AMCON Distributing (DIT) 10-Q18 Apr 242024 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 17, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Securities Act 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		630,362
Entity Central Index Key	0000928465
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Sep. 30, 2023
Current assets:
Cash	$ 951,521	$ 790,931
Accounts receivable, less allowance for credit losses of $2.3 million at March 2024 and $2.4 million at September 2023	66,881,140	70,878,420
Inventories, net	121,324,279	158,582,816
Income taxes receivable	844,730	1,854,484
Prepaid expenses and other current assets	15,244,494	13,564,056
Total current assets	205,246,164	245,670,707
Property and equipment, net	94,475,740	80,607,451
Operating lease right-of-use assets, net	22,830,252	23,173,287
Goodwill	5,778,325	5,778,325
Other intangible assets, net	5,016,084	5,284,935
Other assets	2,810,304	2,914,495
Total assets	336,156,869	363,429,200
Current liabilities:
Accounts payable	51,726,762	43,099,326
Accrued expenses	12,661,273	14,922,279
Accrued wages, salaries and bonuses	5,371,550	8,886,529
Current operating lease liabilities	6,031,117	6,063,048
Current maturities of long-term debt	4,485,028	1,955,065
Current mandatorily redeemable non-controlling interest	1,812,558	1,703,604
Total current liabilities	82,088,288	76,629,851
Credit facilities	99,194,708	140,437,989
Deferred income tax liability, net	5,071,404	4,917,960
Long-term operating lease liabilities	17,106,256	17,408,758
Long-term debt, less current maturities	16,045,738	11,675,439
Mandatorily redeemable non-controlling interest, less current portion	8,012,406	7,787,227
Other long-term liabilities	686,435	402,882
Shareholders' equity:
Preferred stock, $.01 par value, 1,000,000 shares authorized
Common stock, $.01 par value, 3,000,000 shares authorized, 630,362 shares outstanding at March 2024 and 608,689 shares outstanding at September 2023	9,648	9,431
Additional paid-in capital	33,160,639	30,585,388
Retained earnings	106,053,510	104,846,438
Treasury stock at cost	(31,272,163)	(31,272,163)
Total shareholders' equity	107,951,634	104,169,094
Total liabilities and shareholders' equity	$ 336,156,869	$ 363,429,200

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Sep. 30, 2023
Condensed Consolidated Balance Sheets
Accounts receivable, allowance for doubtful accounts	$ 2.3	$ 2.4
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)	630,362	608,689

Condensed Consolidated Unaudite

Condensed Consolidated Unaudited Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Condensed Consolidated Unaudited Statements of Operations
Sales (including excise taxes of $127.4 and $130.9 million, and $265.5 and $261.3 million, respectively)	$ 601,877,306	$ 584,993,848	$ 1,246,836,380	$ 1,150,983,356
Cost of sales	559,566,439	543,861,287	1,161,224,591	1,074,881,211
Gross profit	42,310,867	41,132,561	85,611,789	76,102,145
Selling, general and administrative expenses	36,677,814	33,996,988	73,936,491	62,376,176
Depreciation and amortization	2,289,390	1,807,753	4,508,558	2,878,639
Total operating expenses	38,967,204	35,804,741	78,445,049	65,254,815
Operating income	3,343,663	5,327,820	7,166,740	10,847,330
Other expense (income):
Interest expense	2,247,737	2,169,541	4,559,250	3,863,698
Change in fair value of mandatorily redeemable non-controlling interest	134,389	221,030	334,133	166,114
Other (income), net	(191,006)	(173,725)	(754,147)	(227,257)
Total other expenses (income)	2,191,120	2,216,846	4,139,236	3,802,555
Income (loss) from operations before taxes	1,152,543	3,110,974	3,027,504	7,044,775
Income tax expense	613,000	1,045,400	1,417,000	2,350,200
Net income available to common shareholders	$ 539,543	$ 2,065,574	$ 1,610,504	$ 4,694,575
Basic earnings per share available to common shareholders	$ 0.90	$ 3.53	$ 2.69	$ 8.04
Diluted earnings per share available to common shareholders	$ 0.89	$ 3.49	$ 2.66	$ 7.94
Basic weighted average shares outstanding	600,161	585,885	597,879	583,725
Diluted weighted average shares outstanding	608,029	592,448	605,917	591,249
Dividends paid per common share	$ 0.46	$ 5.18	$ 0.64	$ 5.36

Condensed Consolidated Unaudi_2

Condensed Consolidated Unaudited Statements of Operations (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Condensed Consolidated Unaudited Statements of Operations
Sales, excise taxes	$ 127.4	$ 130.9	$ 265.5	$ 261.3

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, 2022	$ 9,168	$ (30,867,287)	$ 26,903,201	$ 96,784,353	$ 92,829,435
Balance (in shares) at Sep. 30, 2022	917,009
Balance (in shares) at Sep. 30, 2022		(332,220)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(3,311,870)	(3,311,870)
Compensation expense related to equity-based awards	$ 263		2,863,365		2,863,628
Compensation expense related to equity-based awards (in shares)	26,263
Net income available to common shareholders				4,694,575	4,694,575
Balance at Mar. 31, 2023	$ 9,431	$ (30,867,287)	29,766,566	98,167,058	97,075,768
Balance (in shares) at Mar. 31, 2023	943,272
Balance (in shares) at Mar. 31, 2023		(332,220)
Balance at Dec. 31, 2022	$ 9,431	$ (30,867,287)	29,357,154	96,212,704	94,712,002
Balance (in shares) at Dec. 31, 2022	943,272
Balance (in shares) at Dec. 31, 2022		(332,220)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(111,220)	(111,220)
Compensation expense related to equity-based awards			409,412		409,412
Net income available to common shareholders				2,065,574	2,065,574
Balance at Mar. 31, 2023	$ 9,431	$ (30,867,287)	29,766,566	98,167,058	97,075,768
Balance (in shares) at Mar. 31, 2023	943,272
Balance (in shares) at Mar. 31, 2023		(332,220)
Balance at Sep. 30, 2023	$ 9,431	$ (31,272,163)	30,585,388	104,846,438	$ 104,169,094
Balance (in shares) at Sep. 30, 2023	943,272				608,689
Balance (in shares) at Sep. 30, 2023		(334,583)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(403,432)	$ (403,432)
Compensation expense related to equity-based awards	$ 217		2,575,251		2,575,468
Compensation expense related to equity-based awards (in shares)	21,673
Net income available to common shareholders				1,610,504	1,610,504
Balance at Mar. 31, 2024	$ 9,648	$ (31,272,163)	33,160,639	106,053,510	$ 107,951,634
Balance (in shares) at Mar. 31, 2024	964,945				630,362
Balance (in shares) at Mar. 31, 2024		(334,583)
Balance at Dec. 31, 2023	$ 9,648	$ (31,272,163)	32,521,091	105,627,432	$ 106,886,008
Balance (in shares) at Dec. 31, 2023	964,945
Balance (in shares) at Dec. 31, 2023		(334,583)
Increase (Decrease) in Stockholders' Equity
Dividends on common stock				(113,465)	(113,465)
Compensation expense related to equity-based awards			639,548		639,548
Net income available to common shareholders				539,543	539,543
Balance at Mar. 31, 2024	$ 9,648	$ (31,272,163)	$ 33,160,639	$ 106,053,510	$ 107,951,634
Balance (in shares) at Mar. 31, 2024	964,945				630,362
Balance (in shares) at Mar. 31, 2024		(334,583)

