CHICO, CA – May 17, 2013 – AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment to infrastructure, shipping, construction and farming companies, today reported financial results for its first quarter ended March 31, 2013.
The company reported revenue of approximately $503,894 with gross profit of $302,755 compared to revenue of approximately $713,676 with gross profit of $232,541 for the comparable quarter ended March 31, 2012.
Gross profit margins, as a percentage of revenue, were 60 percent, a significant increase when compared to gross profit margins of 33 percent for the comparable 2012 quarter. Continued improvement of margins is due in part to product mix and the company’s trucking operation.
The company reported a net loss for the year of ($119,424) compared to net loss of ($391,709) for the first quarter ended March 31, 2012. This is due in part to a decrease in total expenses and depreciation as the inventory of equipment was sold or fully depreciated.
During the year-end conference call management stated, “We expected to have letters of intent from companies to purchase crude oil/fuel no later than the middle of May.” Management is in contact with these companies daily and expects to provide an update in the near future.
AmeraMex partners in Africa indicated to management that they expected several infrastructure projects to be finalized by the end of April. AmeraMex CEO Lee Hamre commented, “It is now May and these projects are taking longer than our partners project but several are in final negations. We are in communications with the partner companies working on the funding of the projects. Best estimate for approved funding is now in the third quarter of 2013. We are currently awaiting final notification of funding approval for one of the projects located in Niger. This project is large enough to get everything in Africa kicked off. Once complete, funding for other projects will be much easier.”
To view the financial tables, please open the attached PDF.