(By Balaseshan) AMCON Distributing Co. (NYSEAMEX: DIT), which engages in the wholesale distribution of consumer products, reported a 2.4% increase in quarterly earnings helped by a 6.6% growth in sales.
Earnings for the first quarter were $1.40 million or $1.90 per share, up from $1.37 million or $1.83 per share last year.
Sales increased to $302.22 million from $283.56 million.
In the previous fourth quarter, the company posted earnings of $3.33 per share on sales of $307.66 million.
Gross margin for the first quarter declined to 6.4% from 6.6% in the comparable quarter last year.
Selling, general and administrative expenses rose 3.2% to $15.85 million.
At December 31, 2012, shareholders' equity was $48.8 million and consolidated debt was $36.3 million.
"We continue to make investments in foodservice and information technology as a key component of our program development," said Kathleen Evans, President of AMCON's wholesale distribution segment.
DIT closed Friday's regular session down 0.28% at $71.80. The stock has been trading between $56.21 and $73.64 for the past 52 weeks.