<SEC-DOCUMENT>0001157523-16-007302.txt : 20161108
<SEC-HEADER>0001157523-16-007302.hdr.sgml : 20161108
<ACCEPTANCE-DATETIME>20161108160209
ACCESSION NUMBER:		0001157523-16-007302
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20161108
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20161108
DATE AS OF CHANGE:		20161108

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMCON DISTRIBUTING CO
		CENTRAL INDEX KEY:			0000928465
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-GROCERIES & GENERAL LINE [5141]
		IRS NUMBER:				470702918
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15589
		FILM NUMBER:		161981271

	BUSINESS ADDRESS:	
		STREET 1:		7405 IRVINGTON ROAD
		STREET 2:		POST OFFICE BOX 641940 (68164-7940)
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68122
		BUSINESS PHONE:		4023313727

	MAIL ADDRESS:	
		STREET 1:		7405 IRVINGTON ROAD
		STREET 2:		POST OFFICE BOX 641940 (68164-7940)
		CITY:			OMAHA
		STATE:			NE
		ZIP:			68122
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51456648.htm
<DESCRIPTION>AMCON DISTRIBUTING COMPANY 8-K
<TEXT>
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      <font style="font-family: Times New Roman; font-size: 11pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 11pt"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 11pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><font style="font-family: Times New Roman; font-size: 11pt"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 11pt"><b>WASHINGTON,
      D.C. 20549</b></font><font style="font-family: Times New Roman; font-size: 11pt"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 11pt"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 11pt"><b>FORM
      8-K</b></font><font style="font-family: Times New Roman; font-size: 11pt"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 11pt"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 11pt"><b>CURRENT
      REPORT</b></font><font style="font-family: Times New Roman; font-size: 11pt"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 11pt"><b>PURSUANT
      TO SECTION 13 OR 15(d) OF THE</b></font><font style="font-family: Times New Roman; font-size: 11pt"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 11pt"><b>SECURITIES
      ACT OF 1934</b></font><font style="font-family: Times New Roman; font-size: 11pt"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 11pt"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 11pt"><br style="font-size: 11pt; font-family: Times New Roman"></font>
    </p>
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    <table style="width: 100%; margin-bottom: 10.0px; margin-left:auto;margin-right:auto; font-size: 11pt; font-family: Times New Roman" cellspacing="0">
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><font style="font-family: Times New Roman; font-size: 11pt"><b>Date
            of Report (Date of earliest event reported) November 8, 2016</b></font></u>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 11pt"><br style="font-size: 11pt; font-family: Times New Roman">
      </font><font style="font-family: Times New Roman; font-size: 11pt"><br style="font-size: 11pt; font-family: Times New Roman">
      </font><u><font style="font-family: Times New Roman; font-size: 11pt"><b>AMCON
      DISTRIBUTING COMPANY</b></font></u><font style="font-family: Times New Roman; font-size: 11pt"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 11pt">(Exact
      name of registrant as specified in its charter)</font><font style="font-family: Times New Roman; font-size: 11pt"><br style="font-size: 11pt; font-family: Times New Roman"></font><br><br>
    </p>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 1%; padding-bottom: 2.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; width: 32%; padding-right: 0.0px; border-bottom-style: solid; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>1-15589</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 1%; padding-bottom: 2.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; width: 33%; padding-right: 0.0px; border-bottom-style: solid; text-align: center; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>47-0702918</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            of incorporation)
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; width: 32%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission<br>File Number)
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (IRS Employer
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
    <div style="text-align:center">
    <table style="width: 100%; margin-bottom: 10.0px; margin-left:auto;margin-right:auto; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 30%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; width: 40%; border-bottom-style: solid; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>7405 Irvington Road, Omaha NE 68122</b>
          </p>
        </td>
        <td style="width: 30%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="3" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Address of principal executive offices) (Zip Code)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 30%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 30%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 30%">

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; width: 40%; padding-right: 0.0px; border-bottom-style: solid; text-align: center; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>402-331-3727</b>
          </p>
        </td>
        <td style="width: 30%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="3" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Registrant&#8217;s telephone number, including area code)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 30%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 30%">
          &#160;
        </td>
      </tr>
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        <td style="width: 30%">

