,306,332 Foodservice & other ​ ​ 29,315,831 ​ ​ — ​ ​ — ​ ​ 29,315,831 Total external revenue ​ ​ 366,207,158 ​ ​ 12,306,332 ​ ​ — ​ ​ 378,513,490 Depreciation ​ ​ 487,004 ​ ​ 292,921 ​ ​ — ​ ​ 779,925 Operating income (loss) ​ ​ 4,431,132 ​ ​ 661,303 ​ ​ (1,921,741) ​ ​ 3,170,694 Interest expense ​ ​ 58,109 ​ ​ — ​ ​ 252,434 ​ ​ 310,543 Income (loss) from operations before taxes ​ ​ 4,425,941 ​ ​ 664,193 ​ ​ (2,145,718) ​ ​ 2,944,416 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 313,492 ​ ​ 313,492 Total assets ​ ​ 142,275,883 ​ ​ 17,673,640 ​ ​ 11,575,485 ​ ​ 171,525,008 Capital expenditures ​ ​ 186,991 ​ ​ 101,294 ​ ​ — ​ ​ 288,285 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated SIX MONTHS ENDED MARCH 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 535,905,970 ​ $ — ​ $ — ​ $ 535,905,970 Tobacco ​ ​ 135,807,514 ​ ​ — ​ ​ — ​ ​ 135,807,514 Confectionery ​ ​ 47,150,791 ​ ​ — ​ ​ — ​ ​ 47,150,791 Health food ​ ​ — ​ ​ 24,344,501 ​ ​ — ​ ​ 24,344,501 Foodservice & other ​ ​ 71,250,693 ​ ​ — ​ ​ — ​ ​ 71,250,693 Total external revenue ​ ​ 790,114,968 ​ ​ 24,344,501 ​ ​ — ​ ​ 814,459,469 Depreciation ​ ​ 986,332 ​ ​ 616,135 ​ ​ — ​ ​ 1,602,467 Operating income (loss) ​ ​ 13,741,978 ​ ​ 1,207,653 ​ ​ (7,248,604) ​ ​ 7,701,027 Interest expense ​ ​ 108,562 ​ ​ — ​ ​ 458,456 ​ ​ 567,018 Income (loss) from operations before taxes ​ ​ 13,673,095 ​ ​ 1,213,313 ​ ​ (7,651,331) ​ ​ 7,235,077 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 1,362,161 ​ ​ 1,362,161 Total assets ​ ​ 149,384,369 ​ ​ 17,563,452 ​ ​ 14,222,250 ​ ​ 181,170,071 Capital expenditures ​ ​ 643,684 ​ ​ 231,538 ​ ​ — ​ ​ 875,222 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wholesale ​ Retail ​ ​ ​ ​ ​ Segment Segment Other Consolidated SIX MONTHS ENDED MARCH 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cigarettes ​ $ 532,147,749 ​ $ — ​ $ — ​ $ 532,147,749 Tobacco ​ ​ 126,277,312 ​ ​ — ​ ​ — ​ ​ 126,277,312 Confectionery ​ ​ 40,066,093 ​ ​ — ​ ​ — ​ ​ 40,066,093 Health food ​ ​ — ​ ​ 23,453,430 ​ ​ — ​ ​ 23,453,430 Foodservice & other ​ ​ 61,313,679 ​ ​ — ​ ​ — ​ ​ 61,313,679 Total external revenue ​ ​ 759,804,833 ​ ​ 23,453,430 ​ ​ — ​ ​ 783,258,263 Depreciation ​ ​ 959,697 ​ ​ 594,513 ​ ​ — ​ ​ 1,554,210 Operating income (loss) ​ ​ 10,219,371 ​ ​ 546,316 ​ ​ (3,507,115) ​ ​ 7,258,572 Interest expense ​ ​ 87,645 ​ ​ — ​ ​ 599,328 ​ ​ 686,973 Income (loss) from operations before taxes ​ ​ 10,195,201 ​ ​ 552,034 ​ ​ (4,049,548) ​ ​ 6,697,687 Equity method investment earnings, net of tax ​ ​ — ​ ​ — ​ ​ 648,831 ​ ​ 648,831 Total assets ​ ​ 142,275,883 ​ ​ 17,673,640 ​ ​ 11,575,485 ​ ​ 171,525,008 Capital expenditures ​ ​ 593,431 ​ ​ 143,366 ​ ​ — ​ ​ 736,797

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Details)	1 Months Ended	6 Months Ended
	Dec. 31, 2021item	Mar. 31, 2022ft²itemsegmentstate
Number of business segments | segment		2
Wholesale Segment
Number of states served | state		26
Number of retail outlets served		4,100
Number of products sold or distributed		17,700
Rank assigned by Convenience Store News	6
Number of distribution centers		6
Floor space occupied by distribution centers (in square feet) | ft²		685,000
Retail Segment
Number of operating health food retail stores		20
Number of products sold or distributed		35,000
Retail Segment | Florida | Chamberlin's
Number of operating health food retail stores		7
Retail Segment | Florida | Earth Origins Markets
Number of operating health food retail stores		7
Retail Segment | Midwest | Akin's
Number of operating health food retail stores		6

