AmeraMex International Reports Revenue of $4 Million For the First Quarter Ended March 31, 2021

Rhea-AI Summary

AmeraMex International (OTCQB:AMMX) reported a significant first-quarter financial performance for 2021, with revenue growth of 180% to approximately $4 million, compared to $1.4 million in 2020. Gross profit surged 260% to about $1.2 million, while net profit reached $365,829, a 350% increase from the prior year's loss. The company increased its total assets by $1 million to $13.5 million. However, total liabilities also rose by $597,317. The COVID-19 pandemic continues to impact some international customers due to travel restrictions.

Positive

• Revenue increased by 180% to approximately $4 million.
• Gross profit rose by 260% to around $1.2 million.
• Net profit was $365,829, reflecting a 350% improvement from a net loss of $128,079.
• Total assets increased by $1 million to $13.5 million.

Negative

• Total liabilities rose by $597,317, increasing concerns about debt levels.
• Ongoing COVID-19 pandemic impacting international customer operations.

First Quarter Revenue Increases 180 Percent With Year-to-Date Sales of $12.5 Million

CHICO, CA / ACCESSWIRE / May 14, 2021 / AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies (stevedoring/shipping), infrastructure construction, and forestry conservation reported financial results for its first quarter ended March 31, 2021.

Highlights for the First Quarter of 2021

Revenue increases 180 percent.

• Revenue was approximately $4 million, a 180 percent increase when compared to revenue of $1.4 million for the 2020 period.

Gross profit increases 260 percent.

• Gross profit was approximately $1.2 million, a 260 percent increase when compared to gross profit of $444,211 for the period ended March 31, 2020.

Net profit increases 350 percent.

• Net profit was $365,829 a 350 percent increase when compared to a net loss of <$128,079> for the first quarter ended March 31, 2020.
• Earnings Before Interest, Taxes, Depreciation, and Appreciation (EBITDA) were $1.2 million.

Balance Sheet

• Total Assets on the Balance Sheet were $13.5 million an increase of $1 million when compared to the December 31, 2020 period.
• Total Liabilities increased from $11.5 million, an increase of $597,317 when compared to the December 2020 period.

The Company's sales, administrative, and accounting employees are now working from home 50 percent of the time and alternating their days in the office. Shop employees are servicing contracts with our customers and we continue to limit the number of customers in our facility. This will increase as customers and employees are vaccinated.

COVID-19 pandemic continues to impact AmeraMex's international customers due to travel restrictions and a reemergence of the virus in several countries. It is expected that, once more countries inoculate their citizens, rules will begin to relax. Here in the US, it is business as usual for the most part.

April 7, 2021, AmeraMex was offered and accepted an increase in the COVID Economic Injury Disaster Loan from $150,000, which was received in 2020, to $500,000. The remaining $350,000 is expected to be funded in the next few weeks.

The Company is also working with the SBA on a new loan program that is based on the difference between gross earned revenue compared between 2020 and 2019. AmeraMex meets the qualifications and is eligible to receive $5.6 million. The application will be submitted when the SBA begins the submission process.

AMERAMEX INTERNATIONAL, INC. UNAUDITED STATEMENTS OF OPERATIONS AS OF MARCH 31, 2021 AND MARCH 31, 2020
		MARCH 31, 2021				MARCH 31, 2020
REVENUES
Sales of Equipment and Other Revenues		$	3,245,982			$	912,315
Rentals and Leases			783,714				526,154
Total Revenues			4,029,696				1,438,469
COST OF SALES
Sales of Equipment and Other Revenues			2,690,787				745,952
Rentals and Leases			167,201				248,306
Total Cost of Revenues			2,857,988				994,258
GROSS PROFIT			1,171,708				444,211
OPERATING EXPENSES
Selling Expense			139,189				88,833
General and Administrative			244,303				268,523
Total Operating Expenses			383,492				357,356
Profit From Operations			788,216				86,855
OTHER INCOME (EXPENSE)
Interest Expense			(267,057	)			(261,110	)
Loss from Early Extinguishment of Debt			(12,333	)			-
Other Income			10,078				-
Total Other Income (Expense)			(269,312	)			(261,110	)
INCOME BEFORE PROVISION for INCOME TAXES			518,904				(174,255	)
PROVISION (BENEFIT) for INCOME TAXES			153,075				(46,176	)
NET PROFIT (LOSS)		$	365,829			$	(128,079	)
Weighted Average Shares Outstanding:
Basic			14,549,155				15,068,318
Diluted			14,549,155				15,068,318
Earnings (loss) per Share
Basic		$	0.03			$	0.00
Diluted		$	0.03			$	0.00

