Chico, California–(August 16, 2024) – AmeraMex International, Inc. (OTC Pink: AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its second quarter and six-month period ended June 30, 2023.
Statement of Operations for the Second Quarter Ended June 30, 2024
The Company reported revenue of approximately $3.8 million versus revenue of $2.3 million for the comparable 2023 quarter. Revenue increased approximately 65 percent over the comparable quarter of 2023.
Gross profit for the quarter was $2.6 million, a significant increase when compared to a gross profit of $713,302 for the comparable 2023 quarter. Profit is affected by sales versus leases/rentals of equipment and mix of equipment.
Gross profit as a percentage of sales was 68 percent for the quarter compared to gross profit as a percentage of sales of 31 percent for the comparable 2023 quarter. The significant increase in profit margins is due in part to product mix.
Profit from operations was $2.0 million compared to a loss of ($102,577) for the comparable 2023 quarter.
Net income for the quarter was $1.0 million compared to a net loss of ($116,602) for the comparable 2023 quarter. Earnings per share were $0.07 for the quarter compared to a loss per share of ($0.01) for the comparable 2023 quarter. This is due in part to a decrease in both interest and selling expenses.
Statement of Operations for the Six-Month period June 30, 2024
The company reported revenue for the six-month period of $7.1 million versus revenue of $5.1 million for the comparable 2023 six-month period. This is a 29 percent increase.
Gross profit for the period increased 60 percent to $2.4 million when compared to gross profit of $1.5 million for the comparable 2023 period.
Gross profit as a percentage of sales was 34 percent for the period compared to gross profit as a percentage of sales of 27 percent for the comparable 2023 period.
Profit from operations was $1.5 million compared to $240,200 for the comparable 2023 six-month period.
Net income for the period was $587,989 compared to net loss of ($15,499) for the comparable period. Earnings per share were $0.04 for the period compared to $0.00 for the comparable 2023 period.
Balance Sheet for the Period Ended June 30, 2024
Current Assets increased by approximately $1.1 million to approximately $14.7 million while Total Assets increased by approximately $4.0 million due in part to a $3.6 million increase in rental equipment.
Current Liabilities for the period have decreased by approximately $1.0 million while Total Liabilities increased by $3.5 million due in part to the Company’s Notes Payable.
Shareholders and the public are invited to participate in a conference call on Friday, August 16, 2024, at 9:00 a.m. PT as the Company provides a shareholder update for the quarter and six-month period ended June 30, 2024. Please access the call by dialing 1.201.689.8560 five minutes before the call is to begin. A replay of the call will be available approximately three hours after the completion of the call by dialing 412.317.6671 and using access I.D. of 13748314. The replay will be available until August 30, 2024, at 11:59 p.m. ET.
AmeraMex International
AmeraMex International sells, leases, and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. The company has over 30 years of experience in heavy equipment sales and service. Follow AmeraMex on Twitter @ammx_intl and visit the AmeraMex website, www.AMMX.net or www.hamreequipment.com for additional information and equipment videos.
Forward-Looking Statement
Statements made in this news release that are not historical or current facts are “forward-looking statements” made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the “Act”) and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified using terms such as “may,” “expect,” “believe,” “anticipate,” “estimate,” “approximate” or “continue,” or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management’s best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and key factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.
