9. 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 and income earned 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 2020
External revenues:
Cigarettes	$	276,348,474	$	—	$	—	$	276,348,474
Tobacco		59,487,110		—		—		59,487,110
Confectionery		20,614,034		—		—		20,614,034
Health food		—		11,538,319		—		11,538,319
Foodservice & other		28,866,387		—		—		28,866,387
Total external revenue		385,316,005		11,538,319		—		396,854,324
Depreciation		452,025		349,658		—		801,683
Amortization		—		—		—		—
Operating income (loss)		4,350,347		(159,706)		(1,717,685)		2,472,956
Interest expense		31,623		—		429,958		461,581
Income (loss) from operations before taxes		4,329,679		(157,273)		(2,118,506)		2,053,900
Equity method investment earnings, net of tax		—		—		111,666		111,666
Total assets		146,782,772		19,584,013		10,551,204		176,917,989
Capital expenditures		575,462		174,374		—		749,836

THREE MONTHS ENDED JUNE 2019
External revenue:
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


	Wholesale		Retail
	Segment		Segment		Other		Consolidated
NINE MONTHS ENDED JUNE 2020
External revenue:
Cigarettes	$	750,264,131	$	—	$	—	$	750,264,131
Tobacco		165,443,803		—		—		165,443,803
Confectionery		59,477,946		—		—		59,477,946
Health food		—		34,629,465		—		34,629,465
Foodservice & other		85,026,598		—		—		85,026,598
Total external revenue		1,060,212,478		34,629,465		—		1,094,841,943
Depreciation		1,327,431		990,614		—		2,318,045
Amortization		—		—		—		—
Operating income (loss)		10,907,179		(1,216,491)		(4,661,555)		5,029,133
Interest expense		98,187		—		1,223,080		1,321,267
Income (loss) from operations before taxes		10,852,250		(1,209,665)		(5,855,497)		3,787,088
Equity method investment earnings, net of tax		—		—		111,666		111,666
Total assets		146,782,772		19,584,013		10,551,204		176,917,989
Capital expenditures		1,808,162		1,124,143		—		2,932,305

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