AmeraMex International Reports Fourth Quarter, Year End Financial Results
Company Posts $15.8 Million in Revenue for Year End with Revenue Projections of $20 Million for 2008
CHICO, CA – March 11, 2008 – AmeraMex International, Inc. (OTC: AMMX), a provider of heavy equipment to stevedoring, construction, logging and mining companies, today reported financial results for its fourth quarter and twelve months ended December 31, 2007.
For the fourth quarter, the company reported revenue of $3,432,132 with a net loss for the quarter of $233,282, or a net loss of $0.0008 per share.
For the year ended December 31, 2007, the company reported revenue of approximately $15.8 million with EBITDA (earnings before interest, tax, depreciation and amortization) of $10,176. EBITDA is a common means of measuring operational growth of companies in the sales and leasing of heavy equipment.
The loss for the year was $573,930, or a loss per share of $0.002. “The majority of loss was due in part to an unusual number of warranty claims by a major supplier,” commented AmeraMex CFO Warren Murphy. The manufacturers that we represent provide equipment of the highest quality and this was the first factory recall AmeraMex has experienced in 20 years,” added Murphy.
Fourth Quarter Highlights:
– AmeraMex awarded $1.7 million equipment contract
– Franklin Construction places $250,000 order
– AmeraMex inks a $4 million order for container handlers
– AmeraMex expands board of directors
– Company’s CEO presents at the Wall Street Analyst Forum conference
– Company ships orders totaling $1.6 million
– Intellian Capital Advisors retained to assist management with acquisition strategy
– Company shipped $400,000 of stevedoring equipment to the Port of San Francisco
– Company begins to ship $9.5 million order to West Coast ports
– AmeraMex received $1.25 million order from Port of Vancouver
– International brokers place orders in excess of $130,000
“According to industry analysts, a continued downturn within the U.S. construction industry, especially housing and infrastructure, is expected throughout the remainder of 2008,” commented AmeraMex CEO Lee Hamre. “This downturn, which has produced flat revenue growth for the year, has had less affect on AmeraMex than other companies, as logistics companies continued to replace older equipment and expand their fleets of container and break-baulk handlers.
“Developing countries and equipment brokers in Saudi Arabia and Dubai present tremendous opportunities,” continued Hamre. “We are beginning to make significant inroads into countries where infrastructure construction is on the rise, along with our reputation for providing an expanding inventory of sought after, fully refurbished equipment for heavy construction.”
“We expect 2008 to be a growth year for the company as our pipeline is sufficient to produce revenue of approximately $20 million with an expected return to profitability in the second quarter,” said Hamre. “Viewing the remainder of 2008, we expect to close at least two acquisitions and continue to evaluate companies that expand our territorial reach and target markets. I would like to reiterate that while management does not believe the stock price reflects the value of the company, we have a sound business strategy in place that should allow AmeraMex to increase its top line growth during 2008, and a corporate goal to apply for a listing of our common stock on a major exchange to provide additional exposure and ease of trading AmeraMex stock, all of which is expected to increase shareholder value.”
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About AmeraMex International
AmeraMex International sells, leases, and rents heavy equipment to companies within four industries: construction (light and infrastructure), shipping, mining and logging. AmeraMex’s largest product line is specialized container handling equipment that enables stevedoring companies to quickly and efficiently load and offload container and general freight ships dockside. AmeraMex, with customers in North America, South America, Asia, and Eastern Europe, has over 30 years of experience in heavy equipment sales and service and inventories top-of-the-line equipment from manufacturers such as Taylor Machine Works Inc. and Terex Heavy Equipment. For more information visit the AmeraMex website, www.AMMX.net .
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.
McCloud Communications LLC