(NewsDirect)
AmeraMexInternational, Inc. (OTCQB:AMMX), a provider of heavy equipmentfor logistics companies ,infrastructure construction , and forestry conservation , reported financialresults for its second quarter ended June 30, 2022.
Statement ofOperations for the Quarter Ended June 30, 2022
The Company reported revenue of approximately $2.4 million versus revenue of$6.3 million for the comparable 2021 quarter, a 62 percent decrease.Had all the equipment shipped as planned, the Sales of Equipment, andOther Revenues (including rental revenue) would have been $5.4, $900,000 less than the comparable 2021 quarter. This is due in part toa 44 percent reduction in rental revenue. The delays in shipping werecaused by back-ordered parts, interstate trucking delays and lack ofavailability of third-party shippers.
The Company is committed to getting the remainingmachines shipped in the third quarter as well as continuing itsongoing sales efforts.
NOTE: The August 15 news release was somewhat confusing asrental revenue was not included in the “what if” revenue numbers. This has been corrected making easier to compareapples to apples .
Gross profit for the quarter was $420,000,compared to gross profit of $970,000 for the comparable quarter. Ifall the sold equipment had shipped, gross profit would have beenapproximately $2.3 million.
Gross profit as a percentage ofsales , was 18 percent for the quarter compared to gross profitas a percentage of sales of 15 percent for the comparable quarter.Gross profit, as a percentage of sales, if all sold equipment hadshipped, would be 42 percent.
Net income for the quarter was$146,172 compared to net income of $78,000 for the comparable quarter.Prices of equipment have been adjusted to cover increased cost ofgoods sold and operating costs. Earnings per share were$0.01 for the quarter compared to $0.01 for the comparable 2021quarter.
Statement ofOperations for the Six-Month period June 30, 2022
The company reported revenue of approximately $7.3 million versus revenue of$10.3 million for the comparable 2021 period. The 26 percent decreasein Sales of Equipment and Other Revenues for the six-month period, isdue to delays in shipping sold machines to customers. Had all soldmachines shipped, Sales of Equipment and Other Revenues (includingrental revenue) would have been approximately $10.4 million,$100,000over the comparable six-month period.
Grossprofit for the period was $1.7 million compared to grossprofit of $2.1 million for the comparable period. If all of the soldequipment had shipped, gross profit would have been $3.5 million.
Grossprofit as a percentage of sales , was 23 percent for the periodcompared to gross profit as a percentage of sales of 21 percent forthe comparable period. If the additional equipment had shipped, grossprofit as a percentage of sales. would be 34 percent.
Net income for the period was $404,489 compared to net income of $443,879 for thecomparable period. Earnings per share were $0.03 forthe period compared to $0.03 for the comparable 2021 period. Had allsold equipment been shipped, net income for the six-month period wouldhave been $1.3 million with EPS of $0.08.
Balance Sheet for the Period Ended June 30, 2022
C urrent Assets rose 33 percent to $11.0million while Total Assets increased $4.1 million due inpart to a $4.2 million increase in Inventory.
CurrentLiabilities for the period have increased approximately $2.8million while Total Liabilities increased $3.7 milliondue in part to a new Line of Credit and lease liability underlong-term liabilities – a new GAAP rule for reporting certain leaseproperty.
AMERAMEXINTERNATIONAL, INC. | ||||
UNAUDITEDSTATEMENTS OF OPERATIONS | ||||
THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | |||
2022 | 2021 | 2022 | 2021 | |
REVENUES | ||||
Sales ofEquipment and Other Revenues | $ 2,015,247 | $ 5,656,744 | $ 6,600,939 | 8,902,726 |
Rentals and Leases | 363,301 | 643,207 | 729,215 | 1,426,921 |
Total Sales | 2,378,548 | 6,299,951 | 7,330,154 | 10,329,647 |
COST OFSALES | ||||
Sales of Equipment and OtherRevenues | 1,799,708 | 5,140,234 | 5,352,529 | 7,753,266 |
