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AmeraMex International Reports Third Quarter Revenue of $1.3 Million and Revenue for the Nine-Month Period of $7.1 Million

/EINPresswire.com/ -- Shareholder Conference Call Friday, November 15 at 11:00 p.m. PT

CHICO, CA--(Marketwired - Nov 15, 2016) - AmeraMex International, Inc. (OTC PINK: AMMX), a provider of heavy equipment to infrastructure, shipping, construction and farming companies, today reported financial results for its third quarter and nine-month period, ended September 30, 2016.

Third Quarter Ended September 30, 2016

  • Revenue down 24 percent
  • Gross profit down 13 percent
  • Net loss for the quarter

The company reported revenue of approximately $1.3 million compared to revenue of approximately $1.7 million for the third quarter of 2015. Gross profit for the quarter was approximately $.548 million compared to gross profit of $.632 million for the third quarter of 2015.

The company reported net loss for the quarter of ($.152) million compared to net income of $.102 million for the 2015 quarter.

The loss was due in part to an increase of approximately $200,000 in operating expenses pertaining to the initial SEC audit, employee health insurance and increased deprecation.

Nine-Month Period Ended September 30, 2016

  • Revenue increases 82 percent
  • Gross profit increases 110 percent
  • Net income increases 60 percent

Revenue for the nine-month period was approximately $7.1 million compared to revenue of $3.9 million for the comparable 2015 period. Gross profit for the period was approximately $4.2 million compared to gross profit of $2.0 million for the nine-month period of 2015.

The company reported net income of approximately $1.2 million for the period compared to net income of approximately $.343 million for the comparable period in 2015.

Conference Call

The shareholder conference call, chaired by AmeraMex CEO Lee Hamre, is scheduled for Tuesday, November 15, 2016 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 1.719.325.2228 and the conference call ID is 5769599. An audio replay of the conference call will be available from November 15, 2016 at 5:00 p.m. Eastern until November 29, 2016 at 11:59 a.m. Eastern. The replay can be accessed by dialing 1.844.512.2921 and entering conference pin number 5769599.

   
AmeraMex International, Inc.  
Condensed Statement of Operations  
(Unaudited)  
   
    Nine Months Ended     Three Months Ended  
    9/30/2016     9/30/2015     9/30/2016     9/30/2015  
                                 
Sales   $ 7,129,105     $ 3,928,668     $ 1,310,292     $ 1,713,858  
Cost Of Sales     2,952,329       1,951,066       762,485       1,081,376  
Gross Profit     4,176,776       1,977,602       547,807       632,482  
                                 
Expenses                                
  Selling expense     57,690       -       19,271       -  
  G&A     2,268,643       1,479,422       665,189       482,650  
Total Operating Expenses     2,204,651       1,479,423       684,460       482,650  
                                 
Net Income(Loss)                                
from Operations     1,850,443       498,180       (136,653 )     149,832  
                                 
Other Income (Expense)                                
  Interest expense     (96,703 )     -       (27,073 )     -  
  Other expense     (482,185 )     (154,880 )     14,243       (39,248 )
  Total other income (expense)     (578,888 )     (154,880 )     (12,830 )     (39,248 )
                                 
                                 
Income Tax Provision     (25,885 )     (10,381 )     (2,765 )     (8,935 )
                                 
                                 
Net Income (Loss)   $ 1,245,670     $ 332,919     $ (152,248 )   $ 101,649  
                                 
Basic and Diluted Earnings (Loss) per Share     0       0       0       0  
                                 
Weighted Average Shares Outstanding     732,432,394       664,890,879       754,015,879       664,890,879  
                                 
                                 
                                 
AmeraMex International, Inc.
Condensed Consolidated Balance Sheet
09/30/2016
 
         
         
ASSETS          
  Current Assets:          
  Cash & equivalent 825,515        
  Account receivable 237,294        
  Inventory 3,243,861        
  Other current assets 114,218        
    Total Current Asset 4,420,888        
           
Fixed Asset Net 3,365,067        
Other Asset 153,090        
TOTAL ASSETS       $ 7,939,045
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
  Current Liabilities:          
  Accounts payable 2,803,953        
  Accrued expenses 76,215        
  Taxes payable -        
  Line of credit 472,686        
  Notes payable, current portion 551,524        
  Notes payable, related party 425,722        
    Total Current Liabilities 4,330,100        
           
    Total Long-term Liabilities 588,252        
    Total Liabilities 4,918,352        
           
           
STOCKHOLDERS EQUITY          
           
  Shares issued and outstanding 754,016        
  Paid-in capital 20,774,825        
  Treasury stock (10,438 )      
  Accumulated deficit (18,497,710 )      
    Total Stock Equity 3,020,693        
           
           
TOTAL LIABILITY & STOCKHOLDER EQUITY       $ 7,939,045
           
           

Total Shares Issued and Outstanding: 754,015,879 as of September 30, 2016

 
 
AMERAMEX INTERNATIONAL, INC.
STATEMENT OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2016
(UNAUDITED)
 
     
    2016
     
OPERATING ACTIVITIES:    
  Net income   $ 1,245,670  
  Adjustments to reconcile net income to net cash provided by operating activities:        
      Depreciation     331,580  
      Stock-based compensation     97,663  
      Loss on settlement of debt for common stock     497,500  
    Change in current assets and liabilities:        
      Accounts receivable     (4,337 )
      Inventory     (1,664,332 )
      Other assets     (52,164 )
      Accounts payable     1,761,229  
      Accrued expenses     51,340  
      Income tax payable     (118,338 )
  Net cash provided by operating activities     2,145,811  
         
INVESTING ACTIVITIES:        
    Payment for furniture and equipment     (1,996,951 )
  Net cash used in investing activities     (1,996,951 )
         
FINANCING ACTIVITIES:        
    Proceeds from note payable, net     145,725  
    Repayment of note payable - related party     (210,666 )
    Net proceeds (borrowing) under line of credit     71,666  
    Purchase of treasury stock     (6,438 )
  Net cash used in financing activities     287  
         
NET DECREASE IN CASH     149,147  
CASH, BEGINNING BALANCE     676,368  
CASH, ENDING BALANCE   $ 825,515  
CASH PAID FOR:        
  Interest   $ 96,703  
  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 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 maintains an inventory of top-of-the-line equipment and parts 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.

Media and Financial Contact:
Marty Tullio
McCloud Communications LLC
Phone: 949.632.1900
Email Contact