(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.
AmeraMexCEO Lee Hamre commented, “2022 was a great year for revenue and netincome. Although we initiated cost-savings measures during 2022, theywere not enough to offset the tremendous cost explosion and rising inflation that is plaguing us this year. Rising material costs,interest rates and inflation have created uncertainty within ourtarget markets which equates to a downturn in sales during the lastnine months.
“In the lastquarter of 2022 and in June and August of this year we have signedover $10 million in rental agreements. Unfortunately, this does notequate to $10 million in revenue when the equipment shipped, asit does with a sale. The rental revenue is recorded monthly, whichgives the company a steady stream of cash flow.
“I would like to addthat the entire AmeraMex team is razor focused on sales, costcontainment and profitability,” said Hamre.”
Statement ofOperations for the Quarter Ended September 30, 2023
The Company reportedrevenue of approximately $1.2 million versus revenue of $7.5 millionfor the comparable 2022 quarter.
Gross profit for the quarter was $371,206, compared to grossprofit of $2.5 million for the comparable 2022 quarter.
Gross profit as apercentage of sales was 30 percent for the quarter compared to grossprofit, as a percentage of sales was 33 percent for the comparable2022 quarter.
Profit fromoperations $199,328 for the quarter, compared to a loss fromoperations of $1.7 million for the comparable 2022 quarter.
Net loss for the quarterwas ($32,623) compared to net income of $928,849 for the comparable2022 quarter.
Earnings pershare (EPS) were $0.00 for the quarter compared to EPS of $0.05 forthe comparable 2022 quarter.
Statement of Operations for the Nine-Month period EndedSeptember 30, 2023
Thecompany reported revenue of approximately $6.7 million versus revenueof $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 28 percent for theperiod compared to gross profit, as a percentage of sales, of 28percent for the comparable period.
Profit from operations $438,528 for the nine-month period,compared to profit from operations of $2.2 million for the comparable2022 nine-month period.
Net lossfor the nine-month period was ($48,122) compared to net income of $1.4million for 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
Total Assets were $18.2million, a $4.9 million increase due in part to an increase in rentalequipment.
Total Liabilitieswere $13.9 million, a $4.9 million increase due in part to an increasein the Company’s credit line, lease liability and deferredincome.
The $10 million leasesare not recognized as revenue but as Deferred Revenue, which is aLiability. This results in a higher inventory, an asset, and higherliability, Deferred Revenue.
Please join the Company’s management team November 20 at 9:00a.m. PDT, 12:00 p.m. EDT for a shareholder update. The conference calldial-in number for both U.S. and international callers is1.201.689.8560. Please dial the conference center five minutes beforethe call begins and ask the operator for the AmeraMex conference call.An audio replay of the call will be available from November 20, 2023,at 3:00 p.m. Eastern Time until December 4, 2023, at 11:59 p.m.Eastern Time. The replay is accessible by dialing 1.412.317.6671 andentering pin number 13742791.
AmeraMex International
AmeraMex Internationalsells, leases, and rents heavy equipment to companies within multipleindustries including construction, logistics, mining, and lumber. Thecompany has over 30 years of experience in heavy equipment sales andservice. Follow AmeraMex on Twitter @ammx_intl and visit the AmeraMexwebsite, www.AMMX.net or www.hamreequipment.com for additionalinformation and equipment 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.
AMERAMEX INTERNATIONAL,INC. | ||||||||||||
UNAUDITED STATEMENTS OFOPERATIONS | ||||||||||||
THREE MONTHS ENDED SEPTEMBER30, | NINE MONTHS ENDED SEPTEMBER30, | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
|
|
|
| |||||||||
REVENUES |
|
|
|
| ||||||||
Sales of Equipment and OtherRevenues | $ |
756,581 | $ |
7,303,783 |
|
5,716,647 | $ |
13,904,722 |
| |||
Rentals andLeases |
454,154 |
180,957 |
|
1,024,077 |
910,172 |
| ||||||
TotalSales |
1,210,735 |
7,484,740 |
|
6,740,724 |
14,814,894 |
| ||||||
COST OF SALES | ||||||||||||
Sales of Equipment and OtherRevenues |
685,268 |
4,845,129 |
4,316,879 |
10,197,658 |
| |||||||
Rentals andLeases |
154,261 |
108,081 |
521,029 |
415,805 |
| |||||||
Total Cost of Sales |
839,529 |
4,953,210 |
|
4,837,908 |
10,613,463 |
| ||||||
GROSSPROFIT |
371,206 |
2,531,530 |
1,902,816 |
4,201,431 |
| |||||||
OPERATINGEXPENSES | ||||||||||||
