AmeraMex International Reports Third Quarter and Nine-Month Financials for the Period Ended September 30, 2024

AmeraMex CEO is Hosting a Shareholder Conference Call November 25, 2024, at 9:00 a.m. PT

Chico, California--(Newsfile Corp. - November 25, 2024) - AmeraMex International, Inc. (OTC Pink: AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reports financial results for its third quarter and nine-month period ended September 30, 2024.

While the Company's revenues were up 61 percent for the third quarter and 34 percent for the nine-month period ended September 30, 2024, Cost of Goods Sold (COGS) for the quarter significantly increased when compared to the second quarter ended June 30, 3024 and for the comparable third quarter ended September 20, 2023.

The increase in COGS for sales revenue was due in part to a reserve journal entry that had to be made to the Inventory. This accounting adjustment, 25 percent of the value of equipment inventory and 50 percent of the value of parts inventory, was made to cover any possible miscounts or errors in the inventory records. The adjustment made for the nine-month period ended September 30, 2024, which was just over $3.1 million, reduced inventory while increasing COGS in the third quarter.

COGS associated with rental revenues is based on the depreciation of long-term rental equipment. A combination of issues occurred:

1. Rental equipment was purchased and delivered but not on rent long enough to generate revenue/create a receivable.
2. Since the equipment isn't sold but rented, the Company uses depreciation, an internal accounting figure, to offset the COGS. This means that the cost of the equipment being used (depreciated) is accounted for as a COGS rather than recording the equipment's full purchase cost up front.

According to the Company's CEO Lee Hamre, these are one-time adjustments that affected the third quarter and will not be affect the Company's fourth quarter.

Statement of Operations for the Quarter Ended September 30, 2024

The Company reported revenue of approximately $1.9 million versus revenue of $1.2 million for the comparable 2023 quarter.

Gross loss for the quarter was ($1.2 million), compared to gross profit of $371,206 for the comparable 2023 quarter.

Loss from operations was ($1.4 million) for the quarter, compared to a profit from operations of $199,328 for the comparable 2023 quarter.

Net loss for the quarter was ($1.1 million) compared to net loss of ($32,623) for the comparable 2023 quarter.

Loss per share was ($0.07) for the quarter compared to earnings per share of $0.00 for the comparable 2023 quarter.

Statement of Operations for the Nine-Month period Ended September 30, 2024

The company reported revenue of approximately $9.0 million versus revenue of $6.7 million for the comparable 2023 period.

Gross profit for the period was $1.2 million compared to gross profit of $1.9 million for the comparable 2023 period.

Profit from operations was $18,585 for the nine-month period, compared to profit from operations of $438,528 for the comparable 2023 nine-month period.

Net loss for the nine-month period was ($478,790) compared to a net loss of ($48,122) for the comparable nine-month period of 2023.

Loss per share was ($0.03) for the period compared to earnings per share of $0.00 for the comparable nine-month period of 2023.

Balance Sheet for the Nine-Month Period Ended September 30, 2024

Total Assets were $20.1 million, a $2.2 million increase due in part to a $4.0 million increase in rental equipment.

Total Liabilities were $17.2 million, a $2.8 million increase due in part to an increase in the Company's notes payable.

Please join the Company's management team November 25 at 9:00 a.m. PT 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 November 25, 2024, at 5:00 p.m. ET until December 9, 2024, at 11:59 p.m. ET. The replay is accessible by dialing 1.412.317.6671 and entering pin number 13750228.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231107