CHICO, CA--(Marketwired - Apr 4, 2017) - AmeraMex International, Inc. (
Highlights for the Year Ended December 31, 2016
Revenue for 2016 Increased 24 Percent
The company reported revenue of approximately $10.1 million compared to revenue of approximately $8.1 million for the year ended December 31, 2015.
Gross Profit for 2016 Increased 17 Percent
The company reported gross profit of $4.6 million compared to gross profit of $4.0 million for the year ended December 31, 2015. Gross profit as a percentage of sales rose 6 percent over the previous year.
Net Income
The company reported net income for the year of approximately $1.0 million compared to net income of $1.4 million for the year ended December 31, 2015. The decline is due to added expenses associated with becoming an SEC reporting company. This is the company's sixth consecutive years of profitability.
Stronger Balance Sheet
Current assets improved significantly with an approximate $1.0 million increase in Inventory. Additionally, the company acquired two new heavy-haul transport tractor-trailers and a new service truck.
Audit Update
The Company has completed its 2014 and 2015 audited financial statements. Work has commenced on preparing a Registration Statement on Form 10 (the "Registration Statement") to file with the United States Securities and Exchange Commission ("SEC"). Reviewed interim financial statements and an audit of the 2016 financial statements will be required and those are being prepared as well.
The Company plans to file the Registration Statement with the SEC as soon as possible. Then the SEC comment process will begin. The process can last many months, but the Company and its service providers are committed to responding expeditiously. After the SEC comment process is completed to their satisfaction, they will declare the Registration Statement "effective" and AmeraMex will be a "reporting company" which is a requirement before applying to list on the OTCQB.
Auditor and Legal Firm
In compliance with SEC regulations, the Company retained the firm of Chia & Alton LLP as its auditors and the firm of Fitzgerald, Yap, Kreditor LLP as its legal advisors. The Company recently replaced Chia & Alton LLP with dbbmckennon LLP. The replacement, which slightly delayed the audit of the financials for the year ended December 31, 2016, is better aligned with the needs of AmeraMex.
Shareholder Conference Call
AmeraMex International will be provide a shareholder update April 5 at 9:30 a.m. Pacific Time. The conference call dial-in number for both U.S. and international callers is 1.719.325.2484. Please dial in to the conference center five minutes before the call begins and ask the operator for the AmeraMex conference call.
Financials follow
| AMERAMEX INTERNATIONAL, INC. | |||||||||
| Consolidated Income Statement | |||||||||
| (Unaudited) | |||||||||
| Twelve Months December 31, |
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| 2016 | 2015 | ||||||||
| Sales | $ | 10,114,772 | $ | 8,177,228 | |||||
| Cost of goods sold | 5,472.380 | 4,193,941 | |||||||
| Gross profit | 4,642,392 | 3,983,287 | |||||||
| Operating expenses: | |||||||||
| Selling expenses | 212,943 | 74,923 | |||||||
| General and administrative | 3,289,256 | 2,172,702 | |||||||
| Total operating expenses | 3,502,199 | 2,247,625 | |||||||
| Income (loss) from operations | 1,140,193 | 1,735,662 | |||||||
| Other income (expense) | |||||||||
| Interest expense | (155,692 | ) | (154,680 | ) | |||||
| Other income | 54,789 | 98,644 | |||||||
| Total other income expense) | (100,903 | ) | (56,036 | ) | |||||
| Income before provision for income taxes | 1,039,290 | 1,679,626 | |||||||
| Provision for income taxes | - | 148,515 | |||||||
| Net income (loss) | $ | 1,039,290 | $ | 1,531,111 | |||||
| Weighted average shares outstanding | |||||||||
| Basic | 753,415,879 | 664,890,879 | |||||||
| Diluted | 753,415,879 | 664,890,879 | |||||||
