AmeraMex International Reports Year-End Revenue of $12.3 Million
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AmeraMex International Reports Year-End Revenue of $12.3 Million

Friday, April 16, 2021 9:00 AM
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Company reports approximately $11.5 million in year-to-date sales for 2021

CHICO, CA / ACCESSWIRE / April 16, 2021 / AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its year ended December 31, 2020.

AmeraMex CEO Lee Hamre commented, "Sales for the second half of 2020 were robust and that momentum has continued through the first quarter of 2021. Our pipeline for 2021 is strong, and while we do not make projections, we believe this could be a remarkable year for AmeraMex on several fronts."

Statement of Operations for the Year Ended December 31, 2020

The company reported revenue of approximately $12.3 million, a $376,118 decrease when compared to revenue of approximately $12.7 million for comparable 2019 year-end. During the first six months of 2020, sales and ultimately revenue were significantly affected by COVID-19-related regulations. Most of AmeraMex's customers and potential customers' businesses are up and operational as many of COVID-19 restrictions have now been reduced or are no longer in place.

Gross profit for the year was $1.8 million, or a gross profit margin of 14 percent, compared to gross profit of $2.4 million, or a gross profit margin of 18 percent, for the comparable 2019 year-end . The decrease in gross profit for the year was due in part to the increase in cost of goods sold and the product mix of new versus refurbished equipment.

The Company reported a net loss of approximately ($582,690) for the year compared to a net loss of approximately ($90,000) for the comparable 2019 year-end. The loss for the year is related to an increase in G&A and Interest Expense. There were two pending legal proceedings which were subsequently dismissed as the Company reached a combined confidential settlement agreement of approximately $429,000. Additionally, Interest expense increased approximately $300,000 due to loan fees and additional financing for rental equipment.

Balance Sheet for the Year Ended December 31, 2020

Total Assets were $12.5 million, an increase of approximately $1 million over 2019. Total Liabilities were $11 million, an increase of $1.6 million over 2019.

Year-End 2020 Conference Call

The conference call dial-in number for both U.S. and international callers is 1.201.689.8560. Please dial into 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 April, 2021 at 4:00 p.m. Eastern Time until April 30, 2021 at 11:59 p.m. Eastern Time. The replay is accessible by dialing 1.412.317.6671 and entering pin number 13718558. An audio version of the conference call will also be available on the Company's website, www.ammx.net.

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" 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]

AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

 
  2020     2019  
REVENUES
           
Sales of Equipment and Other Revenues
  9,665,607     10,296,901  
Rentals and Leases
    2,613,513       2,358,337  
Total Revenues
    12,279,120       12,655,238  
 
               
COST OF SALES
               
Sales of Equipment and Other Revenues
    9,566,702       9,343,196  
Rentals and Leases
    942,954       951,366  
Total Cost of Revenues
    10,509,656       10,294,562  
 
               
GROSS PROFIT
    1,769,464       2,360,676  
 
               
OPERATING EXPENSES
               
Selling Expense
    454,806       448,415  
Legal Settlement
    428,700       -  
General and Administrative
    944,567       978,560  
Total Operating Expenses
    1,828,073       1,426,975  
 
               
income (loss) From Operations
    (58,609 )     933,701  
 
               
OTHER INCOME (EXPENSE)
               
Interest Expense
    (1,047,330 )     (747,855 )
Loss from Early Extinguishment of Debt
    (90,925 )     (482,908 )
Forgiveness of Debt and Other, Net
    222,517       131,423  
Total Other Income (Expense)
    (915,738 )     (1,099,340 )
 
               
INCOME BEFORE PROVISION for INCOME TAXES
    (974,347 )     (165,639 )
 
               
BENEFIT for INCOME TAXES
    (391,657 )     (75,345 )
 
               
NET LOSS
  (582,690 )   (90,294 )
 
               
Weighted Average Shares Outstanding:
               
Basic
    14,808,737       14,808,737  
Diluted
    14,808,737       14,808,737  
 
               
Earnings (loss) per Share
               
Basic
  -0.04     -0.01  
Diluted
  -0.04     -0.01  
 
               

AMERAMEX INTERNATIONAL, INC.
BALANCE SHEETS
AS OF DECEMBER 31, 2020 AND 2019

 
  2020     2019  
ASSETS
           
Current Assets:
           
Cash
  407,881     114,504  
Accounts Receivable, Net
    768,371       589,710  
Inventory
    5,873,569       4,832,283  
Other Current Assets
    198,531       206,945  
Total Current Assets
    7,248,352       5,743,442  
 
               
Property and Equipment, Net
    1,035,840       1,179,794  
Rental Equipment, Net
    3,624,376       4,036,612  
Deferred Tax Assets, Net
    158,124          
Other Assets
    453,410       489,562  
Total Noncurrent Assets
    5,271,750       5,705,968  
 
               
TOTAL ASSETS
  12,520,102     11,449,410  
 
               
LIABILITIES & STOCKHOLDERS' EQUITY
               
Current Liabilities:
               
