For the quarter, the company reported record revenue of $5,459,854. Income from operations for the quarter was $146,014. During the quarter the company reported a one-time loss of $121,357, which was attributed to the embezzlement of funds during the quarter by the company’s former bookkeeper, reducing net income to $24,657.
“Late last year we installed a new accounting system to support our anticipated growth and acquisition strategy,” commented AmeraMex CFO Warren Murphy. “After completing the installation, an internal audit was conducted which uncovered accounting discrepancies totaling approximately $550,000 through the first quarter of 2008, with an expected recovery of $125,000.”
The company’s EBITDA (earnings before interest, taxes, deprecation and amortization) was approximately $145,437, and included the one-time loss of $121,357. EBITDA is an excellent tool for measuring fundamentals of growth companies within specific sectors.
First Quarter Highlights:
- Over the last four months AmeraMex received orders totaling $470,000 from Singapore, Vietnam and Egypt for refurbished equipment.
- The Port of Vancouver, WA placed a $1.25 million order for forklifts to be shipped by September 2008.
- Orders totaling $9.5 million began shipping to West Coast ports.
- The Port of San Francisco received break-bulk material handlers totaling $400,000.
- AmeraMex shipped orders totaling $1.6 million to ports in Seattle and Long Beach.
- AmeraMex becomes the exclusive Nevada dealer for Doosan forklifts.
- AmeraMex ships $160,000 to a Middle East distributor of heavy equipment.
- Intellian Capital Advisors was retained to assist with acquisition strategy.
“Our international distributors are beginning to make a significant contribution to our sales pipeline, revenue growth and profit margins,” said AmeraMex CEO Lee Hamre. “This last year we have made considerable inroads into several developing countries, and over the next few months expect to expand our reach and significantly increase our international sales.
“While the U.S. construction industry has suffered a significant downturn, we are beginning to see increased demand from companies involved with infrastructure construction,” continued Hamre. “We have been providing quotes for container handlers, large capacity forklifts, excavators, articulated rock trucks, tractors and loaders. We are pleased to see that our sales and marketing efforts within the logistics support industry have begun to contribute a majority of our revenue, as our customers continue to expand their fleets of container and break-bulk handlers and replace older equipment with EPA Tier III compliant equipment. We believe this is a breakout year for AmeraMex,” added Hamre.
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About AmeraMex International
AmeraMex International carries a large inventory of heavy equipment, which it sells, leases, and rents to a variety of industries, including the stevedoring, heavy construction, light construction, logging and mining industries. AmeraMex’s largest product line is specialized container handling equipment for stevedoring companies that load and offload ships – from container ships to cruise lines and fishing fleets. AmeraMex has over 30 years of experience in heavy equipment sales and service and carries top-of-the-line equipment from manufacturers such as Taylor Machine Works Inc., Terex Heavy Equipment, and Barko Hydraulics.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and as such, may involve risks and uncertainties. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations, are generally identifiable by the use of words such as “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, potential future performance, perceived opportunities in the market, and statements regarding the Company’s mission and vision. The Company’s actual results, performance, and achievements may differ materially from the results, performance, and achievements expressed or implied in such forward-looking statements.
Media and Financial Contact:
Marty Tullio
McCloud Communications LLC
949.553.9748
marty@mccloudcommunications.com
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