First Quarter Revenue Increases 180 Percent With Year-to-Date Sales of $12.5 Million
CHICO, CA / ACCESSWIRE / May 14, 2021 / 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, 2021.
Highlights for the First Quarter of 2021
Revenue increases 180 percent.
- Revenue was approximately $4 million, a 180 percent increase when compared to revenue of $1.4 million for the 2020 period.
Gross profit increases 260 percent.
- Gross profit was approximately $1.2 million, a 260 percent increase when compared to gross profit of $444,211 for the period ended March 31, 2020.
Net profit increases 350 percent.
- Net profit was $365,829 a 350 percent increase when compared to a net loss of <$128,079> for the first quarter ended March 31, 2020.
- Earnings Before Interest, Taxes, Depreciation, and Appreciation (EBITDA) were $1.2 million.
Balance Sheet
- Total Assets on the Balance Sheet were $13.5 million an increase of $1 million when compared to the December 31, 2020 period.
- Total Liabilities increased from $11.5 million, an increase of $597,317 when compared to the December 2020 period.
The Company's sales, administrative, and accounting employees are now working from home 50 percent of the time and alternating their days in the office. Shop employees are servicing contracts with our customers and we continue to limit the number of customers in our facility. This will increase as customers and employees are vaccinated.
COVID-19 pandemic continues to impact AmeraMex's international customers due to travel restrictions and a reemergence of the virus in several countries. It is expected that, once more countries inoculate their citizens, rules will begin to relax. Here in the US, it is business as usual for the most part.
April 7, 2021, AmeraMex was offered and accepted an increase in the COVID Economic Injury Disaster Loan from $150,000, which was received in 2020, to $500,000. The remaining $350,000 is expected to be funded in the next few weeks.
The Company is also working with the SBA on a new loan program that is based on the difference between gross earned revenue compared between 2020 and 2019. AmeraMex meets the qualifications and is eligible to receive $5.6 million. The application will be submitted when the SBA begins the submission process.
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AMERAMEX INTERNATIONAL, INC. |
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MARCH 31, 2021 | MARCH 31, 2020 | |||||||
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REVENUES
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Sales of Equipment and Other Revenues
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$ | 3,245,982 | $ | 912,315 | |||||
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Rentals and Leases
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783,714 | 526,154 | |||||||
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Total Revenues
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4,029,696 | 1,438,469 | |||||||
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COST OF SALES
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Sales of Equipment and Other Revenues
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2,690,787 | 745,952 | |||||||
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Rentals and Leases
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167,201 | 248,306 | |||||||
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Total Cost of Revenues
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2,857,988 | 994,258 | |||||||
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GROSS PROFIT
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1,171,708 | 444,211 | |||||||
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OPERATING EXPENSES
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Selling Expense
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139,189 | 88,833 | |||||||
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General and Administrative
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244,303 | 268,523 | |||||||
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Total Operating Expenses
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383,492 | 357,356 | |||||||
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Profit From Operations
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788,216 | 86,855 | |||||||
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OTHER INCOME (EXPENSE)
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Interest Expense
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(267,057 | ) | (261,110 | ) | |||||
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Loss from Early Extinguishment of Debt
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(12,333 | ) | - | ||||||
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Other Income
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10,078 | - | |||||||
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Total Other Income (Expense)
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(269,312 | ) | (261,110 | ) | |||||
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INCOME BEFORE PROVISION for INCOME TAXES
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518,904 | (174,255 | ) | ||||||
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PROVISION (BENEFIT) for INCOME TAXES
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153,075 | (46,176 | ) | ||||||
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NET PROFIT (LOSS)
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$ | 365,829 | $ | (128,079 | ) | ||||
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Weighted Average Shares Outstanding:
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Basic
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14,549,155 | 15,068,318 | |||||||
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Diluted
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14,549,155 | 15,068,318 | |||||||
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Earnings (loss) per Share
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Basic
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$ | 0.03 | $ | 0.00 | |||||
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Diluted
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$ | 0.03 | $ | 0.00 | |||||
| AMERAMEX INTERNATIONAL, INC. UNAUDITED BALANCE SHEETS AS OF MARCH 31, 2021 AND DECEMBER 31,2020 |
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MARCH 31, 2021 | DECEMBER 31, 2020 | |||||||||
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ASSETS
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Current Assets:
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Cash
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$ | 337,600 | $ | 407,881 | |||||||
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Accounts Receivable, Net
