Chico, California–(April 18, 2024) – AmeraMex International, Inc. (OTC Pink: AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its year ended December 31, 2023.
Statement of Operations for the Year Ended December 31, 2023
The company reported revenue of approximately $13.4 million, compared to revenue of approximately $19.3 million for the year ended December 31, 2022.
Gross profit for the year was $2.1 million, compared to gross profit of $4.7 million for the 2022 year-end.
Gross profit as a percentage of revenue was 16 percent for the year compared to gross profit, as a percentage of revenue, of 23 percent for the 2022 year-end.
Net loss for the year was ($764,741) compared to net income of $1.0 million for the comparable 2022 year-end. Loss per share was ($0.05) compared to earnings per share of $0.06.
Balance Sheet for the Year Ended December 31, 2023
Total Assets for the year were $18.2 million compared to $13.3 million for the year ended December 31, 2022. This increase is due in part to an increase of $5.1 million in Net Inventory. Current Liabilities for the year were $14.6 million compared to $8.5 million for the year ended December 31, 2022. This increase is due in part to the Deferred Revenue of $2.1 million and an increase in the Company’s line of credit of $4.6 million.
Conference Call
The AmeraMex management team will be traveling for the next several days and a news release pertaining to the year ended 2023 conference call will be disseminated shortly.
AmeraMex International
AmeraMex International sells, leases, and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. 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 Statement
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” or “continue,” or “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.
Investor and Media Relations
McCloud Communications, LLC
Marty Tullio, Managing Member
Office: 949.632.1900 or Marty@McCloudCommunications.com
| AMERAMEX INTERNATIONAL, INC. | |||||||||
| UNAUDITED STATEMENTS OF OPERATIONS | |||||||||
| DECEMBER 31, 2023 | DECEMBER 31, 2022 | ||||||||
| REVENUES | |||||||||
| Sales of Equipment and Other Revenues | $ | 11,918,754 | $ | 18,203,837 | |||||
| Rentals and Leases | 1,464,745 | 1,105,487 | |||||||
| Total Sales | 13,383,499 | 19,309,324 | |||||||
| COST OF SALES | |||||||||
| Sales of Equipment and Other Revenues | 10,858,263 | 14,089,734 | |||||||
| Rentals and Leases | 438,056 | 522,590 | |||||||
| Total Cost of Sales | 11,296,319 | 14,612,324 | |||||||
| GROSS PROFIT | 2,087,180 | 4,697,000 | |||||||
| OPERATING EXPENSES | |||||||||
| Selling Expense | 689,636 | 1,492,744 | |||||||
| General and Administrative | 2,153,823 | 1,338,818 | |||||||
| Total Operating Expenses | 2,843,459 | 2,831,562 | |||||||
| Profit From Operations | (756,279 | ) | 1,865,438 | ||||||
| OTHER INCOME (EXPENSE) | |||||||||
| Interest Expense, net | 541,218 | 561,091 | |||||||
| Loss from Early Extinguishment of Debt | – | 95,544 | |||||||
| Other Income (Expense) | (102,589 | ) | (186,992 | ) | |||||
| Total Other Income (Expense) | 438,629 | 469,643 | |||||||
| INCOME BEFORE PROVISION for INCOME TAXES | (1,194,908 | ) | 1,395,795 | ||||||
| PROVISION for INCOME TAXES | 430,167 | 433,638 | |||||||
| NET INCOME | $ | (764,741 | ) | $ | 962,157 | ||||
| Weighted Average Shares Outstanding: | |||||||||
| Basic | 14,829,155 | 14,829,155 | |||||||
| Diluted | 14,829,155 | 14,829,155 | |||||||
| Earnings (loss) per Share | |||||||||
| Basic | $ | -0.05 | $ | 0.06 | |||||
| Diluted | $ | -0.05 | $ | 0.06 | |||||
| AMERAMEX INTERNATIONAL, INC. | ||||||||||
| UNAUDITED BALANCE SHEETS | ||||||||||
| DECEMBER 31, 2023 | DECEMBER 31, 2022 | |||||||||
| ASSETS | ||||||||||
| Current Assets: | ||||||||||
| Cash | $ | 588,128 | $ | 1,032,209 | ||||||
| Accounts Receivable, Net | 1,289,389 | 1,080,739 | ||||||||
| Inventory, Net | 11,359,158 | 6,275,823 | ||||||||
| Other Current Assets | 324,134 | 318,807 | ||||||||
| Total Current Assets | 13,560,809 | 8,707,578 | ||||||||
| Property and Equipment, Net | 1,702,163 | 1,047,602 | ||||||||
| Rental Equipment, Net | 1,063,464 | 1,078,470 | ||||||||
| Lease Right of Use Asset – Operating | 703,802 | 788,733 | ||||||||
| Lease Right of Use Asset – Financing | 905,782 | 1,297,023 | ||||||||
