Shareholder Conference Call, Friday, November 13 at 10:00 a.m. Pacific

CHICO, CA / ACCESSWIRE / November 13, 2020 / AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its third quarter and nine-month period ended September 30, 2020.

AmeraMex CEO Lee Hamre commented, "After two unprecedented quarters, thanks to the COVID-19 virus, sales for the third quarter saved the nine-month period. While we are all disappointed with the top and bottom line for the nine-month period, which is well below our internal projections, the sales team is aggressively working a full pipeline of potential orders to finish the year."

Statement of Operations for the Third Quarter Ended September 30, 2020

The company reported revenue of approximately $5.9 million, a 78 percent increase when compared to revenue of approximately $3.3 million for the third quarter of 2019.

Gross profit for the quarter was $.809 million, or a gross profit margin of 14 percent, compared to gross profit of $1.2 million, or a gross profit margin of 37 percent, for the third quarter of 2019. The decrease in gross profit for the quarter was due in part to the increase in cost of goods sold and product mix.

The Company reported income from operations of $.448 million for the quarter compared to income from operations of $.806 million for the comparable 2019 quarter. Net income for the quarter was $.059 million compared to net income of $.514 million for the comparable 2019 quarter.

Statement of Operations for the Nine-Month Period Ended September 30, 2019

Revenue for the nine-month period was approximately $9.1 million compared to revenue of $11.2 million for the 2019 nine-month period. The first two quarters of revenue for 2020 were negatively affected due to COVID-19 virus restrictions by the State of California.

Gross profit for the nine-month period was $1.7 million compared to $2.5 million for the 2019 nine-month period. Gross profit margins were reduced significantly due to product mix and cost of goods sold.

The Company reported income from operations of $.197 million for the period a decrease when compared to $1.4 million for the 2019 period. Net loss for the nine-month period was approximately $(.508) million, compared to net income of approximately $.255 million for the 2019 period.

Balance Sheet for the Nine-Month Period Ended September 30, 2019

Assets have increased $2.9 million for the year which included a $2.9 million increase in net inventory and a $658,507 increase in Accounts Receivable. Total liabilities for the period have increased $3.3 million, which includes a $5.2 million line of credit.

Conference Call

The shareholder conference call, chaired by AmeraMex CEO Lee Hamre, is scheduled for Friday, November 13, 2020 at 10:00 a.m. Pacific. The conference call dial-in number for both U.S. and international callers is 1.201.689.8560. An audio replay of the call will be available from November 13, 2020 at 4:00 p.m. Eastern Time until November 27, 2020 at 11:59 p.m. Eastern Time. The replay is accessible by dialing 1.412.317.6671 and entering pin number 13712844. An audio version of the conference call will also be available on the Company’s website, www.ammx.net.

Financial Tables Follow

AMERAMEX INTERNATIONAL, INC.
BALANCE SHEETS – UNAUDITED

SEPTEMBER 30, 2020 DECEMBER 31, 2019
ASSETS
Current Assets
Cash
$ 506,581 $ 114,504
Accounts Receivable, Net
1,248,217 589,710
Inventory, Net
7,692,216 4,832,283
Other Current Assets
228,531 206,945
Total Current Assets
9,675,545 5,743,442
Property and Equipment, Net
1,103,852 1,179,794
Rental Equipment, Net
3,087,230 4,036,612
Other Assets
412,930 489,562
Total Other Assets
4,604,012 5,705,968
TOTAL ASSETS
$ 14,279,557 $ 11,449,410
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts Payable
$ 1,822,679 $ 531,806
Legal Settlement
398,700
Accrued Expenses
328,786 79,787
Joint Venture Liability
442,000 459,500
Line of Credit
324,511 408,033
Notes Payable, Current Portion
1,059,971 386,528
Convertible Note
129,217
Total Current Liabilities
4,505,864 1,865,654
Long-Term Liabilities
Deferred Tax Liability
42,112 226,339
Notes Payable – Related Party
252,573 334,794
Notes Payable, Net of Current Portion
2,593,518 559,235
Line of Credit
5,220,399 6,313,628
Total Long-Term Liabilities
8,108,602 7,433,996
TOTAL LIABILITIES
$ 12,614,466 $ 9,299,650
Commitments and Contingencies (Note 12)
Stockholders’ 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, 753,415,879 shares issued and outstanding
755,416 753,416
Additional Paid-In Capital
20,802,887 20,781,087
Accumulated Deficit
(19,893,212 ) (19,384,743 )
Total Stockholders’ Equity
1,665,091 2,149,760
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$ 14,279,557 $ 11,449,410

AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF OPERATIONS – UNAUDITED

THREE MONTHS
ENDED
SEPTEMBER 30,
NINE MONTHS
ENDED
SEPTEMBER 30,
2020 2019 2020 2019
REVENUES
Sales of Equipment and Other Revenues
$ 5,168,949 $ 2,724,589 $ 7,106,628 $ 9,395,942
Rentals and Leases
711,463 577,639 1,994,938 1,823,219
Total Revenues
5,880,412 3,302,228 9,101,566 11,219,161
COST OF REVENUES
Sales of Equipment and Other Revenues
4,824,488 1,842,974 6,673,745 8,040,510
Rentals and Leases
247,398 241,975 744,796 713,698
Total Cost of Revenues
5,071,886 2,084,949 7,418,541 8,754,208
GROSS PROFIT
808,526 1,217,279 1,683,025 2,464,953
OPERATING EXPENSES
Selling Expense
136,591 127,488 284,591 315,447
General and Administrative
223,980 283,513 1,201,065 780,881
Total Operating Expenses
360,571 411,001 1,485,656 1,096,328
INCOME FROM OPERATIONS
447,955 806,278 197,369 1,368,625
OTHER INCOME (EXPENSE)
Interest Expense
(366,725 ) (135,541 ) (887,522 ) (571,275 )
Loss from Early Extinguishment of Debt
(482,908 )
Other Income (Expense)
(346 ) 52,680 (1,648 ) 53,913
Total Other Expense
(367,071 ) (82,861 ) (889,170 ) (1,000,270 )
INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES
80,884 723,417 (691,801 ) 368,355
PROVISION (BENEFIT) FOR INCOME TAXES
21,434 209,791 (183,332 ) 113,315
NET INCOME (LOSS)
$ 59,450 $ 513,626 $ (508,469 ) $ 255,040
Weighted Average Shares Outstanding:
Basic
753,240,879 753,415,879 753,240,879 753,415,879
Diluted
753,240,879 753,415,879 753,240,879 753,415,879
Earnings (loss) per Share
Basic
$ 0.00 $ 0.00 $ (0.00 ) $ 0.00
Diluted
$ 0.00 $ 0.00 $ (0.00 ) $ 0.00

AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF CASH FLOWS – UNAUDITED

NINE MONTHS ENDED
SEPTEMBER 30, 2020 SEPTEMBER 30, 2019
CASH FROM OPERATING ACTIVITIES
Net Income (Loss)
$ (508,469 ) $ 255,040
Adjustments to reconcile Net Loss to Net Cash Used in Operations Activities:
Depreciation and Amortization
1,016,925 893,508
Deferred Income Taxes
(184,227 ) 134,673
Common Stock Issued for Services
23,800
Loss on Early Extinguishment of Debt
482,908
Changes in Operating Assets and Liabilities:
Accounts Receivable
(658,507 ) 17,033
Inventory
(2,716,043 ) (2,342,419 )
Other Current Assets
(21,586 ) (182,542 )
Accounts Payable
1,290,873 (189,278 )
Legal Settlement
398,700
Accrued Expenses
248,999 (31,569 )
NET CASH USED IN OPERATING ACTIVITIES
(1,109,535 ) (962,646 )
INVESTING ACTIVITIES
Payments for Property and Equipment
(135,491 ) (160,390 )
Payments for Rental Equipment
(135,699 )
NET CASH USED IN INVESTING ACTIVITIES
(135,491 ) (296,089 )
FINANCING ACTIVITIES
Proceeds from Notes Payable
4,154,871 495,924
Payments on Notes Payable
(1,432,142 ) (5,618,427 )
Payments on Note Payable – Related Party
(82,221 ) (33,438 )
Payments on Joint Venture Liability
(17,500 )
Net Borrowings Under Lines of Credit
(985,905 ) 6,348,546
NET CASH PROVIDED BY FINANCING ACTIVITIES
1,637,103 1,192,605
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
$ 392,077 $ (66,130 )
Cash and Cash Equivalents, beginning of period
$ 114,504 $ 197,752
Cash and Cash Equivalents, end of period
$ 506,581 $ 131,622
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash Paid for Interest
$ 878,305 $ 487,345
Cash Paid for Income Taxes
$ 800 $ 800
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Equipment Financed under Capital Leases
$ 298,035 $
Transfer of Rental Equipment to Inventory
$ 296,279 $

AmeraMex International

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.

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 by the use of 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 important 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

SOURCE: AmeraMex International Inc

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