AmeraMex International Announces 65 Percent Increase in Revenue for the Second Quarter and 29 Percent Increase in Revenue for the Six-Month Period Ended June 30, 2023

About this update from Ameramex International Inc.

Chico, California--(Newsfile Corp. - August 16, 2024) - AmeraMex International, Inc. (OTC Pink: AMMX), a provider of heavy equipment for logistics companies , infrastructure construction , and forestry conservation , reported financial results for its second quarter and six-month period ended June 30, 2023. Statement of Operations for the Second Quarter Ended June 30, 2024 The Company reported revenue of approximately $3.8 million versus revenue of $2.3 million for the comparable 2023 quarter. Revenue increased approximately 65 percent over the comparable quarter of 2023. Gross profit for the quarter was $2.6 million, a significant increase when compared to a gross profit of $713,302 for the comparable 2023 quarter. Profit is affected by sales versus leases/rentals of equipment and mix of equipment. Gross profit as a percentage of sales was 68 percent for the quarter compared to gross profit as a percentage of sales of 31 percent for the comparable 2023 quarter. The significant increase in profit margins is due in part to product mix. Profit from operations was $2.0 million compared to a loss of ($102,577) for the comparable 2023 quarter. Net income for the quarter was $1.0 million compared to a net loss of ($116,602) for the comparable 2023 quarter. Earnings per share were $0.07 for the quarter compared to a loss per share of ($0.01) for the comparable 2023 quarter. This is due in part to a decrease in both interest and selling expenses. Statement of Operations for the Six-Month period June 30, 2024 The company reported revenue for the six-month period of $7.1 million versus revenue of $5.1 million for the comparable 2023 six-month period. This is a 29 percent increase. Gross profit for the period increased 60 percent to $2.4 million when compared to gross profit of $1.5 million for the comparable 2023 period. Gross profit as a percentage of sales was 34 percent for the period compared to gross profit as a percentage of sales of 27 percent for the comparable 2023 period. Profit from operations was $1.5 million compared to $240,200 for the comparable 2023 six-month period. Net income for the period was $587,989 compared to net loss of ($15,499) for the comparable period. Earnings per share were $0.04 for the period compared to $0.00 for the comparable 2023 period. Balance Sheet for the Period Ended June 30, 2024 C urrent Assets increased by approximately $1.1 million to approximately $14.7 million while Total Assets increased by approximately $4.0 million due in part to a $3.6 million increase in rental equipment. Current Liabilities for the period have decreased by approximately $1.0 million while Total Liabilities increased by $3.5 million due in part to the Company's Notes Payable. Shareholders and the public are invited to participate in a conference call on Friday, August 16, 2024, at 9:00 a.m. PT as the Company provides a shareholder update for the quarter and six-month period ended June 30, 2024. Please access the call by dialing 1.201.689.8560 five minutes before the call is to begin. A replay of the call will be available approximately three hours after the completion of the call by dialing 412.317.6671 and using access I.D. of 13748314. The replay will be available until August 30, 2024, at 11:59 p.m. ET. AmeraMex International AmeraMex International sells, leases, and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. The company has over 30 years of experience in heavy equipment sales and service. Follow AmeraMex on Twitter @ammx_intl and visit the AmeraMex website, www.AMMX.net or www.hamreequipment.com for additional information and equipment videos. Forward-Looking Statement Statements made in this news release that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified using terms such as "may," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and key factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events. Investor and Media Relations McCloud Communications, LLC Marty Tullio, Managing Member Office: 949.632.1900 or [email protected]   Tables Follow   AMERAMEX INTERNATIONAL, INC. UNAUDITED STATEMENTS OF OPERATIONS THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, 2024 2023 2024 2023     REVENUES   Sales of Equipment and Other Revenues $ 3,302,873 $ 1,952,034 6,120,450 $ 4,960,066   Rentals and Leases 480,973 368,696 943,145 569,923   Total Sales 3,783,846 2,320,730 7,063,595 5,529,989               COST OF SALES           Sales of Equipment and Other Revenues 918,109 1,395,251 4,155,410 3,631,611   Rentals and Leases 290,736 212,177 481,452 366,768   Total Cost of Sales 1,208,845 1,607,428 4,636,862 3,998,379               GROSS PROFIT 2,575,001 713,302 2,426,733 1,531,610               OPERATING EXPENSES           Selling Expense 274,865 555,741 404,507 753,381   General and Administrative 285,944 260,138 554,787 538,029   Total Operating Expenses 560,809 815,879 959,294 1,291,410               Profit (loss) From Operations 2,014,192 (102,577 ) 1,467,439 240,200               OTHER INCOME (EXPENSE)           Interest Expense, net (532,351 ) (161,910 ) (699,539 ) (285,439 ) Loss from Early Extinguishment of Debt - (39,090 ) - (39,090 ) Other Income (Expense) 8,599 139,197 107,972 62,347   Total Other Income (Expense) (523,752 ) (61,803 ) (591,567 ) (262,182 )             INCOME BEFORE PROVISION for INCOME TAXES 1,490,440 (164,380 ) 875,872 (21,982 )             PROVISION (BENEFIT) for INCOME TAXES 466,108 (47,778 ) 287,883 (6,483 )             NET INCOME (LOSS) $ 1,024,332 $ (116,602 ) $ 587,989 $ (15,499 )             Weighted Average Shares Outstanding:           Basic 14,112,988 14,112,988 14,112,988 14,112,988   Diluted 14,112,988 14,112,988 14,112,988 14,112,988             Earnings (loss) per Share           Basic $ 0.07 $ -0.01 $ 0.04 $ 0.00   Diluted $ 0.07 $ -0.01 $ 0.04 $ 0.00                               AMERAMEX INTERNATIONAL, INC. UNAUDITED BALANCE SHEETS JUNE 30, 2024   DECEMBER 31, 2023 ASSETS     Current Assets:     Cash $ 122,807   $ 588,128   Accounts Receivable, Net 1,980,097   1,289,389   Inventory, Net 12,333,677   11,359,158   Other Current Assets 228,457   324,134   Total Current Assets 14,665,038   13,560,809   Non-Current Assets:         Property and Equipment, Net 865,767   1,702,163   Rental Equipment, Net 4,695,470   1,063,464   Lease Right of Use Assett - Operating 682,288   703,802   Lease Right of Use Assett - Financing 1,219,408   905,782   Deferred Tax Asset 243,640   486,386   Other Assets 237,720   207,172   Total Other Assets 7,944,293   5,068,769   TOTAL ASSETS $ 22,609,331   $ 18,629,578             LIABILITIES & STOCKHOLDERS' EQUITY         Current Liabilities:         Accounts Payable $ 1,906,882   $ 2,214,439   Accrued Expenses 147,730   348,415   Deferred Revenue 1,913,653   2,136,400   Joint Venture Liability -   105,000   Lines of Credit 5,089,678   5,891,119   Notes Payable, Current Portion 1,877,499   1,273,310   Lease Liability - Operating 129,081   129,081   Lease Liability - Financing 188,121   188,121   Total Current Liabilities 11,252,644   12,285,885           Long-Term Liabilities         Deferred Tax Liabilities, Net 950,450   -   Notes Payable, Net of Current Portion 4,225,137   713,391   Lease Liability - Operating, Net of Current Portion 553,207   574,721   Lease Liability - Financing, Net of Current Portion 1,031,287   1,046,964   Total Long-Term Liabilities 6,760,081   2,335,076   TOTAL LIABILITIES 18,012,725   14,620,961             Commitments and Contingencies (Note 11) -   -             STOCKHOLDERS' EQUITY:         Shareholders' Equity         Preferred Stock, $0.001 par value, 5,000,000 shares authorized, no -   -   shares issued and outstanding         Common Stock, $0.001 par value, 1,000,000,000 shares authorized 14,112   14,112   14,112,988 shares issued and outstanding at June 30, 2024 and         14,112,988 at December 31, 2023         Additional Paid-In Capital 21,671,534   21,671,534   Accumulated Deficit (17,089,040 )   (17,677,029 ) Total Stockholders' Equity 4,596,606   4,008,617   TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 22,609,331   $ 18,629,578           -   -     AMERAMEX INTERNATIONAL, INC. UNAUDITED STATEMENTS OF CASH FLOW SIX MONTHS ENDED JUNE 30, 2024   2023   OPERATING ACTIVITIES:   Net Income 587,989   (15,499 ) Adjustments to reconcile Net Loss to       Net Cash provided (used) by Operations Activities:       Depreciation and Amortization 668,108   479,645 Provision (Benefit) for Deferred Income Taxes 950,450   (76,963 ) Loss on Early Extinguishment of Debt -   39,090 Amortization and Accretion of Interest 42,702   39,090 Change in Assets and Liabilities:       Accounts Receivable (690,708 )   376,931 Inventory (4,606,525 )   (2,564,070 ) Other Current Assets 333,208   150,960 Accounts Payable (306,840 )   89,999 Deferred Revenue (222,747 )   - Accrued Expenses (200,685 )   (146,816 )    NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (3,445,048 )   (1,627,633 )         INVESTING ACTIVITIES:       Payments for Property & Equipment 642,568   (5,561 ) Proceeds (Payments) for Rental Equipment (481,432 )   102,501   NET CASH USED BY INVESTING ACTIVITIES 161,136   96,940         FINANCING ACTIVITIES:       Proceeds from Notes Payable 4,407,398   593,060 Payments on Notes Payable (657,033 )   (657,033 ) Payment on Note Payable - Related Party -   276,859 Joint Venture Liability (130,333 )   (227,503 ) Net Borrowing (Repayments) Under Lines of Credit (801,441 )   698,088      NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES 2,818,591   683,471             NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS (465,321 )   (847,222 )         Cash and Cash Equivalents, BEGINNING OF PERIOD 588,128   1,032,209   Cash and Cash Equivalents, END OF PERIOD 122,807   184,987           CASH PAID FOR:       Interest 679,918   317,654   Income Taxes 800   800         SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING       AND FINANCING ACTIVITIES:       Transfer of Inventory to Rental Equipment -   -   Equipment Financed under Capital Leases -   1,162,124   Transfer of Rental Equipment to Inventory -   -           AMERAMEX INTERNATIONAL, INC. UNAUDITED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023       Additional   Common Stock   Paid-in   Accumulated Balance   Shares   Amount   Capital   Deficit           December 31, 2022 14,629,155   $ 14,629   $ 21,600,734   $ (17,334,360 )               Net Income 0   200   70800   (15,499 )                     June 30, 2023 14,629,155   $ 14,829   $ 21,671,534   $ (17,349,859 )                     December 31, 2023 14,112,988   $ 14,112   $ 21,671,534   $ (17,677,029 )                 Net Income -   -   -   587,989                     June 30, 2024   14,112,988   $ 14,112   $ 21,671,534   $ (17,089,040 ) 14,112,988   14,112   21,671,534   (17,089,040 ) -   -   -   -   To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219973

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