Condensed Consolidated Unaudi_4

Condensed Consolidated Unaudited Statements of Shareholders Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Condensed Consolidated Unaudited Statements of Shareholders Equity
Dividends on common stock	$ 0.18	$ 0.18	$ 0.64	$ 5.36

Condensed Consolidated Unaudi_5

Condensed Consolidated Unaudited Statements of Cash Flows - USD ($)	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income available to common shareholders	$ 1,610,504	$ 4,694,575
Adjustments to reconcile net income available to common shareholders to net cash flows from (used in) operating activities:
Depreciation	4,239,707	2,732,312
Amortization	268,851	146,327
(Gain) loss on sales of property and equipment	(105,505)	(133,159)
Equity-based compensation	1,210,685	1,061,383
Deferred income taxes	153,444	989,702
Provision for credit losses	(133,707)	(378,302)
Inventory allowance	22,413	(6,947)
Change in fair value of mandatorily redeemable non-controlling interest	334,133	166,114
Changes in assets and liabilities:
Accounts receivable	4,130,987	5,097,281
Inventories	37,236,124	19,843,973
Prepaid and other current assets	(1,680,438)	(411,185)
Other assets	104,191	(275,796)
Accounts payable	9,475,057	10,457,273
Accrued expenses and accrued wages, salaries and bonuses	(4,402,600)	(1,094,009)
Other long-term liabilities	283,553	116,896
Income taxes payable and receivable	1,009,754	(59,527)
Net cash flows from (used in) operating activities	53,757,153	42,946,911
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(11,084,390)	(2,760,586)
Proceeds from sales of property and equipment	234,278	137,500
Acquisition of Henry's		(54,958,637)
Net cash flows from (used in) investing activities	(10,850,112)	(57,581,723)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facilities	1,128,853,805	1,184,888,842
Repayments under revolving credit facilities	(1,170,097,086)	(1,173,087,034)
Proceeds from borrowings on long-term debt		7,000,000
Principal payments on long-term debt	(1,099,738)	(504,941)
Dividends on common stock	(403,432)	(3,311,870)
Net cash flows from (used in) financing activities	(42,746,451)	14,984,997
Net change in cash	160,590	350,185
Cash, beginning of period	790,931	431,576
Cash, end of period	951,521	781,761
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	4,568,790	3,527,737
Cash paid during the period for income taxes, net of refunds	194,902	1,419,354
Supplemental disclosure of non-cash information:
Equipment acquisitions classified in accounts payable	167,913	132,876
Purchase of property financed with debt	8,000,000
Issuance of common stock in connection with the vesting of equity-based awards	$ 1,296,372	$ 2,044,805

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION	6 Months Ended
	Mar. 31, 2024
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”) serves customers in 32 states through 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 primarily in the Central, Rocky Mountain, Mid-South and Mid-Atlantic regions of the United States. ● Our retail health food segment (“Retail Segment”) operates 14 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 7,000 retail outlets including convenience stores, grocery stores, liquor stores, drug stores, and tobacco shops. We currently distribute over 20,000 different consumer products, including cigarettes and tobacco products, candy and other confectionery products, 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 2023, 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 distribution 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 12 distribution centers located in Colorado, Illinois, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Tennessee and West Virginia. These distribution centers, combined with cross-dock facilities, include approximately 1.7 million square feet of permanent floor space. Our principal suppliers include Altria, RJ Reynolds, ITG Brands, Hershey, Kellanova, Kraft Heinz, 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. During Q2 2024, the Company purchased a distribution facility in Colorado City, Colorado for $10.0 million, funded with $2.0 million in cash and an $8.0 million note payable. In addition, as further described in Note 10, subsequent to Q2 2024 the Company closed on its previously announced acquisition of Burklund Distributors, Inc. RETAIL SEGMENT Our Retail Segment, through our Healthy Edge Retail Group We operate within the natural products retail industry, which is a subset of the United States 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 14 retail health food stores as Chamberlin’s Natural Foods, Akin’s Natural Foods, and Earth Origins Market. These stores carry over 36,000 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. FINANCIAL STATEMENTS The Company’s fiscal year ends on September 30 th ACCOUNTING PRONOUNCEMENTS Accounting Pronouncement Adopted 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 requires 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. The Company adopted ASU 2016-13 on October 1, 2023. The adoption of ASU 2016-13 did not have a material effect on the Company’s consolidated financial statements. Accounts Receivable: In accordance with the Company’s accounts receivable policy, accounts receivable primarily consists of customer trade receivables arising in the ordinary course of business. These receivables are recorded net of an allowance for expected credit losses. The Company evaluates the expected uncollectibility of accounts receivable based on a combination of factors, including but not limited to, past collection history, customer credit terms, industry, regulatory and economic conditions, and any customer specific risks, including credit concentration risks. The Company determines the past due status of trade receivables based on our payment terms with each customer. If the Company becomes aware of a specific customer’s inability to meet its financial obligations, such as bankruptcy filings or deterioration in the customer’s operating results or financial position, the Company may record a specific reserve for expected credit losses to reduce the related receivable to the amount it reasonably believes is collectible. Account balances are charged off against the allowance for credit losses when collection efforts have been exhausted and the account receivable is deemed worthless. Any subsequent recoveries of charged off account balances are recorded as income in the period received. Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures”, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU also expands disclosure requirements to enable users of financial statements to better understand the entity’s measurement and assessment of segment performance and resource allocation. This guidance is effective for fiscal years beginning after December 15, 2023 (fiscal 2025 for the Company), and interim periods within fiscal years beginning after December 15, 2024 (fiscal 2026 for the Company), with early adoption permitted. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures”, which enhances the transparency, effectiveness and comparability of income tax disclosures by requiring consistent categories and greater disaggregation of information related to income tax rate reconciliations and the jurisdictions in which income taxes are paid. This guidance is effective for annual periods beginning after December 15, 2024 (fiscal 2026 for the Company), with early adoption permitted.

