Revenue for six-month period exceeds $10.3 million
CHICO, CA / August 13, 2021 / AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies , infrastructure construction , and forestry conservation , reports revenue for its second quarter and six-month period ending June 30, 2021.
AmeraMex is reporting a significant increase in revenue for the second quarter and six-month period of 2021. It is important to remember that the Company’s revenue for the comparative periods in 2020, was negatively affected by COVID-19 restraints. There was a substantial turnaround in revenue for the third and fourth quarters of 2020 finishing the years with revenue of $12.3 million
Second Quarter Ended June 30, 2021
The company reported revenue of $6.3 million compared to revenue of $1.8 million for the second quarter of 2020.
Gross profit for the quarter was $.970 million compared to gross profit of $.430 million for the second quarter of 2020. Gross profit as a percentage of revenue was 15 percent compared to 24 percent for the second quarter of 2020.
The net income for the quarter was $.078 million compared to net loss of $(.440) million for the second quarter of 2020.
Six-Month Period Ended June 30, 2021
Revenue for the six-month period was $10.3 million, a 222 percent increase when compared to revenue of $3.2 million reported for the comparable six-month period of 2020.
Gross profit for the six-month period was $2.1 million compared to gross profit of $.874 million for the six-month period of 2020. Gross profit as a percentage of revenue was 21 percent for the six-month period compared to 27 percent for the six-month period of 2020.
The net incom e for the six-month period was $.444 million compared to a net loss of $(.568) million reported for the comparable six-month period of 2020.
As a reminder, the public is invited to participate in the Company’s second quarter conference call at 11:00 a.m. PT, 2:00 p.m. ET. The conference call dial-in number for both U.S. and international callers is 1.201.689.8560. Please dial in to the conference center five minutes before the call begins and ask the operator for the AmeraMex conference call. An audio replay of the call will be available from August 13, 2021 at 5:00 p.m. ET until August 27, 2021 at 11:59 p.m. ET. The replay is accessible by dialing 1.412.317.6671 and entering pin number 13722155.
About AmeraMex International
AmeraMex International sells, leases and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. AmeraMex, with a US and international customer base, 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 Statements
This press release contains forward-looking statements. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as ‘believe,’ ‘expect,’ ‘anticipate,’ ‘plan,’ ‘potential,’ ‘continue’ or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Investors are encouraged to review the Company’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company’s control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Investor and Media Relations
McCloud Communications, LLC
Marty Tullio, Managing Member
Office: 949.632.1900 or Marty@McCloudCommunications.com
Tables follow:
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AMERAMEX INTERNATIONAL, INC. |
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THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | ||||||||||||||
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2021 | 2020 | 2021 | 2020 | ||||||||||||
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REVENUES
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Sales of Equipment and Other Revenues
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$ | 5,656,744 | $ | 1,025,364 | $ | 8,902,726 | $ | 1,937,679 | ||||||||
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Rentals and Leases
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643,207 | 757,321 | 1,426,921 | 1,283,475 | ||||||||||||
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Total Sales
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6,299,951 | 1,782,685 | 10,329,647 | 3,221,154 | ||||||||||||
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COST OF SALES
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Sales of Equipment and Other Revenues
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5,140,234 | 1,103,305 | 7,753,266 | 1,849,257 | ||||||||||||
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Rentals and Leases
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189,290 | 249,092 | 434,246 | 497,398 | ||||||||||||
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Total Operating Expenses
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5,329,524 | 1,352,397 | 8,187,512 | 2,346,655 | ||||||||||||
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GROSS PROFIT
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970,427 | 430,288 | 2,142,135 | 874,499 | ||||||||||||
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OPERATING EXPENSES
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Selling Expense
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284,732 | 59,167 | 423,921 | 148,000 | ||||||||||||
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General and Administrative
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229,927 | 708,562 | 474,230 | 977,085 | ||||||||||||
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Total Operating Expenses
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514,659 | 767,729 | 898,151 | 1,125,085 | ||||||||||||
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Profit (loss) From Operations
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455,768 | (337,441 | ) | 1,243,984 | (250,586 | ) | ||||||||||
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OTHER INCOME (EXPENSE)
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Interest Expense, net
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(267,975 | ) | (260,989 | ) | (535,032 | ) | (520,797 | ) | ||||||||
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Loss from Early Extinguishment of Debt
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(77,845 | ) | – | (90,178 | ) | – | ||||||||||
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Other Income (Expense)
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764 | – | 10,842 | (1,302 | ) | |||||||||||
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Total Other Income (Expense)
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(345,056 | ) | (260,989 | ) | (614,368 | ) | (522,099 | ) | ||||||||
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INCOME BEFORE PROVISION for INCOME TAXES
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110,712 | (598,430 | ) | 629,616 | (772,685 | ) | ||||||||||
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PROVISION (BENEFIT) for INCOME TAXES
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32,662 | (158,590 | ) | 185,737 | (204,766 | ) | ||||||||||
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NET INCOME (LOSS)
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$ | 78,050 | $ | (439,840 | ) | $ | 443,879 | $ | (567,919 | ) | ||||||
