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
/EINPresswire.com/ -- CHICO, CA -- (Marketwired) -- 08/11/16 -- 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 For the For the Six- For the Six-
Three-month Three-month month Period month Period
Period Ended Period Ended Ended Ended
June 30, June 30, June 30, June 30,
2015 2016 2015 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
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Total current assets 1,916,304
PROPERTY AND EQUIPMENT
Furniture and equipment, net 3,532,222
Other assets 153,090
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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
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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
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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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