AMCON Distributing Co. posts higher Q3 net income on lower revenue
Wholesale consumer products distributor AMCON Distributing Co. (AMEX: DIT) posted third-quarter net income of $1 million, or $1.29 earnings per share, compared with $0.24 million net income, or $0.41 per share, a year earlier. For the three months ended June 30, the Omaha, Neb.-based company recorded revenue of $220 million, down from revenue of $222 million in the same period of 2006.
“Our two core businesses continue to perform in line with our expectations,” CEO Christopher Atayan said in a release. “However, management continues to devote considerable time and resources toward residual litigation in connection with our discontinued operations.”
Over the past 52 weeks, shares of AMCON have ranged between $9.20 and $36. In afternoon trading, AMCON shares are up $4.80, or 20.2%, at $28.55.
