(NewsDirect)
AmeraMexInternational, Inc . (OTC:AMMX), a provider of heavy equipment forlogistics companies, infrastructure construction, and forestryconservation, reported financial results for its third quarter endedSeptember 30, 2023.
AmeraMex CEO Lee Hamre commented, “2022 was a great year forrevenue and net income. Although we initiated cost-savings measuresduring 2022, they were not enough to offset the tremendous costexplosion and rising inflation that is plaguing us this year. Risingmaterial costs, interest rates and inflation have created uncertaintywithin our target markets which equates to a downturn in sales duringthe last nine months.
“In the last quarter of 2022 and in June and August of thisyear we have signed over $10 million in rental agreements.Unfortunately, this does not equate to $10 million in revenue when the equipment shipped, as it does with a sale. The rentalrevenue is recorded monthly, which gives the company a steady streamof cash flow.
“I would like to add that the entire AmeraMex team is razorfocused on sales, cost containment and profitability,” saidHamre.”
Statement of Operations for the Quarter Ended September 30,2023
TheCompany reported revenue of approximately $1.2 million versus revenueof $2.4 million for the comparable 2022 quarter.
Gross profit for thequarter was $371,206, compared to gross profit of $420,832 for thecomparable 2022 quarter.
Gross profit as a percentage of sales was 30 percent for thequarter compared to gross profit, as a percentage of sales was 18percent for the comparable 2022 quarter.
Profit from operations $199,328 for thequarter, compared to a loss from operations of ($45,503) for thecomparable 2022 quarter.
Net loss for the quarter was ($32,623) compared to net incomeof $146,172 for the comparable 2022 quarter.
Earnings per share (EPS)were $0.00 for the quarter compared to EPS of $0.05 for the comparable2022 quarter.
Statement of Operations for the Nine-Month period EndedSeptember 30, 2023
The company reported revenue of approximately $6.7 millionversus revenue of $14.8 million for the comparable 2022 period.
Gross profit for theperiod was $1.9 million compared to gross profit of $4.2 million forthe comparable 2022 period.
Gross profit, as a percentage of sales, was 28percent for the period compared to gross profit, as a percentage ofsales, of 28 percent for the comparable period.
Profit from operations$438,528 for the nine-month period, compared to profit from operationsof $2.2 million for the comparable 2022 nine-month period.
Net loss for thenine-month period was ($48,122) compared to net income of $1.4 millionfor the comparable nine-month period of 2022.
Earnings per share (EPS)were $0.00 for the period compared to EPS of $0.09 for the comparable2022 nine-month period.
Balance Sheet for the Nine-Month Period Ended September 30,2023
TotalAssets were $18.2 million, a $4.9 million increase due in part to anincrease in rental equipment.
Total Liabilities were $13.9 million, a $4.9million increase due in part to an increase in the Company’s creditline, lease liability and deferred income.
The $10 million leases are not recognized asrevenue but as Deferred Revenue, which is a Liability. This results ina higher inventory, an asset, and higher liability, Deferred Revenue.
Please join theCompany’s management team November 15 at 12:00 p.m. PDT for ashareholder update. The conference call dial-in number for both U.S.and international callers is 1.201.689.8560. Please dial theconference center five minutes before the call begins and ask theoperator for the AmeraMex conference call. An audio replay of the callwill be available from December 20, 2023, at 3:00 p.m. Eastern Timeuntil January 3, 2023, at 11:59 p.m. Eastern Time. The replay isaccessible by dialing 1.412.317.6671 and entering pin number13734981.
AmeraMex International
AmeraMex International sells, leases, and rentsheavy equipment to companies within multiple industries includingconstruction, logistics, mining, and lumber. The company has over 30years of experience in heavy equipment sales and service. FollowAmeraMex on Twitter @ammx_intl and visit the AmeraMex website,www.AMMX.net or www.hamreequipment.com for additional information andequipment videos.
