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AmeraMex International Reports Revenue of $3.3 Million for the First Quarter Ended March 31, 2024

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AmeraMex International (OTC Pink: AMMX) reported a revenue of $3.3 million for Q1 2024, marking a 3% year-over-year increase from $3.2 million in Q1 2023.

However, gross profit declined significantly to -$148,268 from $818,308 in the previous year.

The company also reported a net loss of $436,343, compared to a net income of $101,103 in Q1 2023.

Loss per share was $-0.01, down from earnings per share of $0.01 last year.

Total assets decreased slightly to $18.5 million from $18.6 million at the end of 2023, while total liabilities increased to $14.9 million from $14.6 million.

Cash and cash equivalents fell to $163,507 from $588,128 at the end of 2023.

Positive
  • Revenue increased by 3% to $3.3 million, compared to $3.2 million in the same quarter last year.
  • Rental and lease revenues rose significantly to $462,172 from $201,227 year-over-year.
  • Total assets remain robust at $18.5 million.
  • Inventory levels are stable, slightly decreasing to $11.1 million from $11.3 million in Q4 2023.
Negative
  • Gross profit plummeted to -$148,268 from $818,308, indicating a severe decline.
  • Net loss of $436,343 was reported, compared to a net income of $101,103 in Q1 2023.
  • Loss per share was $-0.01, a drop from earnings per share of $0.01 in Q1 2023.
  • Cash and cash equivalents fell sharply to $163,507 from $588,128 at the end of 2023.
  • Total liabilities increased to $14.9 million from $14.6 million, indicating rising debt levels.

Chico, California--(Newsfile Corp. - May 21, 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 first quarter ended March 31, 2024.

Statement of Operations for the Quarter Ended March 31, 2024
The company reported revenue of approximately $3.3 million, a 3 percent increase when compared to revenue of approximately $3.2 million for the quarter ended March 31, 2023.

Gross profit for the quarter was $(148,268), a significant reduction when compared to gross profit of $818,308 for the comparable quarter of 2023.

Net loss for the quarter was $(436,343) compared to net income of $101,103 for the comparable quarter. Loss per share was $(0.01) for the quarter compared to earnings per share of $0.01 for the comparable 2023 quarter.

Balance Sheet for the Quarter Ended March 31, 2022

Total Assets were $18.5 million.

Total Liabilities were $14.9 million

AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF OPERATIONS
          
        MARCH 31, 2024    MARCH 31, 2023
       

  

REVENUES    

  

  Sales of Equipment and Other Revenues $ 2,817,577   $ 3,008,032
  Rentals and Leases   462,172    201,227
    Total Sales   3,279,749    3,209,259
                  
COST OF SALES               
  Sales of Equipment and Other Revenues   3,237,301    2,236,360
  Rentals and Leases   190,716    154,591
    Total Cost of Sales   3,428,017    2,390,951
                  
GROSS PROFIT     (148,268)    818,308
                  
OPERATING EXPENSES             
  Selling Expense   129,642    197,640
  General and Administrative   268,843    277,891
    Total Operating Expenses   398,485    475,531
                  
  Profit From Operations   (546,753)    342,777
                  
OTHER INCOME (EXPENSE)             
  Interest Expense, net   (167,188)    (123,529)
  Loss from Early Extinguishment of Debt   -    -
  Other Income   99,373    (76,850)
    Total Other Expense   (67,815)    (200,379)
                  
INCOME BEFORE PROVISION for INCOME TAXES   (614,568)    142,398
                  
PROVISION for INCOME TAXES   (178,225)    41,295
                  
NET INCOME   $ (436,343)    $  101,103
                  
Weighted Average Shares Outstanding:             
  Basic     14,112,988    14,112,988
  Diluted     14,112,988    14,112,988
                  
Earnings per Share                 
  Basic   $ -0.03   $ 0.01
  Diluted   $ -0.03   $ 0.01

 

AMERAMEX INTERNATIONAL, INC.
BALANCE SHEETS
                
          MARCH 31, 2024    DECEMBER 31, 2023
ASSETS             
Current Assets:             
  Cash     $ 163,507  $ 588,128
  Accounts Receivable, Net     851,985    1,289,389
  Inventory, Net     11,131,882    11,359,158
  Other Current Assets     223,947    324,134
    Total Current Assets     12,371,321    13,560,809
Non-Current Assets:           
  Property and Equipment, Net     870,355    1,702,163
  Rental Equipment, Net     2,893,592    1,063,464
  Lease Right of Use Asset - Operating     693,045    703,802
  Lease Right of Use Asset - Financing     1,219,408    905,782
  Deferred Tax Asset     243,640    486,386
  Other Assets     214,117    207,172
    Total Long-Term Assets     6,134,157    5,068,769
  TOTAL ASSETS   $ 18,505,478  $ 18,629,578
                
LIABILITIES & STOCKHOLDERS' EQUITY           
Current Liabilities:             
  Accounts Payable   $ 1,333,542  $ 2,214,439
  Accrued Expenses     161,666    348,415
  Deferred Revenue     2,025,027    2,136,400
  Joint Venture Liability     (177,000   105,000
  Line of Credit     5,692,834    5,891,119
  Notes Payable, Current Portion     1,798,671    1,273,310
  Lease Liability - Operating     129,081    129,081
  Lease Liability - Financing     188,121    188,121
    Total Current Liabilities     11,151,942    12,285,885
                
