AmeraMex International Reports Revenue for Second Quarter and Six-Month Period Ended June 30, 2020

CHICO, CA / ACCESSWIRE / August 10, 2020 / AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reports revenue for its second quarter and six-month period ending June 30, 2020.

The Company’s revenue for the second quarter and six-month period was negatively affected by COVID-19 restraints as was that of its customers. The first month of the third quarter has already experienced a revenue turnaround. For the month of July through August 4, the Company reported sales in excess of $2.2 million. Based on potential order backlog and activity, AmeraMex management strongly believes that the second six months of 2020 will be outstanding.

Second Quarter Ended June 30, 2020

The company reported revenue of $1,782,658 compared to revenue of $5,473,041 for the second quarter of 2019. This represents a 67 percent decrease when compared to the second quarter of 2019.

Gross profit for the quarter was $430,288 compared to gross profit of $605,604 for the second quarter of 2019. Gross profit as a percentage of revenue was 24 percent compared to 11 percent for the second quarter of 2019.

The net loss for the quarter was $(439,840) compared to net income of $24,032 for the second quarter of 2019. This loss is attributed, in part, to a one-time operating expense of $428,700.

Six-Month Period Ended June 30, 2020

Revenue for the six-month period was $3,221,154, a 59 percent decrease when compared to revenue of $7,916,933 reported for the comparable six-month period of 2019.

Gross profit for the six-month period was $874,499 compared to gross profit of $1,247 ,674 for the six-month period of 2019. Gross profit as a percentage of revenue was 27 percent for the six-month period compared to 15 percent for the six-month period of 2019.

The net loss for the six-month period was $(567,919) compared to a net loss of $(258,586) reported for the comparable six-month period of 2019.

AmeraMex’s CFO, Hope Stone, presented at the OTC Markets Online OTCQB Venture Company Investor Conference on August 6, 2020. A replay of Stone’s presentation is available, via registration, on the OTCMarkets.com website.

As a reminder, the public is invited to participate today in the Company’s second quarter conference call at 11:00 a.m. PT, 2:00 p.m. ET. The conference call dial-in number for both U.S. and international callers is 1.201.689.8560. Please dial in to the conference center five minutes before the call begins and ask the operator for the AmeraMex conference call. An audio replay of the call will be available from August 10, 2020 at 5:00 p.m. ET until August 24, 2020 at 11:59 p.m.ET. The replay is accessible by dialing 1.412.317.6671 and entering pin number 13707920

About AmeraMex International

AmeraMex International sells, leases and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. AmeraMex, with a US and international customer base, has over 30 years of experience in heavy equipment sales and service. Follow AmeraMex on Twitter @ammx_intl and visit the AmeraMex website, www.AMMX.net or www.hamreequipment.com for additional information and equipment videos.

Forward-Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believe,” “expect,” “anticipate,” “plan,” “potential,” “continue” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Investors are encouraged to review the Company’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company’s control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Investor and Media Relations
McCloud Communications, LLC
Marty Tullio, Managing Member
Office: 949.632.1900 or [email protected]

Tables follow:

 

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENT OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019

 
  THREE MONTHS     THREE MONTHS           SIX MONTHS     SIX MONTHS        
 
  JUNE 30,
2020
    JUNE 30,
2019
          JUNE 30,
2020
    JUNE 30,
2019
       
 
                                   
REVENUES
                                   
Sales of Equipment and Other Revenues
  $ 1,025,364     $ 4,901,300           $ 1,937,679     $ 6,671,353       -71 %
Rentals and Leases
    757,321       571,741             1,283,475       1,245,580       3 %
Total Sales
    1,782,685       5,473,041             3,221,154       7,916,933       -59 %
 
                                             
COST OF SALES
                                             
Sales of Equipment and Other Revenues
    1,103,305       4,632,000       95 %     1,849,257       6,197,536       93 %
Rentals and Leases
    249,092       235,537       41 %     497,398       471,723       38 %
Total Operating Expenses
    1,352,397       4,867,537               2,346,655       6,669,259       -65 %
 
                                               
GROSS PROFIT
    430,288       605,504               874,499       1,247,674       19 %
 
                                               
OPERATING EXPENSES
                                               
Selling Expense
    59,167       106,726               148,000       187,959          
General and Administrative
    708,562       292,751               977,085       497,368          
Total Operating Expenses
    767,729       399,477               1,125,085       685,327          
 
                                               
Profit (loss) From Operations
    (337,441 )     206,027               (250,586 )     562,347          
 
                                               
OTHER INCOME (EXPENSE)
                                               
Interest Expense, net
    (260,989 )     (172,559 )             (520,797 )     (435,734 )        
Loss from Early Extinguishment of Debt
                              (482,908 )        
Other Income (Expense)
          716               (1,302 )     1,233          
Total Other Income (Expense)
    (260,989 )     (171,843 )             (522,099 )     (917,409 )        
 
                                               
INCOME BEFORE PROVISION for INCOME TAXES
    (598,430 )     34,184               (772,685 )     (355,062 )        
 
                                               
PROVISION (BENEFIT) for INCOME TAXES
    (158,590 )     10,152               (204,766 )     (96,476 )        
 
                                               
NET INCOME (LOSS)
  $ (439,840 )   $ 24,032             $ (567,919 )   $ (258,586 )        
 
                                               
Weighted Average Shares Outstanding:
                                               