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Mar. 31, 2022	Sep. 30, 2021
INVENTORIES
Total reserves on finished goods	$ 0.9	$ 0.8

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) - USD ($)	Mar. 31, 2022	Sep. 30, 2021
Goodwill by reporting segment
Goodwill	$ 4,436,950	$ 4,436,950
Wholesale Segment
Goodwill by reporting segment
Goodwill	$ 4,436,950	$ 4,436,950

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($)	Mar. 31, 2022	Sep. 30, 2021
Other intangible assets, net	$ 500,000	$ 500,000
Trademarks and tradenames | Retail Segment
Other intangible assets, net	$ 500,000	$ 500,000

EQUITY METHOD INVESTMENT (Detai

EQUITY METHOD INVESTMENT (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2020	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Sep. 30, 2021
EQUITY METHOD INVESTMENT
Carrying value of investment		$ 10,451,386		$ 10,451,386		$ 9,380,343
Equity method investment earnings, net of tax		$ 591,795	$ 313,492	$ 1,362,161	$ 648,831
Team Sledd
EQUITY METHOD INVESTMENT
Contribution in cash	$ 10,000,000
Contribution structured as equity	6,500,000
Contribution structured as a secured loan	$ 3,500,000
Ownership (as a percent)		49.00%		49.00%
Carrying value of investment		$ 10,500,000		$ 10,500,000
Equity method investment earnings, net of tax		600,000	$ 300,000	1,400,000	$ 600,000
Carrying value of secured loan		$ 3,300,000		$ 3,300,000		3,500,000
Prepaid expenses and other current assets | Team Sledd
EQUITY METHOD INVESTMENT
Secured loan balance, current						$ 200,000

EQUITY METHOD INVESTMENT - Equi

EQUITY METHOD INVESTMENT - Equity investee's summarized financial data (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
EQUITY METHOD INVESTMENT
Total external revenue	$ 391,888,192	$ 378,513,490	$ 814,459,469	$ 783,258,263
Gross profit	26,676,922	22,972,786	53,609,584	46,434,765
Net income before income taxes	3,759,387	2,944,416	7,235,077	6,697,687
Net income attributable to AMCON, net of tax	591,795	313,492	1,362,161	648,831
Team Sledd | Equity method investment
EQUITY METHOD INVESTMENT
Total external revenue	148,066,173	158,459,384	329,483,268	323,027,468
Gross profit	8,219,808	7,719,918	18,037,786	15,567,308
Net income before income taxes	1,594,579	941,027	3,669,415	1,944,820
Net income attributable to AMCON, net of tax	$ 591,795	$ 313,492	$ 1,362,161	$ 648,831

DIVIDENDS (Details)

DIVIDENDS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Dividend paid on common stock			$ 3,223,011	$ 3,144,130
Cash dividend
Dividend paid on common stock	$ 100,000	$ 3,000,000	$ 3,200,000	$ 3,100,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
EARNINGS PER SHARE
Weighted average number of common shares outstanding, Basic	567,889	551,369	565,694	549,729
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1)	10,862	9,572	15,634	8,012
Weighted average number of shares outstanding, Diluted	578,751	560,941	581,328	557,741
Net income available to common shareholders	$ 3,006,182	$ 2,428,908	$ 6,007,238	$ 5,506,518
Net income available to common shareholders, diluted	$ 3,006,182	$ 2,428,908	$ 6,007,238	$ 5,506,518
Net earnings per share available to common shareholders, Basic (in dollars per share)	$ 5.29	$ 4.41	$ 10.62	$ 10.02
Net earnings per share available to common shareholders, Diluted (in dollars per share)	$ 5.19	$ 4.33	$ 10.33	$ 9.87

DEBT - Credit Facility (Details

DEBT - Credit Facility (Details) - Credit Facility $ in Millions	6 Months Ended
	Mar. 31, 2022USD ($)
Revolving credit facility
Revolving credit limit	$ 110
Increase in borrowing capacity available under loan accordion	25
Additional credit advances for certain inventory purchases	$ 10
Automatic renewal period of agreement unless terminated	1 year
Unused commitment fee (as a percent)	0.25%
Period considered for computing fixed charge coverage ratio	12 months
Threshold of excess availability of credit as a percentage of maximum loan limit, required for financial covenant compliance	10.00%
Restricted amount of dividends on common stock	$ 5
Current credit limit of the Facility	106
Outstanding borrowings under the Facility	35.2
Credit available under the Facility	$ 70.8
Average interest rate	1.76%
Peak borrowings under the Facility	$ 64.3
Average borrowings under the Facility	39.1
Average availability under the Facility	$ 56.5
LIBOR
Revolving credit facility
Variable rate basis	LIBOR
Minimum basis points added to reference rate (as a percent)	0.00%
Prime rate
Revolving credit facility
Variable rate basis	prime rate
Minimum
Revolving credit facility
Notice period prior to the end of any original or renewal term of the agreement required for terminating the agreement either by the borrower or lender	90 days
Fixed charge coverage ratio	1
Minimum | LIBOR
Revolving credit facility
Basis points added to reference rate (as a percent)	1.25%
Maximum | LIBOR
Revolving credit facility
Basis points added to reference rate (as a percent)	1.50%

