CHICO, Calif., Aug. 15, 2019 (GLOBE NEWSWIRE) -- AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reports revenue of $5.5 million for its second quarter and $7.9 million for the six-month period ending June 30, 2019.

Highlights

  • On July 5, 2019, the Company’s Form 10/registration became effective.
  • AmeraMex’s application to the OTCQB was approved and the Company’s common stock (AMMX) is now listed on the OTCQB Venture Market.
  • The Company’s board of directors was expanded through the addition of two new board members.
  • The Company received approval for a $6.5 million line of credit.
  • $5 million in sales were booked during six-month period ended June 30, 2019
  • $1 million of used container handlers were purchased for refurbishment and resale.

Second Quarter Ended June 30, 2019

The company reported revenue of $5,473,041 compared to revenue of $3,061,750 for the second quarter of 2018. This represents a 79 percent increase when compared to the second quarter of 2018. 

Gross profit, as a percentage of revenue, was 11 percent compared to 27 percent for the comparable 2018 quarter.  Gross profit was reduced due to increased sales of new equipment.

Net income for the quarter was $24,032 compared to net income of $250,586 for the second quarter of 2018 due in part to operating expenses increasing approximately $176,000 over the comparable quarter.

Six-Month Period Ended June 30, 2019

Revenue for the six-month period was $7,916,933 compared to revenue of $5,131,931 reported for the comparable six-month period of 2018.

Gross profit, as a percentage of revenue, was 15 percent compared to 31 percent for the comparable 2018 period.  Gross profit varies due to product mix and weather the equipment was new or refurbished.

Due to a one-time-charge of $566,838 for early extinguishment of debt, the company reported net loss of ($258,586) compared to net income of $467,445 for the six-month period in 2018.  Without this one-time charge, which will benefit the bottom line going forward, net income would have been $149,302.

AmeraMex’s CEO Lee Hamre was interviewed on August 14, 2019 by the Publicly Traded Podcast Network. To listen to the ten-minute interview, click on one of the links listed below:

http://www.youtube.com/watch?v=baAwvpIfK9o or https://www.publiclytradedpodcastnetwork.com/podcasts

As a reminder, the public is invited to participate in the Company’s Second Quarter Financial call scheduled today 11:00 a.m. Pacific Time, 2:00 p.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 August 15, 2018 at 5:00 p.m. Eastern Time until  August 29, 2018 at 11:59 p.m. Eastern Time.  The replay is accessible by dialing 1.412.317.6671 and entering pin number 13693564.

About AmeraMex International
AmeraMex International sells, leases and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber.   AmeraMex, with a US and international customer base, 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.

Forward-Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Investors are encouraged to review the Company’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company’s control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Investor and Media Relations
McCloud Communications, LLC
Marty Tullio, Managing Member
Office: 949.632.1900 or Marty@McCloudCommunications.com

Tables follow:

AMERAMEX INTERNATIONAL, INC.  
UNAUDITED STATEMENT OF OPERATIONS  
FOR THE THREE AND SIX MONTHS AS OF JUNE 30, 2019 AND 2018  
      
   Three Months  Three Months  Six Months  Six Months  
   Period Ending  Period Ending  Period Ending  Period Ending  
   JUNE 30, 2019  JUNE 30, 2018  JUNE 30, 2019  JUNE 30, 2018  
REVENUES             
Sales of Equipment and Other Revenues$  4,901,300 $  2,465,732 $  6,671,353 $  3,768,734  
Rentals and Leases   571,741    596,018    1,245,580    1,363,197  
Total Revenues    5,473,041    3,061,750    7,916,933    5,131,931  
               
COST OF SALES             
Sales of Equipment and Other Revenues  4,632,000    1,997,243    6,197,536    3,062,848  
Rentals and Leases   235,537    222,767    471,723    454,751  
Total Cost of Revenues   4,867,537    2,220,010    6,669,259    3,517,599  
               
GROSS PROFIT   605,504    841,740    1,247,674    1,614,332  
               
OPERATING EXPENSES             
Selling Expense   106,726    80,371    187,959    157,118  
General and Administrative   292,751    144,259    497,368    373,654  
Total Operating Expenses    399,477    224,630    685,327    530,772  
               
Profit (loss) From Operations  206,027    617,110    562,347    1,083,560  
               
OTHER INCOME (EXPENSE)            
Interest Expense   (172,559)   (261,669)   (351,804)   (420,517) 
Loss from Early Extinguishment of Debt  -    -    (566,838)   -  
Other Income   716    -    1,233    -  
Total Other Income (Expense)    (171,843)   (261,669)   (917,409)   (420,517) 
               
INCOME BEFORE PROVISION (BENEFIT) for INCOME TAXES  34,184    355,441    (355,062)   663,043  
               
PROVISION (BENEFIT) for INCOME TAXES  (10,152)   (104,855)   96,476    (195,598) 
               
NET INCOME (LOSS)$  24,032  $   250,586  $   (258,586)  $   467,445  
               
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.
UNAUDITED BALANCE SHEETS
AS OF JUNE 30, 2019 AND DECEMBER 31,2018
  
         
   JUNE 30, 2019  DECEMBER 31, 2018  
ASSETS        
Current Assets:        
Cash $  175,588 $  197,752  
Accounts Receivable, Net    309,690    631,805  
Inventory    3,652,888    2,689,642  
Other Current Assets    245,673    289,060  
Total Current Assets    4,383,839    3,808,259  
         