INVENTORIES

INVENTORIES	6 Months Ended
INVENTORIES	Mar. 31, 2024
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, utilizing FIFO and average cost methods. 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 $1.2 million at both March 2024 and September 2023. 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
GOODWILL AND OTHER INTANGIBLE ASSETS	Mar. 31, 2024
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	3. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill at March 2024 and September 2023 was as follows: March September 2024 2023 Wholesale Segment $ 5,778,325 $ 5,778,325 Other intangible assets at March 2024 and September 2023 consisted of the following: March September 2024 2023 Customer lists (Wholesale Segment) (less accumulated amortization of $0.3 million at March 2024 and $0.2 million at September 2023) $ 3,111,413 $ 3,226,480 Non-competition agreements (Wholesale Segment) (less accumulated amortization of $0.2 million at March 2024 and $0.1 million at September 2023) 153,004 199,503 Tradename (Wholesale Segment) (less accumulated amortization of $0.3 million at March 2024 and $0.1 million at September 2023) 1,251,667 1,358,952 Trademarks and tradenames (Retail Segment) 500,000 500,000 $ 5,016,084 $ 5,284,935 Goodwill and Retail Segment 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 sheets represent amounts allocated to its wholesale reporting unit which totaled approximately $5.8 million at both March 2024 and September 2023. 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 2023. At March 2024, identifiable intangible assets considered to have finite lives were represented by customer lists which are being amortized over 15 years , a non-competition agreement which is being amortized over three years , a non-competition agreement which is being amortized over five years , and a tradename in our Wholesale Segment that is being amortized over seven years . These intangible assets are evaluated for accelerated attrition or amortization adjustments if warranted. Amortization expense related to these assets was approximately $0.1 million and $0.3 million for the three- and six-month periods ended March 2024, respectively, and approximately $0.1 million for both the three- and six-month periods ended March 2023. Estimated future amortization expense related to identifiable intangible assets with finite lives was as follows at March 2024: March 2024 Fiscal 2024 (1) $ 268,851 Fiscal 2025 506,869 Fiscal 2026 463,703 Fiscal 2027 463,703 Fiscal 2028 451,043 Fiscal 2029 and thereafter 2,361,915 $ 4,516,084 (1) Represents amortization for the remaining six months of Fiscal 2024.

DIVIDENDS

DIVIDENDS	6 Months Ended
DIVIDENDS	Mar. 31, 2024
DIVIDENDS
DIVIDENDS	4. DIVIDENDS The Company paid cash dividends on its common stock totaling $0.3 million and $0.4 million for the three- and six-month periods ended March 2024, respectively, and $3.2 million and $3.3 million for the three- and six-month periods ended March 2023, respectively.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
EARNINGS PER SHARE	Mar. 31, 2024
EARNINGS PER SHARE
EARNINGS PER SHARE	5. EARNINGS PER SHARE Basic earnings per share available to common shareholders is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing net income available to common shareholders 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 2024 2023 Basic Diluted Basic Diluted Weighted average number of common shares outstanding 600,161 600,161 585,885 585,885 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) — 7,868 — 6,563 Weighted average number of shares outstanding 600,161 608,029 585,885 592,448 Net income available to common shareholders $ 539,543 $ 539,543 $ 2,065,574 $ 2,065,574 Net earnings per share available to common shareholders $ 0.90 $ 0.89 $ 3.53 $ 3.49 (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive. For the six months ended March 2024 2023 Basic Diluted Basic Diluted Weighted average number of common shares outstanding 597,879 597,879 583,725 583,725 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) — 8,038 — 7,524 Weighted average number of shares outstanding 597,879 605,917 583,725 591,249 Net income available to common shareholders $ 1,610,504 $ 1,610,504 $ 4,694,575 $ 4,694,575 Net earnings per share available to common shareholders $ 2.69 $ 2.66 $ 8.04 $ 7.94 (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive.

DEBT

DEBT	6 Months Ended
DEBT	Mar. 31, 2024
DEBT
DEBT	6. DEBT The Company primarily finances its operations through three credit facility agreements (a) a facility that is an obligation of AMCON Distributing Company (the “AMCON Facility”), (b) a facility that is an obligation of Team Sledd, LLC (“Team Sledd” and, the “Team Sledd Facility”) and (c) a facility that is an obligation of Henry’s Foods, Inc. (“Henry’s” and, the “Henry’s Facility”) (collectively, the “Facilities”) and long-term debt agreements with banks. The Team Sledd Facility and the Henry’s Facility are non-recourse to AMCON Distributing Company, are not guaranteed by AMCON Distributing Company and have no cross default provisions applicable to AMCON Distributing Company. At March 2024, the Facilities had a total combined borrowing capacity of $300.0 million, which includes provisions for up to $30.0 million in credit advances for certain inventory purchases, which are limited by accounts receivable and inventory qualifications, and the value of certain real estate collateral. The Henry’s Facility matures in February 2026, the AMCON Facility matures in June 2027 and the Team Sledd Facility matures in March 2028, each without a penalty for prepayment. Obligations under the Facilities are collateralized by substantially all of the Company’s respective equipment, intangibles, inventories, accounts receivable, and certain real estate. The Facilities each feature an unused commitment fee and springing financial covenants. Borrowings under the Facilities bear interest at either the bank’s prime rate or the Secured Overnight Financing Rate (“SOFR”), plus any applicable spreads. The amount available for use from the Facilities at any given time is subject to a number of factors, including eligible accounts receivable and inventory balances that fluctuate day-to-day, as well as the value of certain real estate collateral. Based on the collateral and loan limits as defined in the Facility agreements, the credit limit of the combined Facilities at March 2024 was $191.2 million, of which $99.2 million was outstanding, leaving $92.0 million available. The average interest rate of the Facilities was 6.97% at March 2024. For the six months ended March 2024, the peak borrowings under the Facilities was $156.8 million, and the average borrowings and average availability under the Facilities was $120.1 million and $83.5 million, respectively. LONG-TERM DEBT In addition to the Facilities, the Company also had the following long-term debt obligations at March 2024 and September 2023. March 2024 September 2023 Note payable, interest payable at a fixed rate of 4.10% with monthly installments of principal and interest of $53,361 through June 2033 with remaining principal due July 2033, collateralized by Team Sledd's principal office and warehouse 4,958,774 5,174,188 Note payable, interest payable at a fixed rate of 3.25% with monthly installments of principal and interest of $17,016 through August 2034 with remaining principal due September 2034, collateralized by Team Sledd's principal office and warehouse 1,819,711 1,891,638 Note payable with monthly installments of principal and interest of $7,934 through February 2025 with remaining principal due March 2025, and an effective variable rate of 7.40% at March 2024, collateralized by certain of Team Sledd's equipment 240,630 288,237 Note payable, interest payable at a fixed rate of 6.04% with monthly installments of principal and interest of $131,987 through February 2028, collateralized by certain of Henry's equipment 5,511,651 6,276,441 Unsecured note payable, interest payable at a fixed rate of 5.50% with quarterly installments of principal and interest of $727,741 through February 2027 8,000,000 — 20,530,766 13,630,504 Less current maturities (4,485,028) (1,955,065) $ 16,045,738 $ 11,675,439 The aggregate minimum principal maturities of the long-term debt for each of the next five fiscal years are as follows: Fiscal Year Ending 2024 (1) $ 2,553,909 2025 4,667,440 2026 4,773,843 2027 3,574,419 2028 1,329,208 2029 and thereafter 3,631,947 $ 20,530,766 (1) Cross Default and Co-Terminus Provisions Team Sledd’s three notes payable and the Team Sledd Facility contain cross default provisions. The Henry’s note payable and the Henry’s Facility contain cross default provisions. There were no such cross defaults for either Team Sledd or Henry’s at March 2024. Additionally, the Team Sledd Facility and the Henry’s Facility are non-recourse to AMCON Distributing Company, are not guaranteed by AMCON Distributing Company and have no cross default provisions applicable to AMCON Distributing Company. The Company and its subsidiaries, including Team Sledd and Henry’s, were in compliance with all of the financial covenants under the respective Facilities at March 2024. Other The Company has issued a letter of credit for $1.5 million to its workers’ compensation insurance carriers as part of its self-insured loss control program.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Mar. 31, 2024
INCOME TAXES
INCOME TAXES	7. INCOME TAXES The change in the Company’s effective income tax rate for the three- and six-month periods ended March 2024 as compared to the respective prior year periods was primarily related to non-deductible compensation expense in relation to the amount of income from operations before income tax expense and higher effective state income tax rates between the comparative periods.

