Correction - AmeraMex International Reports Second Quarter Revenue of $1.2 Million; $2.7 Million Revenue for the Six-Month Period


Correction to the Statement of Cash Flows for the Second Quarter
June 30, 2017

CHICO, Calif., Aug. 18, 2017 (GLOBE NEWSWIRE) -- AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and tactical vehicles for military organizations reports revenue for the six-month period ending June 30, 2017.

Highlights for the Six-month Period

  • The completion of the SEC audit will be announced upon submission of the Form 10 to the SEC for review and approval.
  • AmeraMex received approval to represent Oshkosh Defense, LLC, an Oshkosh Corporation (NYSE:OSK) company, within the Federal Republic of Nigeria.
  • Management recently met with Oshkosh management at the company’s corporate offices in Wisconsin. During the meetings, AmeraMex’s sales territory was expanded to include Angola.

Second Quarter Ended June 30, 2017

The company reported revenue of $1,162,671 compared to revenue of $2,575,732 for the second quarter of 2016. Net loss for the quarter was $(244,969) compared to net income of $237,732 for the second quarter of 2016.  Gross profit, as a percentage of sales, was 41 percent compared to 36 percent for the comparable 2016 period. 

Revenue was down for the first and second quarter due to normal seasonality and a significant increase in the rental of equipment versus sales of equipment.  The increase in rental income for the quarter was $168,983 versus $78,900 for the comparable quarter.  The increased in rental revenue maintains a dependable cash flow.

Revenue for the third quarter currently stands at $1.2 million in sales orders and a rental agreement valued at $500,000. 

Six-Month Period Ended June 30, 2017
Revenue for the six-month period was $2,710,373 compared to revenue of $5,818,813 reported for the comparable six-month period of 2016. Gross profit margin, as a percentage of sales, was 43 percent. The company reported net loss of $(246,618), compared to net income of $1,397,918 for the six-month period in 2016. 

The loss was due in part to cost of goods (equipment) increasing almost 100 percent, from approximately $600,000 to $1.2 million, through the purchase of rental equipment that is now beginning to produce rental income or offset the COGs; doubling of the parts inventory; the addition of employee health insurance; and an increase in legal fees that in July 2017, netted the company approximately $500,000.

Revenue for the first six months of 2016 was unusually high due to a large one-time shipment of equipment to a customer in Africa.  Generally, equipment is ordered during the last six months of the year to arrive for spring and summer construction and agriculture projects. 

The second quarter conference call is August 18, 2017.  The dial-in number for both U.S. and international callers is 1.719.325.4934. An audio replay of the call is available from August 18, 2017 at 4:00 p.m. Eastern Time until September 1, 2017 at 11:59 p.m. Eastern Time.  The replay is accessible by dialing 1.412.317.6671 and entering pin number 6710630. 

About AmeraMex
AmeraMex International sells, leases and rents top-of-line heavy equipment to companies within multiple industries including construction (light and infrastructure), logistics, mining, and sawmill.  The company has added an inclusive product line from Oshkosh Defense, LLC, of advanced performance tactical military vehicles marketed to certain African countries.  AmeraMex, with a US and international customer base, has over 30 years of experience in heavy equipment sales and service. For more information and equipment videos, visit the AmeraMex website, www.AMMX.net or www.hamreequipment.com.

Safe Harbor Statement

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.

Tables follow:

                                          

AmeraMex International, Inc.
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
 
 For the Three-
month Period
Ended

June 30, 2017
For the Three-
month Period
Ended

June 30, 2016
For the Six-
month Period
Ended

June 30, 2017
For the Six-
month Period
Ended

June 30, 2016
Sales$

1,162,671
 $
2,575,732 $
2,710,373 $5,818,813 
             
Cost of Sales 682,162  1,643,988  1,538,368  2,189,844 
     
Gross  Profit 480,509  931,744  1,172 ,005  3,628,969 
     
Expenses:    
Selling 52,374  19,463  103,944  38,419 
G&A 389,953  643,996  820,210  1,603,454 
     