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; width: 40%; border-bottom-style: solid; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Not Applicable</b>
          </p>
        </td>
        <td style="width: 30%">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="3" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Former name or former address, if changed since last report)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 10pt; font-family: Times New Roman">
          1
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
    <p style="text-align: justify; white-space: nowrap">
      <b>ITEM 2.02&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;RESULTS OF OPERATIONS AND FINANCIAL CONDITION. </b>
    </p>
    <p style="text-align: justify">
      On November 8, 2016, the Company issued a press release announcing
      financial results for its fiscal quarter and year ended September 30,
      2016.&#160;&#160;A copy of the press release is attached to this report as an
      exhibit.
    </p>
    <p style="text-align: justify">
      The information in this report (including the exhibit) shall not be
      deemed to be &quot;filed&quot; for the purposes of Section 18 of the Securities
      Exchange Act of 1934, as amended, or otherwise subject to the
      liabilities of that Section.&#160;&#160;The information set forth in this report
      (including the exhibit) shall not be incorporated by reference into any
      registration statement or other document pursuant to the Securities Act
      of 1933, as amended, except as shall be expressly set forth by specific
      reference in such filing.
    </p>
    <p style="text-align: justify; white-space: nowrap">
      <b>ITEM 9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;FINANCIAL STATEMENTS AND EXHIBITS&#160;&#160;</b>
    </p>
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    <table style="width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>EXHIBIT NO.</b></u>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 86%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>DESCRIPTION</b></u>
          </p>
        </td>
      </tr>
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        <td style="width: 14%">

        </td>
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          &#160;
        </td>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            99.1
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 86%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press release, dated November 8, 2016, issued by AMCON
            Distributing Company announcing financial results for its fiscal
            quarter and year ended September 30, 2016.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: justify; white-space: nowrap">

    </p>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 10pt; font-family: Times New Roman">
          2
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">SIGNATURE</font><br><br>
    </p>
    <p style="text-align: left">
      Pursuant to the requirements of the Securities and Exchange Act of 1934,
      the registrant has duly caused this report to be signed on its behalf by
      the undersigned hereunto duly authorized.
    </p>
    <p style="text-align: left">

    </p>
    <div style="text-align:center">
    <table style="width: 100%; margin-bottom: 10.0px; margin-left:auto;margin-right:auto; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
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        </td>
        <td style="width: 45%">

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: left" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            AMCON DISTRIBUTING COMPANY
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="padding-left: 0.0px; width: 6%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 34%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Registrant)
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
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        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 6%">

        </td>
        <td style="width: 34%">

        </td>
        <td style="padding-left: 0.0px; width: 10%; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 5%; padding-bottom: 2.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 45%; padding-bottom: 2.0px; text-align: left" valign="top">
          November 8, 2016
        </td>
        <td style="padding-left: 0.0px; width: 6%; padding-bottom: 2.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; width: 34%; border-bottom-style: solid; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Andrew C. Plummer
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 6%">