MANDATORILY REDEEMABLE NON-CONT

MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST	6 Months Ended
MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST	Mar. 31, 2024
MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST
MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST	8. MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST Mandatorily redeemable non-controlling interest (“MRNCI”) recorded on the Company’s condensed consolidated balance sheets represents the fair value of the non-controlling interest in the Company’s strategic investment in Team Sledd. The Company owned approximately 64% of Team Sledd as of both March 2024 and September 2023. The Company has elected to present the MRNCI liability at fair value under ASC 825 – Financial Instruments Fair value of MRNCI as of September 2023 $ 9,490,831 Redemption of non-controlling interests — Distributions to non-controlling interest — Change in fair value 334,133 Fair value of MRNCI as of March 2024 $ 9,824,964 Less current portion at fair value (1,812,558) $ 8,012,406 During April 2024, subsequent to Q2 2024, certain membership interests in Team Sledd were redeemed, which resulted in AMCON’s ownership of Team Sledd’s outstanding equity increasing to approximately 75%.

BUSINESS SEGMENTS

BUSINESS SEGMENTS	6 Months Ended
BUSINESS SEGMENTS	Mar. 31, 2024
BUSINESS SEGMENTS
BUSINESS SEGMENTS	9. BUSINESS SEGMENTS The Company has two reportable business segments: the wholesale distribution of consumer products which includes Team Sledd and Henry’s (the Wholesale Segment), and the retail sale of health and natural food products (the Retail Segment). The aggregation of the Company’s business operations into these business segments was based on a range of considerations, including but not limited to the characteristics of each business, similarities in the nature and type of products sold, customer classes, methods used to sell the products and economic profiles. Included in the “Other” column are intercompany eliminations 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) from operations before taxes. Wholesale Retail Segment Segment Other Consolidated THREE MONTHS ENDED MARCH 2024 External revenue: Cigarettes $ 367,878,538 $ — $ — $ 367,878,538 Tobacco 114,832,151 — — 114,832,151 Confectionery 37,862,439 — — 37,862,439 Health food — 11,224,329 — 11,224,329 Foodservice & other 70,079,849 — — 70,079,849 Total external revenue 590,652,977 11,224,329 — 601,877,306 Depreciation 1,940,843 214,121 — 2,154,964 Amortization 134,426 — — 134,426 Operating income (loss) 5,813,354 456,722 (2,926,413) 3,343,663 Interest expense — — 2,247,737 2,247,737 Income (loss) from operations before taxes 5,843,163 483,530 (5,174,150) 1,152,543 Total assets 318,821,274 16,312,547 1,023,048 336,156,869 Capital expenditures (1) 14,230,776 726,494 — 14,957,270 (1) Wholesale Retail Segment Segment Other Consolidated THREE MONTHS ENDED MARCH 2023 External revenue: Cigarettes $ 364,231,958 $ — $ — $ 364,231,958 Tobacco 110,422,414 — — 110,422,414 Confectionery 36,637,059 — — 36,637,059 Health food — 11,348,011 — 11,348,011 Foodservice & other 62,354,406 — — 62,354,406 Total external revenue 573,645,837 11,348,011 — 584,993,848 Depreciation 1,443,546 260,413 — 1,703,959 Amortization 103,794 — — 103,794 Operating income (loss) 8,921,673 171,448 (3,765,301) 5,327,820 Interest expense — — 2,169,541 2,169,541 Income (loss) from operations before taxes 8,847,836 197,980 (5,934,842) 3,110,974 Total assets 302,197,109 17,105,773 1,151,868 320,454,750 Capital expenditures 1,167,966 241,909 — 1,409,875 Wholesale Retail Segment Segment Other Consolidated SIX MONTHS ENDED MARCH 2024 External revenue: Cigarettes $ 763,547,247 $ — $ — $ 763,547,247 Tobacco 236,183,852 — — 236,183,852 Confectionery 77,905,569 — — 77,905,569 Health food — 21,913,758 — 21,913,758 Foodservice & other 147,285,954 — — 147,285,954 Total external revenue 1,224,922,622 21,913,758 — 1,246,836,380 Depreciation 3,796,589 443,118 — 4,239,707 Amortization 268,851 — — 268,851 Operating income (loss) 12,783,479 440,246 (6,056,985) 7,166,740 Interest expense — — 4,559,250 4,559,250 Income (loss) from operations before taxes 12,618,261 1,025,478 (10,616,235) 3,027,504 Total assets 318,821,274 16,312,547 1,023,048 336,156,869 Capital expenditures (1) 17,211,107 1,025,663 — 18,236,770 (1) Wholesale Retail Segment Segment Other Consolidated SIX MONTHS ENDED MARCH 2023 External revenue: Cigarettes $ 731,921,636 $ — $ — $ 731,921,636 Tobacco 214,461,534 — — 214,461,534 Confectionery 69,196,055 — — 69,196,055 Health food — 21,609,884 — 21,609,884 Foodservice & other 113,794,247 — — 113,794,247 Total external revenue 1,129,373,472 21,609,884 — 1,150,983,356 Depreciation 2,193,676 538,636 — 2,732,312 Amortization 146,327 — — 146,327 Operating income (loss) 17,162,168 (95,168) (6,219,670) 10,847,330 Interest expense — — 3,863,698 3,863,698 Income (loss) from operations before taxes 17,172,664 (44,521) (10,083,368) 7,044,775 Total assets 302,197,109 17,105,773 1,151,868 320,454,750 Capital expenditures 2,416,033 385,774 — 2,801,807