AMERAMEX INTERNATIONAL, INC. UNAUDITED BALANCE SHEETS AS OF MARCH 31, 2021 AND DECEMBER 31,2020
		MARCH 31, 2021				DECEMBER 31, 2020
ASSETS
Current Assets:
Cash		$	337,600			$	407,881
Accounts Receivable, Net			1,763,281				768,371
Inventory			6,630,817				5,873,569
Other Current Assets			232,291				198,531
Total Current Assets			8,963,989				7,248,352
Property and Equipment, Net			968,972				1,035,840
Rental Equipment, Net			3,114,425				3,624,376
Deferred Tax Assets, Net			-				158,124
Other Assets			435,862				453,410
Total Noncurrent Assets			4,519,259				5,271,750
TOTAL ASSETS		$	13,483,248			$	12,520,102
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable		$	1,253,413			$	620,200
Accrued Expenses			347,316				231,329
Joint Venture Liability			594,747				439,500
Lines of Credit			5,165,554				5,749,801
Notes Payable, Current Portion			1,026,552				911,265
Convertible Note			194,686				150,683
Total Current Liabilities			8,582,268				8,102,778
Long-Term Liabilities
Deferred Tax Liability			(4,249	)			-
Notes Payable - Related Party			239,412				226,659
Notes Payable, Net of Current Portion			2,707,258				2,597,935
Line of Credit			-				-
Total Noncurrent Liabilities			2,942,421				2,824,594
TOTAL LIABILITIES			11,524,689				10,927,372
Commitments and Contingencies (Note 11)
STOCKHOLDERS' EQUITY:
Stockholders' Equity
shares issued and outstanding			-				-
14,548,851 at December 31,2020			14,549				14,549
Additional Paid-In Capital			21,545,614				21,545,614
Accumulated Deficit			(19,601,604	)			(19,967,433	)
Total Stockholders' Equity			1,958,559				1,592,730
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY		$	13,483,248			$	12,520,102
			-				-

AMERAMEX INTERNATIONAL, INC. UNAUDITED STATEMENTS OF CASH FLOW AS OF MARCH 31, 2021 AND MARCH 31, 2020
		MARCH 31, 2021				DECEMBER 31, 2020
CASH FROM OPERATING ACTIVITIES
Net Profit (Loss)		$	365,829			$	(128,079	)
Adjustments to reconcile Net Income (Loss) to
Depreciation and Amortization			220,810				337,673
Provision/Benefit for Deferred Income Taxes			(4,249	)			(46,176	)
Loss on Early Extinguishment of Debt			12,333				-
Changes in Operating Assets and Liabilities:
Accounts Receivable			(994,910	)			110,486
Inventory			(757,248	)			(1,943,023	)
Other Current Assets			(16,212	)			25,417
Accounts Payable			633,213				107,097
Accrued Expenses			115,987				(25,232	)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES			(424,447	)			(1,561,837	)
INVESTING ACTIVITIES:
Payments for Property & Equipment			(6,501	)			(20,416	)
Payments for Rental Equipment			362,510				(18,589	)
Proceeds from Sale of Equipment			-				-
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES			356,009				(39,005	)
FINANCING ACTIVITIES:
Proceeds from Notes Payable			700,940				2,900,600
Payments on Notes Payable			(286,537	)			(129,950	)
Payment on Note Payable - Related Party			12,753				(4,568	)
Joint Venture Liability			155,247				(17,500	)
Net Borrowing Under Line of Credit			(584,246	)			(1,075,247	)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES			(1,843	)			1,673,335
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS			(70,281	)			72,493
Cash, beginning of period			407,881				114,504
Cash, end of period		$	337,600			$	186,997
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Cash Paid for Interest		$	201,278			$	259,808
Cash Paid for Income Taxes		$	-			$	-
SUPPLEMENTAL DISCLOSURES OF NON CASH INVESTING
AND FINANCING ACTIVITIES:
Transfer of Inventory to Rental Equipment		$	508,000			$	-
Equipment Financed Under Capital Leases		$	197,186			$	-
Transfer of Rental Equipment to Inventory		$	964,600			$	-

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
AS OF MARCH 31, 2021 AND DECEMBER 31,2020
																						Total
										Additional												Stockholders'
		Common Stock								Paid-in				Treasury				Accumulated				Equity/
Balance		Shares				Amount				Capital				Stock				Deficit				(Deficit)
Dec. 31, 2019			15,068,318			$	15,068			$	21,519,435			$	-			$	(19,384,743	)		$	2,149,760
Net Income																			(128,079	)			(128,079	)
March 31, 2020			15,068,318				15,068				21,519,435				-				(19,512,822	)			2,021,681
Stock for Services			40,000				40				25,620								-				25,660
Purchase & Retire Stock			(559,163	)			(559	)			559												-
Net Income																			(454,611	)			(454,611	)
Dec. 31, 2020			14,549,155			$	14,549			$	21,545,614			$	-			$	(19,967,433	)		$	1,592,730
Net Income																			365,829				365,829
Feb. 28, 2021			14,549,155			$	14,549			$	21,545,614			$	-			$	(19,601,604	)		$	1,958,559
			14,549,155				14,549				21,545,614				-				(19,601,604	)			1,958,559

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 corporate information, online heavy equipment inventory/ pricing and 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 Marty@McCloudCommunications.com

SOURCE: AmeraMex International, Inc.

View source version on accesswire.com:
https://www.accesswire.com/647381/AmeraMex-International-Reports-Revenue-of-4-Million-For-the-First-Quarter-Ended-March-31-2021

FAQ

What was AmeraMex's revenue for the first quarter of 2021?

AmeraMex reported first-quarter revenue of approximately $4 million, representing a 180% increase from the prior year.

How much did AmeraMex's net profit increase in Q1 2021?

Net profit for AmeraMex increased by 350% to $365,829 in the first quarter of 2021 compared to the same period in 2020.

What are the total assets reported by AmeraMex as of March 31, 2021?

AmeraMex reported total assets of $13.5 million as of March 31, 2021.

What impact did COVID-19 have on AmeraMex's business?

The COVID-19 pandemic continues to impact AmeraMex's international customers due to travel restrictions.

How did the company's liabilities change by the end of Q1 2021?

AmeraMex's total liabilities increased by $597,317 by the end of the first quarter of 2021.