AmeraMex International Reports Revenue of $5.9 Million for the Third Quarter - a 78 Percent Increase When Compared to 2019
AmeraMex International reported Q3 2020 revenue of approximately $5.9 million, a 78% increase from Q3 2019's $3.3 million. Gross profit fell to $0.809 million from $1.2 million a year earlier, a decline attributed to increased costs. For the nine-month period, revenue was $9.1 million, down from $11.2 million in 2019, with a net loss of approximately $(0.508) million compared to a gain of $0.255 million the previous year. The company’s balance sheet showed increased assets, but total liabilities rose by $3.3 million, driven by a $5.2 million line of credit.
- Revenue increased by 78% in Q3 2020 compared to Q3 2019.
- Total assets grew by $2.9 million year-to-date.
- Gross profit decreased to $0.809 million in Q3 2020 from $1.2 million in Q3 2019.
- Nine-month revenue fell to $9.1 million, down from $11.2 million in 2019.
- Net loss of $(0.508) million for the nine-month period, compared to net income of $0.255 million in 2019.
- Total liabilities increased by $3.3 million, including a $5.2 million line of credit.
Shareholder Conference Call, Friday, November 13 at 10:00 a.m. Pacific
CHICO, CA / ACCESSWIRE / November 13, 2020 / AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its third quarter and nine-month period ended September 30, 2020.
AmeraMex CEO Lee Hamre commented, "After two unprecedented quarters, thanks to the COVID-19 virus, sales for the third quarter saved the nine-month period. While we are all disappointed with the top and bottom line for the nine-month period, which is well below our internal projections, the sales team is aggressively working a full pipeline of potential orders to finish the year."
Statement of Operations for the Third Quarter Ended September 30, 2020
The company reported revenue of approximately
Gross profit for the quarter was $.809 million, or a gross profit margin of 14 percent, compared to gross profit of
The Company reported income from operations of $.448 million for the quarter compared to income from operations of $.806 million for the comparable 2019 quarter. Net income for the quarter was $.059 million compared to net income of $.514 million for the comparable 2019 quarter.
Statement of Operations for the Nine-Month Period Ended September 30, 2019
Revenue for the nine-month period was approximately
Gross profit for the nine-month period was
The Company reported income from operations of $.197 million for the period a decrease when compared to
Balance Sheet for the Nine-Month Period Ended September 30, 2019
Assets have increased
Conference Call
The shareholder conference call, chaired by AmeraMex CEO Lee Hamre, is scheduled for Friday, November 13, 2020 at 10:00 a.m. Pacific. The conference call dial-in number for both U.S. and international callers is 1.201.689.8560. An audio replay of the call will be available from November 13, 2020 at 4:00 p.m. Eastern Time until November 27, 2020 at 11:59 p.m. Eastern Time. The replay is accessible by dialing 1.412.317.6671 and entering pin number 13712844. An audio version of the conference call will also be available on the Company's website, www.ammx.net.
Financial Tables Follow
AMERAMEX INTERNATIONAL, INC.
BALANCE SHEETS - UNAUDITED
| SEPTEMBER 30, 2020 | DECEMBER 31, 2019 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash | $ | 506,581 | $ | 114,504 | ||||
Accounts Receivable, Net | 1,248,217 | 589,710 | ||||||
Inventory, Net | 7,692,216 | 4,832,283 | ||||||
Other Current Assets | 228,531 | 206,945 | ||||||
Total Current Assets | 9,675,545 | 5,743,442 | ||||||
Property and Equipment, Net | 1,103,852 | 1,179,794 | ||||||
Rental Equipment, Net | 3,087,230 | 4,036,612 | ||||||
Other Assets | 412,930 | 489,562 | ||||||
Total Other Assets | 4,604,012 | 5,705,968 | ||||||
TOTAL ASSETS | $ | 14,279,557 | $ | 11,449,410 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts Payable | $ | 1,822,679 | $ | 531,806 | ||||
Legal Settlement | 398,700 | - | ||||||
Accrued Expenses | 328,786 | 79,787 | ||||||
Joint Venture Liability | 442,000 | 459,500 | ||||||
Line of Credit | 324,511 | 408,033 | ||||||
Notes Payable, Current Portion | 1,059,971 | 386,528 | ||||||
Convertible Note | 129,217 | - | ||||||
Total Current Liabilities | 4,505,864 | 1,865,654 | ||||||
Long-Term Liabilities | ||||||||
Deferred Tax Liability | 42,112 | 226,339 | ||||||
Notes Payable - Related Party | 252,573 | 334,794 | ||||||
Notes Payable, Net of Current Portion | 2,593,518 | 559,235 | ||||||
Line of Credit | 5,220,399 | 6,313,628 | ||||||
Total Long-Term Liabilities | 8,108,602 | 7,433,996 | ||||||
TOTAL LIABILITIES | $ | 12,614,466 | $ | 9,299,650 | ||||
Commitments and Contingencies (Note 12) | ||||||||
Stockholders' Equity | ||||||||
Preferred Stock, | - | - | ||||||
Common Stock, | 755,416 | 753,416 | ||||||
Additional Paid-In Capital | 20,802,887 | 20,781,087 | ||||||
Accumulated Deficit | (19,893,212 | ) | (19,384,743 | ) | ||||
