Business
AmeraMex International Reports a 37 Percent Increase in Revenue for the Year Ended December 31, 2019
AmeraMex International Reports a 37 Percent Increase in Revenue for the Year Ended December 31, 2019.
About this update from Ameramex International Inc.
[{"type":"text","content":"$9.5 Million in Sales for the First Quarter Ending March 31, 2020CHICO, CA / ACCESSWIRE / March 30, 2020 / AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, forestryconservation and tactical military vehicles, reports results for its financial year ended December 31, 2019.Highlights for the Year Ended December 31, 2019:OTCQBAmeraMex listed on the OTCQB in July 2019.Board of DirectorsCompany added two new board members to broaden board expertise: Brian Hamre, who brings 22+ years of industry knowledge to the board; and Jeff Morris, who brings over 30+ years of financial services knowledge to the board.Line of CreditThe Company secured a $6.6 million line of credit to purchase rental equipment.Revenue Increases 37 PercentThe Company reported Revenue of approximately $13.4 million compared to Revenue of approximately $9.8 million for the year ended December 31, 2018. This is a 37 percent increase.Gross ProfitThe Company reported Gross Profit of $3.1 million compared to Gross Profit of $3.1 million for the year ended December 31, 2018. Gross Profit, as a percentage of sales, was 23 percent. The Gross Profit margins were down due to the mix of new versus refurbished equipment sold during 2019. A large order for new equipment received in 2018 was shipped during the first quarter of 2019.Net Income The Company reported Net Income for the year of approximately $.337 million compared to Net Income of $.886 million for the year ended December 31, 2018. The reduction of Net Income for 2019 was due in part to a onetime charge of $.567 million for the early extinguishment of debt in the second quarter of 2019. The early debt extinguishment significantly lowers interest expense for the remainder of the year and into 2020.Balance Sheet Total Current Assets increased $2.1 million and Total Assets increased $1.7 million over the same period in 2018. This increase was due in part to an increase in inventory of $2.2 million. Total Current Liabilities decreased $1 million due to a decrease of $.700 in Accounts Payable while Total Liabilities for the year increased $1.4 million due in part to the $6.6 million line of credit.Shareholder Conference CallThe conference call dial-in number for both U.S. and international callers is 1.201.689.8560. Please dial in to the conferenc...