SUBSEQUENT EVENT

SUBSEQUENT EVENT	6 Months Ended
SUBSEQUENT EVENT	Mar. 31, 2024
SUBSEQUENT EVENT
SUBSEQUENT EVENT	10. SUBSEQUENT EVENT On April 5, 2024, the Company closed on its previously announced acquisition of Burklund Distributors, Inc. (“Burklund”), purchasing substantially all of Burklund’s net operating assets for approximately $19.6 million comprised of $15.7 million in cash and $3.9 million in term debt in the form of a promissory note payable. Costs to effectuate the transaction were not significant and were expensed as incurred. The acquisition of Burklund aligns with the Company’s long-term growth strategy by expanding its regional footprint and will provide customers with an enhanced range of products and services over time. As of the issuance date of these unaudited condensed consolidated financial statements, certain disclosures required by ASC 805 were impracticable to provide based on the transaction closing date. The Company expects to substantially complete its preliminary accounting for the acquisition during Q3 FY24.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Mar. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
WHOLESALE SEGMENT AND RETAIL SEGMENT	AMCON Distributing Company and Subsidiaries (“AMCON” or the “Company”) serves customers in 32 states through 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 primarily in the Central, Rocky Mountain, Mid-South and Mid-Atlantic regions of the United States. ● Our retail health food segment (“Retail Segment”) operates 14 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 7,000 retail outlets including convenience stores, grocery stores, liquor stores, drug stores, and tobacco shops. We currently distribute over 20,000 different consumer products, including cigarettes and tobacco products, candy and other confectionery products, 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 2023, 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 distribution 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 12 distribution centers located in Colorado, Illinois, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, Tennessee and West Virginia. These distribution centers, combined with cross-dock facilities, include approximately 1.7 million square feet of permanent floor space. Our principal suppliers include Altria, RJ Reynolds, ITG Brands, Hershey, Kellanova, Kraft Heinz, 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. During Q2 2024, the Company purchased a distribution facility in Colorado City, Colorado for $10.0 million, funded with $2.0 million in cash and an $8.0 million note payable. In addition, as further described in Note 10, subsequent to Q2 2024 the Company closed on its previously announced acquisition of Burklund Distributors, Inc. RETAIL SEGMENT Our Retail Segment, through our Healthy Edge Retail Group We operate within the natural products retail industry, which is a subset of the United States 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 14 retail health food stores as Chamberlin’s Natural Foods, Akin’s Natural Foods, and Earth Origins Market. These stores carry over 36,000 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.
FINANCIAL STATEMENTS	FINANCIAL STATEMENTS The Company’s fiscal year ends on September 30 th
ACCOUNTING PRONOUNCEMENTS	ACCOUNTING PRONOUNCEMENTS Accounting Pronouncement Adopted 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 requires 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. The Company adopted ASU 2016-13 on October 1, 2023. The adoption of ASU 2016-13 did not have a material effect on the Company’s consolidated financial statements. Accounts Receivable: In accordance with the Company’s accounts receivable policy, accounts receivable primarily consists of customer trade receivables arising in the ordinary course of business. These receivables are recorded net of an allowance for expected credit losses. The Company evaluates the expected uncollectibility of accounts receivable based on a combination of factors, including but not limited to, past collection history, customer credit terms, industry, regulatory and economic conditions, and any customer specific risks, including credit concentration risks. The Company determines the past due status of trade receivables based on our payment terms with each customer. If the Company becomes aware of a specific customer’s inability to meet its financial obligations, such as bankruptcy filings or deterioration in the customer’s operating results or financial position, the Company may record a specific reserve for expected credit losses to reduce the related receivable to the amount it reasonably believes is collectible. Account balances are charged off against the allowance for credit losses when collection efforts have been exhausted and the account receivable is deemed worthless. Any subsequent recoveries of charged off account balances are recorded as income in the period received. Recent Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures”, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU also expands disclosure requirements to enable users of financial statements to better understand the entity’s measurement and assessment of segment performance and resource allocation. This guidance is effective for fiscal years beginning after December 15, 2023 (fiscal 2025 for the Company), and interim periods within fiscal years beginning after December 15, 2024 (fiscal 2026 for the Company), with early adoption permitted. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures”, which enhances the transparency, effectiveness and comparability of income tax disclosures by requiring consistent categories and greater disaggregation of information related to income tax rate reconciliations and the jurisdictions in which income taxes are paid. This guidance is effective for annual periods beginning after December 15, 2024 (fiscal 2026 for the Company), with early adoption permitted.

