AmeraMex International Reports a 37 Percent Increase in Revenue for the Year Ended December 31, 2019
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AmeraMex International Reports a 37 Percent Increase in Revenue for the Year Ended December 31, 2019

Monday, March 30, 2020 10:00 AM
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Earnings

$9.5 Million in Sales for the First Quarter Ending March 31, 2020

CHICO, CA / ACCESSWIRE / March 30, 2020 / AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, forestryconservation and tactical military vehicles, reports results for its financial year ended December 31, 2019.

Highlights for the Year Ended December 31, 2019:

OTCQB

AmeraMex listed on the OTCQB in July 2019.

Board of Directors

Company added two new board members to broaden board expertise: Brian Hamre, who brings 22+ years of industry knowledge to the board; and Jeff Morris, who brings over 30+ years of financial services knowledge to the board.

Line of Credit

The Company secured a $6.6 million line of credit to purchase rental equipment.

Revenue Increases 37 Percent

The Company reported Revenue of approximately $13.4 million compared to Revenue of approximately $9.8 million for the year ended December 31, 2018. This is a 37 percent increase.

Gross Profit

The Company reported Gross Profit of $3.1 million compared to Gross Profit of $3.1 million for the year ended December 31, 2018. Gross Profit, as a percentage of sales, was 23 percent. The Gross Profit margins were down due to the mix of new versus refurbished equipment sold during 2019. A large order for new equipment received in 2018 was shipped during the first quarter of 2019.

Net Income

The Company reported Net Income for the year of approximately $.337 million compared to Net Income of $.886 million for the year ended December 31, 2018. The reduction of Net Income for 2019 was due in part to a onetime charge of $.567 million for the early extinguishment of debt in the second quarter of 2019. The early debt extinguishment significantly lowers interest expense for the remainder of the year and into 2020.

Balance Sheet

Total Current Assets increased $2.1 million and Total Assets increased $1.7 million over the same period in 2018. This increase was due in part to an increase in inventory of $2.2 million. Total Current Liabilities decreased $1 million due to a decrease of $.700 in Accounts Payable while Total Liabilities for the year increased $1.4 million due in part to the $6.6 million line of credit.

Shareholder Conference Call

The conference call dial-in number for both U.S. and international callers is 1.201.689.8560. Please dial in to 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 March 30, 2020 at 5:00 p.m. Eastern Time until April 13, 2020 at 11:59 p.m. Eastern Time. The replay is accessible by dialing 1.412.317.6671 and entering pin number 13700456.

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]

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENT OF OPERATIONS
AS OF DECEMBER 31, 2019 AND 2018

     
 
  DECEMBER 31, 2019     DECEMBER 31, 2018  
REVENUES
           
Sales of Equipment and Other Revenues
  $ 10,933,709     $ 7,027,948  
Rentals and Leases
    2,462,715       2,769,906  
Total Revenues
    13,396,424       9,797,854  
 
               
COST OF SALES
               
Sales of Equipment and Other Revenues
    9,329,986       5,700,920  
Rentals and Leases
    951,366       985,584  
Total Cost of Revenues
    10,281,352       6,686,504  
 
               
GROSS PROFIT
    3,115,072       3,111,350  
 
               
OPERATING EXPENSES
               
Selling Expense
    448,415       325,519  
General and Administrative
    977,983       834,394  
Total Operating Expenses
    1,426,398       1,159,913  
 
               
Profit (loss) From Operations
    1,688,674       1,951,437  
 
               
OTHER INCOME (EXPENSE)
               
Interest Expense
    (742,144 )     (828,585 )
Loss from Early Extinguishment of Debt
    (566,838 )     -  
Other Income
    71,075       131,165  
Total Other Income (Expense)
    (1,237,907 )     (697,420 )
 
               
INCOME BEFORE PROVISION for INCOME TAXES
    450,767       1,254,017  
 
               
PROVISION for INCOME TAXES
    113,320       368,422  
 
               
NET INCOME
  $ 337,447     $ 885,595  
 
               
Weighted Average Shares Outstanding:
               
Basic
    753,415,879       753,415,879  
Diluted
    753,415,879       753,415,879  
 
               
Earnings (loss) per Share
               
Basic
  $ 0.00     $ 0.00  
Diluted
  $ 0.00     $ 0.00  
 
               
 
               

AMERAMEX INTERNATIONAL, INC.
UNAUDITED BALANCE SHEETS
AS OF DECEMBER 31, 2019 AND DECEMBER 31,2018

     
 
           
 
  DECEMBER 31, 2019     DECEMBER 31, 2018  
ASSETS
           
Current Assets:
           
Cash
  $ 114,338     $ 197,752  
Accounts Receivable, Net
    651,178       631,805  
Inventory
    4,903,829       2,689,642  
Other Current Assets
    281,361       289,060  
Total Current Assets
    5,950,706       3,808,259  
 