Total Stockholders' Equity | 1,665,091 | 2,149,760 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 14,279,557 | $ | 11,449,410 | ||||
AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF OPERATIONS - UNAUDITED
THREE MONTHS ENDED SEPTEMBER 30, | NINE MONTHS ENDED SEPTEMBER 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
REVENUES | ||||||||||||||||
Sales of Equipment and Other Revenues | $ | 5,168,949 | $ | 2,724,589 | $ | 7,106,628 | $ | 9,395,942 | ||||||||
Rentals and Leases | 711,463 | 577,639 | 1,994,938 | 1,823,219 | ||||||||||||
Total Revenues | 5,880,412 | 3,302,228 | 9,101,566 | 11,219,161 | ||||||||||||
COST OF REVENUES | ||||||||||||||||
Sales of Equipment and Other Revenues | 4,824,488 | 1,842,974 | 6,673,745 | 8,040,510 | ||||||||||||
Rentals and Leases | 247,398 | 241,975 | 744,796 | 713,698 | ||||||||||||
Total Cost of Revenues | 5,071,886 | 2,084,949 | 7,418,541 | 8,754,208 | ||||||||||||
GROSS PROFIT | 808,526 | 1,217,279 | 1,683,025 | 2,464,953 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||||
Selling Expense | 136,591 | 127,488 | 284,591 | 315,447 | ||||||||||||
General and Administrative | 223,980 | 283,513 | 1,201,065 | 780,881 | ||||||||||||
Total Operating Expenses | 360,571 | 411,001 | 1,485,656 | 1,096,328 | ||||||||||||
INCOME FROM OPERATIONS | 447,955 | 806,278 | 197,369 | 1,368,625 | ||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||
Interest Expense | (366,725 | ) | (135,541 | ) | (887,522 | ) | (571,275 | ) | ||||||||
Loss from Early Extinguishment of Debt | - | - | - | (482,908 | ) | |||||||||||
Other Income (Expense) | (346 | ) | 52,680 | (1,648 | ) | 53,913 | ||||||||||
Total Other Expense | (367,071 | ) | (82,861 | ) | (889,170 | ) | (1,000,270 | ) | ||||||||
INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES | 80,884 | 723,417 | (691,801 | ) | 368,355 | |||||||||||
PROVISION (BENEFIT) FOR INCOME TAXES | 21,434 | 209,791 | (183,332 | ) | 113,315 | |||||||||||
NET INCOME (LOSS) | $ | 59,450 | $ | 513,626 | $ | (508,469 | ) | $ | 255,040 | |||||||
Weighted Average Shares Outstanding: | ||||||||||||||||
Basic | 753,240,879 | 753,415,879 | 753,240,879 | 753,415,879 | ||||||||||||
Diluted | 753,240,879 | 753,415,879 | 753,240,879 | 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.
STATEMENTS OF CASH FLOWS - UNAUDITED
| NINE MONTHS ENDED | ||||||||
| SEPTEMBER 30, 2020 | SEPTEMBER 30, 2019 | |||||||
CASH FROM OPERATING ACTIVITIES | ||||||||
Net Income (Loss) | $ | (508,469 | ) | $ | 255,040 | |||
Adjustments to reconcile Net Loss to Net Cash Used in Operations Activities: | ||||||||
Depreciation and Amortization | 1,016,925 | 893,508 | ||||||
Deferred Income Taxes | (184,227 | ) | 134,673 | |||||
Common Stock Issued for Services | 23,800 | - | ||||||
Loss on Early Extinguishment of Debt | - | 482,908 | ||||||
Changes in Operating Assets and Liabilities: | ||||||||
Accounts Receivable | (658,507 | ) | 17,033 | |||||
Inventory | (2,716,043 | ) | (2,342,419 | ) | ||||
Other Current Assets | (21,586 | ) | (182,542 | ) | ||||
Accounts Payable | 1,290,873 | (189,278 | ) | |||||
Legal Settlement | 398,700 | - | ||||||
Accrued Expenses | 248,999 | (31,569 | ) | |||||
NET CASH USED IN OPERATING ACTIVITIES | (1,109,535 | ) | (962,646 | ) | ||||
INVESTING ACTIVITIES | ||||||||
Payments for Property and Equipment | (135,491 | ) | (160,390 | ) | ||||
Payments for Rental Equipment | - | (135,699 | ) | |||||
NET CASH USED IN INVESTING ACTIVITIES | (135,491 | ) | (296,089 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Proceeds from Notes Payable | 4,154,871 | 495,924 | ||||||
Payments on Notes Payable | (1,432,142 | ) | (5,618,427 | ) | ||||
Payments on Note Payable - Related Party | (82,221 | ) | (33,438 | ) | ||||
Payments on Joint Venture Liability | (17,500 | ) | - | |||||
Net Borrowings Under Lines of Credit | (985,905 | ) | 6,348,546 | |||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 1,637,103 | 1,192,605 | ||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | $ | 392,077 | $ | (66,130 | ) | |||
Cash and Cash Equivalents, beginning of period | $ | 114,504 | $ | 197,752 | ||||
Cash and Cash Equivalents, end of period | $ | 506,581 | $ | 131,622 | ||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||
Cash Paid for Interest | $ | 878,305 | $ | 487,345 | ||||
Cash Paid for Income Taxes | $ | 800 | $ | 800 | ||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Equipment Financed under Capital Leases | $ | 298,035 | $ | - | ||||
Transfer of Rental Equipment to Inventory | $ | 296,279 | $ | - | ||||
AmeraMex International
AmeraMex International sells, leases and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. The company 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 Statement
Statements made in this news release that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.
Investor and Media Relations
McCloud Communications, LLC
Marty Tullio, Managing Member
Office: 949.632.1900 or Marty@McCloudCommunications.com
SOURCE: AmeraMex International Inc
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