AmeraMex International Reports Revenue of $1.7 Million For the First Quarter Ended March 31, 2020
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AmeraMex International Reports Revenue of $1.7 Million For the First Quarter Ended March 31, 2020

Monday, May 4, 2020 10:00 AM
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Earnings

CHICO, CA / ACCESSWIRE / May 4, 2020 / AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies (stevedoring/shipping), infrastructure construction, and forestry conservation reported financial results for its first quarter ended March 31, 2020.

Highlights for the First Quarter of 2020

  • Revenue was approximately $1.7 million, compared to revenue of $2.4 million for the 2019 period. Many of the new equipment orders received in the first quarter will not ship until September.

One of AmeraMex's largest customers had to delay a large order placed in the first quarter until they receive final confirmation from the State of California for their new contract in a port facility. The customer expects that, after California goes back to work, the contract will be quickly reactivated.

  • Gross profit was approximately $492,687 compared to gross profit of $642,170 for the period ended March 31, 2019.
  • Net loss was <$60,000> compared to a net loss of <$282,618> for the first quarter ended March 31, 2019. This is due in part to the extinguishment of debt in the first quarter of 2019.
  • Total Assets on the Balance Sheet increased $2.3 million and included a $530,804 Deferred Tax Asset. Total Liabilities increased from $11.4 million in the comparable first quarter of 2019 to $13.7 million for the 2020 first quarter.

COVID-19 Update

AmeraMex has been approved by the Small Business Administration (SBA) for the following financial assistance:

  • The Company will receive $228,442 under the SBA Paycheck Protection Program.
  • The Company has been approved for up to $2 million by the SBA for a Disaster Assistance Loan. The amount of the loan and the loan terms will be provided shortly.

AmeraMex is mandating a work-from-home policy for its sales, administrative, and accounting employees. Shop employees are busy servicing contracts with our essential customers and are often traveling to do so. They are practicing social distancing and we are only allowing one customer in the facility at a time.

AmeraMex CEO Lee Hamre commented, "We have worked out payment schedules with our customers in need of assistance and, in turn, have accepted all assistance offered by our vendors. This, along with the SBA programs will provide the cushion needed to maintain a full staff and have no layoffs.

Hamre continued, "We have had several deals in the works that have been put on hold and we are confident that once California is open for business, we will be able to move swiftly to get these new deals completed."

The Company has been in contact with its outside contractors and based on the information provided to AmeraMex CFO, Hope Stone, the Company will file a Form 12b-25 to extend the deadline for the Annual Report from May 14, 2020 to May 29, 2020. The Company will also issue a Form 8-K to extend the deadline for the Quarterly Report on Form 10-Q for the three months ended March 31, 2020 from May 15, 2020 to June 29, 2020 due to COVID-19 related issues. .

About AmeraMex International

AmeraMex International sells, leases and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. AmeraMex, with a US and international customer base, 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 corporate information, online heavy equipment inventory/ pricing and videos.

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.

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENT OF OPERATIONS
FOR THE THREE MONTHS AS OF MARCH 31, 2020 AND 2019

 
  THREE MONTHS     THREE MONTHS  
 
  MARCH 31, 2020     MARCH 31, 2019  
REVENUES
           
Sales of Equipment and Other Revenues
  $ 1,175,660     $ 1,770,053  
Rentals and Leases
    512,566       673,839  
Total Revenues
    1,688,226       2,443,892  
 
               
COST OF SALES
               
Sales of Equipment and Other Revenues
    957,164       1,565,536  
Rentals and Leases
    238,375       236,186  
Total Cost of Revenues
    1,195,539       1,801,722  
 
               
GROSS PROFIT
    492,687       642,170  
 
               
OPERATING EXPENSES
               
Selling Expense
    89,656       81,233  
General and Administrative
    233,054       204,617  
Total Operating Expenses
    322,710       285,850  
 
               
Profit (loss) From Operations
    169,977       356,320  
 
               
OTHER INCOME (EXPENSE)
               
Interest Expense
    (253,494 )     (179,245 )
Loss from Early Extinguishment of Debt
    -       (566,838 )
Other Income
    (1,302 )     517  
Total Other Income (Expense)
    (254,796 )     (745,566 )
 
               
INCOME BEFORE PROVISION (BENEFIT) for INCOME TAXES
    (84,819 )     (389,246 )
 
               
PROVISION (BENEFIT) for INCOME TAXES
    (24,597 )     (106,628 )
 
               
NET INCOME (LOSS)
  $ (60,222 )   $ (282,618 )
 
               
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 MARCH 31, 2020 AND 2019
 
             
 
