CHICO, Calif., Nov. 15, 2017 (GLOBE NEWSWIRE) -- AmeraMex International, Inc. AMMX, a provider of heavy equipment for logistics companies, infrastructure construction, and tactical military vehicles, reported financial results for its third quarter and nine-month period ended September 30, 2017.
Third Quarter Ended September 30, 2017
The company reported revenue of approximately $1.6 million, a 22 percent increase when compared to revenue of approximately $1.3 million for the third quarter of 2016. Gross profit for the quarter was approximately $.641 million compared to gross profit of $.548 million for the third quarter of 2016.
The company reported net income for the quarter of $.368 million compared to a net loss of ($.152) million for the comparable 2016 quarter.
Nine-Month Period Ended September 30, 2017
Revenue for the nine-month period was approximately $4.3 million compared to revenue of $7.1 million for the comparable 2016 nine-month period.
The company reported net income of approximately $.117 million for the period compared to net income of approximately $1.2 million for the comparable period in 2016. As noted in previous news releases, revenue for the first quarter of 2016 was extraordinarily high creating a distorted view of 2016 comparable quarter's revenue, profit and income.
During the third quarter AmeraMex booked orders of approximately $2.9 million along with a $500,000 rental agreement. The Company does not report revenue from equipment sales until the equipment ships to the customer. In addition to sales of $2.9 million, AmeraMex purchased a large lot of heavy equipment from a distressed company. The equipment has an approximate retail value of $1.5 million and is in the process of being refurbished.
AmeraMex CEO Lee Hamre commented, "We are midway into the fourth quarter and have already booked $2.5 million in equipment orders; a $1 million rent-to-purchase agreement; and a five-year, $1.8 million maintenance agreement generating $30,000 per month beginning November 1, 2017. We have great prospects for a good fourth quarter."
AmeraMex has been working closely with its outside audit firm. The audit firm has represented to AmeraMex that audited financial statements for the fiscal years ended December 31, 2017, and 2016 should be complete in early 2018. Once completed, the audits will be provided to the Company's outside legal team for completion of the Form 10 and its submission to the SEC.
Conference Call
The shareholder conference call, chaired by AmeraMex CEO Lee Hamre, is scheduled for Friday, November 17, 2017 at 11:00 a.m. Pacific Time, 2:00 p.m. Eastern Time.
The conference call dial-in number for both U.S. and international callers is 1.323.794.2094. An audio replay of the call will be available from November 17, 2017 at 5:00 p.m. Eastern Time until December 1, 2017 at 11:59 p.m. Eastern Time. The replay is accessible by dialing 1.412.317.6671 and entering pin number 8203792. An audio version of the conference call will also be available on the Company's website, www.ammx.net.
| AMERAMEX INTERNATIONAL, INC. | ||||||||||||
| STATEMENT OF OPERATIONS | ||||||||||||
| FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2017 AND 2016 | ||||||||||||
| (UNAUDITED) | ||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
| 2017 | 2016 | 2017 | 2016 | |||||||||
| Sales | $ | 1,595,717 | $ | 1,310,292 | $ | 4,305,629 | $ | 7,129,105 | ||||
| Cost of goods sold | 954,916 | 762,485 | 2,486,293 | 2,952,329 | ||||||||
| Gross profit | 640,801 | 547,807 | 1,819,336 | 4,176,776 | ||||||||
| Operating expenses: | ||||||||||||
| Selling expenses | 52,363 | 19,271 | 156,307 | 57,690 | ||||||||
| General and administrative | 488,155 | 665,189 | 1,310,387 | 2,268,643 | ||||||||
| Total operating expenses | 540,518 | 684,460 | 1,466,694 | 2,326,333 | ||||||||
| Income (loss) from operations | 100,283 | (136,653 | ) | 352,642 | 1,850,443 | |||||||
| Other income (expense) | ||||||||||||
| Interest expense | (43,245 | ) | (27,073 | ) | (117,852 | ) | (96,703 | ) | ||||
| Other income/expense | 310,826 | 14,243 | (117,462 | ) | (482,185 | ) | ||||||