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1,763,281 | 768,371 | |||||||||
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Inventory
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6,630,817 | 5,873,569 | |||||||||
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Other Current Assets
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232,291 | 198,531 | |||||||||
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Total Current Assets
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8,963,989 | 7,248,352 | |||||||||
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Property and Equipment, Net
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968,972 | 1,035,840 | |||||||||
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Rental Equipment, Net
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3,114,425 | 3,624,376 | |||||||||
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Deferred Tax Assets, Net
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- | 158,124 | |||||||||
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Other Assets
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435,862 | 453,410 | |||||||||
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Total Noncurrent Assets
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4,519,259 | 5,271,750 | |||||||||
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TOTAL ASSETS
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$ | 13,483,248 | $ | 12,520,102 | |||||||
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LIABILITIES & STOCKHOLDERS' EQUITY
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Current Liabilities:
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Accounts Payable
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$ | 1,253,413 | $ | 620,200 | |||||||
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Accrued Expenses
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347,316 | 231,329 | |||||||||
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Joint Venture Liability
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594,747 | 439,500 | |||||||||
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Lines of Credit
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5,165,554 | 5,749,801 | |||||||||
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Notes Payable, Current Portion
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1,026,552 | 911,265 | |||||||||
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Convertible Note
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194,686 | 150,683 | |||||||||
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Total Current Liabilities
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8,582,268 | 8,102,778 | |||||||||
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Long-Term Liabilities
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Deferred Tax Liability
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(4,249 | ) | - | ||||||||
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Notes Payable - Related Party
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239,412 | 226,659 | |||||||||
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Notes Payable, Net of Current Portion
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2,707,258 | 2,597,935 | |||||||||
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Line of Credit
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- | - | |||||||||
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Total Noncurrent Liabilities
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2,942,421 | 2,824,594 | |||||||||
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TOTAL LIABILITIES
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11,524,689 | 10,927,372 | |||||||||
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Commitments and Contingencies (Note 11)
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STOCKHOLDERS' EQUITY:
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Stockholders' Equity
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shares issued and outstanding
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- | - | |||||||||
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14,548,851 at December 31,2020
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14,549 | 14,549 | |||||||||
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Additional Paid-In Capital
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21,545,614 | 21,545,614 | |||||||||
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Accumulated Deficit
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(19,601,604 | ) | (19,967,433 | ) | |||||||
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Total Stockholders' Equity
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1,958,559 | 1,592,730 | |||||||||
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TOTAL LIABILITIES & STOCKHOLDERS' EQUITY
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$ | 13,483,248 | $ | 12,520,102 | |||||||
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- | - | |||||||||
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AMERAMEX INTERNATIONAL, INC. |
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MARCH 31, 2021 | DECEMBER 31, 2020 | ||||||
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CASH FROM OPERATING ACTIVITIES
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Net Profit (Loss)
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$ | 365,829 | $ | (128,079 | ) | |||
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Adjustments to reconcile Net Income (Loss) to
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Depreciation and Amortization
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220,810 | 337,673 | ||||||
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Provision/Benefit for Deferred Income Taxes
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(4,249 | ) | (46,176 | ) | ||||
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Loss on Early Extinguishment of Debt
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12,333 | - | ||||||
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Changes in Operating Assets and Liabilities:
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Accounts Receivable
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(994,910 | ) | 110,486 | |||||
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Inventory |
(757,248 | ) | (1,943,023 | ) | ||||
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Other Current Assets
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(16,212 | ) | 25,417 | |||||
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Accounts Payable
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633,213 | 107,097 | ||||||
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Accrued Expenses
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115,987 | (25,232 | ) | |||||
