AmeraMex International Reports Improved Second Quarter Financial Results: Revenue Up 12.6 Percent, Net Income Increased 208 Percent
CHICO, CA – August 22, 2012 – AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment to infrastructure, shipping, construction and mining companies, today reported financial results for its second quarter, ended June 30, 2012.
The company also announced the resignation of CFO Jeffery Knott. AmeraMex has a search underway to replace Knott who resigned for personal reasons. The accounting firm of Newton and Associates will assist the company's in-house accounting staff until the position is filled. This resignation has delayed the filing of the company's annual reports with the SEC.
AmeraMex CEO Lee Hamre commented, “Our goal is to hire a CFO with public company experience. The CFO will assist AmeraMex in developing and maintaining disclosure controls along with managing internal/external financial reporting, updating the company's accounting system and providing management expertise to further company growth. When on board, the CFO will meet with the auditors and complete any remaining accounting adjustments required and then file all audited documents with the SEC for review and approval. While there is a delay in completing the audit, outside legal counsel is moving forward with drafting the Form-10K and Form-10Q required for filing the audited financial statements. We expect to add a new CFO to the management team within the next four weeks,” added Hamre.
Highlights for the Second Quarter Ended June 30, 2012:
- Revenue for the quarter increases 12.6 percent over comparable 2011 second quarter
- Gross profit increased 87 percent over comparable 2011 gross profit
- Net income increased 208 percent of over net income for the 2011 second quarter
- Potential order flow in Africa and South America remains strong
- Audit for SEC approval moving forward
The company reported revenue of $1,277,761, a 12.6 percent increase, when compared to revenue of $1,134,319 reported for the second quarter of 2011. Net income for the quarter was $417,200, an increase of 221 percent compared to net income of $129,834 for the second quarter of 2011.
Revenue for the six-month period was $1,991,439, down 14 percent when compared to revenue of $2,316,510 reported for the comparable six-month period of 2011. While gross profits increased 19 percent for the six-month period ending June 2012, net income for the six-month period was $20,819, compared with a net income of $132,071 for the comparable six-month period in 2011. The downturn in net income was due to certain adjustments made to financial statements for the period ended March 31, 2012.
As expected, accounting adjustments have been made to past financial statements during the SEC audit being performed by Squar Milner. These adjustments are reflected in the first quarter ended March 31, 2012 and affect the six-month period ended June 2012 as well as the comparable periods of 2011 reported in this news release. Going forward, all comparable periods reported will reflect adjusted financials.
About AmeraMex International
AmeraMex International sells, leases and rents heavy equipment to companies within four industries: construction (light and infrastructure), shipping logistics, mining and commercial farming. AmeraMex International'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 the Americas, Africa, 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.
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