BUSINESS SEGMENTS

6 Months Ended

Mar. 31, 2025

BUSINESS SEGMENTS

BUSINESS SEGMENTS

10. BUSINESS SEGMENTS

The Company has two reportable business segments: the wholesale distribution of consumer products (the Wholesale Segment), and the retail sale of health and natural food products (the Retail Segment). The aggregation of the Company’s business operations into these business segments was based on a range of considerations, including but not limited to the characteristics of each business, similarities in the nature and type of products sold, customer classes, methods used to sell the products and economic profiles. 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) from operations before taxes.

	Wholesale		Retail
	Segment		Segment		Other		Consolidated
THREE MONTHS ENDED MARCH 2025
External revenue:
Cigarettes	$	374,341,125	$	—	$	—	$	374,341,125
Tobacco		121,839,251		—		—		121,839,251
Confectionery		39,765,350		—		—		39,765,350
Health food		—		11,902,524		—		11,902,524
Foodservice & other		71,654,837		—		—		71,654,837
Total external revenue		607,600,563		11,902,524		—		619,503,087
Depreciation		2,056,696		266,906		—		2,323,602
Amortization		134,425		—		—		134,425
Operating income (loss)		2,821,616		430,846		(2,790,557)		461,905
Interest expense		—		—		2,266,407		2,266,407
Income (loss) from operations before taxes		2,582,199		453,806		(5,056,965)		(2,020,960)
Total assets		373,458,943		17,342,095		1,202,999		392,004,037
Capital expenditures		2,859,192		207,068		—		3,066,260

	Wholesale		Retail
	Segment		Segment		Other		Consolidated
THREE MONTHS ENDED MARCH 2024
External revenue:
Cigarettes	$	367,878,538	$	—	$	—	$	367,878,538
Tobacco		114,832,151		—		—		114,832,151
Confectionery		37,862,439		—		—		37,862,439
Health food		—		11,224,329		—		11,224,329
Foodservice & other		70,079,849		—		—		70,079,849
Total external revenue		590,652,977		11,224,329		—		601,877,306
Depreciation		1,940,843		214,121		—		2,154,964
Amortization		134,426		—		—		134,426
Operating income (loss)		5,813,354		456,722		(2,926,413)		3,343,663
Interest expense		—		—		2,247,737		2,247,737
Income (loss) from operations before taxes		5,843,163		483,530		(5,174,150)		1,152,543
Total assets		318,821,274		16,312,547		1,023,048		336,156,869
Capital expenditures (1)		14,230,776		726,494		—		14,957,270

(1) Includes $10.0 million purchase of a distribution facility in Colorado City, Colorado.

	Wholesale		Retail
	Segment		Segment		Other		Consolidated
SIX MONTHS ENDED MARCH 2025
External revenue:
Cigarettes	$	812,363,123	$	—	$	—	$	812,363,123
Tobacco		257,736,729		—		—		257,736,729
Confectionery		83,798,529		—		—		83,798,529
Health food		—		22,427,859		—		22,427,859
Foodservice & other		154,450,104		—		—		154,450,104
Total external revenue		1,308,348,485		22,427,859		—		1,330,776,344
Depreciation		4,293,179		531,598		—		4,824,777
Amortization		268,851		—		—		268,851
Operating income (loss)		9,373,148		100,024		(5,340,947)		4,132,225
Interest expense		—		—		5,113,028		5,113,028
Income (loss) from operations before taxes		9,027,534		145,899		(10,453,974)		(1,280,541)
Total assets		373,458,943		17,342,095		1,202,999		392,004,037
Capital expenditures		5,968,999		306,844		—		6,275,843

	Wholesale		Retail
	Segment		Segment		Other		Consolidated
SIX MONTHS ENDED MARCH 2024
External revenue:
Cigarettes	$	763,547,247	$	—	$	—	$	763,547,247
Tobacco		236,183,852		—		—		236,183,852
Confectionery		77,905,569		—		—		77,905,569
Health food		—		21,913,758		—		21,913,758
Foodservice & other		147,285,954		—		—		147,285,954
Total external revenue		1,224,922,622		21,913,758		—		1,246,836,380
Depreciation		3,796,589		443,118		—		4,239,707
Amortization		268,851		—		—		268,851
Operating income (loss)		12,783,479		440,246		(6,056,985)		7,166,740
Interest expense		—		—		4,559,250		4,559,250
Income (loss) from operations before taxes		12,618,261		1,025,478		(10,616,235)		3,027,504
Total assets		318,821,274		16,312,547		1,023,048		336,156,869
Capital expenditures (1)		17,211,107		1,025,663		—		18,236,770

(1) Includes $10.0 million purchase of a distribution facility in Colorado City, Colorado.