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	Mar. 31, 2024
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of goodwill	March September 2024 2023 Wholesale Segment $ 5,778,325 $ 5,778,325
Schedule of other intangible assets	March September 2024 2023 Customer lists (Wholesale Segment) (less accumulated amortization of $0.3 million at March 2024 and $0.2 million at September 2023) $ 3,111,413 $ 3,226,480 Non-competition agreements (Wholesale Segment) (less accumulated amortization of $0.2 million at March 2024 and $0.1 million at September 2023) 153,004 199,503 Tradename (Wholesale Segment) (less accumulated amortization of $0.3 million at March 2024 and $0.1 million at September 2023) 1,251,667 1,358,952 Trademarks and tradenames (Retail Segment) 500,000 500,000 $ 5,016,084 $ 5,284,935
Schedule of estimated future amortization expense related to identifiable intangible assets with finite lives	Estimated future amortization expense related to identifiable intangible assets with finite lives was as follows at March 2024: March 2024 Fiscal 2024 (1) $ 268,851 Fiscal 2025 506,869 Fiscal 2026 463,703 Fiscal 2027 463,703 Fiscal 2028 451,043 Fiscal 2029 and thereafter 2,361,915 $ 4,516,084 (1) Represents amortization for the remaining six months of Fiscal 2024.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Mar. 31, 2024
EARNINGS PER SHARE
Schedule of net earnings per share available to common shareholders	For the three months ended March 2024 2023 Basic Diluted Basic Diluted Weighted average number of common shares outstanding 600,161 600,161 585,885 585,885 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) — 7,868 — 6,563 Weighted average number of shares outstanding 600,161 608,029 585,885 592,448 Net income available to common shareholders $ 539,543 $ 539,543 $ 2,065,574 $ 2,065,574 Net earnings per share available to common shareholders $ 0.90 $ 0.89 $ 3.53 $ 3.49 (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive. For the six months ended March 2024 2023 Basic Diluted Basic Diluted Weighted average number of common shares outstanding 597,879 597,879 583,725 583,725 Weighted average net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock (1) — 8,038 — 7,524 Weighted average number of shares outstanding 597,879 605,917 583,725 591,249 Net income available to common shareholders $ 1,610,504 $ 1,610,504 $ 4,694,575 $ 4,694,575 Net earnings per share available to common shareholders $ 2.69 $ 2.66 $ 8.04 $ 7.94 (1) Diluted earnings per share calculation includes all equity-based awards deemed to be dilutive.

DEBT (Tables)

DEBT (Tables)	6 Months Ended
DEBT (Tables)	Mar. 31, 2024
DEBT
Schedule of long-term obligations	March 2024 September 2023 Note payable, interest payable at a fixed rate of 4.10% with monthly installments of principal and interest of $53,361 through June 2033 with remaining principal due July 2033, collateralized by Team Sledd's principal office and warehouse 4,958,774 5,174,188 Note payable, interest payable at a fixed rate of 3.25% with monthly installments of principal and interest of $17,016 through August 2034 with remaining principal due September 2034, collateralized by Team Sledd's principal office and warehouse 1,819,711 1,891,638 Note payable with monthly installments of principal and interest of $7,934 through February 2025 with remaining principal due March 2025, and an effective variable rate of 7.40% at March 2024, collateralized by certain of Team Sledd's equipment 240,630 288,237 Note payable, interest payable at a fixed rate of 6.04% with monthly installments of principal and interest of $131,987 through February 2028, collateralized by certain of Henry's equipment 5,511,651 6,276,441 Unsecured note payable, interest payable at a fixed rate of 5.50% with quarterly installments of principal and interest of $727,741 through February 2027 8,000,000 — 20,530,766 13,630,504 Less current maturities (4,485,028) (1,955,065) $ 16,045,738 $ 11,675,439
Schedule of minimum principal maturities of the long-term debt	Fiscal Year Ending 2024 (1) $ 2,553,909 2025 4,667,440 2026 4,773,843 2027 3,574,419 2028 1,329,208 2029 and thereafter 3,631,947 $ 20,530,766

MANDATORILY REDEEMABLE NON-CO_2

MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST (Tables)	6 Months Ended
MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST (Tables)	Mar. 31, 2024
MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST
Schedule of mandatorily redeemable non-controlling interest	Fair value of MRNCI as of September 2023 $ 9,490,831 Redemption of non-controlling interests — Distributions to non-controlling interest — Change in fair value 334,133 Fair value of MRNCI as of March 2024 $ 9,824,964 Less current portion at fair value (1,812,558) $ 8,012,406

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	6 Months Ended
BUSINESS SEGMENTS (Tables)	Mar. 31, 2024
BUSINESS SEGMENTS
Schedule of segment information	Wholesale Retail Segment Segment Other Consolidated THREE MONTHS ENDED MARCH 2024 External revenue: Cigarettes $ 367,878,538 $ — $ — $ 367,878,538 Tobacco 114,832,151 — — 114,832,151 Confectionery 37,862,439 — — 37,862,439 Health food — 11,224,329 — 11,224,329 Foodservice & other 70,079,849 — — 70,079,849 Total external revenue 590,652,977 11,224,329 — 601,877,306 Depreciation 1,940,843 214,121 — 2,154,964 Amortization 134,426 — — 134,426 Operating income (loss) 5,813,354 456,722 (2,926,413) 3,343,663 Interest expense — — 2,247,737 2,247,737 Income (loss) from operations before taxes 5,843,163 483,530 (5,174,150) 1,152,543 Total assets 318,821,274 16,312,547 1,023,048 336,156,869 Capital expenditures (1) 14,230,776 726,494 — 14,957,270 (1) Wholesale Retail Segment Segment Other Consolidated THREE MONTHS ENDED MARCH 2023 External revenue: Cigarettes $ 364,231,958 $ — $ — $ 364,231,958 Tobacco 110,422,414 — — 110,422,414 Confectionery 36,637,059 — — 36,637,059 Health food — 11,348,011 — 11,348,011 Foodservice & other 62,354,406 — — 62,354,406 Total external revenue 573,645,837 11,348,011 — 584,993,848 Depreciation 1,443,546 260,413 — 1,703,959 Amortization 103,794 — — 103,794 Operating income (loss) 8,921,673 171,448 (3,765,301) 5,327,820 Interest expense — — 2,169,541 2,169,541 Income (loss) from operations before taxes 8,847,836 197,980 (5,934,842) 3,110,974 Total assets 302,197,109 17,105,773 1,151,868 320,454,750 Capital expenditures 1,167,966 241,909 — 1,409,875 Wholesale Retail Segment Segment Other Consolidated SIX MONTHS ENDED MARCH 2024 External revenue: Cigarettes $ 763,547,247 $ — $ — $ 763,547,247 Tobacco 236,183,852 — — 236,183,852 Confectionery 77,905,569 — — 77,905,569 Health food — 21,913,758 — 21,913,758 Foodservice & other 147,285,954 — — 147,285,954 Total external revenue 1,224,922,622 21,913,758 — 1,246,836,380 Depreciation 3,796,589 443,118 — 4,239,707 Amortization 268,851 — — 268,851 Operating income (loss) 12,783,479 440,246 (6,056,985) 7,166,740 Interest expense — — 4,559,250 4,559,250 Income (loss) from operations before taxes 12,618,261 1,025,478 (10,616,235) 3,027,504 Total assets 318,821,274 16,312,547 1,023,048 336,156,869 Capital expenditures (1) 17,211,107 1,025,663 — 18,236,770 (1) Wholesale Retail Segment Segment Other Consolidated SIX MONTHS ENDED MARCH 2023 External revenue: Cigarettes $ 731,921,636 $ — $ — $ 731,921,636 Tobacco 214,461,534 — — 214,461,534 Confectionery 69,196,055 — — 69,196,055 Health food — 21,609,884 — 21,609,884 Foodservice & other 113,794,247 — — 113,794,247 Total external revenue 1,129,373,472 21,609,884 — 1,150,983,356 Depreciation 2,193,676 538,636 — 2,732,312 Amortization 146,327 — — 146,327 Operating income (loss) 17,162,168 (95,168) (6,219,670) 10,847,330 Interest expense — — 3,863,698 3,863,698 Income (loss) from operations before taxes 17,172,664 (44,521) (10,083,368) 7,044,775 Total assets 302,197,109 17,105,773 1,151,868 320,454,750 Capital expenditures 2,416,033 385,774 — 2,801,807