Total Operating Expenses   442,328  663,459  924,154  1,641,873 
             
Income (loss) from Operations   38,181  268,285  247,850  1,987,096 
     
Other Income (Expenses)    
     
Interest Expense 
(30,701
) 
(31,772
) (66,180) (69,630)
Other Expense (252,449) 997  (428,288) (496,428)
Total Other Income
  (Expenses)
 (283,150
)
 (30,775
)
 (494,486
)
 (566,058)
     
Net Income (Loss)$(244,969)$237,510 $(246,618)$1,397,918 
     
Basic Earnings (Loss) Per  Share
 0  0  0  0 
             
Weighted Average
 Shares  Outstanding
 753,415,879  753,415,879  753,415,879  753,415,879 
     
Diluted  Earnings
  (Loss)  Per Share
 
0
  0  0  0 
     


 AmeraMex International, Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Second Quarter 2017
 
   
 CURRENT ASSETS  
 
Cash and cash equivalents


$


  18,709
  
 Accounts receivable 637,219  
 Other Current Assets 58,632  
 Inventory 1,726,923  
    
   Total current assets 2,382,851  
    
 PROPERTY AND EQUIPMENT  
 Furniture and equipment, net 3,881,890  
 Other assets 245,600  
 TOTAL ASSETS$6,510,341  
  

CURRENT LIABILITIES
  
    
   Accrued Expenses   60,955  
   Accounts Payable   1,190,658  
   Income Tax Payable   30,177  
   Line of Credit 488,911  
   Notes Payable - current   588,957  
   Notes Payable – related parties 412,384  
    
     Total current liabilities   2,772 ,042  
    
 Notes Payable net of current   1,495,098  
    
    TOTAL LIABILITIES$    4,267,140  
    
 STOCKHOLDER'S EQUITY  
   Common stock   754,016  
   Additional paid in capital   20,774,825  
   Accumulated deficit     (19,275,202) 
   Treasury stock   (10,438) 
     Total Shareholder Equity
$    2,243,202  
 TOTAL LIABILITY AND SHAREHOLDER EQUITY$    6,510,341  
  


Shares Issued and Outstanding753.4 Million
Restricted504.5 Million
Float248.9 Million

                        
                                                                                                   

    AMERAMEX INTERNATIONAL, INC.
    STATEMENTS OF CASH FLOWS
  FOR THE SIX MONTHS ENDED JUNE 30, 2017
  (UNAUDITED)
       
      2017 
       
OPERATING ACTIVITIES:  
 Net income $  (246,618)
 Adjustments to reconcile net income to  
   net cash provided by operating activities:  
   Depreciation   334,134 
   Stock-based compensation   - 
   Loss on settlement of debt for common stock  - 
  Change in current assets and liabilities:  
   Accounts receivable   (406,868)
   Inventory   542,200 
   Other assets   11,522 
   Accounts payable   9,930 
   Accrued expenses   - 
   Taxes payable   3,047 
 Net cash provided by operating activities   247,347 
       
INVESTING ACTIVITIES:  
  Payment for furniture and equipment   (168,573)
  Prepaid Asset   (3,000)
  Employee Loan   1,200 
 Net cash used in investing activities   (170,373)
       
FINANCING ACTIVITIES:  
  Repayment of notes payable   (179,962)
  Proceeds from note payable - related party   (9,099)
  Net proceeds (borrowing) under line of credit   43,000 
  Purchase of treasury stock   - 
 Net cash used in financing activities   (146,061)
       
       
NET DECREASE IN CASH   (69,086)
       
CASH, BEGINNING BALANCE   88,482 
       
CASH, ENDING BALANCE$  19,396 
       
CASH PAID FOR:  
 Interest $  30,701 
 Income taxes $  - 
       
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:
   
 Common stock issued for the settlement of accounts payable$  - 
 Common stock issued for the settlement of notes party - related party$  - 
       

 


            

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