| Deferred Tax Asset | 56,219 | – | ||||||||
| Other Assets | 207,172 | 374,123 | ||||||||
| Total Other Assets | 4,638,602 | 4,585,951 | ||||||||
| TOTAL ASSETS | $ | 18,199,411 | $ | 13,293,529 | ||||||
| LIABILITIES & STOCKHOLDERS’ EQUITY | ||||||||||
| Current Liabilities: | ||||||||||
| Accounts Payable | $ | 2,213,722 | $ | 1,199,805 | ||||||
| Accrued Expenses | 348,415 | 446,849 | ||||||||
| Deferred Revenue | 2,136,400 | – | ||||||||
| Joint Venture Liability | 105,000 | 227,503 | ||||||||
| Lines of Credit | 5,891,119 | 1,327,715 | ||||||||
| Notes Payable, Current Portion | 1,273,310 | 1,196,205 | ||||||||
| Lease Liability – Operating | 129,081 | 129,081 | ||||||||
| Lease Liability – Financing | 188,121 | 188,121 | ||||||||
| Total Current Liabilities | 12,285,168 | 4,715,279 | ||||||||
| Long-Term Liabilities | ||||||||||
| Deferred Tax Liabilities, Net | – | 78,120 | ||||||||
| Notes Payable, Net of Current Portion | 713,391 | 1,912,666 | ||||||||
| Lease Liability – Operating, Net of Current Portion | 574,721 | 659,652 | ||||||||
| Lease Liability – Financing, Net of Current Portion | 1,046,964 | 1,153,737 | ||||||||
| Total Long-Term Liabilities | 2,335,076 | 3,804,175 | ||||||||
| TOTAL LIABILITIES | 14,620,244 | 8,519,454 | ||||||||
| STOCKHOLDERS’ EQUITY: | ||||||||||
| Shareholders’ Equity | ||||||||||
| Preferred Stock, $0.001 par value, 5,000,000 shares authorized, no | – | – | ||||||||
| shares issued and outstanding | ||||||||||
| Common Stock, $0.001 par value, 1,000,000,000 shares authorized | 14,829 | 14,829 | ||||||||
| 14,829,155 shares issued and outstanding at December 31, 2023 and 2022 | ||||||||||
| Additional Paid-In Capital | 21,671,534 | 21,671,534 | ||||||||
| Accumulated Deficit | (18,107,196 | ) | (16,912,288 | ) | ||||||
| Total Stockholders’ Equity | 3,579,167 | 4,774,075 | ||||||||
| TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY | $ | 18,199,411 | $ | 13,293,529 | ||||||
| AMERAMEX INTERNATIONAL, INC. | |||||||
| UNAUDITED STATEMENTS OF CASH FLOW | |||||||
| DECEMBER 31, 2023 | DECEMBER 31, 2022 | ||||||
| OPERATING ACTIVITIES: | |||||||
| Net Income | (1,194,908 | ) | 962,157 | ||||
| Adjustments to reconcile Net Income to | |||||||
| Net Cash provided (used) by Operating Activities: | |||||||
| Depreciation and Amortization | 688,831 | 747,958 | |||||
| Provision for Deferred Income Taxes | (134,339 | ) | 246,601 | ||||
| Gain on Sale of Equipment | (34,434 | ) | 71,000 | ||||
| Amortization and Acretion of Interest | 303,187 | 31,429 | |||||
| Change in Assets and Liabilities: | |||||||
| Accounts Receivable | (208,650 | ) | 81,561 | ||||
| Inventory | (6,683,912 | ) | (664,156 | ) | |||
| Other Assets | 161,624 | 11,363 | |||||
| Accounts Payable | 1,013,917 | 639,729 | |||||
| Accrued Expenses | (98,434 | ) | (113,717 | ) | |||
| Deferred Revenue | 2,136,400 | – | |||||
| NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES | (4,050,718 | ) | 2,013,925 | ||||
| INVESTING ACTIVITIES: | |||||||
| Purchase of Property and Equipment | (929,148 | ) | 442,006 | ||||
| NET CASH (USED) BY INVESTING ACTIVITIES | 306,625 | (548,093 | ) | ||||
| FINANCING ACTIVITIES: | |||||||
| Joint Venture Liability | (122,503 | ) | 85,003 | ||||
| Net Proceeds under Lines of Credit | 4,563,404 | (302,446 | ) | ||||
| Repayments – Notes Payable | (994,419 | ) | (2,680,280 | ) | |||
| Proceeds – Notes Payable | (146,470 | ) | 1,742,776 | ||||
| NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES | 3,300,012 | (1,154,947 | ) | ||||
| NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS | (444,081 | ) | 310,885 | ||||
| Cash and Cash Equivalents, BEGINNING OF PERIOD | 1,032,209 | 995,611 | |||||
| Cash and Cash Equivalents, END OF PERIOD | 588,128 | 1,306,496 | |||||
| CASH PAID FOR: | |||||||
| Interest | 563,750 | 595,278 | |||||
| Income Taxes | 800 | 800 | |||||
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING | |||||||
| AND FINANCING ACTIVITIES: | |||||||
| Transfer of Inventory to Rental Equipment | 1,600,577 | 425,803 | |||||
| Conversion of LOC to Note Payable | – | 1,550,807 | |||||
| ROU Asset and Liability – Operating | – | 867,155 | |||||
| ROU Asset and Liability – Financing | – | 1,364,440 | |||||
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/205920