-- Sales for fiscal 2006 were approximately $16.8 million.
-- Gross profit for the year was approximately $1.8 million, with a gross
profit margin of approximately 10.7 percent.
-- EBITDA (earnings before interest, tax, deprecation and amortization
and an effective means of measuring fast growing companies) was
approximately $621,552.
-- Net loss for the year was approximately $71,724.
"Sales for the year were affected by management's finalization of the
acquisition and integration of the two companies," said AmeraMex CEO and
President Lee Hamre. "The expenses associated with the acquisition,
including the public entity, legal and accounting fees, were approximately
$300,000 and had a significant effect on the bottom line for the year,"
added Hamre.
2007 Six-Month Financial Highlights
-- Sales for the first six months of fiscal 2007, ended June 30, were
$6,992,236.
Historically, revenues in the heavy equipment sales and rental segment
increase more rapidly in the second and third quarters, as heavy
construction and infrastructure projects commence in the early summer and
reach completion in late fall. Selling to stevedoring companies has
assisted in a more balanced flow of revenue.
-- Gross profit for the period was $856,419, with a gross profit margin
of approximately 12.2 percent.
-- EBITDA was approximately $253,497.
-- The company reported a net loss for the six-month period of $26,940.
The loss for the period was due in part to the legal and accounting
expenses associated with the acquisition of Las Vegas-based Sierra
Industrial Equipment (SIE). Completed in July 2007, the acquisition
expanded AmeraMex's geographical reach to include Las Vegas and surrounding
areas. Currently, SEI has over 80 customers representing more than 300
units of equipment. Traditionally, Sierra has focused on the servicing of
heavy equipment, and with the addition of the AmeraMex product lines, will
rapidly begin to expand its sales department.
"We expect to report revenues of approximately $19 million for fiscal
2007," commented Hamre. "During the month of July, we have recorded $9.4
million in orders scheduled to ship during 2007, and expect to continue
building our backlog over the next five months. Additionally," continued
Hamre, "we expect SIE to generate revenue of approximately $500,000 for the
remainder of the year."
AmeraMex International, Inc.
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
Six Months Ended
June 30, 2007
---------------
SALES $ 6,992,236
COST OF SALES 6,135,817
Gross Profit 856,419
EXPENSES:
Selling 91,002
General and administrative 792,357
Total Expenses 883,359
NET INCOME (LOSS) $ (26,940)
BASIC EARNINGS (LOSS) PER SHARE $ (0.00)
WEIGHTED AVERAGE SHARES OUTSTANDING 262,000,000
DILUTED EARNINGS (LOSS) PER SHARE $ (0.00)
WEIGHTED AVERAGE SHARES OUTSTANDING ASSUMING DILUTION 262,000,000
AmeraMex International, Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Six Months Ended
June 30, 2007
---------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 23,651
Accounts receivable, net 366,303
Inventories 3,036,278
Prepaid assets 16,929
Notes receivable 403,797
Sales draw 6,420
Total Current Assets 3,853,378
Fixed Assets 839,012
Other Assets 131,158
TOTAL ASSETS $ 4,823,548
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 2,050,694
Notes payable 350,937
Accrued expenses and other liabilities 71,898
Short-term portion of long-term debt 657,586
Total Current Liabilities 3,131,116
Total Long-Term Liabilities 406,635
Total Liabilities 3,537,751
STOCKHOLDERS' EQUITY
Paid-in capital 1,375,304
Additional paid-in capital/AMMX 802,825
Retained earnings (loss) (892,332)
Total Stockholders' Equity 1,285,796
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,823,548
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.
Contact Information: Media and Financial Contact: Marty Tullio McCloud Communications LLC 949.553.9748