Shareholder Conference Call, April 4, 2023, at 8:30 a.m. Pacific Time
CHICO, CA –March 31, 2023 – AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its year ended December 31, 2022 and announced a shareholder conference call to be held April 4, 2023.
AmeraMex CEO Lee Hamre commented, “Last year was another good year for AmeraMex with revenues over $19 million. When comparing 2022 revenue to that of 2021, one must remember that 2021 saw a substantial jump in revenue due to pent-up demand for equipment following the COVID pandemic. I am pleased with the year and expect 2023 to be an exceptional year.”
Statement of Operations for the Year Ended December 31, 2022
The company reported revenue of approximately $19.2 million, a 22 percent decrease when compared to revenue of approximately $24.7 million for the year ended December 31, 2021. During 2022, the Company lost $1.5 million in revenue with the expiration of a large rental agreement. A new agreement has been signed for 2023, which extends through 2026.
Gross profit for the year was $4.5 million, a decrease of 10 percent when compared to gross profit of $5.0 million for the 2021 year-end.
Gross profit as a percentage of revenue, was 23 percent for the year compared to gross profit, as a percentage of revenue, of 20 percent for the 2021 year-end, a three percent increase.
Net profit from operations was $1.8 million for the year, a 44 percent decrease when compared to net profit from operations of $3.2 million for the comparable 2021 year-end. This was due in part to an increase of over $800,000 in operating costs due to rising inflation and additional personnel. These costs include increases in rent, utilities, gasoline, all insurances and salaries, added costs for sales and marketing in addition to public company costs of over $250,000 for legal and auditing expenses.
Net income for the year was $871,060 compared to net income of $1.6 million for the comparable 2021 year-end. Earnings per share were $0.06 compared to earnings per share of $0.11.
Balance Sheet for the Year Ended December 31, 2020
Total Assets increased $2.3 million for the year while total liabilities for the year increased $1.8 million.
AmeraMex International, Inc. CEO Lee Hamre is hosting the Company’s year-end 2023 financial conference call on Tuesday, April 4 at 8:30 a.m. Pacific Time, 11:30 a.m. Eastern Time. The conference call dial-in number for both U.S. and international callers is 1.201.689.8560. Please dial into 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 April 4, at 2:30 p.m. Eastern Time until April 18, 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. 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” 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
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Marty Tullio, Managing Member
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