Business
AmeraMex International Reports Revenue of $5.9 Million for the Third Quarter - a 78 Percent Increase When Compared to 2019
AmeraMex International Reports Revenue of $5.9 Million for the Third Quarter - a 78 Percent Increase When Compared to 2019.
About this update from Ameramex International Inc.
[{"type":"text","content":"Shareholder Conference Call, Friday, November 13 at 10:00 a.m. PacificCHICO, 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, 2020The company reported revenue of approximately $5.9 million, a 78 percent increase when compared to revenue of approximately $3.3 million for the third quarter of 2019.Gross profit for the quarter was $.809 million, or a gross profit margin of 14 percent, compared to gross profit of $1.2 million, or a gross profit margin of 37 percent, for the third quarter of 2019. The decrease in gross profit for the quarter was due in part to the increase in cost of goods sold and product mix.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, 2019Revenue for the nine-month period was approximately $9.1 million compared to revenue of $11.2 million for the 2019 nine-month period. The first two quarters of revenue for 2020 were negatively affected due to COVID-19 virus restrictions by the State of California.Gross profit for the nine-month period was $1.7 million compared to $2.5 million for the 2019 nine-month period. Gross profit margins were reduced significantly due to product mix and cost of goods sold.The Company reported income from operations of $.197 million for the period a decrease when compared to $1.4 million for the 2019 period. Net loss for the nine-month period was approximately $(.508) million, compared to net income of appro...