<SEC-DOCUMENT>0001157523-17-003061.txt : 20171108
<SEC-HEADER>0001157523-17-003061.hdr.sgml : 20171108
<ACCEPTANCE-DATETIME>20171108160529
ACCESSION NUMBER:		0001157523-17-003061
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171108
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171108
DATE AS OF CHANGE:		20171108

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:		171186597

	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>a51713281.htm
<DESCRIPTION>AMCON DISTRIBUTING COMPANY 8-K
<TEXT>
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      <font style="font-size: 11pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 11pt; font-family: Times New Roman"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-size: 11pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><font style="font-size: 11pt; font-family: Times New Roman"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-size: 11pt; font-family: Times New Roman"><b>WASHINGTON,
      D.C. 20549</b></font><font style="font-size: 11pt; font-family: Times New Roman"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-size: 11pt; font-family: Times New Roman"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-size: 11pt; font-family: Times New Roman"><b>FORM
      8-K</b></font><font style="font-size: 11pt; font-family: Times New Roman"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-size: 11pt; font-family: Times New Roman"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-size: 11pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><font style="font-size: 11pt; font-family: Times New Roman"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-size: 11pt; font-family: Times New Roman"><b>PURSUANT
      TO SECTION 13 OR 15(d) OF THE</b></font><font style="font-size: 11pt; font-family: Times New Roman"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-size: 11pt; font-family: Times New Roman"><b>SECURITIES
      ACT OF 1934</b></font><font style="font-size: 11pt; font-family: Times New Roman"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-size: 11pt; font-family: Times New Roman"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-size: 11pt; font-family: Times New Roman"><br style="font-size: 11pt; font-family: Times New Roman"></font>
    </p>
    <div style="text-align:center">
    <table style="font-size: 11pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; margin-left:auto;margin-right:auto" cellspacing="0">
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><font style="font-size: 11pt; font-family: Times New Roman"><b>Date
            of Report (Date of earliest event reported) November 8, 2017</b></font></u>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <font style="font-size: 11pt; font-family: Times New Roman"><br style="font-size: 11pt; font-family: Times New Roman">
      </font><font style="font-size: 11pt; font-family: Times New Roman"><br style="font-size: 11pt; font-family: Times New Roman">
      </font><u><font style="font-size: 11pt; font-family: Times New Roman"><b>AMCON
      DISTRIBUTING COMPANY</b></font></u><font style="font-size: 11pt; font-family: Times New Roman"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-size: 11pt; font-family: Times New Roman">(Exact
      name of registrant as specified in its charter)</font><font style="font-size: 11pt; font-family: Times New Roman"><br style="font-size: 11pt; font-family: Times New Roman"></font><br><br>
    </p>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td style="width: 1%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; width: 32%; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1-15589</b>
          </p>
        </td>
        <td style="width: 1%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; width: 33%; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>47-0702918</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            of incorporation)
          </p>
        </td>
        <td style="width: 1%">

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; width: 40%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 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-top: 0px; margin-bottom: 0px">
            (Former name or former address, if changed since last report)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">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-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">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-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p style="text-align: justify">
      Indicate by check mark whether the registrant is an emerging growth
      company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
      of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
      (&#167;240.12b-2 of this chapter).
    </p>
    <p>
      Emerging growth company&#160;&#160;&#160;&#160;<font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
    </p>
    <p>
      If an emerging growth company, indicate by check mark if the registrant
      has elected not to use the extended transition period for complying with
      any new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act.&#160;&#160;<font style="font-size: 12pt; font-family: Arial Unicode MS">&#8414;</font>
    </p>
    <p>

    </p>
    <p>

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 10%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>ITEM 2.02</b>
          </p>
        </td>
        <td style="width: 90%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>RESULTS OF OPERATIONS AND FINANCIAL CONDITION.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: justify">
      On November 8, 2017, the Company issued a press release announcing
      financial results for its fiscal quarter and year ended September 30,
      2017.&#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.<br><br><br>
    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 10%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>ITEM 9.01</b>
          </p>
        </td>
        <td style="width: 90%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>FINANCIAL STATEMENTS AND EXHIBITS</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 15%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>EXHIBIT NO.</b></u>
          </p>
        </td>
        <td style="width: 5%; padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
        <td style="width: 80%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>DESCRIPTION</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 15%">

