AmeraMex International Reports Second Quarter Revenue of $5.5 Million and Revenue of $7.9 Million Six-Month Period
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 [email protected]
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 | ||||||||||||||
| - | - | - | - | - | - | ||||||||||||||