Property and Equipment, Net    989,435    988,552  
Rental Equipment, Net    4,287,671    4,679,122  
Other Assets    472,832    234,074  
Total Noncurrent Assets    5,749,938    5,901,748  
         
TOTAL ASSETS $  10,133,777 $  9,710,007  
         
LIABILITIES & STOCKHOLDERS' EQUITY        
Current Liabilities:        
Accounts Payable $  974,590 $  1,309,032  
Accrued Expenses    84,155    118,291  
Notes Payable, Current Portion    50,000    296,618  
Total Current Liabilities    1,108,745    1,723,941  
         
Long-Term Liabilities        
Deferred Tax Liability    226,566    301,680  
Notes Payable - Related Party    352,542    353,643  
Notes Payable, Net of Current Portion    132,880    4,316,233  
Line of Credit    6,331,576    774,456  
Total Noncurrent Liabilities    7,043,564    5,746,012  
         
TOTAL LIABILITIES    8,152,309    7,469,953  
         
Commitments and Contingencies        
         
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    (19,553,035)   (19,294,449) 
Total Stockholders' Equity    1,981,468    2,240,054  
         
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY$  10,133,777 $  9,710,007  
         
     -    -  
         


 


         
  AMERAMEX INTERNATIONAL, INC.
  UNAUDITED STATEMENT OF CASH FLOW
  FOR THE SIX MONTHS AS OF JUNE 30, 2019 AND 2018
 
    JUNE 30, 2019  JUNE 30, 2018  
CASH FROM OPERATING ACTIVITIES       
Net Income (Loss)  $  (258,586)$  467,445  
Adjustments to reconcile Net Income (Loss) to        
Net Cash provided by (Used In) Operating Activities:        
Depreciation and Amortization     580,044    526,817  
Provision for Deferred Income Taxes     (75,114)   -  
Changes in Operating Assets and Liabilities:        
Accounts Receivable     322,115    74,912  
Inventory     (963,246)   1,157,405  
Other Current Assets     (195,673)   (1,151) 
Accounts Payable     (334,443)   (1,427,238) 
Accrued Expenses     (34,136)   21,187  
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES  (959,039)   819,377  
          
INVESTING ACTIVITIES:        
Payments for Property & Equipment     (90,801)   (319,055) 
Payments for Rental Equipment     (98,371)   (528,022) 
NET CASH PROVIDED BY INVESTING ACTIVITIES   (189,172)   (847,077) 
          
FINANCING ACTIVITIES:        
Proceeds from Notes Payable     126,000    1,612,723  
Payments on Notes Payable     (4,447,081)   (2,346,410) 
Payment on Note Payable - Related Party     (1,101)   (21,750) 
Net Proceeds Borrowing Under Line of Credit     6,015,067    321,137  
Loss on Early Extinguishment of Debt     (566,838)   -  
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES  1,126,047    (434,300) 
          
NET DECREASE IN CASH & CASH EQUIVALENTS   (22,164)   (462,000) 
          
Cash, beginning of period    197,752    553,625  
Cash, end of period $  175,588 $  91,625  
          
SUPPLEMENTAL DISCLOSURES OF CASH FLOW       
INFORMATION:        
Cash Paid for Interest  $  351,804 $  420,517  
Cash Paid for Income Taxes  $  96,476 $  195,598  
          
SUPPLEMENTAL DISCLOSURES OF NON CASH INVESTING      
AND FINANCING ACTIVITIES:       
Transfer of Inventory to Rental Equipment  $  - $  -  
Transfer of Rental Equipment to Inventory  $  - $  -  
          
          


 

               
AMERAMEX INTERNATIONAL, INC. 
UNAUDITED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) 
FOR THE SIX MONTHS AS OF JUNE 30, 2019 AND 2018 
              Total  
        Additional       Stockholders'  
    Common Stock   Paid-in   Treasury   Accumulated   Equity/  
 Balance   Shares   Amount   Capital   Stock   Deficit   (Deficit)  
               
Dec. 31, 2017   753,415,879 $  754,017 $  20,785,924 $  (5,438) $  (20,180,044) $  1,354,459 
               
 Net Income            216,859   216,859 
               
March 31, 2018   753,415,879   754,017   20,785,924   (5,438)   (19,963,185)   1,571,318 
               
 Net Income            250,586   250,586 
               
June 30, 2018   753,415,879   754,017   20,785,924   (5,438)   (19,712,599)   1,821,904 
               
Dec. 31, 2018   753,415,879   753,416   20,785,924   (4,837)   (19,294,449)   2,240,054 
               
 Net Income            (282,618)   (282,618) 
               
March 31, 2019   753,415,879   753,416   20,785,924   (4,837)   (19,577,067)   1,957,436 
               
 Net Income        (4,837)   4,837   24,032   24,032 
               
June 30, 2019   753,415,879 $  753,416 $  20,781,087  $  - $  (19,553,035) $  1,981,468 
               
     753,415,879   753,416   20,781,087   -   (19,553,035)   1,981,468 
     -   -   -   -   -   -