AmeraMex International Reports Revenue of $5.9 Million for the Third Quarter - a 78 Percent Increase When Compared to 2019
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AmeraMex International Reports Revenue of $5.9 Million for the Third Quarter - a 78 Percent Increase When Compared to 2019

Friday, November 13, 2020 10:00 AM
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Company Update

Shareholder Conference Call, Friday, November 13 at 10:00 a.m. Pacific

CHICO, CA / ACCESSWIRE / November 13, 2020 / AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its third quarter and nine-month period ended September 30, 2020.

AmeraMex CEO Lee Hamre commented, "After two unprecedented quarters, thanks to the COVID-19 virus, sales for the third quarter saved the nine-month period. While we are all disappointed with the top and bottom line for the nine-month period, which is well below our internal projections, the sales team is aggressively working a full pipeline of potential orders to finish the year."

Statement of Operations for the Third Quarter Ended September 30, 2020

The company reported revenue of approximately $5.9 million, a 78 percent increase when compared to revenue of approximately $3.3 million for the third quarter of 2019.

Gross profit for the quarter was $.809 million, or a gross profit margin of 14 percent, compared to gross profit of $1.2 million, or a gross profit margin of 37 percent, for the third quarter of 2019. The decrease in gross profit for the quarter was due in part to the increase in cost of goods sold and product mix.

The Company reported income from operations of $.448 million for the quarter compared to income from operations of $.806 million for the comparable 2019 quarter. Net income for the quarter was $.059 million compared to net income of $.514 million for the comparable 2019 quarter.

Statement of Operations for the Nine-Month Period Ended September 30, 2019

Revenue for the nine-month period was approximately $9.1 million compared to revenue of $11.2 million for the 2019 nine-month period. The first two quarters of revenue for 2020 were negatively affected due to COVID-19 virus restrictions by the State of California.

Gross profit for the nine-month period was $1.7 million compared to $2.5 million for the 2019 nine-month period. Gross profit margins were reduced significantly due to product mix and cost of goods sold.

The Company reported income from operations of $.197 million for the period a decrease when compared to $1.4 million for the 2019 period. Net loss for the nine-month period was approximately $(.508) million, compared to net income of approximately $.255 million for the 2019 period.

Balance Sheet for the Nine-Month Period Ended September 30, 2019

Assets have increased $2.9 million for the year which included a $2.9 million increase in net inventory and a $658,507 increase in Accounts Receivable. Total liabilities for the period have increased $3.3 million, which includes a $5.2 million line of credit.

Conference Call

The shareholder conference call, chaired by AmeraMex CEO Lee Hamre, is scheduled for Friday, November 13, 2020 at 10:00 a.m. Pacific. The conference call dial-in number for both U.S. and international callers is 1.201.689.8560. An audio replay of the call will be available from November 13, 2020 at 4:00 p.m. Eastern Time until November 27, 2020 at 11:59 p.m. Eastern Time. The replay is accessible by dialing 1.412.317.6671 and entering pin number 13712844. An audio version of the conference call will also be available on the Company's website, www.ammx.net.

Financial Tables Follow

AMERAMEX INTERNATIONAL, INC.
BALANCE SHEETS - UNAUDITED

 
  SEPTEMBER 30, 2020     DECEMBER 31, 2019  
ASSETS
           
Current Assets
           
Cash
  $ 506,581     $ 114,504  
Accounts Receivable, Net
    1,248,217       589,710  
Inventory, Net
    7,692,216       4,832,283  
Other Current Assets
    228,531       206,945  
Total Current Assets
    9,675,545       5,743,442  
 
               
Property and Equipment, Net
    1,103,852       1,179,794  
Rental Equipment, Net
    3,087,230       4,036,612  
Other Assets
    412,930       489,562  
Total Other Assets
    4,604,012       5,705,968  
TOTAL ASSETS
  $ 14,279,557     $ 11,449,410  
LIABILITIES AND STOCKHOLDERS' EQUITY
               
Current Liabilities
               
Accounts Payable
  $ 1,822,679     $ 531,806  
Legal Settlement
    398,700       -  
Accrued Expenses
    328,786       79,787  
Joint Venture Liability
    442,000       459,500  
Line of Credit
    324,511       408,033  
Notes Payable, Current Portion
    1,059,971       386,528  
Convertible Note
    129,217       -  
Total Current Liabilities
    4,505,864       1,865,654  
Long-Term Liabilities
               
Deferred Tax Liability
    42,112       226,339  
Notes Payable - Related Party
    252,573       334,794  
Notes Payable, Net of Current Portion
    2,593,518       559,235  
Line of Credit
    5,220,399       6,313,628  
Total Long-Term Liabilities
    8,108,602       7,433,996  
TOTAL LIABILITIES
  $ 12,614,466     $ 9,299,650  
Commitments and Contingencies (Note 12)
               
Stockholders' Equity
               
Preferred Stock, $0.001 par value, 5,000,000 shares authorized, no shares issued and outstanding
    -       -  
Common Stock, $0.001 par value, 1,000,000,000 shares authorized, 753,415,879 shares issued and outstanding
    755,416       753,416  
Additional Paid-In Capital
    20,802,887       20,781,087  
Accumulated Deficit
    (19,893,212 )     (19,384,743 )
Total Stockholders' Equity
    1,665,091       2,149,760  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  $ 14,279,557     $ 11,449,410  
                 

AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF OPERATIONS - UNAUDITED

 
 
THREE MONTHS
ENDED
SEPTEMBER 30,
   
NINE MONTHS
ENDED
SEPTEMBER 30,
 
 
  2020     2019     2020     2019  
REVENUES
                       
Sales of Equipment and Other Revenues
  $ 5,168,949     $ 2,724,589     $ 7,106,628     $ 9,395,942  
Rentals and Leases
    711,463       577,639       1,994,938       1,823,219  
Total Revenues
    5,880,412       3,302,228       9,101,566       11,219,161  
 
                               
COST OF REVENUES
                               
Sales of Equipment and Other Revenues
    4,824,488       1,842,974       6,673,745       8,040,510  
Rentals and Leases
    247,398       241,975       744,796       713,698  
Total Cost of Revenues
    5,071,886       2,084,949       7,418,541       8,754,208  
 
                               
GROSS PROFIT
    808,526       1,217,279       1,683,025       2,464,953  
 
                               
OPERATING EXPENSES
                               
Selling Expense
    136,591       127,488       284,591       315,447  
General and Administrative
    223,980       283,513       1,201,065       780,881  
Total Operating Expenses
    360,571       411,001       1,485,656       1,096,328  
 
                               
INCOME FROM OPERATIONS
    447,955       806,278       197,369       1,368,625  
 
                               
OTHER INCOME (EXPENSE)
                               
Interest Expense
    (366,725 )     (135,541 )     (887,522 )     (571,275 )
Loss from Early Extinguishment of Debt
    -       -       -       (482,908 )
Other Income (Expense)
    (346 )     52,680       (1,648 )     53,913  
Total Other Expense
    (367,071 )     (82,861 )     (889,170 )     (1,000,270 )
 
                               
INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES
    80,884       723,417       (691,801 )     368,355  
 
                               
PROVISION (BENEFIT) FOR INCOME TAXES
    21,434       209,791       (183,332 )     113,315  
 
                               
NET INCOME (LOSS)
  $ 59,450     $ 513,626     $ (508,469 )   $ 255,040  
 
                               
Weighted Average Shares Outstanding:
                               
Basic
    753,240,879       753,415,879       753,240,879       753,415,879  
Diluted
    753,240,879       753,415,879       753,240,879       753,415,879  
 
                               
Earnings (loss) per Share
                               
Basic
  $ 0.00     $ 0.00     $ (0.00 )   $ 0.00  
Diluted
  $ 0.00     $ 0.00     $ (0.00 )   $ 0.00  
                                 

AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF CASH FLOWS - UNAUDITED

 
  NINE MONTHS ENDED  
 
  SEPTEMBER 30, 2020     SEPTEMBER 30, 2019  
CASH FROM OPERATING ACTIVITIES
           
Net Income (Loss)
  $ (508,469 )   $ 255,040  
Adjustments to reconcile Net Loss to Net Cash Used in Operations Activities:
               
Depreciation and Amortization
    1,016,925       893,508  
Deferred Income Taxes
    (184,227 )     134,673  
Common Stock Issued for Services
    23,800       -  
Loss on Early Extinguishment of Debt
    -       482,908  
Changes in Operating Assets and Liabilities:
               
Accounts Receivable
    (658,507 )     17,033  
Inventory
    (2,716,043 )     (2,342,419 )
Other Current Assets
    (21,586 )     (182,542 )
Accounts Payable
    1,290,873       (189,278 )
Legal Settlement
    398,700       -  
Accrued Expenses
    248,999       (31,569 )
NET CASH USED IN OPERATING ACTIVITIES
    (1,109,535 )     (962,646 )
 
               
INVESTING ACTIVITIES
               
Payments for Property and Equipment
    (135,491 )     (160,390 )
Payments for Rental Equipment
    -       (135,699 )
NET CASH USED IN INVESTING ACTIVITIES
    (135,491 )     (296,089 )
 
               
FINANCING ACTIVITIES
               
Proceeds from Notes Payable
    4,154,871       495,924  
Payments on Notes Payable
    (1,432,142 )     (5,618,427 )
Payments on Note Payable - Related Party
    (82,221 )     (33,438 )
Payments on Joint Venture Liability
    (17,500 )     -  
Net Borrowings Under Lines of Credit
    (985,905 )     6,348,546  
NET CASH PROVIDED BY FINANCING ACTIVITIES
    1,637,103       1,192,605  
 
               
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
  $ 392,077     $ (66,130 )
Cash and Cash Equivalents, beginning of period
  $ 114,504     $ 197,752  
Cash and Cash Equivalents, end of period
  $ 506,581     $ 131,622  
 
               
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
               
Cash Paid for Interest
  $ 878,305     $ 487,345  
Cash Paid for Income Taxes
  $ 800     $ 800  
 
               
NON-CASH INVESTING AND FINANCING ACTIVITIES:
               
Equipment Financed under Capital Leases
  $ 298,035     $ -  
Transfer of Rental Equipment to Inventory
  $ 296,279     $ -  
                 

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 by the use of terms such as "may," "expect," "believe," "anticipate," "estimate," "approximate" or "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 important 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.

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.
Exchange:
Ticker:
OTCQB
AMMX
$0.0072
($5.2630)
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