AmeraMex International Reports Revenue of $24.7 million for the Year Ended December 31, 2021

Shareholder Conference Call March 31, 2022, at 8:30 a.m. Pacific

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, 2021.

AmeraMex CEO Lee Hamre commented, “Last year was an excellent year for AmeraMex. Over the course of the last twelve months, we have enjoyed significant revenue growth and a much-improved bottom line. The new policies and procedures have not only increased our profitability but have allowed us to eliminate debt and clean-up our balance sheet.

“We are just tying up the first quarter and have reported sales of approximately $6.8 million. It is important to note that sales do not convert into revenue until the equipment is shipped to the customer. We expect to announce first quarter results for the quarter ended March 31, 2022 by mid-May if not before. We are off to a good start and expect to report another outstanding year.”

Statement of Operations for the Year Ended December 31, 2021

The company reported revenue of approximately $24.7 million, a 101 percent increase when compared to revenue of approximately $12.3 million for the year ended December 31, 2020. The first six months of revenue for 2020 was adversely affected by the COVID pandemic. Sales increased significantly during the last six months of 2020.

Gross profit for the year was $5 million, a significant increase when compared to gross profit of $1.8 million for the 2020 year-end. Gross profit margins for 2021 were affected by a $4.5 million shipment of new equipment carrying three percent margins. Sales of new equipment are important to the Company as the customer’s replacement equipment can be purchased inexpensively and refurbished for resale to other customers. Refurbished equipment carries much higher profit margins.

Gross profit as a percentage of sales, was 20 percent for the year compared to gross profit as a percentage of sales of 14 percent to the 2020 year-end, a 30 percent increase.

The Company reported net profit from operations of $3.2 million for the year, a substantial increase when compared to net loss from operations of $(.059) million for the comparable 2020 year-end.

Net income for the year was $1.6 million compared to net loss of ($.583) million for the comparable 2020 year-end. Earnings per share were $0.11 compared to a loss per share of ($0.04).

Balance Sheet for the Year Ended December 31, 2020

Total Assets were reduced $1.7 million but cash was up approximately $0.600 million. The reduction in assets was due in part to the reduction of equipment in the rental pool and other inventory items. Total liabilities for the period have decreased $3.6 million as the lines of credit were paid down approximately $2.5 million and Notes Payable (net of current portion) were reduced approximately $0.500 million.

Conference Call

AmeraMex International, Inc. CEO Lee Hamre is hosting the Company’s year-end 2021 financial conference call on Thursday, March 31, 2022 at 8:30 a.m. Pacific Time, 11:30 a.m. Eastern Time. Hamre commented, “I hope all shareholders will join us as we will be discussing the best year in the history of the company. We are off to a good start and look forward to another history-breaking year.”

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 March 31, 2022 at 2:30 p.m. Eastern Time until April 14, 2022 at 11:59 p.m. Eastern Time. The replay is accessible by dialing 1.412.317.6671 and entering pin number 13727852.

 

AMERAMEX INTERNATIONAL, INC.

STATEMENTS OF OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

DECEMBER 31, 2021

 

 

DECEMBER 31, 2020

 

 

 

   

 

 

REVENUES

 

 

   

 

 

Sales of Equipment and Other Revenues

 

$

22,253,695

 

$

9,665,607

Rentals and Leases

 

 

2,468,143

 

 

2,613,513

Total Sales

 

 

24,721,838

 

 

12,279,120

 

 

 

 

 

 

 

COST OF SALES

 

 

 

 

 

 

Sales of Equipment and Other Revenues

 

 

18,878,245

 

 

9,566,702

Rentals and Leases

 

 

815,830

 

 

942,954

Total Cost of Sales

 

 

19,694,075

 

 

10,509,656

 

 

 

 

 

 

 

GROSS PROFIT

 

 

5,027,763

 

 

1,769,464

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

Selling Expense

 

 

834,633

 

 

454,806

Legal Settlement

 

 

 

 

428,700

General and Administrative

 

 

1,029,164

 

 

944,567

Total Operating Expenses

 

 

1,863,797

 

 

1,828,073

 

 

 

 

 

 

 

Profit (loss) From Operations

 

 

3,163,966

 

 

(58,609)

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

Interest Expense, net

 

 

(943,442)

 

 

(1,047,330)

Loss from Early Extinguishment of Debt

 

 

(110,551)

 

 

(90,925)

Other Income (Expense)

 

 

268,489

 

 

222,517

Total Other Income (Expense)

 

 

(785,504)

 

 

(915,738)

 

 

 

 

 

 

 

INCOME BEFORE PROVISION for INCOME TAXES

 

 

2,378,462

 

 

(974,347)

 

 

 

 

 

 

 

PROVISION (BENEFIT) for INCOME TAXES

 

 

746,917

 

 

(391,657)

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

1,631,545

 

$

(582,690)

 

 

 

 

 

 

 

Weighted Average Shares Outstanding:

 

 

 

 

 

 

Basic

 

 

14,629,155

 

 

14,549,155

Diluted

 

 

14,629,155

 

 

14,549,155

 

 

 

 

 

 

 

Earnings (loss) per Share

 

 

 

 

 

 

Basic

 

$

0.11

 

$

-0.04

Diluted

 

$

0.11

 

$

-0.04

 

AMERAMEX INTERNATIONAL, INC.

