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. (
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