Headline: AmeraMex International Reports Revenue of $4 Million For the First Quarter Ended March 31, 2021
Location: US
Post Date: Oct 21, 2022 5:53 PM
TAG ID: awire075204
DocID: 647381
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First Quarter Revenue Increases 180 Percent With Year-to-Date Sales of $12.5 Million

CHICO, CA / ACCESSWIRE / May 14, 2021 / 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, 2021.

Highlights for the First Quarter of 2021

Revenue increases 180 percent . Revenue was approximately $4 million, a 180 percent increase when compared to revenue of $1.4 million for the 2020 period.

Gross profit increases 260 percent . Gross profit was approximately $1.2 million, a 260 percent increase when compared to gross profit of $444,211 for the period ended March 31, 2020.

Net profit increases 350 percent . Net profit was $365,829 a 350 percent increase when compared to a net loss of for the first quarter ended March 31, 2020. Earnings Before Interest, Taxes, Depreciation, and Appreciation (EBITDA) were $1.2 million.

Balance Sheet Total Assets on the Balance Sheet were $13.5 million an increase of $1 million when compared to the December 31, 2020 period. Total Liabilities increased from $11.5 million, an increase of $597,317 when compared to the December 2020 period.

The Company's sales, administrative, and accounting employees are now working from home 50 percent of the time and alternating their days in the office. Shop employees are servicing contracts with our customers and we continue to limit the number of customers in our facility. This will increase as customers and employees are vaccinated.

COVID-19 pandemic continues to impact AmeraMex's international customers due to travel restrictions and a reemergence of the virus in several countries. It is expected that, once more countries inoculate their citizens, rules will begin to relax. Here in the US, it is business as usual for the most part.

April 7, 2021, AmeraMex was offered and accepted an increase in the COVID Economic Injury Disaster Loan from $150,000, which was received in 2020, to $500,000. The remaining $350,000 is expected to be funded in the next few weeks.