Accounts Payable
  620,200     531,806  
Accrued Expenses
    231,329       79,787  
Joint Venture Liability
    439,500       459,500  
Lines of Credit
    5,749,801       408,033  
Notes Payable, Current Portion
    911,265       386,528  
Convertible Note
    150,683       -  
Total Current Liabilities
    8,102,778       1,865,654  
 
               
Long-Term Liabilities
               
Deferred Tax Liability
    -       226,339  
Notes Payable - Related Party
    226,659       334,794  
Notes Payable, Net of Current Portion
    2,597,935       559,235  
Line of Credit
    -       6,313,628  
Total Noncurrent Liabilities
    2,824,594       7,433,996  
 
               
TOTAL LIABILITIES
    10,927,372       9,299,650  
 
               
Commitments and Contingencies (Note 11)
               
 
               
STOCKHOLDERS' EQUITY:
               
Stockholders' Equity
               
       
shares issued and outstanding
    -       -  
       
14,808,737 issued and outstanding
               
at December 31, 2020 and 2019, respectively
    14,549       15,068  
Additional Paid-In Capital
    21,545,614       21,519,435  
Accumulated Deficit
    (19,967,433 )     (19,384,743 )
Total Stockholders' Equity
    1,592,730       2,149,760  
 
               
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY
  12,520,102     11,449,410  
 
     -        -  
                 

AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

 
  2020     2019  
CASH FROM OPERATING ACTIVITIES
           

Net Loss
  (582,690 )   (90,294 )
Adjustments to reconcile Net Income (Loss) to
               
Net Cash provided by (Used In) Operating Activities:
               
Stock for Services
    25,660       -  
Depreciation and Amortization
    1,310,018       1,246,777  
Provision for Deferred Income Taxes
    (384,467 )     (75,345 )
Forgiveness of debt
    (218,442 )     -  
Loss on Legal Settlement
    428,700       -  
Loss on Early Extinguishment of Debt
    90,925       482,908  
Changes in Operating Assets and Liabilities:
               
Accounts Receivable
    (178,661 )     42,095  
Inventory
    (1,031,615 )     (2,142,641 )
Other Current Assets
    44,568       (173,677 )
Accounts Payable
    88,394       (777,227 )
Accrued Expenses
    151,542       (38,504 )
NET CASH USED IN OPERATING ACTIVITIES
    (256,068 )     (1,525,908 )
 
               
INVESTING ACTIVITIES:
               
Payments for Property & Equipment
    (141,998 )     (419,293 )
Payments for Rental Equipment
    (611,830 )     (375,912 )
Proceeds from Sale of Equipment
    -       -  
NET CASH USED IN INVESTING ACTIVITIES
    (753,828 )     (795,205 )
 
               
FINANCING ACTIVITIES:
               
Proceeds from Notes Payable
    4,594,871       960,505  
Payments on Notes Payable
    (2,191,602 )     (5,110,496 )
Payment on Note Payable - Related Party
    (108,135 )     (18,849 )
Joint Venture Liability
    (20,000 )     459,500  
Net Borrowing Under Line of Credit
    (971,861 )     5,947,205  
NET CASH PROVIDED BY FINANCING ACTIVITIES
    1,303,273       2,237,865  
 
               
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS
    293,377       (83,248 )
 
               
CASH, BEGINNING OF YEAR
    114,504       197,752  
CASH, END OF YEAR
  407,881     114,504  
 
               
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
               
INFORMATION:
               
Cash Paid for Interest
  907,534     747,855  
Cash Paid for Income Taxes
  800     800  
 
               
SUPPLEMENTAL DISCLOSURES OF NON CASH INVESTING
               
AND FINANCING ACTIVITIES:
               
Transfer of Inventory to Rental Equipment
  -     -  
Equipment Financed Under Capital Leases
  225,859     -  
Transfer of Rental Equipment to Inventory
  526,417     35,470  
 
               
 
               

AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

 
                                Total  
 
              Additional                 Stockholders'  
 
  Common Stock     Paid-in     Treasury     Accumulated     Equity/  
Balance
  Shares     Amount     Capital     Stock     Deficit     (Deficit)  
 
                                   
Dec. 31, 2018
    15,068,318     15,068     21,524,272     (4,837 )   (19,294,449 )   2,240,054  
 
                                               
Retirement of Treasury Stock
                    (4,837 )     4,837               -  
 
                                               
Net Income
                                    (90,294 )     (90,294 )
 
                                               
Dec. 31, 2019
    15,068,318       15,068       21,519,435       -       (19,384,743 )     2,149,760  
 
                                               
Marketing Investment
    40,000       40       25,620                       25,660  
 
                                               
Retired Stock
    (559,163 )     (559 )     559               -       -  
 
                                               
Net Income
                                    (582,690 )     (582,690 )
 
                                               
Dec. 31, 2020
    14,549,155     14,549     21,545,614     -     (19,967,433 )   1,592,730  
 
    14,808,737       14,549       21,545,614       -       (19,967,433 )     1,592,730  
 
    (259,582 )     -       -       -       -       -  
                                                 

SOURCE: AmeraMex International, Inc.

AmeraMex International, Inc.
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