| Earnings per share | |||||||||
| Basic | $ | (0.00 | ) | $ | 0.00 | ||||
| Diluted | (0.00 | ) | 0.00 | ||||||
| AmeraMex International, Inc. | ||||||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| December 31 | ||||||||
| CURRENT ASSETS | 2016 | 2015 | ||||||
| Cash and cash equivalents | $ | 86,682 | 676,368 | |||||
| Accounts receivable | 230,351 | 232,957 | ||||||
| Other Current Assets | 91,988 | 62,054 | ||||||
| Inventory | 2,266,006 | 1,364,837 | ||||||
| Total current assets | 2,675,027 | 2,336,216 | ||||||
| PROPERTY AND EQUIPMENT | ||||||||
| Furniture and equipment, net | 3,112,535 | 1,699,676 | ||||||
| Other assets | 243,800 | 215,927 | ||||||
| TOTAL ASSETS | $ | 6,031,362 | 4,251,819 | |||||
| CURRENT LIABILITIES | ||||||||
| Accrued Expenses | $ | 45,956 | 24,875 | |||||
| Accounts Payable | 1,179,127 | 1,072,724 | ||||||
| Income Tax Payable | 111,811 | |||||||
| Deferred Tax Liability | 36,704 | 36,704 | ||||||
| Line of Credit | 445,911 | 401,020 | ||||||
| Notes Payable - current | 336,680 | 447,124 | ||||||
| Notes Payable - related parties | 421,483 | 686,388 | ||||||
| Total current liabilities | 2,465,861 | 2,780,646 | ||||||
| Notes Payable net of current | 933,219 | 546,927 | ||||||
| TOTAL LIABILITIES | $ | 3,399,080 | 3,327,573 | |||||
| STOCKHOLDER'S EQUITY | ||||||||
| Common stock | 664,891 | 664,891 | ||||||
| Additional paid in capital | 20,188,787 | 20,188,787 | ||||||
| Accumulated deficit | (18,217,396 | ) | (19,925,412 | ) | ||||
| Treasury stock | (4,000 | ) | (4,000 | ) | ||||
| Total Shareholder Equity (deficit) | $ | 2,632,282 | 924,266 | |||||
| TOTAL LIABILITY AND SHAREHOLDER EQUITY | $ | 6,031,362 | 4,251,839 | |||||
Shares Issued and Outstanding 753.4 Million
| AMERAMEX INTERNATIONAL, INC. STATEMENT OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015 |
|||||||||
| 2016 | 2015 | ||||||||
| OPERATING ACTIVITIES: | |||||||||
| Net income (loss) | $ | 1,039,290 | $ | (148,515 | ) | ||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||
| Depreciation | 522,649 | 152,263 | |||||||
| Stock-based compensation | - | - | |||||||
| Change in current assets and liabilities: | |||||||||
| Accounts receivable | 2,607 | 352,673 | |||||||
| Inventory | (901,169 | ) | (818,501 | ) | |||||
| Other assets | (13,391 | ) | (46,033 | ) | |||||
| Accounts payable | 106,403 | (139,346 | ) | ||||||
| Accrued expenses | (17,145 | ) | (194,912 | ) | |||||
| Income tax payable | (118,338 | ) | 105,802 | ||||||
| Deferred tax liability | 636 | 36,704 | |||||||
| Net cash provided by (used in) operating activities | 621,542 | (699,865 | ) | ||||||
| INVESTING ACTIVITIES: | |||||||||
| Payment for furniture and equipment | (1,935,487 | ) | (1,130,372 | ) | |||||
| Net cash used in investing activities | (1,935,487 | ) | (1,130,372 | ) | |||||
| FINANCING ACTIVITIES: | |||||||||
| Proceeds from note payable | 414,763 | 118,472 | |||||||
| Purchase of treasury stock | - | (4,000 | ) | ||||||
| Proceeds from note payable - related party | 264,905 | 147,980 | |||||||
| Net proceeds (borrowing) under line of credit | 44,890 | 401,020 | |||||||
| Net cash provided by financing activities | 724,558 | 663,472 | |||||||
| NET INCREASE (DECREASE) IN CASH | (589,387 | ) | (1,166,765 | ) | |||||
| CASH AND CASH EQUIVALENTS, BEGINNING BALANCE | 676,069 | (349,557 | ) | ||||||
| CASH AND CASH EQUIVALENTS, ENDING BALANCE | $ | 86,682 | $ | 676,069 | |||||
| CASH PAID FOR: | |||||||||
| Interest | $ | 155,692 | |||||||
| Income taxes | - | - | |||||||
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, with customers in the Americas, Africa, Asia and Eastern Europe, has over 30 years of experience in heavy equipment sales and service and inventories top-of-the-line equipment 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.
Contact Information:
Investor and Media Relations
McCloud Communications, LLC
Marty Tullio
Managing Member
Office: 949.632.1900