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 MARCH 2020
External revenues:
Cigarettes	$	228,865,603	$	—	$	—	$	228,865,603
Tobacco		51,639,145		—		—		51,639,145
Confectionery		18,027,050		—		—		18,027,050
Health food		—		12,994,651		—		12,994,651
Foodservice & other		26,360,067		—		—		26,360,067
Total external revenue		324,891,865		12,994,651		—		337,886,516
Depreciation		443,143		347,758		—		790,901
Amortization		—		—		—		—
Operating income (loss)		2,907,818		85,521		(1,603,677)		1,389,662
Interest expense		32,590		—		354,673		387,263
Income (loss) from operations before taxes		2,902,907		87,760		(1,958,348)		1,032,319
Total assets		142,552,270		20,835,266		478,777		163,866,313
Capital expenditures		439,019		349,425		—		788,444

THREE MONTHS ENDED MARCH 2019
External revenue:
Cigarettes	$	211,572,049	$	—	$	—	$	211,572,049
Tobacco		44,665,339		—		—		44,665,339
Confectionery		18,092,990		—		—		18,092,990
Health food		—		11,973,455		—		11,973,455
Foodservice & other		24,412,040		—		—		24,412,040
Total external revenue		298,742,418		11,973,455		—		310,715,873
Depreciation		378,172		247,431		—		625,603
Amortization		15,625		—		—		15,625
Operating income (loss)		3,797,109		259,043		(1,499,641)		2,556,511
Interest expense		36,823		—		359,753		396,576
Income (loss) from operations before taxes		3,793,759		261,849		(1,859,393)		2,196,215
Total assets		100,479,809		17,961,404		241,143		118,682,356
Capital expenditures		824,557		389,717		—		1,214,274


	Wholesale		Retail
	Segment		Segment		Other		Consolidated
SIX MONTHS ENDED MARCH 2020
External revenue:
Cigarettes	$	473,915,657	$	—	$	—	$	473,915,657
Tobacco		105,956,693		—		—		105,956,693
Confectionery		38,863,912		—		—		38,863,912
Health food		—		23,091,146		—		23,091,146
Foodservice & other		56,160,211		—		—		56,160,211
Total external revenue		674,896,473		23,091,146		—		697,987,619
Depreciation		875,405		640,956		—		1,516,361
Amortization		—		—		—		—
Operating income (loss)		6,556,832		(1,056,785)		(2,943,870)		2,556,177
Interest expense		66,564		—		793,122		859,686
Income (loss) from operations before taxes		6,522,571		(1,052,392)		(3,736,991)		1,733,188
Total assets		142,552,270		20,835,266		478,777		163,866,313
Capital expenditures		1,232,700		949,769		—		2,182,469

SIX MONTHS ENDED MARCH 2019
External revenue:
Cigarettes	$	449,933,631	$	—	$	—	$	449,933,631
Tobacco		92,860,385		—		—		92,860,385
Confectionery		37,810,656		—		—		37,810,656
Health food		—		22,964,078		—		22,964,078
Foodservice & other		51,881,043		—		—		51,881,043
Total external revenue		632,485,715		22,964,078		—		655,449,793
Depreciation		742,304		475,682		—		1,217,986
Amortization		31,250		—		—		31,250
Operating income (loss)		7,500,992		213,600		(3,091,166)		4,623,426
Interest expense		74,597		—		644,929		719,526
Income (loss) from operations before taxes		7,461,683		217,948		(3,736,095)		3,943,536
Total assets		100,479,809		17,961,404		241,143		118,682,356
Capital expenditures		1,608,673		762,106		—		2,370,779