Rentals and Leases | 158,008 | 189,290 | 307,724 | 434,246 |
Total Cost ofSales | 1,957,716 | 5,329,524 | 5,660,253 | 8,187,512 |
GROSS PROFIT | 420,832 | 970,427 | 1,669,901 | 2,142,135 |
OPERATING EXPENSES | ||||
SellingExpense | $ 230,064 | $ 284,732 | $ 553,505 | 423,921 |
General and Administrative | 233,273 | 229,927 | 602,609 | 474,230 |
Total OperatingExpenses | $ 463,337 | $ 514,659 | $ 1,156,114 | 898,151 |
Profit (loss) FromOperations | (42,505) | 455,768 | 513,787 | 1,243,984 |
OTHER INCOME(EXPENSE) | ||||
Interest Expense,net | (96,374) | (267,975) | (274,131) | (535,032) |
Loss from Early Extinguishment ofDebt | - | (77,845) | (15,345) | (90,178) |
Other Income (Expense) | 349,580 | 764 | 350,134 | 10,842 |
Total Other Income(Expense) | 253,206 | (345,056) | 60,658 | (614,368) |
INCOMEBEFORE PROVISION for INCOME TAXES | 210,701 | 110,712 | 574,445 | 629,616 |
PROVISIONfor INCOME TAXES | 64,529 | 32,662 | 169,956 | 185,737 |
NETINCOME | $ 146,172 | $ 78,050 | $ 404,489 | $ 443,879 |
Weighted Average SharesOutstanding: | ||||
Basic | 14,629,155 | 14,629,155 | 14,629,155 | 14,629,155 |
Diluted | 14,629,155 | 14,629,155 | 14,629,155 | 14,629,155 |
Earnings (loss) perShare | ||||
Basic | $ 0.01 | $ 0.01 | $ 0.03 | $ 0.03 |
Diluted | $ 0.01 | $ 0.01 | $ 0.03 | $ 0.03 |
AMERAMEXINTERNATIONAL, INC. | ||
UNAUDITEDBALANCE SHEETS | ||
June 30, 2022 | December31, 2021 | |
ASSETS | ||
CurrentAssets: | ||
Cash | $ 299,754 | $ 995,611 |
Accounts Receivable, Net | 1,270,183 | 1,162,300 |
Inventory, Net | 9,414,871 | 5,185,864 |
Other Current Assets | 220,353 | 312,963 |
Total Current Assets | 11,205,161 | 7,656,738 |
Property andEquipment, Net | 1,457,234 | 1,275,717 |
Rental Equipment, Net | 1,083,194 | 1,461,716 |
Lease Right of Use Asset | 828,725 | - |
OtherAssets | 358,859 | 391,330 |
Total OtherAssets | 3,728,012 | 3,128,763 |
TOTAL ASSETS | $ 14,933,173 | $ 10,785,501 |
LIABILITIES& STOCKHOLDERS' EQUITY | ||
Current Liabilities: | ||
Accounts Payable | $ 2,319,355 | $ 560,076 |
Accrued Expenses | 243,984 | 264,534 |
CustomerDeposits | 1,045,078 | 302,000 |
Joint Venture Liability | 262,293 | 142,500 |
Lines ofCredit | 3,412,441 | 3,180,968 |
Notes Payable, Current Portion | 626,911 | 777,601 |
LeaseLiability | 129,081 | - |
Total CurrentLiabilities | 8,039,143 | 5,227,679 |
Long-TermLiabilities | ||
Deferred Tax Liabilities,Net | 695,060 | 588,792 |
Notes Payable,Net of Current Portion | 1,815,160 | 1,689,353 |
LeaseLiability, Net of Current Portion | 699,644 | - |
Total Long-TermLiabilities | 3,209,864 | 2,278,145 |
TOTAL LIABILITIES | 11,249,007 | 7,505,824 |
Commitments and Contingencies (Note11) | - | - |
STOCKHOLDERS'EQUITY: | ||
Shareholders' Equity | ||
PreferredStock, $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 | 14,629 | 14,629 |
14,629,155 shares issued and outstandingat June 30, 2022 and | ||
December 31,2021 | ||
AdditionalPaid-In Capital | 21,600,734 | 21,600,734 |
AccumulatedDeficit | (17,931,197) | (18,335,686) |
Total Stockholders' Equity | 3,684,166 | 3,279,677 |
TOTALLIABILITIES & STOCKHOLDERS' EQUITY | $ 14,933,173 | $ 10,785,501 |
- | - |
AMERAMEX INTERNATIONAL,INC. | ||
UNAUDITED STATEMENTS OF CASHFLOW | ||
| SIX MONTHSENDED JUNE 30 | |
2022 | 2021 | |
OPERATING ACTIVITIES: | ||
Net Income | $ 404,489 | $ 443,879 |
Adjustments to reconcile Net Incometo | ||
Net Cash provided (used) by OperatingActivities: | ||
Depreciationand Amortization | 376,013 | 518,025 |
Provision (Benefit) forDeferred Income Taxes | 106,268 | 27,613 |
Marketing Services Paid in Stock | - | 46,400 |
Loss on Early Extinguishment of Debt | $ 15,345 | $ 90,178 |
Amortization of Right ofUse Asset | 19,406 | - |
Amortization andAccretion of Interest | $ 10,246 | $ 86,135 |
Change in Assets andLiabilities: | ||
AccountsReceivable | (107,883) | (581,244) |
Inventory | (4,229,007) | 1,357,966 |
Other CurrentAssets | 92,610 | -$27,925 |
AccountsPayable | 1,759,279 | 360,258 |
CustomerDeposits | 743,078 | - |
AccruedExpenses | (20,550) | 249,991 |
NET CASH PROVIDED (USED) BY OPERATINGACTIVITIES | (830,706) | 2,571,276 |