Basic
    753,415,879       753,415,879               753,415,879       753,415,879          
Diluted
    753,415,879       753,415,879               753,415,879       753,415,879          
 
                                               
Earnings (loss) per Share
                                               
Basic
  $ 0.00     $ 0.00             $ 0.00     $ 0.00          
Diluted
  $ 0.00     $ 0.00             $ 0.00     $ 0.00          
 
                                               

AMERAMEX INTERNATIONAL, INC.
UNAUDITED BALANCE SHEETS
FOR THE SIX MONTHS ENDED JUNE 30, 2020
AND THE YEAR ENDED DECEMBER 31, 2019

 
  JUNE 30,
2020
    DECEMBER 31,
2019
 
ASSETS
           
Current Assets:
           
Cash
  $ 210,739     $ 114,504  
Accounts Receivable, Net
    975,043       589,710  
Inventory, Net
    7,385,715       4,832,283  
Other Current Assets
    234,476       206,945  
Total Current Assets
    8,805,973       5,743,442  
 
               
Property and Equipment, Net
    1,135,234       1,179,794  
Rental Equipment, Net
    3,371,724       4,036,612  
Other Assets
    436,597       489,562  
Total Other Assets
    4,943,555       5,705,968  
 
               
TOTAL ASSETS
  $ 13,749,528     $ 11,449,410  
 
               
LIABILITIES & STOCKHOLDERS’ EQUITY
               
Current Liabilities:
               
Accounts Payable
  $ 733,432     $ 531,806  
Accrued Expenses
    572,461       79,787  
Joint Venture Liability
    442,000       459,500  
Line of Credit
    225,090       408,033  
Notes Payable, Current Portion
    1,749,893       386,528  
Total Current Liabilities
    3,722,876       1,865,654  
 
               
Long-Term Liabilities
               
Deferred Tax Liability
    21,578       226,339  
Notes Payable – Related Party
    315,122       334,794  
Notes Payable, net of Current Portion
    2,592,085       559,235  
Line of Credit
    5,516,026       6,313,628  
Total Long-Term Liabilities
    8,444,811       7,433,996  
 
               
TOTAL LIABILITIES
    12,167,687       9,299,650  
 
               
Commitments and Contingencies (Note 11)
               
 
               
STOCKHOLDERS’ EQUITY:
               
Shareholders’ Equity
               
Preferred Stock, $0.001 par value, 5,000,000 shars authorized, no
           
shares issued and outstanding
               
Common Stock, $0.001 par value, 1,000,000,000 shares authorized
    753,416       753,416  
753,415,879 shares issued and outstanding
               
Additional Paid-In Capital
    20,781,087       20,781,087  
Accumulated Deficit
    (19,952,662 )     (19,384,743 )
Total Stockholders’ Equity (Deficit)
    1,581,841       2,149,760  
 
               
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY
  $ 13,749,528     $ 11,449,410  
 
               

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENT OF CASH FLOW
FOR THE SIX MONTHS ENDED JUNE 30, 2020 AND 2019

 
  JUNE 30,
2020
    JUNE 30,
2019
 
 
           
OPERATING ACTIVITIES:
           
Net Loss
    (567,919 )     (258,586 )
Adjustments to reconcile Net Loss to
               
Net Cash provided by Operations Activities:
               
Depreciation and Amortization
    676,983       580,044  
Provision for Deferred Income Taxes
    (204,761 )     (75,114 )
Loss on Early Extinguishment of Debt
          482,908  
Change in Assets and Liabilities:
               
Accounts Receivable
    (385,333 )     322,115  
Inventory
    (2,553,432 )     (963,246 )
Other Current Assets
    (27,531 )     (195,673 )
Accounts Payable
    201,626       (250,513 )
Accrued Expenses
    492,674       (34,136 )
NET CASH PROVIDED BY OPERATING ACTIVITIES
    (2,367,693 )     (392,201 )
 
               
INVESTING ACTIVITIES:
               
Payments for Property & Equipment
    (135,025 )     (90,801 )
Payments for Rental Equipment
    167,490       (98,371 )
NET CASH PROVIDED BY INVESTING ACTIVITIES
    32,465       (189,172 )
 
               
FINANCING ACTIVITIES:
               
Proceeds from Notes Payable
    3,804,863       126,000  
Payments on Notes Payable
    (391,300 )     (5,580,757 )
Payment on Note Payable – Related Party
    (19,672 )     (1,101 )
Joint Venture Liability
    (17,500 )      
Net Proceeds Borrowing Under Line of Credit
    (980,546 )     6,015,067  
NET CASH PROVIDED BY FINANCING ACTIVITIES
    2,395,845       559,209  
 
               
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS
    60,617       (22,164 )
 
               
Cash and Cash Equivalents, BEGINNING OF PERIOD
    114,504       197,752  
Cash and Cash Equivalents, END OF PERIOD
    175,121       175,588  
 
               
CASH PAID FOR:
               
Interest
    520,797       435,734  
Income Taxes
    204,766       195,598  
 
               
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING
               
AND FINANCING ACTIVITIES:
               
Transfer of Inventory to Rental Equipment
           
Equipment Financed under Capital Leases
    3,742,310        
Transfer of Rental Equipment to Inventory
    227,279        
 
               

SOURCE: AmeraMex International, Inc.

View source version on accesswire.com:
https://www.accesswire.com/600890/AmeraMex-International-Reports-Revenue-for-Second-Quarter-and-Six-Month-Period-Ended-June-30-2020

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