8. BUSINESS SEGMENTS

The Company has two reportable business segments: the wholesale distribution of consumer products and the retail sale of health and natural food products. The retail health food stores’ operations are aggregated to comprise the Retail Segment because such operations have similar economic characteristics, as well as similar characteristics with respect to the nature of products sold, the type and class of customers for the health food products and the methods used to sell the products. Included in the “Other” column are intercompany eliminations, and assets held and charges incurred by our holding company. The segments are evaluated on revenues, gross margins, operating income (loss), and income (loss) before taxes.


	Wholesale		Retail
	Segment		Segment		Other		Consolidated
THREE MONTHS ENDED JUNE 2019
External revenues:
Cigarettes	$	255,049,572	$	—	$	—	$	255,049,572
Tobacco		52,014,713		—		—		52,014,713
Confectionery		22,541,448		—		—		22,541,448
Health food		—		11,037,533		—		11,037,533
Foodservice & other		29,338,250		—		—		29,338,250
Total external revenue		358,943,983		11,037,533		—		369,981,516
Depreciation		350,701		259,024		—		609,725
Amortization		10,417		—		—		10,417
Operating income (loss)		3,592,787		(702,888)		(1,497,197)		1,392,702
Interest expense		36,240		—		345,229		381,469
Income (loss) from operations before taxes		3,569,182		(700,076)		(1,842,427)		1,026,679
Total assets		120,567,974		17,187,420		186,822		137,942,216
Capital expenditures		757,993		347,790		—		1,105,783

THREE MONTHS ENDED JUNE 2018
External revenue:
Cigarettes	$	248,357,752	$	—	$	—	$	248,357,752
Tobacco		44,598,270		—		—		44,598,270
Confectionery		21,437,432		—		—		21,437,432
Health food		—		6,246,691		—		6,246,691
Foodservice & other		28,403,055		—		—		28,403,055
Total external revenue		342,796,509		6,246,691		—		349,043,200
Depreciation		284,609		314,476		—		599,085
Amortization		15,625		—		—		15,625
Operating income (loss)		4,245,654		(1,078,191)		(1,677,518)		1,489,945
Interest expense		22,585		—		238,925		261,510
Income (loss) from operations before taxes		4,239,525		(1,076,032)		(1,916,443)		1,247,050
Total assets		104,905,403		13,994,013		202,939		119,102,355
Capital expenditures		435,061		262,771		—		697,832


	Wholesale		Retail
	Segment		Segment		Other		Consolidated
NINE MONTHS ENDED JUNE 2019
External revenue:
Cigarettes	$	704,983,203	$	—	$	—	$	704,983,203
Tobacco		144,875,098		—		—		144,875,098
Confectionery		60,352,104		—		—		60,352,104
Health food		—		34,001,611		—		34,001,611
Foodservice & other		81,219,293		—		—		81,219,293
Total external revenue		991,429,698		34,001,611		—		1,025,431,309
Depreciation		1,093,005		734,706		—		1,827,711
Amortization		41,667		—		—		41,667
Operating income (loss)		11,093,779		(489,288)		(4,588,362)		6,016,129
Interest expense		110,837		—		990,158		1,100,995
Income (loss) from operations before taxes		11,030,865		(482,128)		(5,578,522)		4,970,215
Total assets		120,567,974		17,187,420		186,822		137,942,216
Capital expenditures		2,366,666		1,109,896		—		3,476,562

NINE MONTHS ENDED JUNE 2018
External revenue:
Cigarettes	$	679,812,016	$	—	$	—	$	679,812,016
Tobacco		125,776,543		—		—		125,776,543
Confectionery		57,210,816		—		—		57,210,816
Health food		—		19,349,676		—		19,349,676
Foodservice & other		77,614,644		—		—		77,614,644
Total external revenue		940,414,019		19,349,676		—		959,763,695
Depreciation		919,236		700,632		—		1,619,868
Amortization		63,750		—		—		63,750
Operating income (loss)		9,966,031		(1,744,717)		(4,515,367)		3,705,947
Interest expense		69,107		—		707,958		777,065
Income (loss) from operations before taxes		9,938,081		(1,737,416)		(5,220,625)		2,980,040
Total assets		104,905,403		13,994,013		202,939		119,102,355
Capital expenditures		1,141,554		885,646		—		2,027,200