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Details) ft² in Millions, $ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Dec. 31, 2023 item	Mar. 31, 2024 USD ($) ft² item	Mar. 31, 2024 USD ($) ft² item state segment
Number of business segments \| segment			2
Consideration of asset purchase \| $		$ 10
Payments to acquire productive assets \| $		2
Asset acquisition, consideration transferred, liabilities incurred \| $		$ 8
Wholesale Segment
Number of states served \| state			32
Number of retail outlets served			7,000
Number of products sold or distributed			20,000
Rank assigned by Convenience Store News	6
Number of distribution centers			12
Floor space occupied by distribution centers (in square feet) \| ft²		1.7	1.7
Wholesale Segment \| Distribution Facility in Colorado City, Colorado
Consideration of asset purchase \| $		$ 10	$ 10
Retail Segment
Number of operating health food retail stores		14	14
Number of products sold or distributed			36,000

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Mar. 31, 2024	Sep. 30, 2023
INVENTORIES
Total reserves on finished goods	$ 1.2	$ 1.2

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) - USD ($)	Mar. 31, 2024	Sep. 30, 2023
Goodwill by reporting segment
Goodwill	$ 5,778,325	$ 5,778,325
Wholesale Segment
Goodwill by reporting segment
Goodwill	$ 5,778,325	$ 5,778,325

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($)	Mar. 31, 2024	Sep. 30, 2023
Other intangible assets, net	$ 5,016,084	$ 5,284,935
Trademarks and tradenames \| Retail Segment
Other intangible assets, net	500,000	500,000
Customer lists \| Wholesale Segment
Other intangible assets, net	3,111,413	3,226,480
Accumulated amortization	300,000	200,000
Non-competition agreements \| Wholesale Segment
Other intangible assets, net	153,004	199,503
Accumulated amortization	200,000	100,000
Trade name \| Wholesale Segment
Other intangible assets, net	1,251,667	1,358,952
Accumulated amortization	$ 300,000	$ 100,000

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023
Goodwill	$ 5,778,325	$ 5,778,325		$ 5,778,325
Amortization expense related to finite-lived intangible assets	$ 100,000	$ 300,000	$ 100,000
Customer lists
Amortization period (in years)	15 years	15 years
Non-competition agreements \| Minimum
Amortization period (in years)	3 years	3 years
Non-competition agreements \| Maximum
Amortization period (in years)	5 years	5 years
Wholesale Segment
Goodwill	$ 5,778,325	$ 5,778,325		$ 5,778,325
Wholesale Segment \| Trade name
Amortization period (in years)	7 years	7 years

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization Expense (Details)	Mar. 31, 2024 USD ($)
Estimated future amortization expense related to identifiable intangible assets with finite lives
Fiscal 2024	$ 268,851
Fiscal 2025	506,869
Fiscal 2026	463,703
Fiscal 2027	463,703
Fiscal 2028	451,043
Fiscal 2029 and thereafter	2,361,915
Total	$ 4,516,084

DIVIDENDS (Details)

DIVIDENDS (Details) - USD ($)	3 Months Ended		6 Months Ended
DIVIDENDS (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Dividend paid			$ 403,432	$ 3,311,870
Cash dividend
Dividend paid	$ 300,000	$ 3,200,000	$ 400,000	$ 3,300,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended		6 Months Ended
EARNINGS PER SHARE (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
EARNINGS PER SHARE
Weighted average number of common shares outstanding, Basic	600,161	585,885	597,879	583,725
Weighted average of net additional shares outstanding assuming dilutive options exercised and proceeds used to purchase treasury stock	7,868	6,563	8,038	7,524
Weighted average number of shares outstanding, Diluted	608,029	592,448	605,917	591,249
Net income available to common shareholders, Basic	$ 539,543	$ 2,065,574	$ 1,610,504	$ 4,694,575
Net income available to common shareholders, Diluted	$ 539,543	$ 2,065,574	$ 1,610,504	$ 4,694,575
Net earnings per share available to common shareholders, Basic (in dollars per share)	$ 0.90	$ 3.53	$ 2.69	$ 8.04
Net earnings per share available to common shareholders, Diluted (in dollars per share)	$ 0.89	$ 3.49	$ 2.66	$ 7.94

DEBT - Credit Facilities (Detai

DEBT - Credit Facilities (Details) $ in Millions	6 Months Ended
DEBT - Credit Facilities (Details) $ in Millions	Mar. 31, 2024 USD ($) item
Revolving credit facility
Number of credit facility agreements \| item	3
Facilities
Revolving credit facility
Borrowing capacity	$ 300
Maximum credit advances for certain inventory purchases under the facilities	30
Credit limit	191.2
Outstanding borrowings	99.2
Credit available	$ 92
Average interest rate	6.97%
Peak borrowings	$ 156.8
Average borrowings	120.1
Average availability	83.5
Line of credit facility financial covenant excess capacity falls	$ 1.5

DEBT - Long-Term Debt (Details)

DEBT - Long-Term Debt (Details) - USD ($)	6 Months Ended	12 Months Ended
DEBT - Long-Term Debt (Details) - USD ($)	Mar. 31, 2024	Sep. 30, 2023
Long-term obligations
Long-term debt	$ 20,530,766	$ 13,630,504
Less current maturities	(4,485,028)	(1,955,065)
Long-term debt less current maturities	16,045,738	11,675,439
4.10% Note Payable
Long-term obligations
Long-term debt	$ 4,958,774	$ 5,174,188
Fixed interest rate (as a percent)	4.10%	4.10%
Periodic installments of principal and interest	$ 53,361	$ 53,361
3.25% Note Payable
Long-term obligations
Long-term debt	$ 1,819,711	$ 1,891,638
Fixed interest rate (as a percent)	3.25%	3.25%
Periodic installments of principal and interest	$ 17,016	$ 17,016
7.40% Note Payable
Long-term obligations
Long-term debt	240,630	288,237
Periodic installments of principal and interest	$ 7,934	$ 7,934
Variable rate	7.40%	7.40%
6.04% Note Payable
Long-term obligations
Long-term debt	$ 5,511,651	$ 6,276,441
Fixed interest rate (as a percent)	6.04%	6.04%
Periodic installments of principal and interest	$ 131,987	$ 131,987
5.50% Note Payable
Long-term obligations
Long-term debt	$ 8,000,000
Fixed interest rate (as a percent)	5.50%
Periodic installments of principal and interest	$ 727,741