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="padding-left: 0.0px; width: 6%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Name:
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Andrew C. Plummer
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="padding-left: 0.0px; width: 6%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Title:
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Vice President &amp; Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      3
    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51456648ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <head>
    <title></title>
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<!--All rights reserved www.businesswire.com-->
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>AMCON
      Distributing Company Reports Fully Diluted Earnings Per Share of $8.38
      for the Fiscal Year Ended September 30, 2016</b></font>
    </p>
    <p>
      OMAHA, Neb.--(BUSINESS WIRE)--November 8, 2016--AMCON Distributing
      Company (&#8220;AMCON&#8221;) (NYSE MKT:DIT), an Omaha, Nebraska based consumer
      products company is pleased to announce fully diluted earnings per share
      of $8.38 on net income available to common shareholders of $5.8 million
      for the fiscal year ended September 30, 2016. AMCON earned $2.32 per
      fully diluted share on net income available to common shareholders of
      $1.6 million for the fourth fiscal quarter ended September 30, 2016.
    </p>
    <p>
      &#8220;We are pleased with our results for fiscal 2016. AMCON has earned its
      leadership position in the convenience distribution industry as a result
      of its determined and focused efforts to provide first class customer
      service and reliability. As the convenience store industry evolves and
      becomes increasingly complex, the wide variety of programs and services
      we offer serve to competitively differentiate AMCON,&#8221; said Christopher
      H. Atayan, AMCON&#8217;s Chairman and Chief Executive Officer. He further
      noted, &#8220;We are diligently implementing our focused strategic plan and
      customer centric philosophy which enables our management team to
      navigate the challenging business environment. Our objective is to
      deliver attractive risk adjusted rates of return on the capital we
      employ. We expect an enhanced level of capital expenditures in the
      coming years to support our efforts in foodservice, information
      technology, expansion of our territory, and the addition of retail
      health food stores.&#8221;
    </p>
    <p>
      The wholesale distribution segment reported revenues of $1.3 billion and
      operating income before depreciation and amortization of $17.9 million
      for fiscal 2016, and revenues and operating income before depreciation
      and amortization of $336.7 million and $4.8 million, respectively, for
      the fourth fiscal quarter of fiscal 2016. The retail health food segment
      reported revenues of $27.4 million and operating income before
      depreciation and amortization of $0.5 million for fiscal 2016, and
      revenue of $6.1 million and an operating loss before depreciation and
      amortization of $0.3 million for the fourth quarter of fiscal 2016.
    </p>
    <p>
      &#8220;We are actively working to expand our service territory and support our
      customers as they grow,&#8221; said Kathleen Evans, President of AMCON&#8217;s
      Wholesale Distribution Segment. Evans continued, &#8220;Our fall trade shows
      provided considerable momentum as we enter fiscal 2017. We take a long
      term approach to building our customers&#8217; business which is mutually
      beneficial.&#8221;
    </p>
    <p>
      &#8220;We opened a new flagship Chamberlin&#8217;s store in the Orlando market at
      the end of fiscal 2016. In addition, we have expanded our produce
      offerings and have made a meaningful investment in reimaging our brand
      and social media in this market,&#8221; said Clifford Ginn, President of
      AMCON&#8217;s Retail Health Food Segment. &#8220;We will continue to invest in new
      stores, store remodeling, and marketing as we seek to address the
      competitive challenges we face in the industry.&#8221;
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      &#8220;We are very focused on increasing our shareholders&#8217; equity per share,
      maintaining high levels of balance sheet liquidity and generating free
      cash flow. At September 30, 2016, our shareholders&#8217; equity was $65.8
      million, resulting in adjusted book value per share of $96.03. We turned
      our inventory twenty-two times and consolidated debt was $13.9 million.
      At its lowest point during fiscal 2016 our consolidated debt was $8.9
      million,&#8221; said Andrew Plummer, AMCON&#8217;s Chief Financial Officer. &#8220;We
      continue to place a high priority on the development of information
      technology for internal and external purposes. These are important
      investments in the future of our business. In addition, we are exploring
      additional upgrades and expansion of our distribution facilities and
      retail stores system wide,&#8221; added Plummer.
    </p>
    <p>
      AMCON is a leading wholesale distributor of consumer products, including
      beverages, candy, tobacco, groceries, foodservice, frozen and chilled
      foods, and health and beauty care products with locations in Illinois,
      Missouri, Nebraska, North Dakota, South Dakota and Tennessee. AMCON also
      operates sixteen (16) health and natural product retail stores in the
      Midwest and Florida. The retail stores operate under the names
      Chamberlin's Market &amp; Cafe <u>www.chamberlins.com</u> and Akin&#8217;s
      Natural Foods Market <u>www.akins.com</u>
    </p>
    <p>
      <i>This news release contains forward-looking statements that are
      subject to risks and uncertainties and which reflect management's
      current beliefs and estimates of future economic circumstances, industry
      conditions, Company performance and financial results. A number of
      factors could affect the future results of the Company and could cause
      those results to differ materially from those expressed in the Company's
      forward-looking statements including, without limitation, availability
      of sufficient cash resources to conduct its business and meet its
      capital expenditures needs and the other factors described under Item
      1.A. of the Company&#8217;s Annual Report on Form 10-K. Moreover, past
      financial performance should not be considered a reliable indicator of
      future performance. Accordingly, the Company claims the protection of
      the safe harbor for forward-looking statements contained in the Private
      Securities Litigation Reform Act of 1995 with respect to all such
      forward-looking statements.</i>
    </p>
    <p style="text-align: center">
      <b>Visit AMCON Distributing Company's web site at: <u>www.amcon.com</u></b>
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="9" valign="top">
          <b>AMCON Distributing Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="9" valign="top">
          <b>CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="3" valign="bottom">
          <b>September</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="3" valign="bottom">
          <b>September</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: center; white-space: nowrap" colspan="3" valign="bottom">
          <b>2016</b>
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: center" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: center; white-space: nowrap" colspan="3" valign="bottom">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Current assets:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Cash
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          605,380
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          219,536
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Accounts receivable, less allowance for doubtful accounts of&#160;$0.7
            million at 2016 and $0.9 million at 2015
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          30,033,104
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          31,866,787
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Inventories, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          48,404,882
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          60,793,478
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,441,919
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,553,726
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Income taxes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          164,959
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          113,238
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Prepaid and other current assets
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          8,608,049
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          2,125,908
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          89,258,293
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          96,672,673
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          12,607,877
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          12,753,145
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Goodwill
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6,349,827
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6,349,827
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Other intangible assets, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,759,311
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4,090,978
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Other assets
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          288,082