Long-Term Liabilities           
  Deferred Tax Liabilities, Net     502,403    -
  Notes Payable, Net of Current Portion     1,683,608    713,391
  Lease Liability - Operating, Net of Current Portion     563,964    574,721
  Lease Liability - Financing, Net of Current Portion     1,031,287    1,046,964
    Total Long-Term Liabilities     3,781,262    2,335,076
  TOTAL LIABILITIES   $ 14,933,204  $ 14,620,961
                
          -    -
                
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 March 31, 2024 and         
  14,112.988 at December 31, 2023           
  Additional Paid-In Capital     21,671,534    21,671,534
  Accumulated Deficit     (18,113,372)
  (17,677,029)
    Total Stockholders' Equity     3,572,274    4,008,617
  TOTAL LIABILITIES & STOCKHOLDERS' EQUITY   $ 18,505,478  $ 18,629,578

 

AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF CASH FLOW
                 
            
           MARCH 31, 2024    MARCH 31, 2023
                 
OPERATING ACTIVITIES:           
     Net Income   $ (436,343)  $ 101,103
  Adjustments to reconcile Net Income to              
  Net Cash provided (used) by Operating Activities:           
     Depreciation and Amortization     278,693    236,252
     Provision for Deferred Income Taxes     502,403    49,624
     Amortization and Accretion of Interest     21,351    749
  Change in Operating Assets and Liabilities:           
     Accounts Receivable     437,404    202,317
     Inventory     85,968    (457,671)
     Other Current Assets     100,187    98,514
     Accounts Payable     (880,180)    125,725
     Customer Deposits     (111,373)    -
     Accrued Expenses     (186,749)    (121,702)
  NET CASH USED BY OPERATING ACTIVITIES   $ (188,639)  $ 234,911
                 
INVESTING ACTIVITIES:           
     Payments for Property and Equipment   $ 740,255  $ (5)
     Proceeds (Payments) for Rental Equipment     (190,716)    (154,261)
  NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES   $ 549,539  $ (154,266)
                 
FINANCING ACTIVITIES:           
     Proceeds from Notes Payable   $ 190,683  $ 190,683
     Payments on Notes Payable     (244,490)    (244,490)
     Payment on Note Payable - Related Party     -    279,334
     Joint Venture     (177,000)    (177,000)
     Net Borrowing (Repayments) Under Lines of Credit     (553,997)    (262,893)
  NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES   $ (784,804)  $ (214,366)
                 
NET DECREASE IN CASH & CASH EQUIVALENTS   $ (423,904)  $ (133,721)
                 
  Cash and Cash Equivalents, BEGINNING OF PERIOD   $ 588,128  $ 1,032,209
  Cash and Cash Equivalents, END OF PERIOD   $ 164,224  $ 898,488
                 
CASH PAID FOR:           
     Interest   $ 153,268  $ 122,904
     Income Taxes   $ 800  $ 800
                 
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING           
AND FINANCING ACTIVITIES:           
     Transfer of Inventory to Rental Equipment     -    -
     Equipment Financed under Capital Leases     -    -
     Transfer of Rental Equipment to Inventory     -    -

 

AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
FOR THE MONTHS ENDED MARCH 31, 2024 AND 2023
                   
                   
             Additional        Total 
     Common Stock    Paid-in     Accumulated    Stockholders' 
 Balance   Shares      Amount    Capital    Deficit    Equity
                   
December 31, 2022                                                     14,829,155    $14,829  $21,671,534  $(16,912,288)  $4,774,075
                   
 Net Income   -     -  -  101,103  101,103
                   
March 31, 2023                                                     14,829,155    $14,829  $21,671,534  $(16,811,185)  $4,875,178
                   
December 31, 2023                                                     14,829,155    $14,112  $21,671,534  $(17,677,029)  $4,008,617
                   
 Net Income                                                                       -    -  -  (436,343)  (436,343)
                   
March 31, 2024                                                     14,112,988    $14,112  $21,671,534  $(18,113,372)  $3,572,274
                                                        14,112,988    14,112  21,671,534  (18,113,372)  3,572,274

 

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 Marty@McCloudCommunications.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209915

FAQ

What was AmeraMex International's revenue for Q1 2024?

AmeraMex International reported a revenue of $3.3 million for Q1 2024.

Did AmeraMex International's gross profit increase in Q1 2024?

No, AmeraMex International's gross profit declined to -$148,268 from $818,308 in Q1 2023.

What was AmeraMex International's net loss for Q1 2024?

AmeraMex International reported a net loss of $436,343 for Q1 2024.

What is AmeraMex International's (AMMX) loss per share for Q1 2024?

The loss per share for AmeraMex International (AMMX) in Q1 2024 was $-0.01.

How did AmeraMex International's liabilities change in Q1 2024?

AmeraMex International's total liabilities increased to $14.9 million from $14.6 million at the end of 2023.

What was the change in AmeraMex International's cash and cash equivalents in Q1 2024?

AmeraMex International's cash and cash equivalents decreased to $163,507 from $588,128 at the end of 2023.

AmeraMex International, Inc.

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