Forward-Looking Statement
Statements made in this news release thatare not historical or current facts are “forward-lookingstatements” made pursuant to the safe harbor provisions of Section27A of the Securities Act of 1933 (the “Act”) and Section 21E ofthe Securities Exchange Act of 1934. These statements often can beidentified using terms such as “may,” “expect,” “believe,”“anticipate,” “estimate,” “approximate” “continue,” orthe negative thereof. We intend that such forward-looking statementsbe subject to the safe harbors for such statements. We wish to cautionreaders not to place undue reliance on any such forward-lookingstatements, which speak only as of the date made. Any forward-lookingstatements represent management’s best judgment as to what may occurin the future. However, forward-looking statements are subject torisks, uncertainties and key factors beyond our control that couldcause actual results and events to differ materially from historicalresults of operations and events and those presently anticipated orprojected. We disclaim any obligation subsequently to revise anyforward-looking statements to reflect events or circumstances afterthe date of such statement or to reflect the occurrence of anticipatedor unanticipated events.
AMERAMEXINTERNATIONAL, INC. | |||||||||||
UNAUDITEDSTATEMENTS OF OPERATIONS | |||||||||||
THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | ||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||
|
|
|
| ||||||||
REVENUES |
|
|
|
| |||||||
Sales of Equipment and OtherRevenues |
$756,581 |
|
$2,015,247 |
|
5,716,647 | $ |
13,904,722 |
| |||
Rentals andLeases |
454,154 |
363,301 |
|
1,024,077 |
910,172 |
| |||||
TotalSales |
1,210,735 |
2,378,548 |
|
6,740,724 |
14,814,894 |
| |||||
COST OF SALES | |||||||||||
Sales of Equipment and OtherRevenues |
685,268 |
1,799,708 |
4,316,879 |
10,197,658 |
| ||||||
Rentals andLeases |
154,261 |
158,008 |
521,029 |
415,805 |
| ||||||
Total Cost ofSales |
839,529 |
1,957,716 | -57% |
4,837,908 |
10,613,463 |
| |||||
GROSS PROFIT |
371,206 |
420,832 |
1,902,816 |
4,201,431 |
| ||||||
OPERATING EXPENSES | |||||||||||
Selling Expense |
87,549 |
230,064 |
840,930 |
994,721 | |||||||
General andAdministrative |
84,329 |
233,273 |
622,358 |
989,114 | |||||||
Total OperatingExpenses |
171,878 |
463,337 |
1,463,288 |
1,983,835 | |||||||
Profit (loss)From Operations |
199,328 |
(42,505) |
439,528 |
2,217,596 | |||||||
OTHER INCOME (EXPENSE) | |||||||||||
Interest Expense,net |
(218,551) |
(96,374) |
(503,990) |
(549,924) | |||||||
Loss from EarlyExtinguishment of Debt |
(28,446) |
- |
(67,536) |
(33,366) | |||||||
Gain of Sale ofAsset |
215,624 | ||||||||||
Other Income(Expense) |
1,393 |
349,580 |
63,740 |
175,842 | |||||||
Total OtherIncome (Expense) |
(245,604) |
253,206 |
(507,786) |
(191,824) | |||||||
INCOME BEFORE PROVISION for INCOMETAXES |
(46,276) |
210,701 |
(68,258) |
2,025,772 | |||||||
PROVISION for INCOME TAXES |
(13,653) |
64,529 |
(20,136) |
598,264 | |||||||
NET INCOME | $(32,623) |
|
$146,172 |
| $ (48,122) |
| $1,427,508 | ||||
Weighted Average Shares Outstanding: | |||||||||||
Basic |
14,829,155 |
14,629,155 |
