AmeraMex International Reports Revenue of $1.5 Million First Quarter Ended March 31, 2017
CHICO, CA--(Marketwired - May 16, 2017) - AmeraMex International, Inc. (OTC PINK: AMMX), a provider of heavy
equipment for logistics companies (stevedoring/shipping),
infrastructure construction, companies, and tactical vehicles for military organizations, today reported financial results for
its first quarter ended March 31, 2017.
Highlights
-
Revenue for
the first quarter was approximately $1.5 million versus revenue of $3.2 for the comparable quarter. Historically, the first
quarter is the weakest revenue quarter but fortunately, the first quarter of 2016 was an exceptional quarter.
- Gross profit for the first quarter
was approximately $.689 million compared to gross profit of $.2.7 million for the quarter ended March 31, 2016.
- Net profit for the quarter of $2,329.00 compared to net profit of $1.2 million for the first quarter ended March 31,
2016. This is due in part to 50 percent less revenue and an increase in expenses associated with the ongoing audit.
- Year-to-date, AmeraMex has received $2.8 million in equipment orders and renewal of rental contracts.
- This month, the company announced an agreement to represent Oshkosh Defense, LLC, an Oshkosh Corporation (NYSE: OSK)
company, within the Federal Republic of Nigeria.
AmeraMex CEO Lee Hamre commented, "We were pleased to announce our agreement with Oshkosh Defense, LLC, and believe the
expanded product line will increase international revenue growth. Progress is being made with our Menzi Muck demonstrations and
requests for proposals. We expect the second quarter to show significant sales growth."
An update regarding the completion of the audit for 2016 will be provided within a two-week period.
| AmeraMex International, Inc |
| Consolidated Income Statement |
| (Unaudited) |
| |
|
|
|
|
| |
|
3 Months Ended |
|
3 Months Ended |
| |
|
March 31, 2017 |
|
March 31, 2016 |
| |
|
|
|
|
| Revenue |
|
$ |
1,542,618 |
|
|
$ |
3,243,081 |
|
| |
|
|
|
|
|
|
|
|
| Cost of Sales |
|
|
853,295 |
|
|
|
545,856 |
|
| |
|
|
|
|
|
|
|
|
| Gross Profit |
|
|
689,323 |
|
|
|
2,697,225 |
|
| |
|
|
|
|
|
|
|
|
| Operating Expenses |
|
|
|
|
|
|
|
|
| |
General & Admin. |
|
|
423,446 |
|
|
|
959,458 |
|
| |
Selling Expenses |
|
|
51,570 |
|
|
|
18,956 |
|
| |
|
Total Expenses |
|
|
475,016 |
|
|
|
978,414 |
|
| |
|
|
|
|
|
|
|
|
| Net Income from Operations |
|
|
214,308 |
|
|
|
1,718,811 |
|
| |
|
|
|
|
|
|
|
|
| Other Income, Expense, Depreciation |
|
|
(211,979 |
) |
|
|
(535,283 |
) |
| |
|
|
|
|
|
|
|
|
| Income Tax Provision |
|
|
2,329 |
|
|
|
23,120 |
|
| |
|
|
|
|
|
|
|
|
| Net Income (Loss) |
|
$ |
2,329 |
|
|
$ |
1,160,408 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Total number of shares issued and outstanding: 753.4 million |
| |
| AmeraMex International, Inc. |
| Condensed Consolidated Balance Sheet |
| as of March 31, 2017 |
| Unaudited |
| |
| ASSETS |
|
|
|
|
|
|
| |
Current Assets: |
|
|
|
|
|
|
| |
Cash & Equivalent |
|
165,027 |
|
|
|
|
| |
Other Assets |
|
112,788 |
|
|
|
|
| |
Acct. Receivable |
|
597,498 |
|
|
|
|
| |
Inventory |
|
1,850,668 |
|
|
|
|
| |
|
Total Current Asset |
|
2,725,982 |
|
|
|
|
| |
|
|
|
|
|
|
| Fixed Asset Net |
|
3,881,611 |
|
|
|
|
| Other Asset |
|
243,150 |
|
|
|
|
| |
|
|
Total Asset |
|
|
|
|
$ |
6,850,743 |
| LIABILITIES AND STOCKHOLDERS EQUITY |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
Current Liability: |
|
|
|
|
|
|
| |
Acct. Payable |
|
748,708 |
|
|
|
|
| |
Accrued Expenses |
|
53,890 |
|
|
|
|
| |
Income Taxes Payable |
|
61,867 |
|
|
|
|
| |
Line of Credit |
|
462,411 |
|
|
|
|
| |