DEBT - Cross Default and Co-Ter

DEBT - Cross Default and Co-Terminus Provisions and Other (Details) $ in Millions	6 Months Ended
	Mar. 31, 2022USD ($)item
DEBT
Number of cross defaults | item	0
Letter of credit issued for worker's compensation insurance carrier as part of the entity's self-insured loss control program | $	$ 0.6

EQUITY-BASED INCENTIVE AWARDS -

EQUITY-BASED INCENTIVE AWARDS - Omnibus Plans and Stock Options (Details)	6 Months Ended
	Mar. 31, 2022item$ / sharesshares
Omnibus Plans
EQUITY-BASED INCENTIVE AWARD
Number of incentive plans | item	3
Number of shares of the company's common stock permitted for issuance under the plan	195,000
Number of shares awarded pursuant to the plan	111,420
Number of additional shares that may be awarded under the plan	83,580
Stock Options
Number of Shares
Outstanding at the beginning of the period (in shares)	22,250
Exercised (in shares)	(22,250)
Weighted Average Exercise Price
Outstanding at beginning of the period (in dollars per share) | $ / shares	$ 86.76
Exercised (in dollars per share) | $ / shares	$ 86.76

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details)	3 Months Ended		6 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)	Sep. 30, 2021USD ($)
Information by business segments
Number of reportable business segments | segment			2
Total external revenue	$ 391,888,192	$ 378,513,490	$ 814,459,469	$ 783,258,263
Depreciation	818,222	779,925	1,602,467	1,554,210
Operating income (loss)	3,943,349	3,170,694	7,701,027	7,258,572
Interest expense	244,920	310,543	567,018	686,973
Income (loss) from operations before taxes	3,759,387	2,944,416	7,235,077	6,697,687
Equity method investment earnings, net of tax	591,795	313,492	1,362,161	648,831
Total assets	181,170,071	171,525,008	181,170,071	171,525,008	$ 188,411,129
Capital expenditures	653,796	288,285	875,222	736,797
Cigarettes
Information by business segments
Total external revenue	256,539,579	255,558,043	535,905,970	532,147,749
Tobacco
Information by business segments
Total external revenue	66,739,280	61,431,768	135,807,514	126,277,312
Confectionery
Information by business segments
Total external revenue	22,671,755	19,901,516	47,150,791	40,066,093
Health food
Information by business segments
Total external revenue	12,419,296	12,306,332	24,344,501	23,453,430
Foodservice & other
Information by business segments
Total external revenue	33,518,282	29,315,831	71,250,693	61,313,679
Other
Information by business segments
Operating income (loss)	(3,106,031)	(1,921,741)	(7,248,604)	(3,507,115)
Interest expense	191,853	252,434	458,456	599,328
Income (loss) from operations before taxes	(3,270,547)	(2,145,718)	(7,651,331)	(4,049,548)
Equity method investment earnings, net of tax	591,795	313,492	1,362,161	648,831
Total assets	14,222,250	11,575,485	14,222,250	11,575,485
Wholesale Segment
Information by business segments
Total external revenue	379,468,896	366,207,158	790,114,968	759,804,833
Depreciation	499,567	487,004	986,332	959,697
Operating income (loss)	6,303,312	4,431,132	13,741,978	10,219,371
Interest expense	53,067	58,109	108,562	87,645
Income (loss) from operations before taxes	6,281,362	4,425,941	13,673,095	10,195,201
Total assets	149,384,369	142,275,883	149,384,369	142,275,883
Capital expenditures	466,703	186,991	643,684	593,431
Wholesale Segment | Cigarettes
Information by business segments
Total external revenue	256,539,579	255,558,043	535,905,970	532,147,749
Wholesale Segment | Tobacco
Information by business segments
Total external revenue	66,739,280	61,431,768	135,807,514	126,277,312
Wholesale Segment | Confectionery
Information by business segments
Total external revenue	22,671,755	19,901,516	47,150,791	40,066,093
Wholesale Segment | Foodservice & other
Information by business segments
Total external revenue	33,518,282	29,315,831	71,250,693	61,313,679
Retail Segment
Information by business segments
Total external revenue	12,419,296	12,306,332	24,344,501	23,453,430
Depreciation	318,655	292,921	616,135	594,513
Operating income (loss)	746,068	661,303	1,207,653	546,316
Income (loss) from operations before taxes	748,572	664,193	1,213,313	552,034
Total assets	17,563,452	17,673,640	17,563,452	17,673,640
Capital expenditures	187,093	101,294	231,538	143,366
Retail Segment | Health food
Information by business segments
Total external revenue	$ 12,419,296	$ 12,306,332	$ 24,344,501	$ 23,453,430

COMMON STOCK REPURCHASES (Detai

COMMON STOCK REPURCHASES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Number of shares of common stock repurchased	0	0	0	68
Maximum
Value of shares of common stock repurchased				$ 0.1