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          317,184
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          112,263,390
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          120,183,807
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Current liabilities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Accounts payable
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          18,164,983
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          17,044,726
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6,792,884
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          7,224,963
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Accrued wages, salaries and bonuses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,580,996
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,282,354
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Current maturities of long-term debt
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          362,495
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          351,383
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; text-align: left" valign="bottom">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          28,901,358
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          27,903,426
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Credit facility
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          10,537,226
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          20,902,207
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          4,021,569
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,696,098
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Long-term debt, less current maturities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,021,824
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,384,319
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          30,815
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          34,860
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Series A cumulative, convertible preferred stock, $.01 par value
            100,000 shares&#160;authorized, and 100,000 shares issued and
            outstanding with a total liquidation&#160;preference of $2.5 million at
            September 2015 and no shares outstanding at&#160;September 2016
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,500,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Series B cumulative, convertible preferred stock, $.01 par value
            80,000 shares&#160;authorized, and 16,000 shares issued and outstanding
            with a total liquidation&#160;preference of $0.4 million at September
            2015 and no shares outstanding at&#160;September 2016
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          400,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Commitments and contingencies
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Shareholders&#8217; equity:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Preferred stock, $.01 par value, 1,000,000 shares authorized,
            116,000 shares&#160;outstanding and issued in Series A and B referred
            to above
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Common stock, $.01 par value, 3,000,000 shares authorized,
            677,057&#160;shares outstanding and issued at September 2016 and
            621,104 shares outstanding&#160;and issued at September 2015
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          8,184
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          7,061
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          19,525,554
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          15,509,199
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          58,693,241
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          53,527,606
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Treasury stock at cost
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (12,476,381
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (7,680,969
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Total shareholders&#8217; equity
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          65,750,598
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          61,362,897
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          112,263,390
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          120,183,807
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="9" valign="top">
          <b>AMCON Distributing Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="9" valign="top">
          <b>CONSOLIDATED STATEMENTS OF OPERATIONS</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: center; white-space: nowrap" colspan="7" valign="bottom">
          <b>Fiscal Years Ended September</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: center" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: center; white-space: nowrap" colspan="3" valign="bottom">
          <b>2016</b>
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: center" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: center; white-space: nowrap" colspan="3" valign="bottom">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Sales (including excise taxes of $386.1 million and $390.8 million,
          respectively)
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,294,625,223
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,281,855,896
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Cost of sales
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          1,219,855,401
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          1,205,287,311
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Gross profit
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          74,769,822
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          76,568,585
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Selling, general and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          61,733,220
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          62,769,438
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          2,162,667
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          2,264,184
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          63,895,887
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          65,033,622
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          10,873,935
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          11,534,963
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Other expense (income):
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          723,221
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          841,739
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Other (income), net
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (104,959
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (69,054
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          618,262
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          772,685
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Income from operations before income tax expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          10,255,673
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          10,762,278
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Income tax expense
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          4,275,000
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          4,401,000
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5,980,673
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6,361,278
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Preferred stock dividend requirements
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (160,360
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (195,105
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Net income available to common shareholders
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          5,820,313
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          6,166,173
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Basic earnings per share available to common shareholders
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          9.37
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          9.96
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Diluted earnings per share available to common shareholders
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          8.38
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          8.59
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Basic weighted average shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          621,435
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          619,295
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Diluted weighted average shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          713,897
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          740,233
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Dividends declared and paid per common share
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1.00
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          0.72
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="9" valign="top">
          <b>AMCON Distributing Company and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="9" valign="top">
          <b>CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: center; white-space: nowrap" colspan="7" valign="bottom">
          <b>Fiscal Years Ended September</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: center" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: center; white-space: nowrap" colspan="3" valign="bottom">
          <b>2016</b>
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: center" valign="bottom">

