SOURCE: AmeraMex International

AmeraMex International

April 04, 2017 08:00 ET

AmeraMex International Reports a 24 Percent Increase in Sales for the Year-Ended December 31, 2016

CHICO, CA--(Marketwired - Apr 4, 2017) - AmeraMex International, Inc. (OTC PINK: AMMX), a provider of heavy equipment to infrastructure, shipping, logging and construction companies, today reported financial results for its financial year ended December 31, 2016.

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,
 
  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
    Email Contact