Ameramex International Reports Financial Results For Its Thi...| MENAFN.COM

Tuesday, 06 December 2022 03:53 GMT

Ameramex International Reports Financial Results For Its Third Quarter Ended September 30, 2022


(MENAFN- News Direct)

Chico, CA | November 23, 2022 11:53 AM Eastern Standard Time


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 ended September 30, 2022.

CEO Lee Hamre commented,“2022 has been a great year for revenue and net income. This is due in part to product mix, and cost containment measures which have significantly increased our profit margins. We are also pleased that the addition of new product lines and refocusing on the construction industry are beginning to pay off. We are fortunate to sell into multiple markets – from logistics to agriculture, manufacturing, and construction.

“I would like to add that I am pleased with what we accomplished in the third quarter. All though there remains a nationwide shortage of truck drivers and costs for materials and fuel remain high, our team has and will continue to focus on controlling costs and improving profit margins.

“Instead of having a conference call to discuss what are now stale numbers during the Thanksgiving holiday, I will be hosting a conference call in December to discuss the year end and what we expect 2023 to look like. If you have questions regarding the third quarter results, please contact CFO, Hope Stone, or board member, Marty Tullio,” added Hamre.

Statement of Operations for the Quarter Ended September 30, 2022

The Company reported revenue of approximately $7.5 million versus revenue of $8.2 million for the comparable 2021 quarter, a nine percent decrease.

Gross profit for the quarter was $2.5 million, compared to gross profit of $815,261 for the comparable 2021 quarter. This is a 211 percent increase.

Gross profit as a percentage of sales, was 35 percent for the quarter compared to gross profit, as a percentage of sales, of 10 percent for the comparable 2021 quarter.

Profit from operations rose significantly to $1.7 million for the quarter, compared to profit from operations of $343,132 for the comparable 2021 quarter

Net income for the quarter was $928,850 compared to net income of $82,691 for the comparable 2021 quarter. Prices of equipment have been adjusted to cover increased cost of goods sold and operating costs.

Earnings per share (EPS) were $0.06 for the quarter compared to EPS of $0.01 for the comparable 2021 quarter.

Statement of Operations for the Nine-Month period September 30, 2022

The company reported revenue of approximately $14.8 million versus revenue of $18.9 million for the comparable 2021 period, a 20 percent decrease. Revenue for 2021 was the highest in the Company's history due, in part, to pent-up demand for equipment created the COVID-19 pandemic.

Gross profit for the period was $4.2 million compared to gross profit of $3.0 million for the comparable 2021 period. This is an increase of 45 percent.

Gross profit, as a percentage of sales, was 29 percent for the period compared to gross profit, as a percentage of sales, of 16 percent for the comparable period.

Profit from operations rose significantly to $2.2 million for the nine-month period, compared to profit from operations of $1.6 million for the comparable 2021 nine-month period.

Net income for the nine-month period rose 171 percent to $1.4 million when compared to net income of $526,570 for the comparable nine-month period.

Earnings per share (EPS) were $0.10 for the period compared to EPS of $0.04 for the comparable 2021 nine-month period.

Balance Sheet for the Nine-Month Period Ended September 30, 2022

Total Assets were $14.3 million, a $4.5 million increase due in part to an increase of accounts receivable and inventory.

Total Liabilities were $9.6 million, a $2.1 million increase due in part to an increase in notes payable.

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, or 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 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.


AMERAMEX INTERNATIONAL, INC.

UNAUDITED STATEMENTS OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30,

NINE MONTHS ENDED SEPTEMBER 30,

2022

2021

2022

2021

REVENUES

Sales of Equipment and Other Revenues

$

7,303,783

$

7,591,527

-4%

13,904,722

$

16,494,253

Rentals and Leases

180,957

588,746

-69%

910,172

2,015,667

Total Sales

7,484,740

8,180,273

-9%

14,814,894

18,509,920

COST OF SALES

Sales of Equipment and Other Revenues

4,845,129

7,169,018

10,197,658

14,922,284

Rentals and Leases

108,081

195,994

415,805

630,240

Total Cost of Sales

4,953,210

7,365,012

-33%

10,613,463

15,552,524

GROSS PROFIT

2,531,530

815,261

4,201,431

2,957,396

OPERATING EXPENSES

Selling Expense

441,216

203,100

994,721

627,021

General and Administrative

386,505

269,029

989,114

743,259

Total Operating Expenses

827,721

472,129

1,983,835

1,370,280

Profit From Operations

1,703,809

343,132

2,217,596

1,587,116

OTHER INCOME (EXPENSE)

Interest Expense, net

(275,793)

(208,967)

(549,924)

(743,999)

Loss from Early Extinguishment of Debt

(18,021)

(20,373)

(33,366)

(110,551)

Gain (Loss) on Sale of Assets

215,625

215,625

-

Other Income (Expense)

(174,292)

3,500

175,842

14,342

Total Other Income (Expense)

(252,481)

(225,840)

(191,823)

(840,208)

INCOME BEFORE PROVISION for INCOME TAXES

1,451,328

117,292

2,025,773

746,908

PROVISION for INCOME TAXES

522,478

34,601

598,264

220,338

NET INCOME

$ 928,850

$ 82,691

$ 1,427,509

$ 526,570

Weighted Average Shares Outstanding:

Basic

14,829,155

14,629,155

14,829,155

14,629,155

Diluted

14,829,155

14,629,155

14,829,155

14,629,155

Earnings (loss) per Share

Basic

$

0.06

$

0.01

$

0.10

$

0.04

Diluted

$

0.06

$

0.01

$

0.10

$

0.04


AMERAMEX INTERNATIONAL, INC.