Investor and Media Relations
McCloud Communications, LLC
Marty Tullio, Managing Member
Office: 949.632.1900 or Marty@McCloudCommunications.com
Tables Follow
AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENTS OF OPERATIONS
| THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| REVENUES | ||||||||||||
| Sales of Equipment and Other Revenues | $ | 3,302,873 | $ | 1,952,034 | 6,120,450 | $ | 4,960,066 | |||||
| Rentals and Leases | 480,973 | 368,696 | 943,145 | 569,923 | ||||||||
| Total Sales | 3,783,846 | 2,320,730 | 7,063,595 | 5,529,989 | ||||||||
| COST OF SALES | ||||||||||||
| Sales of Equipment and Other Revenues | 918,109 | 1,395,251 | 4,155,410 | 3,631,611 | ||||||||
| Rentals and Leases | 290,736 | 212,177 | 481,452 | 366,768 | ||||||||
| Total Cost of Sales | 1,208,845 | 1,607,428 | 4,636,862 | 3,998,379 | ||||||||
| GROSS PROFIT | 2,575,001 | 713,302 | 2,426,733 | 1,531,610 | ||||||||
| OPERATING EXPENSES | ||||||||||||
| Selling Expense | 274,865 | 555,741 | 404,507 | 753,381 | ||||||||
| General and Administrative | 285,944 | 260,138 | 554,787 | 538,029 | ||||||||
| Total Operating Expenses | 560,809 | 815,879 | 959,294 | 1,291,410 | ||||||||
| Profit (loss) From Operations | 2,014,192 | (102,577 | ) | 1,467,439 | 240,200 | |||||||
| OTHER INCOME (EXPENSE) | ||||||||||||
| Interest Expense, net | (532,351 | ) | (161,910 | ) | (699,539 | ) | (285,439 | ) | ||||
| Loss from Early Extinguishment of Debt | – | (39,090 | ) | – | (39,090 | ) | ||||||
| Other Income (Expense) | 8,599 | 139,197 | 107,972 | 62,347 | ||||||||
| Total Other Income (Expense) | (523,752 | ) | (61,803 | ) | (591,567 | ) | (262,182 | ) | ||||
| INCOME BEFORE PROVISION for INCOME TAXES | 1,490,440 | (164,380 | ) | 875,872 | (21,982 | ) | ||||||
| PROVISION (BENEFIT) for INCOME TAXES | 466,108 | (47,778 | ) | 287,883 | (6,483 | ) | ||||||
| NET INCOME (LOSS) | $ | 1,024,332 | $ | (116,602 | ) | $ | 587,989 | $ | (15,499 | ) | ||
| Weighted Average Shares Outstanding: | ||||||||||||
| Basic | 14,112,988 | 14,112,988 | 14,112,988 | 14,112,988 | ||||||||
| Diluted | 14,112,988 | 14,112,988 | 14,112,988 | 14,112,988 | ||||||||
| Earnings (loss) per Share | ||||||||||||
| Basic | $ | 0.07 | $ | -0.01 | $ | 0.04 | $ | 0.00 | ||||
| Diluted | $ | 0.07 | $ | -0.01 | $ | 0.04 | $ | 0.00 | ||||
AMERAMEX INTERNATIONAL, INC.
UNAUDITED BALANCE SHEETS
| JUNE 30, 2024 | DECEMBER 31, 2023 | ||||||
| ASSETS | |||||||
| Current Assets: | |||||||
| Cash | $ | 122,807 | $ | 588,128 | |||
| Accounts Receivable, Net | 1,980,097 | 1,289,389 | |||||
| Inventory, Net | 12,333,677 | 11,359,158 | |||||
| Other Current Assets | 228,457 | 324,134 | |||||
| Total Current Assets | 14,665,038 | 13,560,809 | |||||
| Non-Current Assets: | |||||||
| Property and Equipment, Net | 865,767 | 1,702,163 | |||||
| Rental Equipment, Net | 4,695,470 | 1,063,464 | |||||
| Lease Right of Use Assett – Operating | 682,288 | 703,802 | |||||
| Lease Right of Use Assett – Financing | 1,219,408 | 905,782 | |||||
| Deferred Tax Asset | 243,640 | 486,386 | |||||
| Other Assets | 237,720 | 207,172 | |||||
| Total Other Assets | 7,944,293 | 5,068,769 | |||||
| TOTAL ASSETS | $ | 22,609,331 | $ | 18,629,578 | |||
| LIABILITIES & STOCKHOLDERS’ EQUITY | |||||||
| Current Liabilities: | |||||||
| Accounts Payable | $ | 1,906,882 | $ | 2,214,439 | |||
| Accrued Expenses | 147,730 | 348,415 | |||||
| Deferred Revenue | 1,913,653 | 2,136,400 | |||||
| Joint Venture Liability | – | 105,000 | |||||
| Lines of Credit | 5,089,678 | 5,891,119 | |||||
| Notes Payable, Current Portion | 1,877,499 | 1,273,310 | |||||
| Lease Liability – Operating | 129,081 | 129,081 | |||||
| Lease Liability – Financing | 188,121 | 188,121 | |||||
| Total Current Liabilities | 11,252,644 | 12,285,885 | |||||
| Long-Term Liabilities | |||||||
| Deferred Tax Liabilities, Net | 950,450 | – | |||||
| Notes Payable, Net of Current Portion | 4,225,137 | 713,391 | |||||
| Lease Liability – Operating, Net of Current Portion | 553,207 | 574,721 | |||||
| Lease Liability – Financing, Net of Current Portion | 1,031,287 | 1,046,964 | |||||
