Business
AmeraMex International Reports Revenue of $1.7 Million For the First Quarter Ended March 31, 2020
AmeraMex International Reports Revenue of $1.7 Million For the First Quarter Ended March 31, 2020.
About this update from Ameramex International Inc.
[{"type":"text","content":"CHICO, CA / ACCESSWIRE / May 4, 2020 / 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, 2020.Highlights for the First Quarter of 2020Revenue was approximately $1.7 million, compared to revenue of $2.4 million for the 2019 period. Many of the new equipment orders received in the first quarter will not ship until September.One of AmeraMex's largest customers had to delay a large order placed in the first quarter until they receive final confirmation from the State of California for their new contract in a port facility. The customer expects that, after California goes back to work, the contract will be quickly reactivated.Gross profit was approximately $492,687 compared to gross profit of $642,170 for the period ended March 31, 2019.Net loss was <$60,000> compared to a net loss of <$282,618> for the first quarter ended March 31, 2019. This is due in part to the extinguishment of debt in the first quarter of 2019.Total Assets on the Balance Sheet increased $2.3 million and included a $530,804 Deferred Tax Asset. Total Liabilities increased from $11.4 million in the comparable first quarter of 2019 to $13.7 million for the 2020 first quarter.COVID-19 UpdateAmeraMex has been approved by the Small Business Administration (SBA) for the following financial assistance:The Company will receive $228,442 under the SBA Paycheck Protection Program.The Company has been approved for up to $2 million by the SBA for a Disaster Assistance Loan. The amount of the loan and the loan terms will be provided shortly.AmeraMex is mandating a work-from-home policy for its sales, administrative, and accounting employees. Shop employees are busy servicing contracts with our essential customers and are often traveling to do so. They are practicing social distancing and we are only allowing one customer in the facility at a time.AmeraMex CEO Lee Hamre commented, "We have worked out payment schedules with our customers in need of assistance and, in turn, have accepted all assistance offered by our vendors. This, along with the SBA programs will provide the cushion needed to maintain a full staff and have no layoffs.Hamre continued, "We have ha...