CHICO, Calif., Nov. 14, 2019 (GLOBE NEWSWIRE) -- AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation,  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 From 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.com for 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