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

        </td>
        <td style="width: 80%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; white-space: nowrap; width: 15%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51713281ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="width: 5%; padding-left: 0.0px; text-align: left" valign="top">

        </td>
        <td style="width: 80%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51713281ex99_1.htm">Press release, dated November 8,
            2017, issued by AMCON Distributing Company</a>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 15%; padding-left: 0.0px; text-align: left" valign="top">

        </td>
        <td style="width: 5%; padding-left: 0.0px; text-align: left" valign="top">

        </td>
        <td style="width: 80%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51713281ex99_1.htm">announcing financial results for its
            fiscal quarter and year ended September 30, 2017.</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="margin-left: 150.0px; text-align: justify">

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

        </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-size: 10pt; font-family: Times New Roman">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.<br><br><br>
    </p>
    <div style="text-align:center">
    <table style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; margin-left:auto;margin-right:auto" cellspacing="0">
      <tr>
        <td style="width: 5%">

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

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>AMCON DISTRIBUTING COMPANY</u>
          </p>
        </td>
        <td style="width: 14%">

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

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

        </td>
        <td style="padding-left: 70.0px; text-align: left" colspan="2" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Registrant)
          </p>
        </td>
        <td style="width: 14%">

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

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

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

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 14%; padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td style="width: 45%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          November 8, 2017
        </td>
        <td style="width: 6%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; width: 30%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Andrew C. Plummer
          </p>
        </td>
        <td style="width: 14%">

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

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

        </td>
        <td style="width: 6%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Title:
          </p>
        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          <p style="margin-top: 0px; margin-bottom: 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>a51713281ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>AMCON
      Distributing Company Reports Fully Diluted Earnings Per Share of $4.26
      for the Fiscal Year Ended September 30, 2017</b></font>
    </p>
    <p>
      OMAHA, Neb.--(BUSINESS WIRE)--November 8, 2017--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 $4.26 on net income available to common shareholders of $2.9 million
      for the fiscal year ended September 30, 2017. AMCON earned $1.48 per
      fully diluted share on net income available to common shareholders of
      $1.0 million for the fourth fiscal quarter ended September 30, 2017.
    </p>
    <p>
      &#8220;We are pleased with our results for fiscal 2017. AMCON continues to be
      a leader in the convenience distribution industry as a result of our
      relentless 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 our Company,&#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 anchored by
      our customer centric philosophy enabling our management team to navigate
      a 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. In
      addition, we are seeking acquisitions in wholesale and foodservice
      distribution that further our strategic objectives.&#8221;
    </p>
    <p>
      The wholesale distribution segment reported revenues of $1.2 billion and
      operating income of $13.7 million for fiscal 2017, and revenues and
      operating income of $331.9 million and $3.9 million, respectively, for
      the fourth fiscal quarter of fiscal 2017. The retail health food segment
      reported revenues of $25.4 million and an operating loss of $1.8 million
      for fiscal 2017, and revenue of $6.1 million and an operating loss of
      $0.7 million for the fourth quarter of fiscal 2017.
    </p>
    <p>
      &#8220;Our wholesale customers are growing both organically and from
      acquisitions. To support this growth, we are actively expanding our
      service territory,&#8221; said Kathleen M. Evans, President of AMCON&#8217;s
      Wholesale Distribution Segment. Evans continued, &#8220;Our fall trade shows
      provided considerable momentum as we enter fiscal 2018. We embrace a
      long term approach to building our customers&#8217; business which is mutually
      beneficial.&#8221;
    </p>
    <p>
      &#8220;Our new flagship Chamberlin&#8217;s store, which we opened early in fiscal
      2017 in the Orlando market, has been a commercial success. We have
      recently opened a second store in the Lakeland market which builds off
      the momentum we have made in the Florida market as a function of our
      brand reimaging and social media initiatives 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. Our
      Midwestern markets operate in a highly challenging environment.&#8221;
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; 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="color: black; height: 1.5pt">