DEBT - Aggregate Minimum Princi

DEBT - Aggregate Minimum Principal Maturities (Details) - USD ($)	Mar. 31, 2024	Sep. 30, 2023
Minimum principal maturities
2024 (1)	$ 2,553,909
2025	4,667,440
2026	4,773,843
2027	3,574,419
2028	1,329,208
2029 and thereafter	3,631,947
Long-term debt	$ 20,530,766	$ 13,630,504

MANDATORILY REDEEMABLE NON-CO_3

MANDATORILY REDEEMABLE NON-CONTROLLING INTEREST (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Apr. 30, 2024	Sep. 30, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Difference between the contractual amount due and the fair value	$ 800,000		$ 800,000
Fair value of MRNCI as of September 2023			9,490,831
Redemption of non-controlling interests			0
Distributions to non-controlling interest			0
Change in fair value	134,389	$ 221,030	334,133	$ 166,114
Fair value of MRNCI as of December 2023	9,824,964		9,824,964
Less current portion at fair value	(1,812,558)		(1,812,558)			$ (1,703,604)
Noncurrent portion at fair value	$ 8,012,406		$ 8,012,406
Team Sledd
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Interest own (as a percent)	64%	64%	64%	64%	75%

BUSINESS SEGMENTS (Details)

BUSINESS SEGMENTS (Details)	3 Months Ended		6 Months Ended
BUSINESS SEGMENTS (Details)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)
Information by business segments
Number of reportable business segments \| segment			2
Total external revenue	$ 601,877,306	$ 584,993,848	$ 1,246,836,380	$ 1,150,983,356
Depreciation	2,154,964	1,703,959	4,239,707	2,732,312
Amortization	134,426	103,794	268,851	146,327
Operating income (loss)	3,343,663	5,327,820	7,166,740	10,847,330
Interest expense	2,247,737	2,169,541	4,559,250	3,863,698
Income (loss) from operations before taxes	1,152,543	3,110,974	3,027,504	7,044,775
Total assets	336,156,869	320,454,750	336,156,869	320,454,750	$ 363,429,200
Capital expenditures	14,957,270	1,409,875	18,236,770	2,801,807
Asset Acquisition, Consideration Transferred	10,000,000
Cigarettes
Information by business segments
Total external revenue	367,878,538	364,231,958	763,547,247	731,921,636
Tobacco
Information by business segments
Total external revenue	114,832,151	110,422,414	236,183,852	214,461,534
Confectionery
Information by business segments
Total external revenue	37,862,439	36,637,059	77,905,569	69,196,055
Health food
Information by business segments
Total external revenue	11,224,329	11,348,011	21,913,758	21,609,884
Foodservice & other
Information by business segments
Total external revenue	70,079,849	62,354,406	147,285,954	113,794,247
Other
Information by business segments
Operating income (loss)	(2,926,413)	(3,765,301)	(6,056,985)	(6,219,670)
Interest expense	2,247,737	2,169,541	4,559,250	3,863,698
Income (loss) from operations before taxes	(5,174,150)	(5,934,842)	(10,616,235)	(10,083,368)
Total assets	1,023,048	1,151,868	1,023,048	1,151,868
Wholesale Segment \| Segments
Information by business segments
Total external revenue	590,652,977	573,645,837	1,224,922,622	1,129,373,472
Depreciation	1,940,843	1,443,546	3,796,589	2,193,676
Amortization	134,426	103,794	268,851	146,327
Operating income (loss)	5,813,354	8,921,673	12,783,479	17,162,168
Income (loss) from operations before taxes	5,843,163	8,847,836	12,618,261	17,172,664
Total assets	318,821,274	302,197,109	318,821,274	302,197,109
Capital expenditures	14,230,776	1,167,966	17,211,107	2,416,033
Wholesale Segment \| Segments \| Cigarettes
Information by business segments
Total external revenue	367,878,538	364,231,958	763,547,247	731,921,636
Wholesale Segment \| Segments \| Tobacco
Information by business segments
Total external revenue	114,832,151	110,422,414	236,183,852	214,461,534
Wholesale Segment \| Segments \| Confectionery
Information by business segments
Total external revenue	37,862,439	36,637,059	77,905,569	69,196,055
Wholesale Segment \| Segments \| Foodservice & other
Information by business segments
Total external revenue	70,079,849	62,354,406	147,285,954	113,794,247
Wholesale Segment \| Distribution Facility in Colorado City, Colorado
Information by business segments
Asset Acquisition, Consideration Transferred	10,000,000		10,000,000
Retail Segment \| Segments
Information by business segments
Total external revenue	11,224,329	11,348,011	21,913,758	21,609,884
Depreciation	214,121	260,413	443,118	538,636
Operating income (loss)	456,722	171,448	440,246	(95,168)
Income (loss) from operations before taxes	483,530	197,980	1,025,478	(44,521)
Total assets	16,312,547	17,105,773	16,312,547	17,105,773
Capital expenditures	726,494	241,909	1,025,663	385,774
Retail Segment \| Segments \| Health food
Information by business segments
Total external revenue	$ 11,224,329	$ 11,348,011	$ 21,913,758	$ 21,609,884

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) - USD ($) $ in Millions		3 Months Ended
SUBSEQUENT EVENT (Details) - USD ($) $ in Millions	Apr. 05, 2024	Mar. 31, 2024
SUBSEQUENT EVENT
Consideration of asset purchase		$ 10
Payments to acquire productive assets		2
Asset acquisition, consideration transferred, liabilities incurred		$ 8
Subsequent event. \| Operating Assets, Burklund Distributors, Inc.
SUBSEQUENT EVENT
Consideration of asset purchase	$ 19.6
Payments to acquire productive assets	15.7
Asset acquisition, consideration transferred, liabilities incurred	$ 3.9

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 539,543	$ 2,065,574	$ 1,610,504	$ 4,694,575

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

N-2

N-2	6 Months Ended
N-2	Mar. 31, 2024
Cover [Abstract]
Entity Central Index Key	0000928465
Amendment Flag	false
Securities Act File Number	1-15589
Document Type	10-Q
Entity Registrant Name	AMCON DISTRIBUTING CO
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
Entity Emerging Growth Company	false