CHICO, CA – May 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 first quarter ended March 31, 2023.
AmeraMex CEO Lee Hamre commented, “ We are pleased with our first quarter results. Last year was a great first quarter as we experienced a significant increased spurred by pent up demands in the marketplace. Our first quarters are historically our weakest revenue quarters for the year as customers place orders in the fourth quarter to take advantage of capital investment tax write-offs before yearend.
“I would also like to acknowledge that during the year-end and first quarter transition period, our newly hired CFO decided to explore another opportunity – we wish him well. I am very pleased that Hope Stone, our previous CFO, has agreed to stay with us as we were able to mutually find areas where we could reduce her hours. Hope understands the nuts and bolts of our business and, over the past five years, has done an amazing job of implementing various programs within our accounting department so that we meet Generally Accepted Accounting Principles (GAAP). These are the accounting standard adopted by the U.S. Securities and Exchange Commission and is the default accounting standard used by companies based in the United States,” said Hamre.
Statement of Operations for the Quarter Ended March 31, 2023
The company reported revenue of approximately $3.2 million, a 35 percent decrease when compared to revenue of approximately $5.0 million for the quarter ended March 31, 2022. This decrease is due in part to steps taken by the Federal Reserve to lower/contain inflation and the delayed renewal of a U.S. Government contract.
Gross profit for the quarter was $818,308, a significant reduction when compared to gross profit of $1.2 million for the comparable quarter.
Gross profit ,as a percentage of sales, was 25 percent for the quarter compared to gross profit, as a percentage of sales, of 25 percent for the comparable quarter.
Net income for the quarter was $101,103 compared to net income of $258,317 for the comparable quarter. Earnings per share were $0.01 for the quarter compared to $0.02 for the comparable 2022 quarter.
Balance Sheet for the Quarter Ended March 31, 2022
Total Assets were $13.1 million.
Total Liabilities were $9.0 million.
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” 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.
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