Notes Payable Current |
|
1,192,164 |
|
|
|
|
| |
Notes payable-related party |
|
417,065 |
|
|
|
|
| |
|
|
|
|
|
|
| |
|
Total Current Liabilities |
|
2,936,105 |
|
|
|
|
| |
Notes payable, net of current portion |
|
1,349,072 |
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
Total Liability |
|
|
|
|
$ |
4,285,176 |
| STOCKHOLDERS EQUITY |
|
|
|
|
|
|
| |
Common Stock |
|
754,016 |
|
|
|
|
| |
Paid-In Capital |
|
20,774,825 |
|
|
|
|
| |
Treasury Stock |
|
(10,438 |
) |
|
|
|
| |
Retained Earnings(Loss) |
|
(18,952,837 |
) |
|
|
|
| |
|
|
|
|
|
|
| |
|
Total Stock Equity |
|
2,565,566 |
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| TOTAL LIABILITY & STOCKHOLDER EQUITY |
|
|
|
|
$ |
6,850,743 |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| Total number of shares issued and outstanding: 753.2 million |
| |
| AMERAMEX INTERNATIONAL, INC. |
| STATEMENTS OF CASH FLOWS |
| FOR THE THREE MONTHS ENDED MARCH 31, 2017 |
| (UNAUDITED) |
| |
|
2017 |
| |
|
|
|
|
| OPERATING ACTIVITIES: |
|
|
|
|
| |
Net income |
|
$ |
2,329 |
|
| |
Adjustments to reconcile net income tonet cash provided by operating activities: |
|
|
|
|
| |
|
|
Depreciation |
|
|
166,491 |
|
| |
|
|
Stock-based compensation |
|
|
- |
|
| |
|
|
Loss on settlement of debt for common stock |
|
|
- |
|
| |
|
Change in current assets and liabilities: |
|
|
|
|
| |
|
|
Accounts receivable |
|
|
(367,148 |
) |
| |
|
|
Inventory |
|
|
421,437 |
|
| |
|
|
Other assets |
|
|
(800 |
) |
| |
|
|
Accounts payable |
|
|
(430,419 |
) |
| |
|
|
Accrued expenses |
|
|
4,385 |
|
| |
|
|
Income tax payable |
|
|
28,711 |
|
| |
Net cash provided by operating activities |
|
|
(175,014 |
) |
| INVESTING ACTIVITIES: |
|
|
|
|
| |
|
Payment for furniture and equipment |
|
|
363,798 |
|
| |
Net cash used in investing activities |
|
|
363,798 |
|
| |
|
|
|
|
| FINANCING ACTIVITIES: |
|
|
(106,940 |
) |
| |
|
Repayment of note payable |
|
|
- |
|
| |
|
Proceeds from note payable - related party |
|
|
16,500 |
|
| |
|
Net proceeds (borrowing) under line of credit |
|
|
- |
|
| |
|
Purchase of treasury stock |
|
|
|
|
| |
Net cash used in financing activities |
|
|
(90,440 |
) |
| |
|
|
|
|
| NET DECREASE IN CASH |
|
|
98,344 |
|
| CASH, BEGINNING BALANCE |
|
|
66,682 |
|
| CASH, ENDING BALANCE |
|
$ |
165,026 |
|
| CASH PAID FOR: |
|
|
|
|
| |
Interest |
|
$ |
36,213 |
|
| |
Income taxes |
|
$ |
- |
|
| SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: |
|
|
|
|
| |
Common stock issued for the settlement of accounts payable |
|
$ |
- |
|
| |
Common stock issued for the settlement of notes party - related party |
|
$ |
- |
|
| |
|
|
|
|
| |
|
|
|
|
About AmeraMex International
AmeraMex International sells, leases and rents heavy equipment to companies within four industries:
construction (light and infrastructure), shipping logistics, mining and commercial farming. AmeraMex International's largest
product line is specialized container handling equipment that enables stevedoring companies to quickly and efficiently load and
offload container and general freight ships dockside. The company recently added an inclusive product line of advanced
performance tactical military vehicles targeting African countries. AmeraMex, with customers in the Americas, Africa, Asia
and Eastern Europe, has over 30 years of experience in heavy equipment sales and service and maintains an inventory of
top-of-the-line equipment and parts from manufacturers such as Taylor Machine Works Inc. and Terex Heavy Equipment. For more
information visit the AmeraMex website, www.AMMX.net or
www.hamreequipment.com.
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.