The Company is also working with the SBA on a new loan program that is based on the difference between gross earned revenue compared between 2020 and 2019. AmeraMex meets the qualifications and is eligible to receive $5.6 million. The application will be submitted when the SBA begins the submission process. AMERAMEX INTERNATIONAL, INC. UNAUDITED STATEMENTS OF OPERATIONS AS OF MARCH 31, 2021 AND MARCH 31, 2020 MARCH 31, 2021 MARCH 31, 2020 REVENUES Sales of Equipment and Other Revenues $ 3,245,982 $ 912,315 Rentals and Leases 783,714 526,154 Total Revenues 4,029,696 1,438,469 COST OF SALES Sales of Equipment and Other Revenues 2,690,787 745,952 Rentals and Leases 167,201 248,306 Total Cost of Revenues 2,857,988 994,258 GROSS PROFIT 1,171,708 444,211 OPERATING EXPENSES Selling Expense 139,189 88,833 General and Administrative 244,303 268,523 Total Operating Expenses 383,492 357,356 Profit From Operations 788,216 86,855 OTHER INCOME (EXPENSE) Interest Expense (267,057 ) (261,110 ) Loss from Early Extinguishment of Debt (12,333 ) - Other Income 10,078 - Total Other Income (Expense) (269,312 ) (261,110 ) INCOME BEFORE PROVISION for INCOME TAXES 518,904 (174,255 ) PROVISION (BENEFIT) for INCOME TAXES 153,075 (46,176 ) NET PROFIT (LOSS) $ 365,829 $ (128,079 ) Weighted Average Shares Outstanding: Basic 14,549,155 15,068,318 Diluted 14,549,155 15,068,318 Earnings (loss) per Share Basic $ 0.03 $ 0.00 Diluted $ 0.03 $ 0.00 AMERAMEX INTERNATIONAL, INC. UNAUDITED BALANCE SHEETS AS OF MARCH 31, 2021 AND DECEMBER 31,2020 MARCH 31, 2021 DECEMBER 31, 2020 ASSETS Current Assets: Cash $ 337,600 $ 407,881 Accounts Receivable, Net 1,763,281 768,371 Inventory 6,630,817 5,873,569 Other Current Assets 232,291 198,531 Total Current Assets 8,963,989 7,248,352 Property and Equipment, Net 968,972 1,035,840 Rental Equipment, Net 3,114,425 3,624,376 Deferred Tax Assets, Net - 158,124 Other Assets 435,862 453,410 Total Noncurrent Assets 4,519,259 5,271,750 TOTAL ASSETS $ 13,483,248 $ 12,520,102 LIABILITIES & STOCKHOLDERS' EQUITY Current Liabilities: Accounts Payable $ 1,253,413 $ 620,200 Accrued Expenses 347,316 231,329 Joint Venture Liability 594,747 439,500 Lines of Credit 5,165,554 5,749,801 Notes Payable, Current Portion 1,026,552 911,265 Convertible Note 194,686 150,683 Total Current Liabilities 8,582,268 8,102,778 Long-Term Liabilities Deferred Tax Liability (4,249 ) - Notes Payable - Related Party 239,412 226,659 Notes Payable, Net of Current Portion 2,707,258 2,597,935 Line of Credit - - Total Noncurrent Liabilities 2,942,421 2,824,594 TOTAL LIABILITIES 11,524,689 10,927,372 Commitments and Contingencies (Note 11) STOCKHOLDERS' EQUITY: Stockholders' Equity shares issued and outstanding - - 14,548,851 at December 31,2020 14,549 14,549 Additional Paid-In Capital 21,545,614 21,545,614 Accumulated Deficit (19,601,604 ) (19,967,433 ) Total Stockholders' Equity 1,958,559 1,592,730 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 13,483,248 $ 12,520,102 - - AMERAMEX INTERNATIONAL, INC. UNAUDITED STATEMENTS OF CASH FLOW AS OF MARCH 31, 2021 AND MARCH 31, 2020 MARCH 31, 2021 DECEMBER 31, 2020 CASH FROM OPERATING ACTIVITIES Net Profit (Loss) $ 365,829 $ (128,079 ) Adjustments to reconcile Net Income (Loss) to Depreciation and Amortization 220,810 337,673 Provision/Benefit for Deferred Income Taxes (4,249 ) (46,176 ) Loss on Early Extinguishment of Debt 12,333 - Changes in Operating Assets and Liabilities: Accounts Receivable (994,910 ) 110,486 Inventory (757,248 ) (1,943,023 ) Other Current Assets (16,212 ) 25,417 Accounts Payable 633,213 107,097 Accrued Expenses 115,987 (25,232 ) NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (424,447 ) (1,561,837 ) INVESTING ACTIVITIES: Payments for Property & Equipment (6,501 ) (20,416 ) Payments for Rental Equipment 362,510 (18,589 ) Proceeds from Sale of Equipment - - NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 356,009 (39,005 ) FINANCING ACTIVITIES: Proceeds from Notes Payable 700,940 2,900,600 Payments on Notes Payable (286,537 ) (129,950 ) Payment on Note Payable - Related Party 12,753 (4,568 ) Joint Venture Liability 155,247 (17,500 ) Net Borrowing Under Line of Credit (584,246 ) (1,075,247 ) NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (1,843 ) 1,673,335 NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS (70,281 ) 72,493 Cash, beginning of period 407,881 114,504 Cash, end of period $ 337,600 $ 186,997 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash Paid for Interest $ 201,278 $ 259,808 Cash Paid for Income Taxes $ - $ - SUPPLEMENTAL DISCLOSURES OF NON CASH INVESTING AND FINANCING ACTIVITIES: Transfer of Inventory to Rental Equipment $ 508,000 $ - Equipment Financed Under Capital Leases $ 197,186 $ - Transfer of Rental Equipment to Inventory $ 964,600 $ - AMERAMEX INTERNATIONAL, INC. UNAUDITED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) AS OF MARCH 31, 2021 AND DECEMBER 31,2020 Total Additional Stockholders' Common Stock Paid-in Treasury Accumulated Equity/ Balance Shares Amount Capital Stock Deficit (Deficit) Dec. 31, 2019 15,068,318 $ 15,068 $ 21,519,435 $ - $ (19,384,743 ) $ 2,149,760 Net Income (128,079 ) (128,079 ) March 31, 2020 15,068,318 15,068 21,519,435 - (19,512,822 ) 2,021,681 Stock for Services 40,000 40 25,620 - 25,660 Purchase & Retire Stock (559,163 ) (559 ) 559 - Net Income (454,611 ) (454,611 ) Dec. 31, 2020 14,549,155 $ 14,549 $ 21,545,614 $ - $ (19,967,433 ) $ 1,592,730 Net Income 365,829 365,829 Feb. 28, 2021 14,549,155 $ 14,549 $ 21,545,614 $ - $ (19,601,604 ) $ 1,958,559 14,549,155 14,549 21,545,614 - (19,601,604 ) 1,958,559

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.

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

SOURCE: AmeraMex International, Inc. View source version on accesswire.com: https://www.accesswire.com/647381/AmeraMex-International-Reports-Revenue-of-4-Million-For-the-First-Quarter-Ended-March-31-2021

 
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