AmeraMex International Reports Second Quarter Revenue of $1.2 Million; $2.7 Million Revenue for the Six-Month Period

CHICO, Calif., Aug. 18, 2017 (GLOBE NEWSWIRE) -- AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and tactical vehicles for military organizations reports revenue for the six-month period ending June 30, 2017.

Highlights for the Six-month Period

  • The completion of the SEC audit will be announced upon submission of the Form 10 to the SEC for review and approval.
  • AmeraMex received approval to represent Oshkosh Defense, LLC, an Oshkosh Corporation (NYSE:OSK) company, within the Federal Republic of Nigeria.
  • Management recently met with Oshkosh management at the company’s corporate offices in Wisconsin. During the meetings, AmeraMex’s sales territory was expanded to include Angola.

Second Quarter Ended June 30, 2017

The company reported revenue of $1,162,671 compared to revenue of $2,575,732 for the second quarter of 2016. Net loss for the quarter was $(244,969) compared to net income of $237,732 for the second quarter of 2016. Gross profit, as a percentage of sales, was 41 percent compared to 36 percent for the comparable 2016 period.

Revenue was down for the first and second quarter due to normal seasonality and a significant increase in the rental of equipment versus sales of equipment. The increase in rental income for the quarter was $168,983 versus $78,900 for the comparable quarter. The increased in rental revenue maintains a dependable cash flow.

Revenue for the third quarter currently stands at $1.2 million in sales orders and a rental agreement valued at $500,000.

Six-Month Period Ended June 30, 2017

Revenue for the six-month period was $2,710,373 compared to revenue of $5,818,813 reported for the comparable six-month period of 2016. Gross profit margin, as a percentage of sales, was 43 percent. The company reported net loss of $(246,618), compared to net income of $1,397,918 for the six-month period in 2016.

The loss was due in part to cost of goods (equipment) increasing almost 100 percent, from approximately $600,000 to $1.2 million, through the purchase of rental equipment that is now beginning to produce rental income or offset the cost of goods (COGs); doubling of the parts inventory; the addition of employee health insurance; and an increase in legal fees that in July 2017, netted the company approximately $500,000.

Revenue for the first six months of 2016 was unusually high due to a large one-time shipment of equipment to a customer in Africa. Generally, equipment is ordered during the last six months of the year to arrive for spring and summer construction and agriculture projects.

The second quarter conference call is August 18, 2017. The dial-in number for both U.S. and international callers is 1.719.325.4934. An audio replay of the call is available from August 18, 2017 at 4:00 p.m. Eastern Time until September 1, 2017 at 11:59 p.m. Eastern Time. The replay is accessible by dialing 1.412.317.6671 and entering pin number 6710630.

About AmeraMex
AmeraMex International sells, leases and rents top-of-line heavy equipment to companies within multiple industries including construction (light and infrastructure), logistics, mining, and sawmill. The company has added an inclusive product line from Oshkosh Defense, LLC, of advanced performance tactical military vehicles marketed to certain African countries. AmeraMex, with a US and international customer base, has over 30 years of experience in heavy equipment sales and service. For more information and equipment videos, visit the AmeraMex website, www.AMMX.net or www.hamreequipment.com.

Safe Harbor Statement
Except for the historical information contained herein, statements discussing sales or revenue projections are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from any forward-looking statements made herein.

Tables follow:

AMERAMEX INTERNATIONAL INC.
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)


For the Three-month
Period Ended

June 30, 2017


For the Three-month
Period Ended

June 30, 2016


For the Six-month
Period Ended

June 30, 2017


For the Six-month
Period Ended

June 30, 2016


Sales


$


1,162,671


$


2,575,732


$


2,710,373


$


5,818,813
Cost of Sales 682,162 1,643,988 1,538,368 2,189,844
Gross Profit 480,509 931,744 1,172 ,005 3,628,969
Expenses:
Selling 52,374 19,463 103,944 38,419
G&A 389,953 643,996 820,210 1,603,454
Total Operating Expenses 442,328 663,459 924,154 1,641,873
Income (loss) from Operations

38,181


268,285


247,850


1,987,096
Other Income (Expenses)
Interest Expense
(30,701


)


(31,772


)

( 66,180


)


(69,630


)
Other Expense (252,449) 997 (428,288) (496,428)
Total Other Income
(Expenses)
(283,150
)

(30,775
)

(494,486
)

(566,058)
Net Income (Loss)$ (244,969)$237,510 $(246,618)$1,397,918
Basic Earnings (Loss) Per Share



0


0


0


0
Weighted Average
Shares Outstanding


753,415,879


753,415,879


753,415,879


753,415,879
Diluted Earnings
(Loss) Per Share


0


0


0


0

AmeraMex International, Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Second Quarter 2017
CURRENT ASSETS

Cash and cash equivalents


$


18,709
Accounts receivable 637,219
Other Current Assets 58,632
Inventory 1,726,923
Total current assets 2,382,851
PROPERTY AND EQUIPMENT
Furniture and equipment, net 3,881,890
Other assets 245,600
TOTAL ASSETS$ 6,510,341


CURRENT LIABILITIES

Accrued Expenses 60,955
Accounts Payable 1,190,658
Income Tax Payable 30,177
Line of Credit 488,911
Notes Payable - current 588,957
Notes Payable – related parties 412,384
Total current liabilities 2,772 ,042
Notes Payable net of current 1,495,098
TOTAL LIABILITIES$ 4,267,140
STOCKHOLDER'S EQUITY
Common stock 754,016
Additional paid in capital 20,774,825
Accumulated deficit (19,275,202)
Treasury stock (10,438)
Total Shareholder Equity

$ 2,243,202
TOTAL LIABILITY AND SHAREHOLDER EQUITY$ 6,510,341
Shares Issued and Outstanding753.4 Million
Restricted504.5 Million
Float248.9 Million

AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2017
(UNAUDITED)
Net income $ 1,397,918
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation 225,884
Stock-based compensation 97,663
Loss on settlement of debt for common stock 497,500
Change in current assets and liabilities:
Accounts receivable (2,199)
Inventory 141,488
Other assets (104,021)
Accounts payable (663,940)
Accrued expenses 12,388
Income tax payable (118,338)
Net cash provided by operating activities 1,484,343
Payment for furniture and equipment (2,058,410)
Net cash used in investing activities (2,058,410)
Proceeds from note payable, net 114,298
Repayment of note payable - related party (212,295)
Net proceeds (borrowing) under line of credit 79,166
Purchase of treasury stock (6,438)
Net cash used in financing activities (25,269)
(599,336)
676,368
$ 77,032
Interest $ 69,630
Common stock issued for the settlement of accounts payable$ 30,000
Common stock issued for the settlement of notes party - related party $ 50,000


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

Source:AmeraMex International