INVESTINGACTIVITIES: | ||
Payments forProperty & Equipment | (335,596) | (156,502) |
Proceeds (Payments) for Rental Equipment | 142,281 | (416,292) |
NET CASH USED BY INVESTING ACTIVITIES | (193,315) | (572,794) |
FINANCINGACTIVITIES: | ||
Proceedsfrom Notes Payable | 633,930 | 2,072,205 |
Payments on NotesPayable | (657,033) | (2,622,373) |
Payment on Note Payable- Related Party | - | (23,908) |
Joint VentureLiability | 119,793 | (69,500) |
Net Borrowing(Repayments) Under Lines of Credit | 231,474 | (1,311,843) |
NET CASH PROVIDED (USED) BYFINANCING ACTIVITIES | 328,164 | (1,955,419) |
|
|
|
NET INCREASE(DECREASE) IN CASH & CASH EQUIVALENTS | (695,857) | 43,063 |
Cash and CashEquivalents, BEGINNING OF PERIOD | 995,611 | 407,881 |
Cash and Cash Equivalents, END OFPERIOD | 299,754 | 450,944 |
CASH PAIDFOR: | ||
Interest | 273,169 | 422,505 |
Income Taxes | 800 | - |
SUPPLEMENTALDISCLOSURE OF NON-CASH INVESTING | ||
AND FINANCING ACTIVITIES: | ||
Transfer of Inventory to Rental Equipment | - | 508,000 |
Equipment Financed under Capital Leases | - | 187,732 |
Transfer of Rental Equipment to Inventory | - | 964,600 |
AMERAMEXINTERNATIONAL, INC. | |||||
UNAUDITEDSTATEMENTS OF STOCKHOLDERS' EQUITY(DEFICIT) | |||||
FOR THESIX MONTHS ENDED JUNE 30, 2022 AND 2021 | |||||
Additional | Total | ||||
Common Stock | Paid-in | Accumulated | Stockholders' | ||
Balance | Shares | Amount | Capital | Deficit | Equity |
December 31,2020 | 14,549,155 | $ 14,549 | $ 21,545,614 | $ (19,967,433) | $ 1,592,730 |
Stock forServices | 80,000 | 80 | 55,120 | - | 55,200 |
NetIncome | - | - | - | $ 443,879 | 443,879 |
June 30,2021 | 14,629,155 | $ 14,629 | $ 21,600,734 | $ (19,523,554) | $ 2,091,809 |
December 31, 2021 | 14,629,155 | $ 14,629 | $ 21,600,734 | $ (18,335,686) | $ 3,279,677 |
Net Income | - | - | - | 404,489 | 404,489 |
June 30,2022 | 14,629,155 | $ 14,629 | $ 21,600,734 | $ (17,931,197) | $ 3,684,166 |
14,629,155 | 14,629 | 21,600,734 | (17,931,197) | 3,684,166 | |
- | - | - | - | - |
About AmeraMexInternational
AmeraMex International sells, leases and rentsheavy equipment to companies within multiple industries includingconstruction, logistics, mining, and lumber. AmeraMex, with a US andinternational customer base, has over 30 years of experience in heavyequipment sales and service. Follow AmeraMex on Twitter @ammx_intl andvisit the AmeraMex website, www.AMMX.net or www.hamreequipment.com foradditional information and equipment videos.
Forward-LookingStatements
This press release contains forward-lookingstatements. All statements other than statements of historical factsincluded in this press release are forward-looking statements. In somecases, forward-looking statements can be identified by words such as"believe," "expect," "anticipate,""plan," "potential," "continue" or similarexpressions. Such forward-looking statements include risks anduncertainties, and there are key factors that could cause actualresults to differ materially from those expressed or implied by suchforward-looking statements. Investors are encouraged to review theCompany’s filings with the Securities and Exchange Commission.Investors should not place any undue reliance on forward-lookingstatements since they involve known and unknown, uncertainties andother factors which are, in some cases, beyond the Company’s controlwhich could, and likely will, materially affect actual results, levelsof activity, performance or achievements. Any forward-lookingstatement reflects the Company’s current views with respect tofuture events and is subject to these and other risks, uncertaintiesand assumptions relating to operations, results of operations, growthstrategy and liquidity. The Company assumes no obligation to publiclyupdate or revise these forward-looking statements for any reason, orto update the reasons actual results could differ materially fromthose anticipated in these forward-looking statements, even if addedinformation becomes available in the future.
ContactDetails
Marty Tullio
+1 949-632-1900
marty@mccloudcommunications.com
CompanyWebsite
Copyright (c) 2022 TheNewswire - All rights reserved.