AmeraMex CEO is Hosting a Shareholder Conference call November 15, 2023, at 12:00 Noon PDT
CHICO, CA – November 15, 2023 – AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its third quarter ended September 30, 2023.
AmeraMex CEO Lee Hamre commented, “2022 was a great year for revenue and net income. Although we initiated cost-savings measures during 2022, they were not enough to offset the tremendous cost explosion and rising inflation that is plaguing us this year. Rising material costs, interest rates and inflation have created uncertainty within our target markets which equates to a downturn in sales during the last nine months.
“In the last quarter of 2022 and in June and August of this year we have signed over $10 million in rental agreements. Unfortunately, this does not equate to $10 million in revenue when the equipment shipped, as it does with a sale. The rental revenue is recorded monthly, which gives the company a steady stream of cash flow.
“I would like to add that the entire AmeraMex team is razor focused on sales, cost containment and profitability,” said Hamre.”
Statement of Operations for the Quarter Ended September 30, 2023
The Company reported revenue of approximately $1.2 million versus revenue of $2.4 million for the comparable 2022 quarter.
Gross profit for the quarter was $371,206, compared to gross profit of $420,832 for the comparable 2022 quarter.
Gross profit as a percentage of sales was 30 percent for the quarter compared to gross profit, as a percentage of sales was 18 percent for the comparable 2022 quarter
Profit from operations $199,328 for the quarter, compared to a loss from operations of ($45,503) for the comparable 2022 quarter.
Net loss for the quarter was ($32,623)compared to net income of $146,172 for the comparable 2022 quarter
Earnings per share (EPS) were $0.00 for the quarter compared to EPS of $0.05 for the comparable 2022 quarter.
Statement of Operations for the Nine-Month period Ended September 30, 2023
The company reported revenue of approximately $6.7 million versus revenue of $14.8 million for the comparable 2022 period.
Gross profit for the period was $1.9 million compared to gross profit of $4.2 million for the comparable 2022 period.
Gross profit, as a percentage of sales, was 28 percent for the period compared to gross profit, as a percentage of sales, of 28 percent for the comparable period.
Profit from operations $438,528 for the nine-month period, compared to profit from operations of $2.2 million for the comparable 2022 nine-month period.
Net loss for the nine-month period was ($48,122) compared to net income of $1.4 million for the comparable nine-month period of 2022.
Earnings per share (EPS) were $0.00 for the period compared to EPS of $0.09 for the comparable 2022 nine-month period.
Balance Sheet for the Nine-Month Period Ended September 30, 2023
Total Assets were $18.2 million, a $4.9 million increase due in part to an increase in rental equipment.
Total Liabilities were $13.9 million, a $4.9 million increase due in part to an increase in the Company’s credit line, lease liability and deferred income.
The $10 million leases are not recognized as revenue but as Deferred Revenue, which is a Liability. This results in a higher inventory, an asset, and higher liability, Deferred Revenue.
Please join the Company’s management team November 15 at 12:00 p.m. PDT for a shareholder update. The conference call dial-in number for both U.S. and international callers is 1.201.689.8560. Please dial 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 December 20, 2023, at 3:00 p.m. Eastern Time until January 3, 2023, at 11:59 p.m. Eastern Time. The replay is accessible by dialing 1.412.317.6671 and entering pin number 13734981.
AmeraMex International sells, leases, and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. The company 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.
Statements made in this news release that are not historical or current facts are “forward-looking statements” made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the “Act”) and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified using terms such as “may,” “expect,” “believe,” “anticipate,” “estimate,” “approximate” “continue,” or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management’s best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and key factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.
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