UNAUDITED BALANCE SHEETS

SEPTEMBER 30, 2022

DECEMBER 31, 2021

ASSETS

Current Assets:

Cash

$

358,679

$

995,611

Accounts Receivable, Net

3,046,957

1,162,300

Inventory, Net

7,439,912

5,185,864

Other Current Assets

241,947

312,963

Total Current Assets

11,087,495

7,656,738

Property and Equipment, Net

1,293,717

1,275,717

Rental Equipment, Net

800,261

1,461,716

Lease Right of Use Asset

808,928

-

Other Assets

358,806

391,330

Total Other Assets

3,261,712

3,128,763

TOTAL ASSETS

$

14,349,207

$

10,785,501

LIABILITIES & STOCKHOLDERS' EQUITY

Current Liabilities:

Accounts Payable

$

734,462

$

560,076

Accrued Expenses

278,261

264,534

Customer Deposits

355,522

302,000

Joint Venture Liability

247,503

142,500

Lines of Credit

1,367,358

3,180,968

Notes Payable, Current Portion

1,062,604

777,601

Lease Liability

129,081

-

Total Current Liabilities

4,174,791

5,227,679

Long-Term Liabilities

Deferred Tax Liabilities, Net

1,123,368

588,792

Lines of Credit

-

-

Notes Payable, Net of Current Portion

3,593,015

1,689,353

Lease Liability, Net of Current Portion

679,847

-

Total Long-Term Liabilities

5,396,230

2,278,145

TOTAL LIABILITIES

9,571,021

7,505,824

Commitments and Contingencies (Note 11)

-

-

STOCKHOLDERS' EQUITY:

Shareholders' 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

14,829

14,629

14,829,155 shares issued and outstanding at September 30, 2022 and

14,629,155

Additional Paid-In Capital

21,671,534

21,600,734

Accumulated Deficit

(16,908,177)

(18,335,686)

Total Stockholders' Equity

4,778,186

3,279,677

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

14,349,207

$

10,785,501

-

-


AMERAMEX INTERNATIONAL, INC.

UNAUDITED STATEMENTS OF CASH FLOW

NINE MONTHS ENDED SEPTEMBER 30,

2022

2021

OPERATING ACTIVITIES:

Net Income

1,427,509

526,570

Adjustments to reconcile Net Income to

Net Cash provided (used) by Operating Activities:

Depreciation and Amortization

562,569

725,711

Provision for Deferred Income Taxes

534,576

62,214

Marketing Services Paid in Stock

71,000

46,400

Loss on Early Extinguishment of Debt

33,366

110,551

Amortization of Right of Use Asset

19,797

-

Amortization and Accretion of Interest

27,876

106,552

Change in Assets and Liabilities:

Accounts Receivable

(1,884,657)

(635,287)

Inventory

(1,690,298)

1,476,799

ROU Asset

(808,928)

-

Other Current Assets

71,016

(29,093)

Accounts Payable

174,386

1,375,444

Customer Deposits

53,522

-

Accrued Expenses

13,727

23,589

Lease Liability

808,928

-

NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES

(585,611)

3,789,450

INVESTING ACTIVITIES:

Payments for Property & Equipment

(263,824)

(156,501)

Proceeds (Payments) for Rental Equipment

(233,347)

(436,709)

NET CASH (USED) BY INVESTING ACTIVITIES

(497,171)

(593,210)

FINANCING ACTIVITIES:

Proceeds from Notes Payable

2,117,692

2,081,198

Payments on Notes Payable

(1,370,027)

(2,824,788)

Payment on Note Payable - Related Party

-

(226,007)

Joint Venture Liability

105,003

(229,500)

Net Borrowing (Repayments) Under Lines of Credit

(406,818)

(1,480,862)

NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES

445,850

(2,679,959)

NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS

(636,932)

516,281

Cash and Cash Equivalents, BEGINNING OF PERIOD

995,611

407,881

Cash and Cash Equivalents, END OF PERIOD

358,679

924,162

CASH PAID FOR:

Interest

564,478

599,030

Income Taxes

800

-

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING

AND FINANCING ACTIVITIES:

Transfer of Inventory to Rental Equipment

-

508,000

Equipment Financed under Capital Leases

-

178,027

Transfer of Rental Equipment to Inventory

563,750

964,600


AMERAMEX INTERNATIONAL, INC.

UNAUDITED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021

Additional

Common Stock

Paid-in

Accumulated

Balance

Shares

Amount

Capital

Deficit

December 31, 2020

14,549,155

$ 14,549

$21,545,614

$ (19,967,433)

Stock for Services

80,000

$ 80

$ 55,120

Net Income

0

0

0

526,570

September 30, 2021

$14,629,155

$ 14,629

$21,600,734

$ (19,440,863)

December 31, 2021

$14,629,155

$ 14,629

$21,600,734

$ (18,335,686)

Stock for Services

200,000

$ 200

$ 70,800

Net Income

-

-

-

1,427,509

September 30, 2022

14,829,155

$14,829

$21,671,534

$ (16,908,177)

14,829,155

14,829

21,671,534

(16,908,177)



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, or for additional information and equipment 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 key 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 added information becomes available in the future.


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