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Weighted Average Shares Outstanding:
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Basic
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14,629,155 | 15,068,318 | 14,629,155 | 15,068,318 | ||||||||||||
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Diluted
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14,629,155 | 15,068,318 | 14,629,155 | 15,068,318 | ||||||||||||
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Earnings (loss) per Share
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Basic
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$ | 0.01 | $ | -0.03 | $ | 0.03 | $ | -0.04 | ||||||||
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Diluted
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$ | 0.01 | $ | -0.03 | $ | 0.03 | $ | -0.04 | ||||||||
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AMERAMEX INTERNATIONAL, INC. |
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JUNE 30, 2021 | DECEMBER 31, 2020 | ||||||
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ASSETS
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Current Assets:
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Cash
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$ | 450,944 | $ | 407,881 | ||||
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Accounts Receivable, Net
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1,349,615 | 768,371 | ||||||
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Inventory, Net
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6,126,283 | 5,873,569 | ||||||
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Other Current Assets
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226,456 | 198,531 | ||||||
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Total Current Assets
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8,153,298 | 7,248,352 | ||||||
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Property and Equipment, Net
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1,049,776 | 1,035,840 | ||||||
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Rental Equipment, Net
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2,013,696 | 3,624,376 | ||||||
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Deferred Tax Assets, Net
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– | 158,124 | ||||||
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Other Assets
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414,619 | 453,410 | ||||||
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Total Other Assets
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3,478,091 | 5,271,750 | ||||||
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TOTAL ASSETS
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$ | 11,631,389 | $ | 12,520,102 | ||||
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LIABILITIES & STOCKHOLDERS’ EQUITY
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Current Liabilities:
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Accounts Payable
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$ | 980,458 | $ | 620,200 | ||||
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Accrued Expenses
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481,320 | 231,329 | ||||||
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Joint Venture Liability
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370,000 | 439,500 | ||||||
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Lines of Credit
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4,437,957 | 5,749,801 | ||||||
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Notes Payable, Current Portion
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739,109 | 911,265 | ||||||
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Convertible Notes
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226,802 | 150,683 | ||||||
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Total Current Liabilities
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7,235,646 | 8,102,778 | ||||||
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Long-Term Liabilities
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Deferred Tax Liability
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27,613 | – | ||||||
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Notes Payable – Related Party
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202,751 | 226,659 | ||||||
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Notes Payable, net of Current Portion
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2,073,570 | 2,597,935 | ||||||
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Total Long-Term Liabilities
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2,303,934 | 2,824,594 | ||||||
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TOTAL LIABILITIES
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9,539,580 | 10,927,372 | ||||||
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Commitments and Contingencies (Note 11)
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STOCKHOLDERS’ EQUITY:
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Shareholders’ Equity
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Preferred Stock, $0.001 par value, 5,000,000 shares authorized, no
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– | – | ||||||
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shares issued and outstanding
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Common Stock, $0.001 par value, 1,000,000,000 shares authorized
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14,629 | 14,549 | ||||||
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14,629,155 shares issued and outstanding at June 30, 2021 and
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14,548,851 at December 31, 2020
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Additional Paid-In Capital
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21,600,734 | 21,545,614 | ||||||
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Accumulated Deficit
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(19,523,554 | ) | (19,967,433 | ) | ||||
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Total Stockholders’ Equity (Deficit)
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2,091,809 | 1,592,730 | ||||||
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TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY
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$ | 11,631,389 | $ | 12,520,102 | ||||
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AMERAMEX INTERNATIONAL, INC. |
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SIX MONTHS ENDED JUNE 30, | |||||||
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2021 | 2020 | ||||||
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OPERATING ACTIVITIES:
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Net Profit (Loss)
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443,879 | (567,919 | ) | |||||
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Adjustments to reconcile Net Loss to