| Total other income (expense) | 267,582 | (12,830 | ) | (235,314 | ) | (578,888 | ) | |||||
| Income before provision for income taxes | 367,865 | (149,483 | ) | 117,328 | 1,271,555 | |||||||
| Provision for income taxes | 2,765 | 25,885 | ||||||||||
| Net income (loss) | $ | 367,865 | $ | (152,248 | ) | $ | 117,328 | $ | 1,245,670 | |||
| Weighted average shares outstanding : | ||||||||||||
| Basic | 754,015,879 | 754,015,879 | 732,432,394 | 732,432,394 | ||||||||
| Diluted | 754,015,879 | 754,015,879 | 732,432,394 | 732,432,394 | ||||||||
| Earnings per share | ||||||||||||
| Basic | $ | 0.00 | $ | (0.00 | ) | $ | 0.00 | $ | 0.00 | |||
| Diluted | $ | 0.00 | $ | (0.00 | ) | $ | 0.00 | $ | 0.00 | |||
| AMERAMEX INTERNATIONAL, INC. | |||
| BALANCE SHEET | |||
| SEPTEMBER 30, 2017 | |||
| (UNAUDITED) | |||
| ASSETS | |||
| Current Assets: | |||
| Cash | $ | 48,559 | |
| Accounts receivable | 632,717 | ||
| Inventory | 1,550,232 | ||
| Other current assets | (6,531 | ) | |
| Total current assets | 2,224,977 | ||
| Furniture and equipment, net | 3,862,511 | ||
| Other assets | 245,425 | ||
| TOTAL ASSETS | $ | 6,332,914 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||
| Current Liabilities: | |||
| Accounts payable | $ | 566,627 | |
| Accrued expenses | 312,540 | ||
| Income taxes payable | - | ||
| Line of credit | 89,411 | ||
| Notes payable, current portion | 1,947,473 | ||
| Notes payable - related party | 379,215 | ||
| Total current liabilities | 3,295,266 | ||
| Notes payable, net of current portion | 869,803 | ||
| TOTAL LIABILITIES | 4,165,069 | ||
| STOCKHOLDERS' EQUITY: | |||
| Common stock, $0.0001 par value, 100,000,000 shares authorized, | |||
| 754,015,879 and 664,890,879 shares issued and outstanding | 754,016 | ||
| Additional paid-in capital | 20,774,825 | ||
| Treasury stock | (5,438 | ) | |
| Accumulated deficit | (19,355,559 | ) | |
| Total stockholders' equity | 2,167,845 | ||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 6,332,914 | |
| AMERAMEX INTERNATIONAL, INC. | |||
| STATEMENT OF CASH FLOWS | |||
| FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017 | |||
| (UNAUDITED) | |||
| 2017 | |||
| OPERATING ACTIVITIES: | |||
| Net income | $ | 117,328 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | - | ||
| Stock-based compensation | - | ||
| Loss on settlement of debt for common stock | - | ||
| Change in current assets and liabilities: | |||
| Accounts receivable | (402,266 | ) | |
| Inventory | 484,285 | ||
| Other assets | 17,272 | ||
| Accounts payable | (614,101 | ) | |
| Accrued expenses | - | ||
| Income tax payable | - | ||
| Net cash provided by operating activities | (397,483 | ) | |
| INVESTING ACTIVITIES: | |||
| Payment for furniture and equipment | 205,686 | ||
| Net cash used in investing activities | 205,686 | ||
| FINANCING ACTIVITIES: | |||
| Proceeds from note payable, net | 548,245 | ||
| Repayment of note payable - related party | (42,268 | ) | |
| Net proceeds (borrowing) under line of credit | (356,500 | ) | |
| Purchase of treasury stock | 5,000 | ||
| Net cash used in financing activities | 154,477 | ||
| NET DECREASE IN CASH | (37,320 | ) | |
| CASH, BEGINNING BALANCE | 86,482 | ||
| CASH, ENDING BALANCE | $ | 49,162 | |
| CASH PAID FOR: | |||
| Interest | $ | 117,852 | |
| 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
AmeraMex International sells, leases and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. The company also represents an inclusive product line of advanced performance tactical military vehicles from Oshkosh Defense, LLC. AmeraMex, with a US and international customer base, has over 30 years of experience in heavy equipment sales and service. Follow AmeraMex on Twitter @ammx_intl and visit the AmeraMex website, www.AMMX.net or www.hamreequipment.com for additional information and equipment videos.
Except for the historical information contained herein, statements discussing the SEC audit, 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
Office: 949.632.1900 or Marty@McCloudCommunications.com
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