CHICO, Calif., March 28, 2014 (GLOBE NEWSWIRE) -- AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment to infrastructure, shipping, logging and construction companies, today reported financial results for its financial year ended December 31, 2013.
Highlights for the Year Ended December 31, 2013
Revenue Increased 79 Percent
The company reported revenue of approximately $6.1 million with gross profit of $2.6 million compared to revenue of approximately $3.4 million with gross profit of $2.4 million for the year ended December 31, 2012.
Net Income Increased 362 Percent
The company reported a net income for the year of approximately $.485 million compared to net income of $.105 million for the year ended December 31, 2012. This is due in part to a decrease in operating and financial expenses.
Stronger Balance Sheet
- Cash and cash equivalents increased from $33,119 in 2012 to $817,208 in 2013
- Total Assets increased from $892,250 in 2012 to $2.7 million in 2013
AmeraMex CEO Lee Hamre commented, "We are all pleased to report a much improved year and while it is imperative that we continue to grow revenue and increase our bottom line, it is equally important that we present a strong balance sheet to shareholders and potential customers. Kevin Atkin, our new CFO has done a remarkable job of cash management, which is reflected in a much stronger balance sheet for 2013. His work within the accounting department and other areas of our company has created a much-desired cohesiveness within the management team helping us better manage the company's continued growth and significant potential."
Hamre continued, "During our February 14th shareholder conference call, we discussed the potential in Niger and provided a project update. I have just returned from Niger and expect to provide an update regarding our trip within the next few days."
| AmeraMex International, Inc. | ||
| Condensed Consolidated Balance Sheet | ||
| December 31, 2013 | ||
| (unaudited) | ||
| ASSETS | ||
| Current Assets: | ||
| Cash & Equivalent | $ 817,209 | |
| Note Receivable | -0- | |
| Accounts Receivable | 748,004 | |
| Inventory | 955,394 | |
| Total Current Assets | $2,520,606 | |
| Fixed Asset Net | 44,198 | |
| Other Asset | 145,608 | |
| Total Assets | $2,710,413 | |
| LIABILITIES AND STOCKHOLDERS EQUITY | ||
| Current Liability | ||
| Acct. Payable | $1,965,786 | |
| Taxes Payable | 221,339 | |
| Other | 188,735 | |
| Total Current Liabilities | $2,375,860 | |
| Total Long term Liabilities | $ 891,578 | |
| Total Liability | $3,267,438 | |
| STOCKHOLDERS EQUITY | ||
| Capital Stock | $ 518,025 | |
| Paid-In Capital | 1,565,184 | |
| Retained Earnings (Loss) | -3,125,437 | |
| Retained Earnings Current Year | 485,202 | |
| Total Stock Equity | -557,027 | |
| TOTAL LIABILITY & STOCKHOLDER EQUITY | $2,710,412 | |
|
Total Number of Shares Issued and Outstanding: 520.1 million |
||
| AmeraMex International, Inc | ||
| Consolidated Income Statement | ||
| (Unaudited) | ||
| 12 Months Ended | 12 Months Ended | |
| December 31, 2013 | December 31, 2012 | |
| Sales | 6,058,389 | 3,389,233 |
| Cost of Sales | 3,424,155 | 1,022,855 |
| Gross Profit | 2,634,234 | 2,366,378 |
| Expenses | ||
| Operating | 985,759 | 831,438 |
| SG&A | 1,140,591 |
1,331,304 |
| Total Expenses | 2,126,350 | 2,162,744 |
| Net Income from Operations | 507,884 | 203,634 |
| Other Income, Expense, Depreciation | (21,883) | (92,727) |
| Income Tax | 800 | 5,853 |
| Net Income (Loss) | 485,201 | 105,054 |
| Shares Issued and Outstanding | 520.1 million | 388.7 million |
About AmeraMex International
AmeraMex International sells, leases and rents heavy equipment to companies within four industries: construction (light and infrastructure), shipping logistics, mining and commercial farming. AmeraMex, with customers in the Americas, Africa, Asia and Eastern Europe, has over 30 years of experience in heavy equipment sales and service and inventories top-of-the-line equipment from manufacturers such as Taylor Machine Works Inc. and Terex Heavy Equipment. For more information visit the AmeraMex website, www.AMMX.net or www.hamreequipment.com.
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.