        </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, 2017, our shareholders&#8217; equity was $68.2
      million, resulting in adjusted book value per share of $99.24. We turned
      our inventory twenty-two times and consolidated debt was $32.1 million.
      At its lowest point during fiscal 2017 our consolidated debt was $3.7
      million,&#8221; said Andrew C. 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 for 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>AMCON Distributing Company and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="7" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>CONSOLIDATED BALANCE SHEETS</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center" colspan="2" valign="bottom">
          <b>September</b>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center" colspan="2" valign="bottom">
          <b>September</b>
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center" colspan="2" valign="bottom">
          <b>2017</b>
        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center" valign="bottom">

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center" colspan="2" valign="bottom">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          523,065
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          605,380
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Accounts receivable, less allowance for doubtful accounts of $0.8
            million at September 2017 and $0.7 million at September 2016
          </p>
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          30,690,403
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          30,033,104
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Inventories, net
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          72,909,996
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          48,404,882
        </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-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          164,959
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Prepaid and other current assets
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          4,218,811
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          8,608,049
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Total current assets
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          108,342,275
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          87,816,374
        </td>
      </tr>
      <tr>
        <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">
          Property and equipment, net
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          13,307,986
        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          3,494,311
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          3,759,311
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Other assets
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          310,488
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          288,082
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Total assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          131,804,887
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          110,821,471
        </td>
      </tr>
      <tr>
        <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">
          <b>LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          17,631,552
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          18,164,983
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Accrued expenses
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          7,553,089
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          6,792,884
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Accrued wages, salaries and bonuses
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          3,477,966
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          3,580,996
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Income taxes payable
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          544,069
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Current maturities of long-term debt
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          373,645
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          362,495
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="bottom">
          Total current liabilities
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          29,580,321
        </td>
        <td>

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

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          29,037,182
        </td>
        <td>

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

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          2,336,263
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          2,579,650
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Long-term debt, less current maturities
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          2,648,179
        </td>
        <td>

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

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          34,100
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          30,815
        </td>
      </tr>
      <tr>
        <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">
          Shareholders&#8217; equity:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Preferred stock, $.01 par value, 1,000,000 shares authorized
        </td>
        <td>

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

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          &#8212;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common stock, $.01 par value, 3,000,000 shares authorized, 678,006
            shares outstanding at September 2017 and 677,057 shares
            outstanding at September 2016
          </p>
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          8,314
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          8,184
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Additional paid-in capital
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          20,825,919
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          19,525,554
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Retained earnings
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          60,935,911
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          58,693,241
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Treasury stock at cost
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          (13,601,302)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          (12,476,381)
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="bottom">
          Total shareholders&#8217; equity
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          68,168,842
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          65,750,598
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Total liabilities and shareholders' equity
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          131,804,887
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          110,821,471
        </td>
      </tr>
      <tr>
        <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>AMCON Distributing Company and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>CONSOLIDATED STATEMENTS OF OPERATIONS</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td colspan="2">

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

        </td>
        <td colspan="2">

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

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center" colspan="3" valign="bottom">
          <b>2017</b>
        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center" valign="bottom">

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center" colspan="3" valign="bottom">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Sales (including excise taxes of $368.8 million and $386.1 million,
          respectively)
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          1,274,984,408
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          1,202,536,285
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          1,219,855,401
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Gross profit
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          72,448,123
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          64,173,895
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          2,049,475
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          66,223,370
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          6,224,753
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Other expense (income):
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          825,690
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          (39,513
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          786,177
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          5,438,576
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          2,489,000
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          2,949,576
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          &#8212;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          (160,360
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Net income available to common shareholders
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          2,949,576
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#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-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          4.34
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          9.37
        </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-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          4.26
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#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-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          679,478
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          621,435
        </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-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          692,183
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td colspan="2">

        </td>
        <td>

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

        </td>
        <td colspan="2">
          &#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-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          1.00
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          1.00
        </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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>AMCON Distributing Company and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td colspan="2">

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

        </td>
        <td colspan="2">

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

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center" colspan="3" valign="bottom">
          <b>2017</b>
        </td>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center" valign="bottom">

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center" colspan="3" valign="bottom">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          CASH FLOWS FROM OPERATING ACTIVITIES:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          2,949,576
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Adjustments to reconcile net income from operations to net cash
            flows from operating activities:
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          1,784,475
        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          265,000
        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (31,622
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (58,926
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Equity-based compensation
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          1,394,879
        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (243,387
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