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: center; white-space: nowrap" colspan="3" valign="bottom">
          <b>2015</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          CASH FLOWS FROM OPERATING ACTIVITIES:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net income
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5,980,673
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          6,361,278
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Adjustments to reconcile net income from operations to net cash
          flows from operating activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Depreciation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,831,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,899,184
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          331,667
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          365,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          (Gain) loss on sale of property and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (58,926
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          76,546
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Equity-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,403,584
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,224,661
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Net excess tax benefit on equity-based awards
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (320,000
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          437,278
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          264,336
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          (Recovery) provision for losses on doubtful accounts
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (199,000
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          82,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          (Recovery) provision for losses on inventory obsolescence
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (57,247
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          69,324
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (4,045
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (8,045
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Changes in assets and liabilities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Accounts receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,032,683
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,338,145
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          12,445,843
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (17,227,536
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Prepaid and other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (6,482,141
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,908,662
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          29,102
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          130,965
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          976,142
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          643,487
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Accrued expenses and accrued wages, salaries and bonuses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (228,552
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,028,560
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Income taxes receivable
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (51,721
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (1,396,852
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Net cash flows from operating activities
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          18,386,340
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (2,560,285
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          CASH FLOWS FROM INVESTING ACTIVITIES:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Purchase of property and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1,594,848
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1,018,391
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Proceeds from sales of property and equipment
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          112,157
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          41,000
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Net cash flows from investing activities
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (1,482,691
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (977,391
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          CASH FLOWS FROM FINANCING ACTIVITIES:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Net (payments) borrowings on bank credit agreements
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (10,364,981
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5,820,424
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Principal payments on long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (351,383
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (341,190
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Proceeds from exercise of stock options
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          450,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Repurchase of common stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (4,795,412
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (1,715,466
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Net excess tax benefit on equity-based awards
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          320,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Dividends paid on convertible preferred stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (160,360
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (195,105
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Dividends on common stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (654,678
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          (467,768
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Withholdings on the exercise of equity-based awards
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (190,991
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (213,605
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Net cash flows from financing activities
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (16,517,805
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          3,657,290
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Net change in cash
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          385,844
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          119,614
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Cash, beginning of period
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          219,536
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          99,922
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Cash, end of period
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          605,380
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          219,536
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Supplemental disclosure of cash flow information:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Cash paid during the period for interest
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          737,252
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          828,005
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Cash paid during the period for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          3,889,443
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          5,533,516
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Supplemental disclosure of non-cash information:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Equipment acquisitions classified as accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          167,444
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          23,329
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Issuance of common stock in connection with the vesting and exercise
          of equity-based awards
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,174,981
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,240,842
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Issuance of common stock in connection with the redemption of Series
          A &amp; B convertible preferred stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,899,892
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="17">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: center; white-space: nowrap" colspan="17" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>AMCON Distributing Company and Subsidiaries</b></i>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>FISCAL YEAR 2016</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          <b>(dollars in thousands, except per share data)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: center" colspan="3" valign="top">
          <b>First</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: center" colspan="3" valign="top">
          <b>Second</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: center" colspan="3" valign="top">
          <b>Third</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: center" colspan="3" valign="top">
          <b>Fourth</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Sales
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          322,008
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          296,449
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          333,399
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          342,769
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Gross profit
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          18,962
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          17,540
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          19,164
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          19,104
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Income from operations before income tax expense
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          2,365
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          2,069
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          3,162
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          2,660
