CHICO, CA – August 15, 2023 – AmeraMex International, Inc. (OTC: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 Quarter Ended June 30, 2023
The Company reported revenue of approximately $2.3 million versus revenue of $2.4 million for the comparable 2022 quarter. Revenue was flat due in part to inflation and rising interest rates affecting the Company’s target markets.
Gross profit for the quarter was $713,302, compared to a gross profit of $420, 832 for the comparable quarter. Profit is affected by sales versus leases/rentals of equipment and mix of equipment.
Gross profit as a percentage of sales was 31 percent for the quarter compared to gross profit as a percentage of sales of 18 percent for the comparable quarter. The increase in profit margins is due in part to product mix.
Net loss for the quarter was $(116,602) compared to net income of $146,172 for the comparable quarter. Loss per share was $(0.01) for the quarter compared to earnings per share of $0.01 for the comparable 2022 quarter. This is due in part to increased overhead costs.
Statement of Operations for the Six-Month period June 30, 2023
The company reported revenue for the six-month period of $5.5 million versus revenue of $7.3 million for the comparable 2022 six-month period.
Gross profit for the period was $1.5 million compared to gross profit of $1.7 million for the comparable 2022 period.
Gross profit as a percentage of sales was 25 percent for the period compared to gross profit as a percentage of sales of 23 percent for the comparable period.
Net loss for the period was $(15,499) compared to net income of $404,489 for the comparable period. Earnings per share were $0.00 for the period compared to $0.03 for the comparable 2022 period.
Balance Sheet for the Period Ended June 30, 2023
Current Assets increased by approximately $1.2 million to approximately $14.0 million while Total Assets increased by approximately $660,000 due in part to a $2.6 million increase in Inventory.
Current Liabilities for the period have decreased by approximately $1.2 million while Total Liabilities increased by $677,000 due in part to the Company’s increased Line of Credit.
Shareholders and the public are invited to attend a conference call on Tuesday, August 15 at 10:00 a.m. PT as the Company provides a shareholder update for the quarter ended June 30, 2023. The dial-in information is as follows: 1-201-689-8560. Please dial in five minutes before the call is to begin.
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