  MARCH 31, 2020     MARCH 31, 2019  
ASSETS
           
Current Assets:
           
Cash
  $ 174,497     $ 57,986  
Accounts Receivable, Net
    851,459       716,084  
Inventory
    6,652,505       4,455,236  
Other Current Assets
    288,023       235,673  
Total Current Assets
    7,966,484       5,464,979  
 
               
Property and Equipment, Net
    1,099,283       942,351  
Rental Equipment, Net
    3,595,769       4,504,321  
Deferred Tax Asset
    530,804       -  
Other Assets
    474,357       494,008  
Total Noncurrent Assets
    5,700,213       5,940,680  
 
               
TOTAL ASSETS
  $ 13,666,697     $ 11,405,659  
 
               
LIABILITIES & STOCKHOLDERS' EQUITY
               
Current Liabilities:
               
Accounts Payable
  $ 680,618     $ 2,565,403  
Accrued Expenses
    106,715       93,260  
Notes Payable, Current Portion
    15,000       60,000  
Total Current Liabilities
    802,333       2,718,663  
 
               
Long-Term Liabilities
               
Deferred Tax Liability
    905,038       216,409  
Notes Payable - Related Party
    313,906       348,984  
Notes Payable, Net of Current Portion
    3,463,064       132,880  
Line of Credit
    5,646,417       6,031,287  
Total Noncurrent Liabilities
    10,328,425       6,729,560  
 
               
TOTAL LIABILITIES
    11,130,758       9,448,223  
 
               
Commitments and Contingencies (Note 11)
               
 
               
STOCKHOLDERS' EQUITY:
               
Stockholders' Equity
               
       
shares issued and outstanding
    -       -  
       
       
December 31,2018
    753,416       754,017  
Additional Paid-In Capital
    20,781,087       20,785,924  
Treasury Stock
    -       (5,438 )
Accumulated Deficit
    (18,998,564 )     (19,577,067 )
Total Stockholders' Equity
    2,535,939       1,957,436  
 
               
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY
  $ 13,666,697     $ 11,405,659  
 
               
 
    -       -  

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENT OF CASH FLOW
AS OF MARCH 31, 2020 AND 2019

 
  MARCH 31, 2020     MARCH 31, 2019  
CASH FROM OPERATING ACTIVITIES
           
Net Income (Loss)
  $ (60,222 )   $ (282,618 )
Adjustments to reconcile Net Income (Loss) to
               
             
Depreciation and Amortization
    323,702       271,829  
Provision for Deferred Income Taxes
    (24,597 )     (85,271 )
Loss on Early Extinguishment of Debt
    566,838       566,838  
Changes in Operating Assets and Liabilities:
               
Accounts Receivable
    (200,281 )     (84,279 )

Inventory
    (1,748,676 )     (2,090,972 )
Other Current Assets
    14,243       53,387  
Accounts Payable
    91,669       1,256,369  
Accrued Expenses
    8,939       (25,030 )
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
    (1,028,385 )     (419,747 )
 
               
INVESTING ACTIVITIES:
               
Payments for Property & Equipment
    1       (46,201 )
Payments for Rental Equipment
    (35,620 )     (97,028 )
NET CASH PROVIDED BY INVESTING ACTIVITIES
    (35,619 )     (50,827 )
 
               
FINANCING ACTIVITIES:
               
Proceeds from Notes Payable
    3,233,808       126,000  
Payments on Notes Payable
    (7,751,655 )     (5,730,795 )
Payment on Note Payable - Related Party
    (4,568 )     (4,659 )
Net Proceeds Borrowing Under Line of Credit
    5,646,412       5,940,262  
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
    1,123,997       330,808  
 
               
NET DECREASE IN CASH & CASH EQUIVALENTS
    59,993       (139,766 )
 
               
Cash, beginning of period
    114,504       197,752  
Cash, end of period
  $ 174,497     $ 57,986  
 
               
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
               
INFORMATION:
               
Cash Paid for Interest
  $ 253,494     $ 179,245  
Cash Paid for Income Taxes
  $ (24,597 )   $ (106,628 )
 
               
SUPPLEMENTAL DISCLOSURES OF NON CASH INVESTING
               
AND FINANCING ACTIVITIES:
               
Transfer of Inventory to Rental Equipment
  $ -     $ -  
Transfer of Rental Equipment to Inventory
  $ -     $ -  
 
               

Investor and Media Relations
McCloud Communications, LLC
Marty Tullio, Managing Member
Office: 949.632.1900 or [email protected]

SOURCE: AmeraMex International, Inc.

AmeraMex International, Inc.
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OTCQB
AMMX
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