AmeraMex International Reports Revenue for the Third Quarter and Nine-Month Period Ended September 30, 2023
November 15, 2023 at 02:02 pm EST
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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 ended September 30, 2023.
AmeraMex CEO Lee Hamre commented, “2022 was a great year for revenue and net income. Although we initiated cost-savings measures during 2022, they were not enough to offset the tremendous cost explosion and rising inflation that is plaguing us this year. Rising material costs, interest rates and inflation have created uncertainty within our target markets which equates to a downturn in sales during the last nine months.
“In the last quarter of 2022 and in June and August of this year we have signed over $10 million in rental agreements. Unfortunately, this does not equate to $10 million in revenue when the equipment shipped, as it does with a sale. The rental revenue is recorded monthly, which gives the company a steady stream of cash flow.
“I would like to add that the entire AmeraMex team is razor focused on sales, cost containment and profitability,” said Hamre.”
Statement of Operations for the Quarter Ended September 30, 2023
The Company reported revenue of approximately $1.2 million versus revenue of $2.4 million for the comparable 2022 quarter.
Gross profit for the quarter was $371,206, compared to gross profit of $420,832 for the comparable 2022 quarter.
Gross profit as a percentage of sales was 30 percent for the quarter compared to gross profit, as a percentage of sales was 18 percent for the comparable 2022 quarter.
Profit from operations $199,328 for the quarter, compared to a loss from operations of ($45,503) for the comparable 2022 quarter.
Net loss for the quarter was ($32,623) compared to net income of $146,172 for the comparable 2022 quarter.
Earnings per share (EPS) were $0.00 for the quarter compared to EPS of $0.05 for the comparable 2022 quarter.
Statement of Operations for the Nine-Month period Ended September 30, 2023
The company reported revenue of approximately $6.7 million versus revenue of $14.8 million for the comparable 2022 period.
Gross profit for the period was $1.9 million compared to gross profit of $4.2 million for the comparable 2022 period.
Gross profit, as a percentage of sales, was 28 percent for the period compared to gross profit, as a percentage of sales, of 28 percent for the comparable period.
Profit from operations $438,528 for the nine-month period, compared to profit from operations of $2.2 million for the comparable 2022 nine-month period.
Net loss for the nine-month period was ($48,122) compared to net income of $1.4 million for the comparable nine-month period of 2022.
Earnings per share (EPS) were $0.00 for the period compared to EPS of $0.09 for the comparable 2022 nine-month period.
Balance Sheet for the Nine-Month Period Ended September 30, 2023
Total Assets were $18.2 million, a $4.9 million increase due in part to an increase in rental equipment.
Total Liabilities were $13.9 million, a $4.9 million increase due in part to an increase in the Company’s credit line, lease liability and deferred income.
The $10 million leases are not recognized as revenue but as Deferred Revenue, which is a Liability. This results in a higher inventory, an asset, and higher liability, Deferred Revenue.
Please join the Company’s management team November 15 at 12:00 p.m. PDT for a shareholder update. The conference call dial-in number for both U.S. and international callers is 1.201.689.8560. Please dial the conference center five minutes before the call begins and ask the operator for the AmeraMex conference call. An audio replay of the call will be available from December 20, 2023, at 3:00 p.m. Eastern Time until January 3, 2023, at 11:59 p.m. Eastern Time. The replay is accessible by dialing 1.412.317.6671 and entering pin number 13734981.
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 using terms such as “may,” “expect,” “believe,” “anticipate,” “estimate,” “approximate” “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 key 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.
AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED SEPTEMBER 30,
NINE MONTHS ENDED SEPTEMBER 30,
2023
2022
2023
2022
REVENUES
Sales of Equipment and Other Revenues
$756,581
$2,015,247
5,716,647
$
13,904,722
Rentals and Leases
454,154
363,301
1,024,077
910,172
Total Sales
1,210,735
2,378,548
6,740,724
14,814,894
COST OF SALES
Sales of Equipment and Other Revenues
685,268
1,799,708
4,316,879
10,197,658
Rentals and Leases
154,261
158,008
521,029
415,805
Total Cost of Sales
839,529
1,957,716
-57%
4,837,908
10,613,463
GROSS PROFIT
371,206
420,832
1,902,816
4,201,431
OPERATING EXPENSES
Selling Expense
87,549
230,064
840,930
994,721
General and Administrative
84,329
233,273
622,358
989,114
Total Operating Expenses
171,878
463,337
1,463,288
1,983,835
Profit (loss) From Operations
199,328
(42,505)
439,528
2,217,596
OTHER INCOME (EXPENSE)
Interest Expense, net
(218,551)
(96,374)
(503,990)
(549,924)
Loss from Early Extinguishment of Debt
(28,446)
-
(67,536)
(33,366)
Gain of Sale of Asset
215,624
Other Income (Expense)
1,393
349,580
63,740
175,842
Total Other Income (Expense)
(245,604)
253,206
(507,786)
(191,824)
INCOME BEFORE PROVISION for INCOME TAXES
(46,276)
210,701
(68,258)
2,025,772
PROVISION for INCOME TAXES
(13,653)
64,529
(20,136)
598,264
NET INCOME
$ (32,623)
$146,172
$ (48,122)
$1,427,508
Weighted Average Shares Outstanding:
Basic
14,829,155
14,629,155
14,829,155
14,829,155
Diluted
14,829,155
14,629,155
14,829,155
14,829,155
Earnings (loss) per Share
Basic
0.00
$
0.05
$
0.00
$
0.09
Diluted
$ 0.00
$
0.05
$
0.00
$
0.09
AMERAMEX INTERNATIONAL, INC.
UNAUDITED BALANCE SHEETS
SEPTEMBER 30, 2023
DECEMBER 31, 2022
ASSETS
Current Assets:
Cash
$
281,930
$
1,032,209
Accounts Receivable, Net
744,660
1,118,774
Inventory, Net
11,505,978
6,275,823
Other Current Assets
229,924
318,807
Total Current Assets
12,762,492
8,745,613
Property and Equipment, Net
970,777
1,047,602
Rental Equipment, Net
2,100,269
1,078,470
Joint Venture Asset
177,000
-
Operating Lease ROU Asset
725,674
788,733
Financing Lease ROU Asset
1,199,668
1,330,732
Other Assets
251,615
329,178
Total Other Assets
5,425,003
4,574,715
TOTAL ASSETS
$
18,187,495
$
13,320,328
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable
$
1,564,413
$
1,199,803
Accrued Expenses
120,972
322,060
Joint Venture Liability
-
227,503
Lines of Credit
860,280
1,327,715
Notes Payable, Current Portion
2,150,581
1,499,018
Lease Liability
317,202
317,202
Deferred Revenue
556,095
-
Total Current Liabilities
5,569,543
4,893,301
Long-Term Liabilities
Deferred Tax Liabilities, Net
551,564
650,179
Related Party Note
269,159
Lines of Credit
3,567,255
-
Notes Payable, Net of Current Portion
93,574
1,609,853
Lease Liability, Net of Current Portion
1,608,140
1,813,389
Deferred Revenue, Net of Current Portion
2,224,379
-
Total Long-Term Liabilities
8,314,071
4,073,421
TOTAL LIABILITIES
13,883,614
8,966,722
Commitments and Contingencies (Note 11)
-
-
STOCKHOLDERS' EQUITY:
Shareholders' 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
14,829
14,829
14,829,155 shares issued and outstanding at September 30, 2023 and
December 31, 2022
Additional Paid-In Capital
21,671,534
21,671,534
Accumulated Deficit
(17,382,482)
(17,332,757)
Total Stockholders' Equity
4,303,881
4,353,606
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY
$
18,187,495
$
13,320,328
-
-
AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENTS OF CASH FLOW
NINE MONTHS ENDED SEPTEMBER 30,
2023
2022
OPERATING ACTIVITIES:
Net Income
(48,122)
1,427,509
Adjustments to reconcile Net Loss to
Net Cash provided (used) by Operations Activities:
Depreciation and Amortization
719,468
562,569
Provision (Benefit) for Deferred Income Taxes
(98,615)
534,576
Marketing Services Paid in Stock
-
