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.
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.
|AMERAMEX INTERNATIONAL INC.|
CONDENSED STATEMENT OF OPERATIONS
For the Three-month
June 30, 2017
For the Three-month
June 30, 2016
For the Six-month
June 30, 2017
For the Six-month
June 30, 2016
|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|
|Total Operating Expenses||442,328||663,459||924,154||1,641,873|
|Income (loss) from Operations|| |
|Other Income (Expenses)|
|Interest Expense|| |
| Total Other Income|
| (283,150||)|| (30,775||)|| (494,486||)||(566,058||)|
|Net Income (Loss)||$||(244,969||)||$||237,510||$||(246,618||)||$||1,397,918|
|Basic Earnings (Loss) Per Share || |
| Weighted Average |
| Diluted Earnings |
(Loss) Per Share
|AmeraMex International, Inc.|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Second Quarter 2017
Cash and cash equivalents
|Other Current Assets||58,632|
|Total current assets||2,382,851|
|PROPERTY AND EQUIPMENT|
|Furniture and equipment, net||3,881,890|
|Income Tax Payable||30,177|
|Line of Credit||488,911|
|Notes Payable - current||588,957|
|Notes Payable – related parties||412,384|
|Total current liabilities||2,772 ,042|
|Notes Payable net of current||1,495,098|
|Additional paid in capital||20,774,825|
| Total Shareholder Equity||$||2,243,202|
|TOTAL LIABILITY AND SHAREHOLDER EQUITY||$||6,510,341|
|Shares Issued and Outstanding||753.4 Million|
|AMERAMEX INTERNATIONAL, INC.|
|STATEMENTS OF CASH FLOWS|
|FOR THE SIX MONTHS ENDED JUNE 30, 2017|
|Adjustments to reconcile net income to|
|net cash provided by operating activities:|
|Loss on settlement of debt for common stock||497,500|
|Change in current assets and liabilities:|
|Income tax payable||(118,338||)|
|Net cash provided by operating activities||1,484,343|
|Payment for furniture and equipment||(2,058,410||)|
|Net cash used in investing activities||(2,058,410||)|
|Proceeds from note payable, net||114,298|
|Repayment of note payable - related party||(212,295||)|
|Net proceeds (borrowing) under line of credit||79,166|
|Purchase of treasury stock||(6,438||)|
|Net cash used in financing activities||(25,269||)|
|Common stock issued for the settlement of accounts payable||$||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