(NewsDirect)
AmeraMexInternational, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies , infrastructure construction , and forestry conservation , reported financialresults for its year ended December 31, 2022 and announced ashareholder conference call to be held April 4, 2023.
AmeraMex CEO Lee Hamrecommented, “Last year was another good year for AmeraMex withrevenues over $19 million. When comparing 2022 revenue to that of2021, one must remember that 2021 saw a substantial jump in revenuedue to pent-up demand for equipment following the COVID pandemic. I ampleased with the year and expect 2023 to be an exceptionalyear.”
Statement of Operations for the Year Ended December 31,2022
Thecompany reported revenue of approximately $19.2 million,a 22 percent decrease when compared to revenue of approximately $24.7million for the year ended December 31, 2021. During 2022, theCompany lost $1.5 million in revenue with the expiration of a largerental agreement. A new agreement has been signed for 2023, whichextends through 2026.
Gross profit for the year was $4.5 million, adecrease of 10 percent when compared to gross profit of $5.0 millionfor the 2021 year-end.
Gross profit as a percentage of revenue , was 23percent for the year compared to gross profit, as a percentage ofrevenue, of 20 percent for the 2021 year-end, a three percentincrease.
Net profit from operations was $1.8 million for theyear, a 44 percent decrease when compared to net profit fromoperations of $3.2 million for the comparable 2021 year-end. This wasdue in part to an increase of over $800,000 in operating costs due torising inflation and additional personnel. These costs includeincreases in rent, utilities, gasoline, all insurances and salaries,added costs for sales and marketing in addition to public companycosts of over $250,000 for legal and auditing expenses.
Netincome for the year was $871,060 compared to net income of$1.6 million for the comparable 2021 year-end. Earnings pershare were $0.06 compared to earnings per share of $0.11.
Balance Sheet for the Year Ended December 31, 2020
Total Assets increased$2.3 million for the year while total liabilities for the yearincreased $1.8 million.
Conference Call
AmeraMex International, Inc. CEO Lee Hamre ishosting the Company’s year-end 2023 financial conference call onTuesday, April 4 at 8:30 a.m. Pacific Time, 11:30 a.m. Eastern Time.The conference call dial-in number for both U.S. and internationalcallers is 1.201.689.8560. Please dial into the conference center fiveminutes before the call begins and ask the operator for the AmeraMexconference call. An audio replay of the call will be available fromApril 4, at 2:30 p.m. Eastern Time until April 18, 2023 at 11:59 p.m.Eastern Time. The replay is accessible by dialing 1.412.317.6671 andentering pin number 13734981.
AmeraMex International
AmeraMex Internationalsells, leases, and rents heavy equipment to companies within multipleindustries including construction, logistics, mining, and lumber.Follow AmeraMex on Twitter @ammx_intl and visit the AmeraMex website, www.AMMX.net or www.hamreequipment.com foradditional information and equipment videos.
Forward-LookingStatement
Statements made in this news release that are not historical orcurrent facts are “forward-looking statements” made pursuant tothe safe harbor provisions of Section 27A of the Securities Act of1933 (the “Act”) and Section 21E of the Securities Exchange Act of1934. These statements often can be identified using terms such as“may,” “expect,” “believe,” “anticipate,”“estimate,” “approximate” or “continue,” or the negativethereof. We intend that such forward-looking statements be subject tothe safe harbors for such statements. We wish to caution readers notto place undue reliance on any such forward-looking statements, whichspeak only as of the date made. Any forward-looking statementsrepresent management’s best judgment as to what may occur in thefuture. However, forward-looking statements are subject to risks,uncertainties and key factors beyond our control that could causeactual results and events to differ materially from historical resultsof operations and events and those presently anticipated or projected.We disclaim any obligation subsequently to revise any forward-lookingstatements to reflect events or circumstances after the date of suchstatement or to reflect the occurrence of anticipated or unanticipatedevents.
Investor and Media Relations
McCloud Communications, LLC
Marty Tullio, ManagingMember
Office:949.632.1900 or Marty@McCloudCommunications.com
AmeramexInternational, Inc.
