Revenue increases 79 percent for quarter and 54 percent of six-month period

 

CHICO, Calif., Aug. 15, 2019 (GLOBE NEWSWIRE) — AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestryconservation, reports revenue of $5.5 million for its second quarter and $7.9 million for the six-month period ending June 30, 2019.

Highlights

  • On July 5, 2019, the Company’s Form 10/registration became effective.
  • AmeraMex’s application to the OTCQB was approved and the Company’s common stock (AMMX) is now listed on the OTCQB Venture Market.
  • The Company’s board of directors was expanded through the addition of two new board members.
  • The Company received approval for a $6.5 million line of credit.
  • $5 million in sales were booked during six-month period ended June 30, 2019
  • $1 million of used container handlers were purchased for refurbishment and resale.

Second Quarter Ended June 30, 2019

The company reported revenue of $5,473,041 compared to revenue of $3,061,750 for the second quarter of 2018. This represents a 79 percent increase when compared to the second quarter of 2018.

Gross profit, as a percentage of revenue, was 11 percent compared to 27 percent for the comparable 2018 quarter.  Gross profit was reduced due to increased sales of new equipment.

Net income for the quarter was $24,032 compared to net income of $250,586 for the second quarter of 2018 due in part to operating expenses increasing approximately $176,000 over the comparable quarter.

Six-Month Period Ended June 30, 2019

Revenue for the six-month period was $7,916,933 compared to revenue of $5,131,931 reported for the comparable six-month period of 2018.

Gross profit, as a percentage of revenue, was 15 percent compared to 31 percent for the comparable 2018 period.  Gross profit varies due to product mix and weather the equipment was new or refurbished.

Due to a one-time-charge of $566,838 for early extinguishment of debt, the company reported net loss of ($258,586) compared to net income of $467,445 for the six-month period in 2018.  Without this one-time charge, which will benefit the bottom line going forward, net income would have been $149,302.

AmeraMex’s CEO Lee Hamre was interviewed on August 14, 2019 by the Publicly Traded Podcast Network. To listen to the ten-minute interview, click on one of the links listed below:

http://www.youtube.com/watch?v=baAwvpIfK9o or https://www.publiclytradedpodcastnetwork.com/podcasts

As a reminder, the public is invited to participate in the Company’s Second Quarter Financial call scheduled today 11:00 a.m. Pacific Time, 2:00 p.m. Eastern Time.  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 August 15, 2018 at 5:00 p.m. Eastern Time until  August 29, 2018 at 11:59 p.m. Eastern Time.  The replay is accessible by dialing 1.412.317.6671 and entering pin number 13693564.

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 important 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 new information becomes available in the future.

Investor and Media Relations
McCloud Communications, LLC
Marty Tullio, Managing Member
Office: 949.632.1900 or Marty@McCloudCommunications.com

Tables follow:

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENT OF OPERATIONS
FOR THE THREE AND SIX MONTHS AS OF JUNE 30, 2019 AND 2018
   
Three Months   Three Months   Six Months   Six Months
Period Ending   Period Ending   Period Ending   Period Ending
JUNE 30, 2019   JUNE 30, 2018   JUNE 30, 2019   JUNE 30, 2018
REVENUES
Sales of Equipment and Other Revenues $   4,901,300 $   2,465,732 $   6,671,353 $   3,768,734
Rentals and Leases   571,741   596,018   1,245,580   1,363,197
Total Revenues   5,473,041   3,061,750   7,916,933   5,131,931
COST OF SALES
Sales of Equipment and Other Revenues   4,632,000   1,997,243   6,197,536   3,062,848
Rentals and Leases   235,537   222,767   471,723   454,751
Total Cost of Revenues   4,867,537   2,220,010   6,669,259   3,517,599
GROSS PROFIT   605,504   841,740   1,247,674   1,614,332
OPERATING EXPENSES
Selling Expense   106,726   80,371   187,959   157,118
General and Administrative   292,751   144,259   497,368   373,654
Total Operating Expenses   399,477   224,630   685,327   530,772
Profit (loss) From Operations   206,027   617,110   562,347   1,083,560
OTHER INCOME (EXPENSE)
Interest Expense   (172,559 )   (261,669 )   (351,804 )   (420,517 )
Loss from Early Extinguishment of Debt   –   –   (566,838 )   –
Other Income   716   –   1,233   –
Total Other Income (Expense)   (171,843 )   (261,669 )   (917,409 )   (420,517 )
INCOME BEFORE PROVISION (BENEFIT) for INCOME TAXES   34,184   355,441   (355,062 )   663,043
PROVISION (BENEFIT) for INCOME TAXES   (10,152 )   (104,855 )   96,476   (195,598 )
NET INCOME (LOSS) $   24,032  $   250,586  $   (258,586)  $   467,445
Weighted Average Shares Outstanding:
Basic   753,415,879   753,415,879   753,415,879   753,415,879
Diluted   753,415,879   753,415,879   753,415,879   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.
UNAUDITED BALANCE SHEETS
AS OF JUNE 30, 2019 AND DECEMBER 31,2018
 