14,829,155 |
14,829,155 | |||||||
Diluted |
14,829,155 |
14,629,155 |
14,829,155 |
14,829,155 | |||||||
Earnings(loss) per Share | |||||||||||
Basic | 0.00 | $ | 0.05 | $ | 0.00 | $ | 0.09 | ||||
Diluted | $ 0.00 | $ | 0.05 | $ | 0.00 | $ | 0.09 |
AMERAMEX INTERNATIONAL,INC. | ||||||
UNAUDITED BALANCESHEETS | ||||||
SEPTEMBER 30,2023 | DECEMBER 31, 2022 | |||||
ASSETS | ||||||
CurrentAssets: | ||||||
Cash | $ |
281,930 | $ |
1,032,209 | ||
Accounts Receivable, Net |
744,660 |
1,118,774 | ||||
Inventory, Net |
11,505,978 |
6,275,823 | ||||
Other Current Assets |
229,924 |
318,807 | ||||
Total Current Assets |
12,762,492 |
8,745,613 | ||||
Property and Equipment, Net |
970,777 |
1,047,602 | ||||
Rental Equipment, Net |
2,100,269 |
1,078,470 | ||||
Joint Venture Asset |
177,000 |
- | ||||
Operating LeaseROU Asset |
725,674 |
788,733 | ||||
Financing Lease ROU Asset |
1,199,668 |
1,330,732 | ||||
Other Assets |
251,615 |
329,178 | ||||
Total Other Assets |
5,425,003 |
4,574,715 | ||||
TOTAL ASSETS | $ |
18,187,495 | $ |
13,320,328 | ||
LIABILITIES & STOCKHOLDERS'EQUITY | ||||||
Current Liabilities: | ||||||
AccountsPayable | $ |
1,564,413 | $ |
1,199,803 | ||
Accrued Expenses |
120,972 |
322,060 | ||||
Joint Venture Liability |
- |
227,503 | ||||
Lines of Credit |
860,280 |
1,327,715 | ||||
Notes Payable, CurrentPortion |
2,150,581 |
1,499,018 | ||||
Lease Liability |
317,202 |
317,202 | ||||
Deferred Revenue |
556,095 |
- | ||||
Total Current Liabilities |
5,569,543 |
4,893,301 | ||||
Long-TermLiabilities | ||||||
Deferred Tax Liabilities, Net |
551,564 |
650,179 | ||||
Related Party Note |
269,159 | |||||
Lines of Credit |
3,567,255 |
- | ||||
Notes Payable,Net of Current Portion |
93,574 |
1,609,853 | ||||
Lease Liability, Net of CurrentPortion |
1,608,140 |
1,813,389 | ||||
Deferred Revenue,Net of Current Portion |
2,224,379 |
- | ||||
Total Long-Term Liabilities |
8,314,071 |
4,073,421 | ||||
TOTAL LIABILITIES |
13,883,614 |
8,966,722 | ||||
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 sharesauthorized |
14,829 |
14,829 | ||||
14,829,155 shares issued and outstanding at September 30,2023 and | ||||||
December 31, 2022 | ||||||
Additional Paid-In Capital |
21,671,534 |
21,671,534 | ||||
Accumulated Deficit |
(17,382,482) |
(17,332,757) | ||||
Total Stockholders' Equity |
4,303,881 |
4,353,606 | ||||
TOTAL LIABILITIES & STOCKHOLDERS'EQUITY | $ |
18,187,495 | $ |
13,320,328 | ||
- |
- |
AMERAMEXINTERNATIONAL, INC. | |||||||||||
UNAUDITEDSTATEMENTS OF CASH FLOW | |||||||||||
NINE MONTHS ENDED SEPTEMBER30, | |||||||||||
2023 | 2022 | ||||||||||
|
| ||||||||||
OPERATINGACTIVITIES: | |||||||||||
Net Income |
(48,122) |
1,427,509 | |||||||||
Adjustments toreconcile Net Loss to | |||||||||||
Net Cash provided (used) by OperationsActivities: | |||||||||||
Depreciation and Amortization |
719,468 |
562,569 | |||||||||
Provision(Benefit) for Deferred Income Taxes |
(98,615) |
534,576 | |||||||||
MarketingServices Paid in Stock |
- |
71,000 | |||||||||
Loss on EarlyExtinguishment of Debt |
67,536 |
33,366 | |||||||||
Gain/Loss onDisposal |
- |
(215,625) | |||||||||
Amortization ofRight of Use Asset |
