AmeraMex International Reports Revenue Growth of 64
Company Signs $810,000 Engine
CHICO, CA – August 21, 2014 – AmeraMex International, Inc.
(OTC:AMMX), a provider of heavy equipment to infrastructure, shipping,
construction, farming and mining companies, today reported financial results
for its second quarter ended June 30, 2014.
Second Quarter Ended June 30, 2014 – 16 Percent Increase in Revenue
The company reported revenue of $1,042,041
compared to revenue of $878,413 for the second quarter of 2013. Net income for
the quarter was $85,954 compared to net income of $272,218 for the second
quarter of 2013. Gross profit, as a
percentage of sales, was 57 percent compared to 77 percent for the comparable 2013
Six-Month Period – 64 Percent Increase in Revenue
Revenue for the six-month period
was $3,878,155 compared to revenue of $1,382,306 reported for the comparable six-month
period of 2013. Gross profit margins, as a percentage of sales, increased 44
percent for the six-month period when compared to gross profit margins for the
period ending June 2013. The company reported net income of $281,009,
compared to net income of $342,206 for the six-month period in 2013.
According to CEO Lee Hamre, the company
entered into an agreement with a West Coast customer to retrofit a number of
loaded container handlers with EPA-approved Tier 4 engines for approximately $810,000. All container handlers and break-bulk
equipment with engines over 100HP must meet Tier 4 emission standards to
operate in California. This EPA 2008
ruling is being phased-in over the period of 2008-2015. New Tier 4 container handlers cost $600,000-$800,000,
depending on capacity and configuration. A Tier 4 compliant engine can be
purchased and installed for a fraction of new equipment cost – a significant savings
for logistics companies.
AmeraMex CFO Kevin Atkin
commented, “The delay in reporting our second quarter was due to the
replacement of our accounting system. During
the process of replacing our very old, complex accounting system with a system better
adapted to handle the accounting complexities of our company, we discovered two
areas that required significant adjustments – cost of goods sold and inventory valuation. Our goal is to be prepared for a two-year SEC
audit to begin when the Niger agreement is funded.
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.
To view complete news release with financial tables, please open attached PDF.
Media and Financial Contact:
Marty Tullio, McCloud Communications LLC
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