71,000
Loss on Early Extinguishment of Debt
67,536
33,366
Gain/Loss on Disposal
-
(215,625)
Amortization of Right of Use Asset
19,797
19,797
Amortization and Accretion of Interest
63,556
27,876
Change in Assets and Liabilities:
Accounts Receivable
374,114
(1,884,657)
Inventory
(5,230,155)
(1,690,298)
ROU Asset
(725,674)
(808,928)
Other Current Assets
88,883
71,016
Accounts Payable
364,610
174,386
Customer Deposits
-
53,522
Deferred Revenue
2,780,474
-
Accrued Expenses
(201,088)
13,727
Lease Liability
725,674
808,928
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES
(1,099,542)
(801,236)
INVESTING ACTIVITIES:
Payments for Property & Equipment
(179,860)
(408,199)
Payments for Rental Equipment
-
(233,347)
Proceeds (Payments) for Rental Equipment
(1,484,582)
360,000
NET CASH USED BY INVESTING ACTIVITIES
(1,664,442)
(281,546)
FINANCING ACTIVITIES:
Proceeds from Notes Payable
563,330
2,117,692
Payments on Notes Payable
(733,470)
(1,370,027)
Payment on Note Payable - Related Party
269,159
-
Joint Venture Liability
(227,503)
105,003
Net Borrowing (Repayments) Under Lines of Credit
2,142,189
(406,818)
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES
2,013,705
445,850
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS
(750,279)
(636,932)
Cash and Cash Equivalents, BEGINNING OF PERIOD
1,032,209
995,611
Cash and Cash Equivalents, END OF PERIOD
281,930
358,679
CASH PAID FOR:
Interest
543,573
564,478
Income Taxes
800
800
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING
AND FINANCING ACTIVITIES:
Transfer of Inventory to Rental Equipment
1,666,085
-
Equipment Financed under Capital Leases
779,160
-
Transfer of Rental Equipment to Inventory
-
563,750
AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
FOR THE
THE NINE MONTHS ENDED SEPTEMBER 30th, 2023 AND 2022
Common Stock
Additional Total
Paid-in Accumulated Stockholders'
Balance
Shares
Amount Capital Deficit Equity/(Deficit)
December 31, 2021
14,629,155
$14,629
$ 21,600,734
$(18,335,686)
$3,279,677
Stock for Services
200,000
200
70,800
$71,000
Net Income
-
-
-
1,427,509
1,427,509
September 30, 2022
14,829,155
$14,829
$ 21,671,534
$ 4,778,186
December 31, 2022
14,829,155
$14,829
$21,671,534
$(17,334,360)
$ 4,352,003
Net Income
-
-
-
(48,122)
(48,122)
September 30, 2023
14,829,155
$14,829
$21,671,534
$ (17,382,482)
$ 4,303,881
14,829,155
14,829
21,671,534
(17,382,482)
4,303,881
-
-
-
-
-
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 key 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 added information becomes available in the future.
Contact Details
Marty Tullio
+1 949-632-1900
marty@mccloudcommunications.com
Company Website
https://www.ammx.net
Copyright (c) 2023 TheNewswire - All rights reserved.
Copyright (c) 2023 TheNewswire - All rights reserved., source Press Releases
AmeraMex International, Inc. is a provider of heavy equipment for logistics companies, infrastructure construction and forestry conservation. The Company sells, leases, and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. It maintains a complete maintenance organization, which includes a large parts inventory and service department with certified service techs, along with a steam cleaning service, and paint shop for refurbishing equipment. The Company sells, leases and rents a variety of new and refurbished heavy equipment to companies in the United States, Africa, Canada, Central America and Mexico. It also sells parts and provides repair and maintenance services directly to customers at its Northern California location. It acquires used equipment for resale through trade-ins from its customers, returned customer leases, and selective purchases. It serves rental companies, retailers, warehouses, and food distribution.