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
Rhea-AI Summary
AmeraMex International (OTC Pink: AMMX) reported strong financial results for Q2 and H1 2023. Q2 revenue increased 65% to $3.8 million, with gross profit surging to $2.6 million. The company achieved a net income of $1.0 million in Q2, compared to a net loss in the same period last year. For H1 2023, revenue grew 29% to $7.1 million, with gross profit up 60% to $2.4 million. Earnings per share for Q2 and H1 were $0.07 and $0.04, respectively.
The balance sheet showed improvements, with current assets increasing by $1.1 million and total assets by $4.0 million. The company will host a conference call on August 16, 2024, to provide a shareholder update.
Positive
- Q2 revenue increased 65% year-over-year to $3.8 million
- Q2 gross profit margin improved to 68% from 31% in the previous year
- Q2 net income of $1.0 million, compared to a net loss in the same period last year
- H1 revenue grew 29% year-over-year to $7.1 million
- H1 gross profit increased 60% to $2.4 million
- Current assets increased by $1.1 million
- Total assets increased by $4.0 million
Negative
- Total liabilities increased by $3.5 million, partly due to Notes Payable
News Market Reaction
On the day this news was published, AMMX gained 127.43%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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
Gross profit for the quarter was
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
Net income for the quarter was
Statement of Operations for the Six-Month period June 30, 2024
The company reported revenue for the six-month period of
Gross profit for the period increased 60 percent to
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
Net income for the period was
Balance Sheet for the Period Ended June 30, 2024
Current Assets increased by approximately
Current Liabilities for the period have decreased by approximately
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 Marty@McCloudCommunications.com
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, | - | - | |||||
| shares issued and outstanding | |||||||
| Common Stock, | 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
FAQ
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