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NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
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(424,447 | ) | (1,561,837 | ) | ||||
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INVESTING ACTIVITIES:
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Payments for Property & Equipment
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(6,501 | ) | (20,416 | ) | ||||
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Payments for Rental Equipment
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362,510 | (18,589 | ) | |||||
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Proceeds from Sale of Equipment
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- | - | ||||||
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NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
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356,009 | (39,005 | ) | |||||
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FINANCING ACTIVITIES:
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Proceeds from Notes Payable
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700,940 | 2,900,600 | ||||||
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Payments on Notes Payable
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(286,537 | ) | (129,950 | ) | ||||
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Payment on Note Payable - Related Party
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12,753 | (4,568 | ) | |||||
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Joint Venture Liability
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155,247 | (17,500 | ) | |||||
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Net Borrowing Under Line of Credit
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(584,246 | ) | (1,075,247 | ) | ||||
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NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
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(1,843 | ) | 1,673,335 | |||||
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NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS
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(70,281 | ) | 72,493 | |||||
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Cash, beginning of period
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407,881 | 114,504 | ||||||
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Cash, end of period
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$ | 337,600 | $ | 186,997 | ||||
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SUPPLEMENTAL DISCLOSURES OF CASH FLOW
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INFORMATION:
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Cash Paid for Interest
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$ | 201,278 | $ | 259,808 | ||||
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Cash Paid for Income Taxes
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$ | - | $ | - | ||||
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SUPPLEMENTAL DISCLOSURES OF NON CASH INVESTING
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AND FINANCING ACTIVITIES:
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Transfer of Inventory to Rental Equipment
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$ | 508,000 | $ | - | ||||
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Equipment Financed Under Capital Leases
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$ | 197,186 | $ | - | ||||
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Transfer of Rental Equipment to Inventory
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$ | 964,600 | $ | - | ||||
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| UNAUDITED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) | |||||||||||||||||||||||||||
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Total | ||||||||||||||||||||||||||
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Additional | Stockholders' | |||||||||||||||||||||||||
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Common Stock | Paid-in | Treasury | Accumulated | Equity/ | ||||||||||||||||||||||
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Balance
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Shares | Amount | Capital | Stock | Deficit | (Deficit) | |||||||||||||||||||||
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Dec. 31, 2019
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15,068,318 | $ | 15,068 | $ | 21,519,435 | $ | - | $ | (19,384,743 | ) | $ | 2,149,760 | |||||||||||||||
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Net Income
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(128,079 | ) | (128,079 | ) | |||||||||||||||||||||||
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March 31, 2020
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15,068,318 | 15,068 | 21,519,435 | - | (19,512,822 | ) | 2,021,681 | ||||||||||||||||||||
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Stock for Services
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40,000 | 40 | 25,620 | - | 25,660 | ||||||||||||||||||||||
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Purchase & Retire Stock
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(559,163 | ) | (559 | ) | 559 | - | |||||||||||||||||||||
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Net Income
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(454,611 | ) | (454,611 | ) | |||||||||||||||||||||||
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Dec. 31, 2020
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14,549,155 | $ | 14,549 | $ | 21,545,614 | $ | - | $ | (19,967,433 | ) | $ | 1,592,730 | |||||||||||||||
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Net Income
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365,829 | 365,829 | |||||||||||||||||||||||||
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Feb. 28, 2021
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14,549,155 | $ | 14,549 | $ | 21,545,614 | $ | - | $ | (19,601,604 | ) | $ | 1,958,559 | |||||||||||||||
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14,549,155 | 14,549 | 21,545,614 | - | (19,601,604 | ) | 1,958,559 | ||||||||||||||||||||
About AmeraMex International
AmeraMex International sells, leases, and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. AmeraMex, with a US and international customer base, 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 corporate information, online heavy equipment inventory/ pricing and videos.
Forward-Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Investors are encouraged to review the Company's filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Investor and Media Relations
McCloud Communications, LLC
Marty Tullio, Managing Member
Office: 949.632.1900 or [email protected]
SOURCE: AmeraMex International, Inc.