JUNE 30, 2019   DECEMBER 31, 2018
ASSETS
Current Assets:
Cash $   175,588 $   197,752
Accounts Receivable, Net   309,690   631,805
Inventory   3,652,888   2,689,642
Other Current Assets   245,673   289,060
Total Current Assets   4,383,839   3,808,259
Property and Equipment, Net   989,435   988,552
Rental Equipment, Net   4,287,671   4,679,122
Other Assets   472,832   234,074
Total Noncurrent Assets   5,749,938   5,901,748
TOTAL ASSETS $   10,133,777 $   9,710,007
LIABILITIES & STOCKHOLDERS’ EQUITY 
Current Liabilities:
Accounts Payable $   974,590 $   1,309,032
Accrued Expenses   84,155   118,291
Notes Payable, Current Portion   50,000   296,618
Total Current Liabilities   1,108,745   1,723,941
Long-Term Liabilities
Deferred Tax Liability   226,566   301,680
Notes Payable – Related Party   352,542   353,643
Notes Payable, Net of Current Portion   132,880   4,316,233
Line of Credit   6,331,576   774,456
Total Noncurrent Liabilities   7,043,564   5,746,012
TOTAL LIABILITIES   8,152,309   7,469,953
Commitments and Contingencies
STOCKHOLDERS’ EQUITY:
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 at June 30, 2019 and
December 31,2018   753,416   753,416
Additional Paid-In Capital   20,781,087   20,785,924
Treasury Stock   –   (4,837 )
Accumulated Deficit   (19,553,035 )   (19,294,449 )
Total Stockholders’ Equity   1,981,468   2,240,054
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY $   10,133,777 $   9,710,007
  –   –

  AMERAMEX INTERNATIONAL, INC.
  UNAUDITED STATEMENT OF CASH FLOW
  FOR THE SIX MONTHS AS OF JUNE 30, 2019 AND 2018
 
JUNE 30, 2019   JUNE 30, 2018
CASH FROM OPERATING ACTIVITIES
Net Income (Loss) $   (258,586 ) $   467,445
Adjustments to reconcile Net Income (Loss) to
Net Cash provided by (Used In) Operating Activities:
Depreciation and Amortization   580,044   526,817
Provision for Deferred Income Taxes   (75,114 )   –
Changes in Operating Assets and Liabilities:
Accounts Receivable   322,115   74,912
Inventory   (963,246 )   1,157,405
Other Current Assets   (195,673 )   (1,151 )
Accounts Payable   (334,443 )   (1,427,238 )
Accrued Expenses   (34,136 )   21,187
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES   (959,039 )   819,377
INVESTING ACTIVITIES:
Payments for Property & Equipment   (90,801 )   (319,055 )
Payments for Rental Equipment   (98,371 )   (528,022 )
NET CASH PROVIDED BY INVESTING ACTIVITIES   (189,172 )   (847,077 )
FINANCING ACTIVITIES:
Proceeds from Notes Payable   126,000   1,612,723
Payments on Notes Payable   (4,447,081 )   (2,346,410 )
Payment on Note Payable – Related Party   (1,101 )   (21,750 )
Net Proceeds Borrowing Under Line of Credit   6,015,067   321,137
Loss on Early Extinguishment of Debt   (566,838 )   –
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES   1,126,047   (434,300 )
NET DECREASE IN CASH & CASH EQUIVALENTS   (22,164 )   (462,000 )
Cash, beginning of period   197,752   553,625
Cash, end of period $   175,588 $   91,625
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash Paid for Interest $   351,804 $   420,517
Cash Paid for Income Taxes $   96,476 $   195,598
SUPPLEMENTAL DISCLOSURES OF NON CASH INVESTING
AND FINANCING ACTIVITIES:
Transfer of Inventory to Rental Equipment $   – $   –
Transfer of Rental Equipment to Inventory $   – $   –

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)
FOR THE SIX MONTHS AS OF JUNE 30, 2019 AND 2018
   Total 
   Additional   Stockholders’ 
 Common Stock     Paid-in     Treasury     Accumulated     Equity/ 
 Balance     Shares     Amount     Capital     Stock     Deficit     (Deficit) 
     
Dec. 31, 2017     753,415,879 $   754,017 $   20,785,924 $   (5,438) $   (20,180,044) $   1,354,459
     
 Net Income   216,859   216,859
March 31, 2018     753,415,879   754,017   20,785,924   (5,438)   (19,963,185)   1,571,318
     
 Net Income   250,586   250,586
June 30, 2018     753,415,879   754,017   20,785,924   (5,438)   (19,712,599)   1,821,904
     
Dec. 31, 2018     753,415,879   753,416   20,785,924   (4,837)   (19,294,449)   2,240,054
 Net Income   (282,618)   (282,618)
March 31, 2019     753,415,879   753,416   20,785,924   (4,837)   (19,577,067)   1,957,436
 Net Income   (4,837)   4,837   24,032   24,032
June 30, 2019     753,415,879 $   753,416 $   20,781,087  $  – $   (19,553,035) $   1,981,468
     
  753,415,879   753,416   20,781,087   –   (19,553,035)   1,981,468
  –   –   –   –   –   –

 

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