| Total Long-Term Liabilities | 6,760,081 | 2,335,076 | |||||
| TOTAL LIABILITIES | 18,012,725 | 14,620,961 | |||||
| Commitments and Contingencies (Note 11) | – | – | |||||
| STOCKHOLDERS’ EQUITY: | |||||||
| Shareholders’ Equity | |||||||
| Preferred Stock, $0.001 par value, 5,000,000 shares authorized, no | – | – | |||||
| shares issued and outstanding | |||||||
| Common Stock, $0.001 par value, 1,000,000,000 shares authorized | 14,112 | 14,112 | |||||
| 14,112,988 shares issued and outstanding at June 30, 2024 and | |||||||
| 14,112,988 at December 31, 2023 | |||||||
| Additional Paid-In Capital | 21,671,534 | 21,671,534 | |||||
| Accumulated Deficit | (17,089,040 | ) | (17,677,029 | ) | |||
| Total Stockholders’ Equity | 4,596,606 | 4,008,617 | |||||
| TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY | $ | 22,609,331 | $ | 18,629,578 | |||
| – | – | ||||||
AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENTS OF CASH FLOW
| SIX MONTHS ENDED JUNE 30, | ||||||
| 2024 | 2023 | |||||
| OPERATING ACTIVITIES: | ||||||
| Net Income | 587,989 | (15,499 | ) | |||
| Adjustments to reconcile Net Loss to | ||||||
| Net Cash provided (used) by Operations Activities: | ||||||
| Depreciation and Amortization | 668,108 | 479,645 | ||||
| Provision (Benefit) for Deferred Income Taxes | 950,450 | (76,963 | ) | |||
| Loss on Early Extinguishment of Debt | – | 39,090 | ||||
| Amortization and Accretion of Interest | 42,702 | 39,090 | ||||
| Change in Assets and Liabilities: | ||||||
| Accounts Receivable | (690,708 | ) | 376,931 | |||
| Inventory | (4,606,525 | ) | (2,564,070 | ) | ||
| Other Current Assets | 333,208 | 150,960 | ||||
| Accounts Payable | (306,840 | ) | 89,999 | |||
| Deferred Revenue | (222,747 | ) | – | |||
| Accrued Expenses | (200,685 | ) | (146,816 | ) | ||
| NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES | (3,445,048 | ) | (1,627,633 | ) | ||
| INVESTING ACTIVITIES: | ||||||
| Payments for Property & Equipment | 642,568 | (5,561 | ) | |||
| Proceeds (Payments) for Rental Equipment | (481,432 | ) | 102,501 | |||
| NET CASH USED BY INVESTING ACTIVITIES | 161,136 | 96,940 | ||||
| FINANCING ACTIVITIES: | ||||||
| Proceeds from Notes Payable | 4,407,398 | 593,060 | ||||
| Payments on Notes Payable | (657,033 | ) | (657,033 | ) | ||
| Payment on Note Payable – Related Party | – | 276,859 | ||||
| Joint Venture Liability | (130,333 | ) | (227,503 | ) | ||
| Net Borrowing (Repayments) Under Lines of Credit | (801,441 | ) | 698,088 | |||
| NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES | 2,818,591 | 683,471 | ||||
| NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS | (465,321 | ) | (847,222 | ) | ||
| Cash and Cash Equivalents, BEGINNING OF PERIOD | 588,128 | 1,032,209 | ||||
| Cash and Cash Equivalents, END OF PERIOD | 122,807 | 184,987 | ||||
| CASH PAID FOR: | ||||||
| Interest | 679,918 | 317,654 | ||||
| Income Taxes | 800 | 800 | ||||
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING | ||||||
| AND FINANCING ACTIVITIES: | ||||||
| Transfer of Inventory to Rental Equipment | – | – | ||||
| Equipment Financed under Capital Leases | – | 1,162,124 | ||||
| Transfer of Rental Equipment to Inventory | – | – | ||||
AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023
| Additional | ||||||||||||||||
| Common Stock | Paid-in | Accumulated | ||||||||||||||
| Balance | Shares | Amount | Capital | Deficit | ||||||||||||
| December 31, 2022 | 14,629,155 | $ | 14,629 | $ | 21,600,734 | $ | (17,334,360 | ) | ||||||||
| Net Income | 0 | 200 | 70800 | (15,499 | ) | |||||||||||
| June 30, 2023 | 14,629,155 | $ | 14,829 | $ | 21,671,534 | $ | (17,349,859 | ) | ||||||||
| December 31, 2023 | 14,112,988 | $ | 14,112 | $ | 21,671,534 | $ | (17,677,029 | ) | ||||||||
| Net Income | – | – | – | 587,989 | ||||||||||||
| June 30, 2024 | 14,112,988 | $ | 14,112 | $ | 21,671,534 | $ | (17,089,040 | ) | ||||||||
| 14,112,988 | 14,112 | 21,671,534 | (17,089,040 | ) | ||||||||||||
| – | – | – | – | |||||||||||||
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