Business
AmeraMex International Reports Revenue of $8.2 Million for the Third Quarter and $18.5 Million For the Nine-month Period
AmeraMex International Reports Revenue of $8.2 Million for the Third Quarter and $18.5 Million For the Nine-month Period.
About this update from Ameramex International Inc.
[{"type":"text","content":"Shareholder Conference Call, Monday , November 15 at 9:00 a.m. PacificCHICO, CA / ACCESSWIRE / November 15, 2021 / 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, 2021.Lee Hamre commented, "Overall, we are pleased with our revenue growth and profitability when compared to the nine-month period of 2020. Our goal is to continue top-line growth while improving our bottom line through product mix, profit margins and cost-cutting measures. Additionally, our prices are increasing to reflect rising inflation."This quarter, $4.5 million of new equipment shipped from an order of new Taylor equipment generated in 2020. This new equipment carries margins of approximately three percent but allows us to purchase the old equipment, refurbish it and sell for margins in excess of 25 percent. Without this relationship, it would be more difficult, as well as more expensive, to purchase the used equipment that we need for resale."Statement of Operations for the Third Quarter Ended September 30, 2021The company reported revenue of approximately $8.2 million, a 72 percent increase when compared to revenue of approximately $5.9 million for the third quarter of 2020.Gross profit for the quarter was $.815 million, a 10 percent increase when compared to gross profit of $.809 million for the third quarter of 2020. Gross profit margins were significantly affected by a $4.5 million shipment of new equipment carrying three percent margins.The Company reported net profit from operations of $.343 million for the quarter, a significant increase when compared to a net profit from operations of $.019 million for the comparable 2020 quarter. Net income for the quarter was $.083 million compared to net loss of ($.083) million for the comparable 2020 quarter.Statement of Operations for the Nine-Month Period Ended September 30, 2021Revenue for the nine-month period was approximately $18.5 million an increase of 49 percent when compared to revenue of $9.1 million for the 2020 nine-month period.Gross profit for the nine-month period was $3.0 million, an increase of 57 percent when compared to gross profit of $1.7 million for the 2020 nine-month period. Gross p...