19,797 |
19,797 | |||||||||
Amortization andAccretion of Interest |
63,556 |
27,876 | |||||||||
Change in Assetsand Liabilities: | |||||||||||
Accounts Receivable |
374,114 |
(1,884,657) | |||||||||
Inventory |
(5,230,155) |
(1,690,298) | |||||||||
ROUAsset |
(725,674) |
(808,928) | |||||||||
Other CurrentAssets |
88,883 |
71,016 | |||||||||
AccountsPayable |
364,610 |
174,386 | |||||||||
CustomerDeposits |
- |
53,522 | |||||||||
Deferred Revenue |
2,780,474 |
- | |||||||||
Accrued Expenses |
(201,088) |
13,727 | |||||||||
LeaseLiability |
725,674 |
808,928 | |||||||||
NET CASHPROVIDED (USED) BY OPERATING ACTIVITIES |
(1,099,542) |
(801,236) | |||||||||
INVESTING ACTIVITIES: | |||||||||||
Payments forProperty & Equipment |
(179,860) |
(408,199) | |||||||||
Payments forRental Equipment |
- |
(233,347) | |||||||||
Proceeds (Payments) for Rental Equipment |
(1,484,582) |
360,000 | |||||||||
NET CASH USEDBY INVESTING ACTIVITIES |
(1,664,442) |
(281,546) | |||||||||
FINANCING ACTIVITIES: | |||||||||||
Proceeds fromNotes Payable |
563,330 |
2,117,692 | |||||||||
Payments on NotesPayable |
(733,470) |
(1,370,027) | |||||||||
Payment on NotePayable - Related Party |
269,159 |
- | |||||||||
Joint Venture Liability |
(227,503) |
105,003 | |||||||||
Net Borrowing(Repayments) Under Lines of Credit |
2,142,189 |
(406,818) | |||||||||
NET CASH PROVIDED (USED) BY FINANCINGACTIVITIES |
2,013,705 |
445,850 | |||||||||
NET INCREASE(DECREASE) IN CASH & CASH EQUIVALENTS |
(750,279) |
(636,932) | |||||||||
Cash and CashEquivalents, BEGINNING OF PERIOD |
1,032,209 |
995,611 | |||||||||
Cash and Cash Equivalents, END OFPERIOD |
281,930 |
358,679 | |||||||||
CASH PAID FOR: | |||||||||||
Interest |
543,573 |
564,478 | |||||||||
Income Taxes |
800 |
800 | |||||||||
SUPPLEMENTAL DISCLOSURE OF NON-CASHINVESTING | |||||||||||
AND FINANCINGACTIVITIES: | |||||||||||
Transfer of Inventory to Rental Equipment |
1,666,085 |
- | |||||||||
Equipment Financed under Capital Leases |
779,160 |
- | |||||||||
Transfer of Rental Equipment to Inventory |
- |
563,750 |
AMERAMEX INTERNATIONAL,INC. | |||||||
UNAUDITED STATEMENTS OFSTOCKHOLDERS' EQUITY (DEFICIT) | |||||||
| FOR THE | THE NINE MONTHS ENDED SEPTEMBER 30th,2023 AND 2022 | |||||
|
|
Common Stock | Additional Total Paid-in Accumulated Stockholders' | ||||
| Balance | Shares | Amount Capital Deficit Equity/(Deficit) | ||||
December 31,2021
|
|
14,629,155 |
$14,629 | $ 21,600,734 | $(18,335,686) | $3,279,677 |
|
Stock forServices |
|
200,000 |
200 |
70,800 |
$71,000 |
| |
|
| ||||||
NetIncome
|
|
- |
- |
- |
1,427,509 |
1,427,509 |
|
|
| ||||||
September 30, 2022 |
|
14,829,155 |
$14,829 |
$ 21,671,534 |
|
$ 4,778,186 |
|
|
| ||||||
December 31, 2022 |
|
14,829,155 | $14,829 |
$21,671,534 |
$(17,334,360) |
$ 4,352,003 |
|
|
| ||||||
NetIncome
|
|
- |
- |
- |
(48,122) |
(48,122) |
|
|
| ||||||
September 30, 2023 |
|
14,829,155 |
$14,829 |
$21,671,534 |
$ (17,382,482) |
$ 4,303,881 |
|
|
14,829,155 |
14,829 |
21,671,534 |
(17,382,482) |
4,303,881 |
| |
|
- |
- |
- |
- |
- |
|
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
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