SOURCE: AmeraMex International

AmeraMex International

August 11, 2016 08:00 ET

AmeraMex International Reports Second Quarter Revenue of $2.6 Million; $5.8 Million Revenue for the Six-Month Period

Second Quarter Conference Call August 24th at 11:00 a.m. Pacific Time

CHICO, CA--(Marketwired - Aug 11, 2016) - AmeraMex International, Inc. (OTC PINK: AMMX), a provider of heavy equipment to infrastructure, shipping, construction, farming and mining companies, today reported financial results for its second quarter ended June 30, 2016. 

Highlights for the Six-month Period

  • SEC audit began and is expected to be completed in September 2016
  • Sales agreements signed in the second quarter were approximately $2.5 million
    • Received rental agreement totaling $100,000
    • Container handlers (wet and dry ports) contributed $1.8 million in sales
    • Farming equipment contributed approximately $135,000 in sales
    • Forklifts contributed (mainly to sawmills) approximately $560,000 in sales
  • Company received TRACE certification

Second Quarter Ended June 30, 2016
The company reported revenue of $2,575,732 compared to revenue of $1,278,008 for the second quarter of 2015. Net income for the quarter was $237,510 compared to net income of $252,799 for the second quarter of 2015. Gross profit, as a percentage of sales, was 36 percent compared to 63 percent for the comparable 2015 period.

Six-Month Period Ended June 30, 2016
Revenue for the six-month period was $5,818,813 compared to revenue of $2,213,206 reported for the comparable six-month period of 2015. Gross profit margin, as a percentage of sales, was 62 percent. The company reported net income of $1,421,038, compared to net income of $221,456 for the six-month period in 2015. 

The conference call dial-in number for both U.S. and international callers is 1.719.457.2655. An audio replay of the conference call will be available from August 24, 2016 at 5:00 p.m. Eastern until September 7, 2016 at 11:59 p.m. Eastern. The replay can be accessed by dialing 1.858.384.5517 and entering conference pin number 1193466.

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 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.

Safe Harbor Statement
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.

   
AmeraMex International, Inc.  
CONDENSED STATEMENT OF OPERATIONS  
(UNAUDITED)  
   
   
For the Three-month Period Ended
June 30, 2015
   
For the Three-month Period Ended
June 30, 2016
   
For the Six-month Period Ended
June 30, 2015
   
For the Six-month Period Ended
June 30, 2016
 
                                 
Sales   $ 1,278,008     $ 2,575,732     $ 2,213,206     $ 5,818,813  
                                 
Cost of Sales     477,401       1,643,988       863,917       2,189,844  
                                 
Gross Profit     800,307       931,744       1,349,290       3,628,969  
                                 
                                 
Expenses:                                
  Operating     341.764       -       520,151       -  
  Selling     -       19,463       -       38,419  
  G&A     225.744       643,996       520,,835       1,603,454  
                                 
Total Operating Expenses     547,508       663,459       1,040,986       1,641,873  
                                 
Net Income (loss) from Operations     252,799       268,285       308,304       1,987,096  
                                 
  Other Income, Expense, Depreciation     (49,747 )     (31,772 )     (85,401 )     (69,630 )
  Other Expense     -       997       -       (496,428 )
  Provision for Income Tax     1,446       -       1,446       23,120  
                                   
  Net Income (Loss)   $ 201,606     $ 237,510     $ 221,456     $ 1,397,918  
                                   
  Basic Earnings (Loss) Per Share     0       0       0       0  
                                   
Weighted Average Shares Outstanding     660,280,879       753,415,879       660,280,879       753,415,879  
                                 
Diluted Earnings (Loss) Per Share     0       0       0       0  
                                 
                                 
   
AmeraMex International, Inc.  
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS  
Second Quarter 2016  
   
CURRENT ASSETS        
         
Cash and cash equivalents   $ 77,032  
  Accounts receivable     235,156  
  Other Current Assets     166,075  
  Inventory     1,438,041  
         
    Total current assets     1,916,304  
         
PROPERTY AND EQUIPMENT        
  Furniture and equipment, net     3,532,222  
  Other assets     153,090  
    TOTAL ASSETS   $ 5,601,616  
         
CURRENT LIABILITIES        
         
  Accrued Expenses     37,263  
  Accounts Payable     378,784  
  Income Tax Payable     118,338  
  Line of Credit     480,186  
  Notes Payable - current     520,097  
  Notes Payable - related parties     424,093  
           
    Total current liabilities     1,958,761  
         
Notes Payable net of current     588,252  
         
    TOTAL LIABILITIES   $ 2,547,013  
         
STOCKHOLDER'S EQUITY        
  Common stock     754,016  
  Additional paid in capital     20,774,825  
  Accumulated deficit     (18,463,800 )
  Treasury stock     (10,438 )
    Total Shareholder Equity   $ 3,054,603  
         
TOTAL LIABILITY AND SHAREHOLDER EQUITY   $ 5,601,616  
   
Shares Issued and Outstanding 753.4 Million
Restricted 664.9 Million
   
   
   
AMERAMEX INTERNATIONAL, INC.  
STATEMENTS OF CASH FLOWS  
FOR THE SIX MONTHS ENDED JUNE 30, 2016  
(UNAUDITED)  
         
OPERATING ACTIVITIES:        
  Net income   $ 1,397,918  
  Adjustments to reconcile net income to net cash provided by operating activities:        
      Depreciation     225,884  
      Stock-based compensation     97,663  
      Loss on settlement of debt for common stock     497,500  
    Change in current assets and liabilities:        
      Accounts receivable     (2,199 )
      Inventory     141,488  
      Other assets     (104,021 )
      Accounts payable     (663,940 )
      Accrued expenses     12,388  
      Income tax payable     (118,338 )
  Net cash provided by operating activities     1,484,343  
         
INVESTING ACTIVITIES:        
    Payment for furniture and equipment     (2,058,410 )
  Net cash used in investing activities     (2,058,410 )
         
FINANCING ACTIVITIES:        
    Proceeds from note payable, net     114,298  
    Repayment of note payable - related party     (212,295 )
    Net proceeds (borrowing) under line of credit     79,166  
    Purchase of treasury stock     (6,438 )
  Net cash used in financing activities     (25,269 )
         
NET DECREASE IN CASH     (599,336 )
CASH, BEGINNING BALANCE     676,368  
CASH, ENDING BALANCE   $ 77,032  
CASH PAID FOR:        
Interest   $ 69,630  
         
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:        
Common stock issued for the settlement of accounts payable   $ 30,000  
Common stock issued for the settlement of notes party - related party   $ 50,000  
         

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