Unaudited Statement of Operations
Revenues | December 31, 2022 | December 31,2021 |
Sales of Equipment and otherrevenues | $18,203,837 | $22,253,695 |
Rentals and Leases | $1,081,672 | $2,468,143 |
TOTAL SALES | $19,222,509 | $24,721,838 |
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Costof Sales |
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Sales of Equipment andother revenues | $14,116,088 | $18,878,245 |
Rentals and Leases | $619,015 | $815,830 |
TOTAL COST OFSALES | $14,735,103 | $19,694,075 |
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Gross Profit | $4,487,406 | $5,027,763 |
Operating Expenses |
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Selling Expense | $1,492,744 | $834,633 |
General and Administrative | $1,232,143 | $1,029,164 |
Total Operating Expenses | $2,724,887 | $1,863,797 |
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Profit fromOperations | $1,762,519 | $3,163,966 |
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Other Income(Expense) |
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Interest Expense,net | ($680,598) | ($943,442) |
Loss from EarlyExtinguishment of Debt | ($33,366) | ($110,551) |
Other Income(Expense) | $186,992 | $268,691 |
Total Other Income (Expense) | ($526,972) | ($785,302) |
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Income Before Provision for IncomeTaxes | $1,235,547 | $2,378,664 |
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Provision for IncomeTaxes | $364,487 | $746,917 |
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Net Income | $871,060 | $1,631,747 |
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Weighted Average SharesOutstanding |
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Basic | 14,829,155 | 14,629,155 |
Diluted | 14,829,155 | 14,629,155 |
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Earnings (loss) perShare |
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Basic | $0.06 | $0.11 |
Diluted | $0.06 | $0.11 |
AmeramexInternational, Inc.
Unaudited BalanceSheets
AmeramexInternational, Assets | December 31, 2022 | December 31,2021 |
CurrentAssets: |
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Cash | $1,032,209 | $995,611 |
Accounts Receivable, Net | $993,924 | $1,162,300 |
Inventory, Net | $6,275,823 | $5,185,864 |
Other Current Assets | $318,807 | $312,963 |
Total Current Assets | $8,620,763 | $7,656,738 |
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Property and Equipment, Net | $1,047,602 | $1,275,717 |
Rental Equipment,Net | $2,253,721 | $1,461,716 |
Lease Right of UseAsset | $788,733 | - |
Other Assets | $374,123 | $391,330 |
Total OtherAssets | $4,464,179 | $3,128,763 |
TOTALASSETS | $13,084,942 | $10,785,501 |
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Liabilities &Stockholders' Equity |
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CurrentLiabilities |
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AccountsPayable | $1,229,809 | $560,076 |
AccruedExpenses | $322,060 | $264,534 |
Customer Deposits | - | $302,000 |
Joint Venture Liability | $227,503 | $142,500 |
Lines of Credit | $1,327,715 | $3,180,968 |
Notes Payable, Current Portion | $1,499,018 | $777,601 |
LeaseLiability | $129,081 | - |
TOTAL CURRENT LIABILITIES | $4,735,186 | $5,227,679 |
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Long-TermLiabilities |
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Deferred TaxLiabilities, Net | $594,999 | $5688,792 |
Notes Payable, Net of CurrentPortion | $2,873,368 | $1,689,353 |
Lease Liability, Net ofCurrent Portion | $659,652 | - |
TOTAL LONG-TERM LIABILITIES | $4,128,019 | $2,278,145 |
TOTALLIABILITIES | $8,863,205 | $7,505,824 |
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StockholdersEquity |
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Shareholders'Equity |
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Preferred Stock, $0.001par value, 5,000,000 shares authorized, no shares issued andoutstanding | - | - |