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Net Cash provided by Operations Activities:
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Depreciation and Amortization
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518,025 | 676,983 | ||||||
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Provision (Benefit) for Deferred Income Taxes
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27,613 | (204,761 | ) | |||||
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Marketing Services Paid in Stock
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46,400 | – | ||||||
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Loss on Early Extinguishment of Debt
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90,178 | – | ||||||
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Change in Assets and Liabilities:
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Accounts Receivable
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(581,244 | ) | (385,333 | ) | ||||
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Inventory
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1,357,966 | (2,553,432 | ) | |||||
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Other Current Assets
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(27,925 | ) | (27,531 | ) | ||||
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Accounts Payable
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360,258 | 201,626 | ||||||
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Accrued Expenses
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249,991 | 492,674 | ||||||
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NET CASH PROVIDED BY OPERATING ACTIVITIES
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2,485,141 | (2,367,693 | ) | |||||
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INVESTING ACTIVITIES:
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Payments for Property & Equipment
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(156,502 | ) | (135,025 | ) | ||||
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Payments for Rental Equipment
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(416,292 | ) | 167,490 | |||||
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NET CASH PROVIDED BY INVESTING ACTIVITIES
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(572,794 | ) | 32,465 | |||||
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FINANCING ACTIVITIES:
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Proceeds from Notes Payable
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2,072,205 | 3,840,481 | ||||||
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Payments on Notes Payable
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(2,536,238 | ) | (391,300 | ) | ||||
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Payment on Note Payable – Related Party
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(23,908 | ) | (19,672 | ) | ||||
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Joint Venture Liability
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(69,500 | ) | (17,500 | ) | ||||
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Net Borrowing Under Lines of Credit
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(1,311,843 | ) | (980,546 | ) | ||||
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NET CASH PROVIDED BY FINANCING ACTIVITIES
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(1,869,284 | ) | 2,431,463 | |||||
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NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS
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43,063 | 96,235 | ||||||
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Cash and Cash Equivalents, BEGINNING OF PERIOD
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407,881 | 114,504 | ||||||
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Cash and Cash Equivalents, END OF PERIOD
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450,944 | 210,739 | ||||||
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CASH PAID FOR:
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Interest
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513,108 | 520,797 | ||||||
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Income Taxes
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– | – | ||||||
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SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING
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AND FINANCING ACTIVITIES:
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Transfer of Inventory to Rental Equipment
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508,000 | – | ||||||
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Equipment Financed under Capital Leases
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187,732 | 239,709 | ||||||
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Transfer of Rental Equipment to Inventory
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964,600 | 227,279 | ||||||
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AMERAMEX INTERNATIONAL, INC. |
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Additional | ||||||||||||||||||||
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Common Stock | Paid-in | Treasury | Accumulated | |||||||||||||||||
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Balance
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Shares | Amount | Capital | Stock | Deficit | ||||||||||||||||
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12/31/2020
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15,068,318 | $ | 15,068 | $ | 21,519,435 | $ | – | $ | (19,384,743 | ) | |||||||||||
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Net Loss
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(567,919 | ) | |||||||||||||||||||
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6/30/2020
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15,068,318 | $ | 15,068 | $ | 21,519,435 | $ | – | $ | (19,952,662 | ) | |||||||||||
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12/31/2020
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14,549,155 | $ | 14,549 | $ | 21,545,614 | $ | – | $ | (19,967,433 | ) | |||||||||||
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Stock for Services
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80,000 | 80 | 55,120 | ||||||||||||||||||
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Net Income
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– | – | – | – | 443,879 | ||||||||||||||||
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6/30/2020
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14,629,155 | $ | 14,629 | $ | 21,600,734 | $ | – | $ | (19,523,554 | ) | |||||||||||
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14,629,155 | 14,629 | 21,600,734 | – | (19,523,554 | ) | |||||||||||||||
SOURCE: AmeraMex International Inc
View source version on accesswire.com:
https://www.accesswire.com/658858/AmeraMex-International-Reports-Revenue-for-Second-Quarter-and-Six-Month-Period-Ended-June-30-2021