CHICO, CA – August 15, 2022 – AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its second quarter ended June 30, 2022.
Statement of Operations for the Quarter Ended June 30, 2022
The Company reported revenue of approximately $2.4 million versus revenue of $4.9 million for the comparable 2021 quarter, a 62 percent decrease. Had all the equipment shipped as planned, the Sales of Equipment and Other Revenues would have been $5,066,746, $115,140 more than the comparable 2021 quarter. These delays in shipping were caused by back-ordered parts, interstate trucking delays and lack of availability of third-party shippers.
The Company is committed to getting the remaining machines shipped in the third quarter as well as continuing its ongoing sales efforts.
Gross profit for the quarter was $420,000, compared to gross profit of $970,000 for the comparable quarter. If the additional equipment had shipped, gross profit would have been approximately $3 million.
Gross profit as a percentage of sales, was 18 percent for the quarter compared to gross profit as a percentage of sales of 15 percent for the comparable quarter.
Net income for the quarter was $146,172 compared to net income of $78,000 for the comparable quarter. Prices of equipment have been adjusted to cover increased cost of goods sold and operating costs. Earnings per share were $0.01 for the quarter compared to $0.01 for the comparable 2021 quarter.
Statement of Operations for the Six-Month period June 30, 2022
The company reported revenue of approximately $7.3 million versus revenue of $10.3 million for the comparable 2021 period. The 26 percent decrease in Sales of Equipment and Other Revenues for the six-month period, is due to delays in shipping sold machines to customers. Had all sold machines shipped, Sales of Equipment and Other Revenues would have been approximately $9.6 million, a $750,000 decrease over the comparable six-month period.
Gross profit for the period was $1.7 million compared to gross profit of $2.1 million for the comparable period. If the additional equipment had shipped, gross profit would have been $4.4 million.
Gross profit as a percentage of sales, was 23 percent for the period compared to gross profit as a percentage of sales of 21 percent for the comparable period.
Net income for the period was $404,489 compared to net income of $443,879 for the comparable period. Earnings per share were $0.03 for the period compared to $0.03 for the comparable 2021 period. Had all sold equipment been shipped, net income for the six-month period would have been $1.3 million with EPS of $0.08.
Balance Sheet for the Period Ended June 30, 2022
Current Assets rose 33 percent to $10.0 million while Total Assets increased $2.6 million due in part to a $4.2 million increase in Inventory.
Current Liabilities for the period have increased approximately $500,000 while Total Liabilities increased $2.7 million due in part to a $1.3 million Line of Credit.
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.
Investor and Media Relations
McCloud Communications, LLC
Marty Tullio, Managing Member
Office: 949.632.1900 or Marty@McCloudCommunications.com