Selling Expense |
87,549 |
441,216 |
840,930 |
994,721 | ||||||||
General and Administrative |
84,329 |
386,505 |
622,358 |
989,114 | ||||||||
Total Operating Expenses |
171,878 |
827,721 |
1,463,288 |
1,983,835 | ||||||||
Profit (loss) FromOperations |
199,328 |
1,703,809 |
439,528 |
2,217,596 | ||||||||
OTHER INCOME(EXPENSE) | ||||||||||||
Interest Expense, net |
(218,551) |
(275,793) |
(503,990) |
(549,924) | ||||||||
Loss from Early Extinguishment ofDebt |
(28,446) |
(18,021) |
(67,536) |
(33,366) | ||||||||
Gain of Sale of Asset |
215,624 |
215,624 | ||||||||||
Other Income (Expense) |
1,393 |
(174,292) |
63,740 |
175,842 | ||||||||
Total Other Income (Expense) |
(245,604) |
(252,482) |
(507,786) |
(191,824) | ||||||||
INCOME BEFORE PROVISION for INCOMETAXES |
(46,276) |
1,451,327 |
(68,258) |
2,025,772 | ||||||||
PROVISION for INCOME TAXES |
(13,653) |
522,478 |
(20,136) |
598,264 | ||||||||
NET INCOME | $ |
(32,623) |
$ |
928,849 |
$ |
(48,122) |
$ |
1,427,508 | ||||
WeightedAverage Shares Outstanding: | ||||||||||||
Basic |
14,829,155 |
14,829,155 |
14,829,155 |
14,829,155 | ||||||||
Diluted |
14,829,155 |
14,829,155 |
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 Lease ROU 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 | ||||||||||||
CurrentLiabilities: | ||||||||||||
Accounts Payable | $ |
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, Current Portion |
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 CurrentPortion |
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 (Note11) |
- |
- | ||||||||||
STOCKHOLDERS' EQUITY: | ||||||||||||
Shareholders' Equity | ||||||||||||
Preferred Stock, $0.001 par value,5,000,000 shares authorized, no |
- |
- | ||||||||||
shares issued andoutstanding | ||||||||||||
Common Stock,
$0.001 par value, 1,000,000,000shares authorized |
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 | ||||||||
- |
- |
AMERAMEX INTERNATIONAL,INC. | ||||||||||||
UNAUDITED STATEMENTS OF CASHFLOW | ||||||||||||
NINE MONTHS ENDED SEPTEMBER30, | ||||||||||||
2023 | 2022 | |||||||||||
|
| |||||||||||
OPERATINGACTIVITIES: | ||||||||||||
Net Income |
(48,122) |
1,427,509 | ||||||||||
Adjustments to reconcile Net Lossto | ||||||||||||
Net Cash provided (used) by OperationsActivities: | ||||||||||||
Depreciation and Amortization |
719,468 |
562,569 | ||||||||||
Provision (Benefit) for Deferred Income Taxes |
(98,615) |
534,576 | ||||||||||
Marketing Services Paid in Stock |
- |
71,000 | ||||||||||
Loss on Early Extinguishment of Debt |
67,536 |
33,366 | ||||||||||
Gain/Loss on Disposal |
- |
(215,625) | ||||||||||
Amortization of Right of Use Asset |
19,797 |
19,797 | ||||||||||
Amortization and Accretion of Interest |
63,556 |
27,876 | ||||||||||
Change in Assets and Liabilities: | ||||||||||||
AccountsReceivable |
374,114 |
(1,884,657) | ||||||||||
Inventory |
(5,230,155) |
(1,690,298) | ||||||||||
ROU Asset |
(725,674) |
(808,928) | ||||||||||
Other Current Assets |
88,883 |
71,016 | ||||||||||
Accounts Payable |
364,610 |
174,386 | ||||||||||
Customer Deposits |
- |
53,522 | ||||||||||
Deferred Revenue |
2,780,474 |
- | ||||||||||
Accrued Expenses |
(201,088) |
13,727 | ||||||||||
Lease Liability |
725,674 |
808,928 | ||||||||||
NET CASH PROVIDED (USED) BY OPERATINGACTIVITIES |
(1,099,542) |
(801,236) | ||||||||||
INVESTINGACTIVITIES: | ||||||||||||
Payments for Property & Equipment |
(179,860) |
(408,199) | ||||||||||
Payments for Rental Equipment |
- |
(233,347) | ||||||||||
Proceeds (Payments) for Rental Equipment |
(1,484,582) |
360,000 | ||||||||||
NET CASH USED BY INVESTINGACTIVITIES |
(1,664,442) |
(281,546) | ||||||||||
FINANCINGACTIVITIES: | ||||||||||||
Proceeds from Notes Payable |
563,330 |
2,117,692 | ||||||||||
Payments on Notes Payable |
(733,470) |
(1,370,027) | ||||||||||
Payment on Note Payable - RelatedParty |
269,159 |
- | ||||||||||
Joint Venture Liability |
(227,503) |
105,003 | ||||||||||
Net Borrowing (Repayments) Under Lines ofCredit |
2,142,189 |
(406,818) | ||||||||||
NET CASH PROVIDED (USED) BYFINANCING ACTIVITIES |
2,013,705 |
445,850 | ||||||||||
NET INCREASE (DECREASE) IN CASH &CASH EQUIVALENTS |
(750,279) |
(636,932) | ||||||||||
Cash and Cash Equivalents, BEGINNING OFPERIOD |
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 | NINE MONTHS ENDED SEPTEMBER 30th, 2023AND 2022 | |||||
|
|
CommonStock | 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 |
$ (16,908,177) |
$ 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 |
| |
|
- |
- |
- |
- |
- |
|
ContactDetails
Marty Tullio
+1 949-632-1900
marty@mccloudcommunications.com
CompanyWebsite
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