AmeraMex International Reports Second Quarter Revenue of $5.8 Million; Six-Month Revenue of $11.3 Million
Revenue for Six-Month Period Increases 63 Percent
CHICO, CA — December 2, 2008 — AmeraMex International, Inc. (OTC: AMMX), a provider of heavy equipment to shipping, construction, logging and mining companies, today reported financial results for its second quarter, ended June 30, 2008.
The company reported record revenue of $5,829,865 for the quarter, with a net loss of $335,705, or a loss per share of $0.001. EBITDA (earnings before interest, tax, deprecation and amortization) for the quarter was $(180,040). “With fast growing, capital equipment companies such as AmeraMex, EDITDA is an excellent measurement of a company’s performance,” commented AmeraMex COO John Muchnicki. “We anticipate improving our EBITDA throughout the remainder of 2008.”
For the six-month period, the company reported revenue of $11,291,043, a 63 percent increase, when compared to revenue of $6,992,236 for the comparable period, ending June 30, 2007. The net loss for the period was $329,956, or a loss per share of $0.001. The loss for the period contained a one-time charge of $121,357, classified as a casualty loss. EBITDA for the period was $(52,341).
“Our top line growth continues to exceed a very aggressive budget which projected a 20 percent growth in sales for 2008; and we are currently running 59 percent ahead of projections, when compared to the same period in 2007,” commented Muchnicki. “Our SG&A increased for the period, as we have increased staff at corporate and in our sales and service areas to support the increasing demands of the business.”
“While the worldwide economy is unsettled, we are seeing increased infrastructure projects, particularly in the Middle East, Asia and Africa,” commented AmeraMex Chief Executive Officer Lee Hamre. “In Africa, infrastructure projects are on a roll and the growing demand for commodities has increased the need for specialized equipment. We are reinvesting our money into the business to fuel our domestic and international sales growth and expansion and have begun the process of seeking outside capital to aid in this planned expansion.
“We expect to announce third quarter results this month,” continued Hamre. “Currently it appears that our third quarter sales will put us ahead of our sales projections for the year, and we still anticipate shipping the last container handlers from a $12.4 million order received last January, before the end of the year.”
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About AmeraMex International
AmeraMex International carries a large inventory of heavy equipment, which it sells, leases, and rents to a variety of industries, including the stevedoring, heavy construction, light construction, logging and mining industries. AmeraMex’s largest product line is specialized container handling equipment for stevedoring companies that load and offload ships – from container ships to cruise lines and fishing fleets. AmeraMex has over 30 years of experience in heavy equipment sales and service and carries top-of-the-line equipment from manufacturers such as Taylor Machine Works Inc., Terex Heavy Equipment, and Barko Hydraulics.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and as such, may involve risks and uncertainties. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations, are generally identifiable by the use of words such as “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, potential future performance, perceived opportunities in the market, and statements regarding the Company’s mission and vision. The Company’s actual results, performance, and achievements may differ materially from the results, performance, and achievements expressed or implied in such forward-looking statements.
Media and Financial Contact:
Marty Tullio
McCloud Communications LLC
949.553.9748
marty@mccloudcommunications.com
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