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  4. News Desk 2018 Message Board

AmeraMex International Reports Revenue of $1.5 Mil

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Post# of 617763
(Total Views: 55)
Posted On: 05/16/2017 10:00:03 AM
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Posted By: News Desk 2018
AmeraMex International Reports Revenue of $1.5 Million First Quarter Ended March 31, 2017

CHICO, CA--(Marketwired - May 16, 2017) - AmeraMex International, Inc. ( OTC PINK : AMMX ), a provider of heavy equipment for logistics companies ( stevedoring/shipping ), infrastructure construction, companies, and tactical vehicles for military organizations, today reported financial results for its first quarter ended March 31, 2017.

Highlights

  • Revenue for the first quarter was approximately $1.5 million versus revenue of $3.2 for the comparable quarter. Historically, the first quarter is the weakest revenue quarter but fortunately, the first quarter of 2016 was an exceptional quarter.
  • Gross profit for the first quarter was approximately $.689 million compared to gross profit of $.2.7 million for the quarter ended March 31, 2016.
  • Net profit for the quarter of $2,329.00 compared to net profit of $1.2 million for the first quarter ended March 31, 2016. This is due in part to 50 percent less revenue and an increase in expenses associated with the ongoing audit.
  • Year-to-date, AmeraMex has received $2.8 million in equipment orders and renewal of rental contracts.
  • This month, the company announced an agreement to represent Oshkosh Defense, LLC, an Oshkosh Corporation ( NYSE : OSK ) company, within the Federal Republic of Nigeria.

AmeraMex CEO Lee Hamre commented, "We were pleased to announce our agreement with Oshkosh Defense, LLC, and believe the expanded product line will increase international revenue growth. Progress is being made with our Menzi Muck demonstrations and requests for proposals. We expect the second quarter to show significant sales growth." 

An update regarding the completion of the audit for 2016 will be provided within a two-week period.

AmeraMex International, Inc
Consolidated Income Statement
(Unaudited)
         
    3 Months Ended   3 Months Ended
    March 31, 2017   March 31, 2016
         
Revenue   $ 1,542,618     $ 3,243,081  
                 
Cost of Sales     853,295       545,856  
                 
Gross Profit     689,323       2,697,225  
                 
Operating Expenses                
  General & Admin.     423,446       959,458  
  Selling Expenses     51,570       18,956  
    Total Expenses     475,016       978,414  
                 
Net Income from Operations     214,308       1,718,811  
                 
Other Income, Expense, Depreciation     (211,979 )     (535,283 )
                 
Income Tax Provision     2,329       23,120  
                 
Net Income (Loss)   $ 2,329     $ 1,160,408  
                 
                 
Total number of shares issued and outstanding: 753.4 million
 
AmeraMex International, Inc.
Condensed Consolidated Balance Sheet
as of March 31, 2017
Unaudited
 
ASSETS            
  Current Assets:            
  Cash & Equivalent   165,027        
  Other Assets   112,788        
  Acct. Receivable   597,498        
  Inventory   1,850,668        
    Total Current Asset   2,725,982        
             
Fixed Asset Net   3,881,611        
Other Asset   243,150        
      Total Asset         $ 6,850,743
LIABILITIES AND STOCKHOLDERS EQUITY            
             
  Current Liability:            
  Acct. Payable   748,708        
  Accrued Expenses   53,890        
  Income Taxes Payable   61,867        
  Line of Credit   462,411        
  Notes Payable Current   1,192,164        
  Notes payable-related party   417,065        
             
    Total Current Liabilities   2,936,105        
  Notes payable, net of current portion   1,349,072        
             
      Total Liability         $ 4,285,176
STOCKHOLDERS EQUITY            
  Common Stock   754,016        
  Paid-In Capital   20,774,825        
  Treasury Stock   (10,438 )      
  Retained Earnings(Loss)   (18,952,837 )      
             
    Total Stock Equity   2,565,566        
             
             
TOTAL LIABILITY & STOCKHOLDER EQUITY         $ 6,850,743
             
             
Total number of shares issued and outstanding: 753.2 million
 
AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2017
(UNAUDITED)
    2017
         
OPERATING ACTIVITIES:        
  Net income   $ 2,329  
  Adjustments to reconcile net income tonet cash provided by operating activities:        
      Depreciation     166,491  
      Stock-based compensation     -  
      Loss on settlement of debt for common stock     -  
    Change in current assets and liabilities:        
      Accounts receivable     (367,148 )
      Inventory     421,437  
      Other assets     (800 )
      Accounts payable     (430,419 )
      Accrued expenses     4,385  
      Income tax payable     28,711  
  Net cash provided by operating activities     (175,014 )
INVESTING ACTIVITIES:        
    Payment for furniture and equipment     363,798  
  Net cash used in investing activities     363,798  
         
FINANCING ACTIVITIES:     (106,940 )
    Repayment of note payable     -  
    Proceeds from note payable - related party     16,500  
    Net proceeds (borrowing) under line of credit     -  
    Purchase of treasury stock        
  Net cash used in financing activities     (90,440 )
         
NET DECREASE IN CASH     98,344  
CASH, BEGINNING BALANCE     66,682  
CASH, ENDING BALANCE   $ 165,026  
CASH PAID FOR:        
  Interest   $ 36,213  
  Income taxes   $ -  
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:        
  Common stock issued for the settlement of accounts payable   $ -  
  Common stock issued for the settlement of notes party - related party   $ -  
         
         

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. The company recently added an inclusive product line of advanced performance tactical military vehicles targeting African countries. 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 .

Except for the historical information contained herein, statements discussing sales or revenue projections are forward-looking and 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.

Investor and Media Relations McCloud Communications, LLC Marty Tullio Managing Member 949.632.1900 Email Contact



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