Common Stock, $0.001 par value, 1,000,000 sharesauthorized 14,829,155 shares issued and outstanding at December 31, 2022and 14,629,155 | 14,829 | 14,629 |
Additional Paid-In Capital | 21,671,534 | 21,600,734 |
AccumulatedDeficit | (17,464,626) | (18,335,686) |
TotalStockholders' Equity | 4,221,737 | 3,279,677 |
TOTAL LIABILITIES & STOCKHOLDERS'EQUITY | $13,084,942 | $10,785,501 |
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Ameramex International, Inc
UnauditedStatements of Cash Flow
OperatingActivities | December 31, 2022 | December 31,2021 |
Net Income | $871,060 | $1,631,747 |
Adjustments to reconcileNet Income to Net Cash provided (used) by OperatingActivities: |
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Depreciation and Amortization | $815,769 | $916,325 |
Provision for Deferred Income Taxes | $6,207 | $588,792 |
Marketing Services Paid in Stock | $71,000 | $46,400 |
Forgiveness ofDebt | - | ($254,147) |
Loss on EarlyExtinguishment of Debt | $33,366 | $110,551 |
Amortization of Right of Use Asset | $20,195 | - |
Amortization and Accretion ofInterest | $24,478 | $126,968 |
Change in Assets andLiabilities: |
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AccountsReceivable | $168,376 | ($393,929) |
Inventory | ($526,209) | $2,850,567 |
ROUAsset | ($788,733) | - |
Other Current Assets | ($5,844) | ($114,432) |
Accounts Payable | $669,733 | ($60,124) |
CustomerDeposits | ($302,000) | $302,000 |
Accrued Expenses | $57,526 | $33,205 |
Lease Liability | $788,733 | - |
Net Cash Provided (Used) byOperating Activities | $1,906,657 | $5,783,923 |
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InvestingActivities |
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Payments for propertyand Equipment | ($67,699) | ($513,798) |
Proceeds (Payments) forRental Equipment | ($1,890,017) | ($724,070) |
Net Cash (Used)for Investment Activities | ($1,957,716) | ($1,237,868) |
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FinancingActivities |
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Proceeds from Notes Payable | $3,022,782 | $2,503,698 |
Payments on NotesPayable | ($2,209,430) | ($3,369,531) |
Payment on Note Payable- Related Party | - | ($226,659) |
Joint Venture Liability | $85,003 | ($297,000) |
Net Borrowing (Repayments) Under Lines ofCredit) | ($810,698) | ($2,568,833) |
Net Cash Provided (Used)by Financing Activities | $87,657 | ($3,958,325) |
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NET INCREASE (DECREASE) IN CASH &CASH EQUIVALENTS | $36,598 | $587,730 |
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Cash and CashEquivalents, BEGINNING OF PERIOD | $995,611 | $407,881 |
Cash and CashEquivalents, END OF PERIOD | $1,032,209 | $995,611 |
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Cash PaidFor |
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Interest | $652,607 | $774,074 |
Income Taxes | $800 | $800 |
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SUPPLEMENTAL DISCLOSURE OF NON-CASHINVESTING AND FINANCINGACTIVITIES: |
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Transfer of Inventory toRental Equipment | - | $508,000 |
Equipment Financed Under Capital Leases | - | $168,061 |
Transfer of Rental Equipment toInventory | $563,750 | $964,600 |
Ameramex International,Inc.
Unaudited Statements of Stockholders'Equity (Deficit)
December 31, 2022 and 2021
Common Stock
Balance | Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders' Equity(Deficit) |
December 31,20202 | 14,549,155 | $14,549 | $21,545,614 | ($19,967,433) | $1,592,730 |
Stock forServices | 80,000 | $80 | $55,120 |
| $55,200 |
Net Income | 0 | 0 | 0 | $1,631,747 | $1,631,747 |
December 31,2021 | 14,629,155 | $14,629 | $21,600,734 | ($18,355,686) | $3,279,677 |
Stock for Services | 200,000 | $200 | $70,800 |
| $71,000 |
Net Income | - | - | - | $871,060 | $871,060 |
September 30,2022 | 14,829,155 | $14,829 | $21,671,534 | ($17,464,626) | $4,221,737 |
| 14,829,155 | $14,829 | $21,671,534 | ($17,464,616) | $4,221,737 |
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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