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

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          98,000
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (199,000
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Recoveries for losses on inventory obsolescence
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (101,716
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (57,247
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Other
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          3,285
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (755,299
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

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

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (24,403,398
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

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

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          4,389,238
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (6,482,141
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Other assets
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (22,406
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

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

        </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; text-align: left" valign="bottom">

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (467,348
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          669,873
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (228,552
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Income taxes payable (receivable)
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          709,028
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          (51,721
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Net cash flows from operating activities
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          (13,761,822
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          CASH FLOWS FROM INVESTING ACTIVITIES:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (2,565,699
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (1,594,848
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Proceeds from sales of property and equipment
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          46,654
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          112,157
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Net cash flows from investing activities
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          (2,519,045
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          CASH FLOWS FROM FINANCING ACTIVITIES:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Borrowings under revolving credit facility
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          1,311,967,154
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          1,303,722,318
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Repayments under revolving credit facility
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (1,293,467,198
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (1,314,087,299
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Principal payments on long-term debt
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (362,495
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (351,383
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </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-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (1,124,921
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (4,795,412
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Dividends paid on convertible preferred stock
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (160,360
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          Dividends on common stock
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (706,906
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (654,678
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="bottom">
          Withholdings on the exercise of equity-based awards
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          (107,082
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          (190,991
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Net cash flows from financing activities
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          16,198,552
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          (82,315
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          605,380
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          219,536
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Cash, end of period
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          523,065
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#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>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </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-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          819,969
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          2,023,359
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#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>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          101,361
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Issuance of common stock in connection with the vesting and
            exercise of equity-based awards
          </p>
        </td>
        <td>

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          1,262,763
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Issuance of common stock in connection with the redemption of
            Series A &amp; B convertible preferred stock
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          2,899,892
        </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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="17" valign="top">
          <p style="margin-top: 0px; margin-bottom: 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">
          <b>FISCAL YEAR 2017</b>
        </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-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          <b>(dollars in thousands, except per share data)</b>
        </td>
        <td>

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

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

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          310,104
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          294,048
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          332,842
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          337,990
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Gross profit
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          18,316
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          17,474
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          18,024
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          18,634
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          1,879
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          990
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          798
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          1,771
        </td>
        <td>

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

        </td>
        <td colspan="15">

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          1,046
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          488
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          1,030
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          &#8212;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          &#8212;
        </td>
        <td>

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

        </td>
        <td colspan="11">

        </td>
        <td>

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

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          1,046
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          488
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          385
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          1,030
        </td>
        <td>

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

        </td>
        <td colspan="11">

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          1.54
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          0.72
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          0.57
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          1.52
        </td>
        <td>

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

        </td>
        <td colspan="15">

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

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          1.52
        </td>
        <td>

        </td>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          0.71
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          0.56
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          1.48
        </td>
        <td>

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

        </td>
        <td colspan="15">

        </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="top">
          <b>FISCAL YEAR 2016</b>
        </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-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          <b>(dollars in thousands, except per share data)</b>
        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Gross profit
          </p>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td colspan="15">

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (49
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (49
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (49
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (14
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td colspan="11">

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td colspan="11">

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td colspan="15">

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td colspan="15">

        </td>
      </tr>
    </table>
    </div>
    <p>
      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>
    <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="color: black; height: 1.5pt">

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

        </td>
        <td>
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center" colspan="2" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 2017</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Number of common shares outstanding at September 30, 2017
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          678,006
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Total shareholders&#8217; equity at September 30, 2017
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          68,168,842
        </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, 2017
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          100.54
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center" colspan="2" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 2017</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Number of common shares outstanding at September 30, 2017
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          678,006
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; 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-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          55,821
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          733,827
        </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, 2017
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          68,168,842
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="bottom">
          Equity impact if all potential common shares were exercised or
          vested /1/
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right" valign="bottom">
          4,654,135
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right" valign="bottom">
          72,822,977
        </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, 2017
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: right" valign="bottom">
          99.24
        </td>
      </tr>
    </table>
    </div>
    <p>
      ____________
    </p>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="top">
          /1/
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Assumes the exercise of all vested and unvested stock options and
          vesting of all outstanding restricted stock units at September 30,
          2017.
        </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>