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Net income
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,356
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,147
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,852
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,626
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Preferred stock dividend requirements
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (49
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (49
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (49
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (14
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Net income available to common shareholders
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          1,307
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          1,098
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          1,803
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          1,613
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Basic earnings per share available to common shareholders
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          2.09
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          1.81
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          3.03
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          2.45
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Diluted earnings per share available to common shareholders
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          1.85
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          1.61
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          2.62
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          2.32
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>FISCAL YEAR 2015</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          <b>(dollars in thousands, except per share data)</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: center" colspan="3" valign="top">
          <b>First</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: center" colspan="3" valign="top">
          <b>Second</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: center" colspan="3" valign="top">
          <b>Third</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; text-align: center" colspan="3" valign="top">
          <b>Fourth</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Sales
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          315,433
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          287,444
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          334,457
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          344,522
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Gross profit
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          19,527
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          17,733
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          19,499
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          19,810
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Income from operations before income tax expense
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          2,539
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          1,498
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          3,329
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          3,396
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Net income
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,546
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          769
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          1,996
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          2,050
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Preferred stock dividend requirements
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (49
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (48
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (49
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          (49
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; padding-bottom: 2.0px; text-align: left; white-space: nowrap" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Net income available to common shareholders
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          1,497
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          721
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          1,947
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          2,001
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Basic earnings per share available to common shareholders
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          2.44
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          1.17
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          3.16
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          3.16
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Diluted earnings per share available to common shareholders
          </p>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          2.11
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          1.04
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          2.69
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          2.73
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="17" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            The Company&#8217;s quarterly earnings per share are based on weighted
            average shares outstanding for the quarter; therefore the sum of
            the quarters may not equal the full year earnings per share amount.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <i><b>AMCON Distributing Company and Subsidiaries</b></i>
    </p>
    <p>
      GAAP Reconciliation and Management Explanation of Non-GAAP Financial
      Measures
    </p>
    <p>
      The financial measure of adjusted book value per share included in this
      press release (&#8220;adjusted book value per share&#8221;) has been determined by
      methods other than in accordance with U.S. generally accepted accounting
      principles (&#8220;GAAP&#8221;). Management believes that this non-GAAP financial
      measurement reflects an additional way of viewing aspects of the
      Company&#8217;s business that, when viewed together with its financial results
      computed in accordance with GAAP, provides a more complete understanding
      of factors affecting historical financial performance of the Company.
      This measure is important to investors interested in determining the
      amount of book value per share if all potentially dilutive shares were
      exercised or vested and outstanding. This non-GAAP financial measurement
      is not intended to be a substitute for the comparable GAAP measurements
      and should be read only in conjunction with our consolidated financial
      statements prepared in accordance with GAAP.
    </p>
    <p>
      The Company has defined the non-GAAP financial measure of adjusted book
      value per share as follows:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        &#8220;Adjusted book value per share&#8221; is defined as total shareholders&#8217;
        equity increased by the impact of proceeds from the exercise of all
        stock options and vesting of restricted stock units divided by total
        common shares outstanding plus common shares issuable upon the
        exercise of all stock options and vesting of restricted stock units.&#8221;
      </li>
    </ul>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: center; white-space: nowrap" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>September 2016</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Number of common shares outstanding at September 30, 2016
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          677,057
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Total shareholders&#8217; equity at September 30, 2016
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          65,750,598
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Book value per share at September 30, 2016
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          97.11
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: center; white-space: nowrap" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>September 2016</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Number of common shares outstanding at September 30, 2016
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          677,057
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Add: common shares potentially issuable for stock options and
          unvested restricted stock units /1/
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          50,967
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          728,024
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Total shareholders&#8217; equity at September 30, 2016
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          65,750,598
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Equity impact if all potential common shares were exercised or
            vested /1/
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; padding-right: 0.0px; border-bottom-style: solid; text-align: right; white-space: nowrap" valign="bottom">
          4,162,825
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; padding-right: 0.0px; border-bottom-style: double; text-align: right; white-space: nowrap" valign="bottom">
          69,913,423
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Adjusted book value per share at September 30, 2016
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: left; white-space: nowrap" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; text-align: right; white-space: nowrap" valign="bottom">
          96.03
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ____________
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" colspan="4" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /1/&#160;&#160;&#160;Assumes the exercise of all vested and unvested stock
            options and vesting of all outstanding restricted stock units at
            September 30, 2016.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="4">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>AMCON Distributing Company<br>Christopher H. Atayan,
      402-331-3727
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