               
Property and Equipment, Net
    1,167,580       988,552  
Rental Equipment, Net
    3,815,555       4,679,122  
Other Assets
    495,262       234,074  
Total Noncurrent Assets
    5,478,397       5,901,748  
 
               
TOTAL ASSETS
  $ 11,429,103     $ 9,710,007  
 
               
LIABILITIES & STOCKHOLDERS' EQUITY
               
Current Liabilities:
               
Accounts Payable
  $ 588,784     $ 1,309,032  
Accrued Expenses
    97,776       118,291  
Notes Payable, Current Portion
    15,000       296,618  
Total Current Liabilities
    701,560       1,723,941  
 
               
Long-Term Liabilities
               
Deferred Tax Liability
    436,357       301,680  
Notes Payable - Related Party
    298,874       353,643  
Notes Payable, Net of Current Portion
    692,415       4,316,233  
Line of Credit
    6,722,396       774,456  
Total Noncurrent Liabilities
    8,150,042       5,746,012  
 
               
TOTAL LIABILITIES
    8,851,602       7,469,953  
 
               
Commitments and Contingencies (Note 11)
               
 
               
STOCKHOLDERS' EQUITY:
               
Stockholders' Equity
               
             
shares issued and outstanding
    -       -  
             
             
December 31,2018
    753,416       753,416  
Additional Paid-In Capital
    20,781,087       20,785,924  
Treasury Stock
    -       (4,837 )
Accumulated Deficit
    (18,957,002 )     (19,294,449 )
Total Stockholders' Equity
    2,577,501       2,240,054  
 
               
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY
  $ 11,429,103     $ 9,710,007  
 
               

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENT OF CASH FLOW
AS OF DECEMBER 31, 2019 AND DECEMBER 31, 2018

     
 
  DECEMBER 31, 2019     DECEMBER 31, 2018  
CASH FROM OPERATING ACTIVITIES
           
Net Income (Loss)
  $ 337,449     $ 885,595  
Adjustments to reconcile Net Income (Loss) to
               
             
Depreciation and Amortization
    1,213,238       1,183,438  
Provision for Deferred Income Taxes
    134,677       305,362  
Gain on Sale of Property and Equipment
            (131,165 )
Loss on Early Extinguishment of Debt
    (566,838 )     -  
Changes in Operating Assets and Liabilities:
               
Accounts Receivable
    (19,373 )     (182,641 )

Inventory
    (2,161,937 )     381,787  
Other Current Assets
    (253,793 )     (36,965 )
Accounts Payable
    (720,249 )     (937,588 )
Accrued Expenses
    (20,515 )     (47,658 )
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
    (2,057,341 )     1,420,165  
 
               
INVESTING ACTIVITIES:
               
Payments for Property & Equipment
    (389,789 )     (473,757 )
Payments for Rental Equipment
    (138,606 )     (1,936,628 )
Proceeds from Sale of Equipment
    -       131,165  
NET CASH PROVIDED BY INVESTING ACTIVITIES
    (528,395 )     (2,279,220 )
 
               
FINANCING ACTIVITIES:
               
Proceeds from Notes Payable
    1,407,505       2,843,059  
Payments on Notes Payable
    (5,146,710 )     (2,577,325 )
Payment on Note Payable - Related Party
    (54,769 )     (49,008 )
Net Borrowing Under Line of Credit
    6,296,296       286,456  
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
    2,502,322       503,182  
 
               
NET DECREASE IN CASH & CASH EQUIVALENTS
    (83,414 )     (355,873 )
 
               
Cash, beginning of period
    197,752       553,625  
Cash, end of period
  $ 114,338     $ 197,752  
 
               
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
               
INFORMATION:
               
Cash Paid for Interest
  $ 742,144     $ 799,831  
Cash Paid for Income Taxes
  $ 113,320     $ 64,247  
 
               
SUPPLEMENTAL DISCLOSURES OF NON CASH INVESTING
               
AND FINANCING ACTIVITIES:
               
Transfer of Inventory to Rental Equipment
  $ -     $ 1,111,066  
Transfer of Rental Equipment to Inventory
  $ 35,470     $ 185,591  
 
               
 
               

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)
AS OF DECEMBER 31, 2019 AND DECEMBER 31,2018

 
                                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  
 
                                               
Common Stock Adj
            (601 )             601               -  
 
                                               
Net Income
                                    885,595       885,595  
 
                                               
December 31, 2018
    753,415,879       753,416       20,785,924       (4,837 )     (19,294,449 )     2,240,054  
 
                                               
Retirement of Treasury Stock
                    (4,837 )     4,837               -  
 
                                               
Net Income
                                    337,447       337,447  
 
                                               
December 31, 2019
    753,415,879     753,416     20,781,087     -     (18,957,002 )   2,577,501  
 
    753,415,879       753,416       20,781,087       -       (18,957,002 )     2,577,501  
 
    -       -       -       -       -       -  
 
                                               
 
                                               

SOURCE: AmeraMex International, Inc.

AmeraMex International, Inc.
Exchange:
Ticker:
OTCQB
AMMX
$0.0000
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