BALANCE SHEETS

 

 

 

 

 

 

 

 

 

DECEMBER 31, 2021

 

DECEMBER 31, 2020

ASSETS

 

 

 

 

 

Current Assets:

 

 

 

 

 

Cash

 

$

995,611

 

$

407,881

Accounts Receivable, Net

 

 

1,162,300

 

768,371

Inventory, Net

 

 

5,185,864

 

5,873,569

Other Current Assets

 

 

312,963

 

198,531

Total Current Assets

 

 

7,656,738

 

7,248,352

Non-Current Assets:

 

 

 

 

 

Property and Equipment, Net

 

 

1,275,717

 

1,035,840

Rental Equipment, Net

 

 

1,461,716

 

3,624,376

Deferred Tax Assets, Net

 

 

 

158,124

Other Assets

 

 

391,330

 

453,410

Total Long-Term Assets

 

 

3,128,763

 

5,271,750

TOTAL ASSETS

 

$

10,785,501

 

$

12,520,102

 

 

 

 

 

 

LIABILITIES & STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

Accounts Payable

 

$

560,076

 

$

620,200

Accrued Expenses

 

 

264,534

 

231,329

Customer Deposits

 

 

302,000

 

Joint Venture Liability

 

 

142,500

 

439,500

Lines of Credit

 

 

3,180,967

 

5,749,801

Notes Payable, Current Portion

 

 

777,602

 

911,265

Convertible Notes

 

 

 

150,683

Total Current Liabilities

 

 

5,227,679

 

8,102,778

 

 

 

 

 

 

Long-Term Liabilities

 

 

 

 

 

Deferred Tax Liabilities, Net

 

 

588,792

 

Notes Payable – Related Party

 

 

 

226,659

Notes Payable, Net of Current Portion

 

 

1,689,353

 

2,597,935

Total Long-Term Liabilities

 

 

2,278,145

 

2,824,594

TOTAL LIABILITIES

 

$

7,505,824

 

$

10,927,372

 

 

 

 

 

 

Commitments and Contingencies (Note 11)

 

 

 

 

 

 

 

 

 

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 14,629,155 shares issued and outstanding at December 31, 2021 and 14,549,155 at December 31, 2020

 

 

 

 

14,629

 

14,549

Additional Paid-In Capital

 

 

21,600,734

 

21,545,614

Accumulated Deficit

 

 

(18,335,686)

 

(19,967,433)

Total Stockholders’ Equity

 

 

3,279,677

 

1,592,730

TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY

 

$

10,785,501

 

$

12,520,102

 

AMERAMEX INTERNATIONAL, INC.

STATEMENTS OF CASH FLOW

 

 

 

 

 

DECEMBER 31, 2021

 

 

DECEMBER 31, 2020

 

 

 

 

 

 

OPERATING ACTIVITIES:

 

 

 

 

 

Net Profit (Loss)

$

1,631,545

 

$

(582,690)

Adjustments to reconcile Net Loss to

 

       

Net Cash provided (used) by Operations Activities:

 

       

Depreciation and Amortization

 

916,325

   

1,310,018

Provision (Benefit) for Deferred Income Taxes

 

588,792

   

(384,467)

Marketing Services Paid in Stock

 

46,400

   

25,660

Forgiveness of Debt

 

(254,147)

   

(218,442)

Loss on Legal Settlement

 

   

428,700

Loss on Early Extinguishment of Debt

 

110,551

   

90,925

Amortization and Accretion of Interest

 

126,968

   

Change in Assets and Liabilities:

 

       

Accounts Receivable

 

(393,929)

   

(178,661)

Inventory

 

2,850,567

   

(1,031,615)

Other Current Assets

 

(114,432)

   

44,568

Accounts Payable

 

(60,124)

   

88,394

Customer Deposits

 

302,000

   

Accrued Expenses

 

33,205

   

151,542

NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES

$

5,783,721

 

$

(256,068)

 

 

       

INVESTING ACTIVITIES:

 

       

Payments for Property & Equipment

$

(513,798)

 

$

(141,998)

Proceeds (Payments) for Rental Equipment

 

(724,070)

   

(611,830)

NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES

$

(1,237,868)

 

$

(753,828)

 

 

       

FINANCING ACTIVITIES:

 

       

Proceeds from Notes Payable

$

2,503,698

 

$

4,594,871

Payments on Notes Payable

 

(3,369,329)

   

(2,191,602)

Payment on Note Payable – Related Party

 

(226,659)

   

(108,135)

Joint Venture Liability

 

(297,000)

   

(20,000)

Net Borrowing Under Lines of Credit

 

(2,568,833)

   

(971,861)

NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES

$

(3,958,123)

 

$

1,303,273

 

 

       

NET INCREASE IN CASH & CASH EQUIVALENTS

$

587,730

 

$

293,377

 

 

       

Cash and Cash Equivalents, BEGINNING OF PERIOD

$

407,881

 

$

114,504

Cash and Cash Equivalents, END OF PERIOD

$

995,611

 

$

407,881

 

 

       

CASH PAID FOR:

 

       

Interest

$

774,074

 

$

907,534

Income Taxes

$

800

 

$

800

 

 

       

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING

 

       

AND FINANCING ACTIVITIES:

 

       

Transfer of Inventory to Rental Equipment

 

508,000

   

Equipment Financed under Capital Leases

 

168,061

   

225,859

Transfer of Rental Equipment to Inventory

 

964,600

   

526,417

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 key 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 added information becomes available in the future.

Contact Details

Marty Tullio

+1 949-632-1900

marty@mccloudcommunications.com