CHICO, Calif., May 16, 2014 (GLOBE NEWSWIRE) -- AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment to infrastructure, shipping, construction and farming companies, today reported financial results for its first quarter ended March 31, 2014.
Highlights for the 2014 First Quarter Ended March 31
- The company reported revenue of approximately $ 2.8 million a 241 percent increase when compared to revenue of $830,473 for 2013.
- Gross profit for the first quarter was of approximately $1.1 million compared to gross profit of $338,684 for the quarter ended March 31, 2013.
- Gross profit margins, as a percentage of revenue, were 40 percent, compared to gross profit margins of 41 percent for the comparable 2013 quarter.
- The company reported a net profit for the quarter of $204,572 compared to net loss of ($121,574) for the first quarter ended March 31, 2013. This is due in part to a decrease in total operating expenses.
- The Balance Sheet showed significant improvements with Total Assets increasing 85 percent to approximately $1.5 million while Total Liabilities decreased 30 percent to approximately $1.5 million.
The number of common shares issued and outstanding as of March 31, 2014, was 660,280,879. The number of restricted shares as of March 31, 2014 was 452,782,441 indicating a float of 207,498,438. The increase in shares issued and outstanding was due to the repayment of a $325,000 loan made to the company by AmeraMex CEO Lee Hamre, partial payment of the CFO Kevin Atkin's $150,000 salary and payment of $31,000 for 12 months of investor relations services and associated expenses.
CFO Kevin Atkin commented, "We are pleased with the first quarter progress and have expectations for continued revenue and net income growth. We incentivize our sales team here and internationally and have just launched an incentive program within our Parts Department and Service organization to award personnel for increased profitable sales of services and parts to our customer base."
Atkin continued, "As many of you are aware, our CEO Lee Hamre along with our Niger partner and three Nigerian officials from the Department of Transportation are in China finishing due diligence for a recent Memorandum of Agreement (MOA). We hope to provide an update next few week as to the outcome of the due diligence and the necessary steps needed to receive a signed agreement."
| AmeraMex International, Inc | ||
| Consolidated Income Statement | ||
| (Unaudited) | ||
| 3 Months Ended | 3 Months Ended | |
| March 31, 2013 | March 31, 2014 | |
| Sales | $ 830,473 | $ 2,836,114 |
| Cost of Sales | 491,789 | 1,709,978 |
| Gross Profit | 338,684 | 1,126,136 |
| Expenses | ||
| Operating | 360,518 | 630,566 |
| SG&A | 92,476 | 288,572 |
| Total Expenses | 452,994 | 919,138 |
| Net Income from Operations | (114,310) | 206,998 |
| Other Income, Expense, Depreciation | (7,264) | (2,426) |
| Income Tax Provision | -- | -- |
| Net Income (Loss) | $ (121,574) | $ 204,572 |
| AmeraMex International, Inc. | ||
| Condensed Consolidated Balance Sheet | ||
| as of March 31, 2014 | ||
| Unaudited | ||
| ASSETS | ||
| Current Assets: | ||
| Cash & Equivalent | 323,879 | |
| Note Rec. | 19,258 | |
| Acct. Receivable | 371,626 | |
| Inventory | 631,078 | |
| Total Current Asset | 1,345,841 | |
| Fixed Asset Net | 42,497 | |
| Other Asset | 145,608 | |
| Total Asset | $ 1,533,947 | |
| LIABILITIES AND STOCKHOLDERS EQUITY | ||
| Current Liability | ||
| Acct. Payable | 322,435 | |
| Taxes Payable | 106,059 | |
| Other | 244,180 | |
| Total Current Liabilities | 672,674 | |
| Total Long Term Liabilities | 816,991 | |
| Total Liability | $ 1,489,665 | |
| STOCKHOLDERS EQUITY | ||
| Capital Stock | 1,832,862 | |
| Paid-In Capital | 647,138 | |
| Retained Earning (Loss) | (2,640,292) | |
| Retained Earning Current Year | 204,573 | |
| Total Stock Equity | 44,282 | |
| TOTAL LIABILITY & STOCKHOLDER EQUITY | $ 1,533,947 | |
| Total shares issued and outstanding | 660,280,879 | |
About AmeraMex International
AmeraMex International sells, leases and rents heavy equipment to companies within four industries: construction (light and infrastructure), shipping logistics, mining and commercial farming. AmeraMex International's largest product line is specialized container handling equipment that enables stevedoring companies to quickly and efficiently load and offload container and general freight ships dockside. AmeraMex, with customers in the Americas, Africa, Asia and Eastern Europe, has over 30 years of experience in heavy equipment sales and service and maintains an inventory of top-of-the-line equipment and parts from manufacturers such as Taylor Machine Works Inc. and Terex Heavy Equipment. For more information visit the AmeraMex website, www.AMMX.net or www.hamreequipment.com .
Safe Harbor Statement
Except for the information contained herein, the matters discussed are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from any forward-looking statements made herein.
Media and Financial Contact: Marty Tullio McCloud Communications LLC 949.632.1900
