CHICO, Calif., Aug. 21, 2014 (GLOBE NEWSWIRE) -- AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment to infrastructure, shipping, construction, farming and mining companies, today reported financial results for its second quarter ended June 30, 2014.
Second Quarter Ended June 30, 2014 – 16 Percent Increase in Revenue
The company reported revenue of $1,042,041 compared to revenue of $878,413 for the second quarter of 2013. Net income for the quarter was $85,954 compared to net income of $272,218 for the second quarter of 2013. Gross profit, as a percentage of sales, was 57 percent compared to 77 percent for the comparable 2013 period.
Six-Month Period – 64 Percent Increase in Revenue
Revenue for the six-month period was $3,878,155 compared to revenue of $1,382,306 reported for the comparable six-month period of 2013. Gross profit margins, as a percentage of sales, increased 44 percent for the six-month period when compared to gross profit margins for the period ending June 2013. The company reported net income of $281,009, compared to net income of $342,206 for the six-month period in 2013.
According to CEO Lee Hamre, the company entered into an agreement with a West Coast customer to retrofit a number of loaded container handlers with EPA-approved Tier 4 engines for approximately $810,000. All container handlers and break-bulk equipment with engines over 100HP must meet Tier 4 emission standards to operate in California. This EPA 2008 ruling is being phased-in over the period of 2008-2015. New Tier 4 container handlers cost $600,000-$800,000, depending on capacity and configuration. A Tier 4 compliant engine can be purchased and installed for a fraction of new equipment cost – a significant savings for logistics companies.
AmeraMex CFO Kevin Atkin commented, "The delay in reporting our second quarter was due to the replacement of our accounting system. During the process of replacing our very old, complex accounting system with a system better adapted to handle the accounting complexities of our company, we discovered two areas that required significant adjustments - cost of goods sold and inventory valuation. Our goal is to be prepared for a two-year SEC audit to begin when the Niger agreement is funded."
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 International's largest product line is specialized container handling equipment that enables stevedoring companies to quickly and efficiently load and offload container and general freight ships dockside. 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.
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.
|AmeraMex International, Inc.|
|CONDENSED STATEMENT OF OPERATIONS|
|For the Three-||For the Three-||For the Six-||For the Six-|
|month Period||month Period||month Period||month Period|
|June 30, 2013||June 30, 2014||June 30, 2013||June 30, 2014|
|Cost of Sales||199,725||445,692||400,814||2,155,670|
|Net Income (loss) from Operations||272,218||85,954||160,057||292,954|
|Other Income, Expense, Depreciation||184,741||(9,519)||182,949||(11,945)|
|Net Income (Loss)||$456,741||$76,435||$342,206||$281,009|
|Basic Earnings (Loss) Per Share||0||0||0||0|
|Weighted Average Shares Outstanding||478,677,215||660,280,879||478,677,215||660,280,879|
|Diluted Earnings (Loss) Per Share||0||0||0||0|
|AmeraMex International, Inc.|
|UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS|
|Second Quarter 2014|
|Cash & Equivalent||121,614|
|Total Current Asset||2,147,574|
|Fixed Asset Net||151,559|
|LIABILITIES AND STOCKHOLDERS EQUITY|
|Total Current Liabilities||1,522,495|
|Total Long term Liabilities||801,529|
|Retained Earnings (Loss)||(2,640,292)|
|Retained Earnings Current Year||204,573|
|Total Stock Equity||44,282|
|TOTAL LIABILITY & STOCKHOLDER EQUITY||1,533,947|
|Shares Issued and Outstanding||660,280,879|
Media and Financial Contact: Marty Tullio McCloud Communications LLC 949.532.1900