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CST: 12/12/2019 04:52:00   

AmeraMex International Reports Revenue of $11.2 Million for the Nine-Month Period – a 44 Percent Increase

27 Days ago

Shareholder Conference Call Thursday, November 14 at 8:30 a.m. Pacific

CHICO, Calif., Nov. 14, 2019 (GLOBE NEWSWIRE) -- AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestryconservation,  reported financial results for its third quarter and nine-month period ended September 30, 2019.

Statement of Operations for the Third Quarter Ended September 30, 2019
The company reported revenue of approximately $3.3 million, a 27 percent increase when compared to revenue of approximately $2.6 million for the third quarter of 2018.

Gross profit for the quarter was $1.2 million, or a gross profit margin of 35 percent, compared to gross profit of $.767 million, or a gross profit margin of 30 percent, for the third quarter of 2018.

The Company reported income from operations of $.806 for the quarter an increase of 80 percent when compared to income of $.446 million for the comparable 2018 quarter.  Net income for the quarter was $.513 million, an increase of 87 percent when compared to net income of $.274 for the comparable 2018 quarter.

Statement of Operations for the Nine-Month Period Ended September 30, 2019
Revenue for the nine-month period increased 44 percent to approximately $11.2 million when compared to revenue of $7.7 million for the 2018 nine-month period.

Gross profit for the nine-month period was $2.4 million for the 2019 and the comparable 2018 period.  The gross profit margin for the 2019 period was 21 percent, compared to gross profit margin of 31 percent for the 2018 nine-month period. Gross profit margins were reduced significantly during the nine-month period ending September 30, 2019 due to an increased percentage of new equipment sold in the second quarter of 2019.

The Company reported income from operations of $1.4 million for the period a decrease of 7 percent when compared to $1.5 for the 2018 period.  Net income of approximately $.255 million, compared to net income of approximately $.741 million for the 2018 period. Income for the 2019 period was significantly affected by a one-time charge in the second quarter of $566,838 for the early extinguishment of debt. 

Balance Sheet for the Nine-Month Period Ended September 30, 2019
Assets have increased $2.4 million over the nine-month period. Total liabilities for the period have increased $1.6 million, which includes a $6.6 million line of credit.

Conference Call
The shareholder conference call, chaired by AmeraMex CEO Lee Hamre, is scheduled for Thursday, November 14, 2019 at 8:30 a.m. Pacific Time, 11:30 a.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 November 14, 2019 at 2:30 p.m. Eastern Time until November 28, 2019 at 11:59 p.m. Eastern Time.  The replay is accessible by dialing 1.412.317.6671 and entering pin number 13696224.  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
AS OF SEPTEMBER 30, 2019 AND DECEMBER 31, 2018
(UNAUDITED)

    SEPTEMBER 30,
2019
  DECEMBER 31,
2018
ASSETS        
Current Assets:                
Cash   $ 131,622     $ 197,752  
Accounts Receivable, Net     614,772       631,805  
Inventory     5,115,991       2,689,642  
Other Current Assets     251,665       289,060  
Total Current Assets     6,114,050       3,808,259  
                 
Property and Equipment, Net     1,002,205       988,552  
Rental Equipment, Net     4,068,354       4,679,122  
Other Assets     453,703       234,074  
Total Noncurrent Assets     5,524,262       5,901,748  
                 
TOTAL ASSETS   $ 11,638,312     $ 9,710,007  
                 
LIABILITIES & STOCKHOLDERS' EQUITY                
Current Liabilities:                
Accounts Payable   $ 1,119,755     $ 1,309,032  
Accrued Expenses     86,722       118,291  
Notes Payable, Current Portion     30,000       296,618  
Total Current Liabilities     1,236,477       1,723,941  
                 
Long-Term Liabilities                
Deferred Tax Liability     436,353       301,680  
Notes Payable - Related Party     320,205       353,643  
Notes Payable, Net of Current Portion     485,135       4,316,233  
Line of Credit     6,665,048       774,456  
Total Noncurrent Liabilities     7,906,741       5,746,012  
                 
TOTAL LIABILITIES     9,143,2018       7,469,953  
                 
Commitments and Contingencies (Note 11)                
                 
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     (19,039,409 )     (19,294,449 )
Total Stockholders' Equity     2,495,094       2,240,054  
                 
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY   $ 11,638,312     $ 9,710,007  


AMERAMEX INTERNATIONAL, INC.

STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018
(UNAUDITED)

    Three Months   Three Months   Nine Months   Nine Months
    SEPTEMBER 30, 2019   SEPTEMBER 30, 2018   SEPTEMBER 30, 2019   SEPTEMBER 30, 2018
REVENUES                
Sales of Equipment and Other Revenues   $ 2,724,589     $ 1,949,258     $ 9,395,942     $ 5,717,992  
Rentals and Leases     577,639       640,041       1,823,219       2,003,238  
Total Revenues     3,302,228       2,589,299       11,219,161       7,721,230  
                                 
                                 
COST OF REVENUES                                
Sales of Equipment and Other Revenues     1,842,974       1,622,448       8,040,510       4,685,296  
Rentals and Leases     241,975       199,716       713,698       654,467  
Total Cost of Revenues     2,084,949       1,822,164       8,754,208       5,339,763  
                                 
                                 
GROSS PROFIT     1,217,279       767,135       2,464,953       2,381,467  
                                 
                                 
OPERATING EXPENSES                                
Selling Expense     127,488       91,897       315,447       249,015  
General and Administrative     283,513       229,393       780,881       603,047  
Total Operating Expenses     411,001       321,290       1,096,328       852,062  
                                 
                                 
Income Fr om Operations     806,278       445,845       1,368,625       1,529,405  
                                 
                                 
OTHER INCOME (EXPENSE)                                
Interest Expense     (135,541 )     (193,740 )     (487,345 )     (614,257 )
Loss from Early Extinguishment of Debt     —        —        (566,838 )     —   
Other Income     52,680        130,000        53,913       130,000   
Total Other Income (Expense)     (82,861 )     (63,740 )     (1,000,270 )     (484,257 )
                                 
                                 
INCOME BEFORE BENEFIT (PROVISION) for INCOME TAXES     723,417       382,105       368,355       1,045,148  
                                 
                                 
BENEFIT (PROVISION) for INCOME TAXES     (209,791 )     (107,968 )       (113,315     (303,566 )
                                 
                                 
NET INCOME   $ 513,626     $ 274,137     $ 255,040     $ 741,582  
                                 
                                 
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.

STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS AS OF SEPTEMBER 30, 2019 AND 2018
(UNAUDITED)

    SEPTEMBER 30, 2019   SEPTEMBER 30, 2018
CASH FROM OPERATING ACTIVITIES              
Net Income   $ 255,040     $ 741,592  
Adjustments to reconcile Net Income (Loss) to              
Net Cash provided by (Used In) Operating Activities:              
Depreciation and Amortization     893,508       779,661  
Provision for Deferred Income Taxes     134,673       —   
Loss on Early Extinguishment of Debt           —   
Changes in Operating Assets and Liabilities:              
Accounts Receivable     17,033       (238,618 )
Inventory     (2,374,099 )     435,319  
Other Current Assets     (182,542 )     5,350  
Accounts Payable     (189,278 )     (815,093 )
Accrued Expenses     (31,569 )     131,497  
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES     (1,477,234 )     1,039,708  
               
INVESTING ACTIVITIES:              
Payments for Property and Equipment     (160,390 )     (411,921 )
Payments for Rental Equipment     (135,699 )     (497,520 )
NET CASH PROVIDED BY INVESTING ACTIVITIES     (296,089 )     (909,441 )
               
FINANCING ACTIVITIES:              
Proceeds from Notes Payable     495,924       2,047,176  
Payments on Notes Payable     (5,051,589 )     (2,799,475 )
Payment on Note Payable - Related Party     (33,438 )     (13,329 )
Net Proceeds Borrowing Under Lines of Credit     6,296,296       502,126  
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES     1,707,193       (263,502 )
               
NET DECREASE IN CASH & CASH EQUIVALENTS     (66,130 )     (133,235 )
               
Cash, beginning of period     197,752       553,625  
Cash, end of period   $ 131,622     $ 420,390  
               
SUPPLEMENTAL DISCLOSURES OF CASH FLOW              
INFORMATION:              
Cash Paid for Interest   $ 487,345     $ 614,257  
Cash Paid for (Refund of) Income Taxes   $ 113,315     $ 303,566  
               

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.comfor 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 

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