CHICO, CA – November 23, 2022 – AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its third quarter ended September 30, 2022.
CEO Lee Hamre commented, “2022 has been a great year for revenue and net income. This is due in part to product mix, and cost containment measures which have significantly increased our profit margins. We are also pleased that the addition of new product lines and refocusing on the construction industry are beginning to pay off. We are fortunate to sell into multiple markets – from logistics to agriculture, manufacturing, and construction.
“I would like to add that I am pleased with what we accomplished in the third quarter. All though there remains a nationwide shortage of truck drivers and costs for materials and fuel remain high, our team has and will continue to focus on controlling costs and improving profit margins.
“Instead of having a conference call to discuss what are now stale numbers during the Thanksgiving holiday, I will be hosting a conference call in December to discuss the year end and what we expect 2023 to look like. If you have questions regarding the third quarter results, please contact CFO, Hope Stone, or board member, Marty Tullio,” added Hamre.
Statement of Operations for the Quarter Ended September 30, 2022
The Company reported revenue of approximately $7.5 million versus revenue of $8.2 million for the comparable 2021 quarter, a nine percent decrease.
Gross profit for the quarter was $2.5 million, compared to gross profit of $815,261 for the comparable 2021 quarter. This is a 211 percent increase.
Gross profit as a percentage of sales, was 35 percent for the quarter compared to gross profit, as a percentage of sales, of 10 percent for the comparable 2021 quarter.
Profit from operations rose significantly to $1.7 million for the quarter, compared to profit from operations of $343,132 for the comparable 2021 quarter
Net income for the quarter was $928,850 compared to net income of $82,691 for the comparable 2021 quarter. Prices of equipment have been adjusted to cover increased cost of goods sold and operating costs.
Earnings per share (EPS) were $0.06 for the quarter compared to EPS of $0.01 for the comparable 2021 quarter.
Statement of Operations for the Nine-Month period September 30, 2022
The company reported revenue of approximately $14.8 million versus revenue of $18.9 million for the comparable 2021 period, a 20 percent decrease. Revenue for 2021 was the highest in the Company’s history due, in part, to pent-up demand for equipment created the COVID-19 pandemic.
Gross profit for the period was $4.2 million compared to gross profit of $3.0 million for the comparable 2021 period. This is an increase of 45 percent.
Gross profit, as a percentage of sales, was 29 percent for the period compared to gross profit, as a percentage of sales, of 16 percent for the comparable period.
Profit from operations rose significantly to $2.2 million for the nine-month period, compared to profit from operations of $1.6 million for the comparable 2021 nine-month period.
Net income for the nine-month period rose 171 percent to $1.4 million when compared to net income of $526,570 for the comparable nine-month period.
Earnings per share (EPS) were $0.10 for the period compared to EPS of $0.04 for the comparable 2021 nine-month period.
Balance Sheet for the Nine-Month Period Ended September 30, 2022
Total Assets were $14.3 million, a $4.5 million increase due in part to an increase of accounts receivable and inventory.
Total Liabilities were $9.6 million, a $2.1 million increase due in part to an increase in notes payable.
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.
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