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AmeraMex International Reports Revenue of $13.4 Million for the Year Ended December 31, 2023

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Chico, California--(Newsfile Corp. - April 18, 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 year ended December 31, 2023.

Statement of Operations for the Year Ended December 31, 2023

The company reported revenue of approximately $13.4 million, compared to revenue of approximately $19.3 million for the year ended December 31, 2022.

Gross profit for the year was $2.1 million, compared to gross profit of $4.7 million for the 2022 year-end.

Gross profit as a percentage of revenue was 16 percent for the year compared to gross profit, as a percentage of revenue, of 23 percent for the 2022 year-end.

Net loss for the year was ($764,741) compared to net income of $1.0 million for the comparable 2022 year-end. Loss per share was ($0.05) compared to earnings per share of $0.06.

Balance Sheet for the Year Ended December 31, 2023
Total Assets for the year were $18.2 million compared to $13.3 million for the year ended December 31, 2022. This increase is due in part to an increase of $5.1 million in Net Inventory. Current Liabilities for the year were $14.6 million compared to $8.5 million for the year ended December 31, 2022. This increase is due in part to the Deferred Revenue of $2.1 million and an increase in the Company's line of credit of $4.6 million.

Conference Call
The AmeraMex management team will be traveling for the next several days and a news release pertaining to the year ended 2023 conference call will be disseminated shortly.

AmeraMex International
AmeraMex International sells, leases, and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. 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 "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

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENTS OF OPERATIONS
   
     DECEMBER 31, 2023  DECEMBER 31, 2022  
               
               
REVENUES           
   Sales of Equipment and Other Revenues $11,918,754    $ 18,203,837  
   Rentals and Leases 1,464,745      1,105,487  
   Total Sales 13,383,499      19,309,324  
               
COST OF SALES           
   Sales of Equipment and Other Revenues 10,858,263      14,089,734  
   Rentals and Leases 438,056      522,590  
    Total Cost of Sales 11,296,319      14,612,324  
               
GROSS PROFIT 2,087,180      4,697,000  
               
OPERATING EXPENSES           
   Selling Expense 689,636      1,492,744  
   General and Administrative 2,153,823      1,338,818  
    Total Operating Expenses 2,843,459      2,831,562  
               
   Profit From Operations (756,279 )    1,865,438  
               
OTHER INCOME (EXPENSE)           
   Interest Expense, net 541,218      561,091  
   Loss from Early Extinguishment of Debt -      95,544  
   Other Income (Expense) (102,589 )    (186,992 )
    Total Other Income (Expense) 438,629      469,643  
               
INCOME BEFORE PROVISION for INCOME TAXES (1,194,908 )    1,395,795  
               
PROVISION for INCOME TAXES 430,167      433,638  
               
NET INCOME $(764,741 )   $  962,157  
               
Weighted Average Shares Outstanding:           
   Basic 14,829,155      14,829,155  
   Diluted 14,829,155      14,829,155  
               
Earnings (loss) per Share           
   Basic $-0.05    $ 0.06  
   Diluted $-0.05    $ 0.06  

 

AMERAMEX INTERNATIONAL, INC.
UNAUDITED BALANCE SHEETS
              
        DECEMBER 31, 2023    DECEMBER 31, 2022
ASSETS         
Current Assets:         
    Cash $ 588,128  $ 1,032,209
    Accounts Receivable, Net   1,289,389    1,080,739
    Inventory, Net   11,359,158    6,275,823
    Other Current Assets   324,134    318,807
     Total Current Assets   13,560,809    8,707,578
              
    Property and Equipment, Net   1,702,163    1,047,602
    Rental Equipment, Net   1,063,464    1,078,470
    Lease Right of Use Asset - Operating   703,802    788,733
    Lease Right of Use Asset - Financing   905,782    1,297,023
    Deferred Tax Asset   56,219    -
    Other Assets   207,172    374,123
    Total Other Assets   4,638,602    4,585,951
    TOTAL ASSETS $ 18,199,411  $ 13,293,529
              
LIABILITIES & STOCKHOLDERS' EQUITY         
Current Liabilities:         
    Accounts Payable $ 2,213,722  $ 1,199,805
    Accrued Expenses   348,415    446,849
    Deferred Revenue   2,136,400    -
    Joint Venture Liability   105,000    227,503
    Lines of Credit   5,891,119    1,327,715
    Notes Payable, Current Portion   1,273,310    1,196,205
    Lease Liability - Operating   129,081    129,081
    Lease Liability - Financing   188,121    188,121
     Total Current Liabilities   12,285,168    4,715,279
              
Long-Term Liabilities         
    Deferred Tax Liabilities, Net   -    78,120
    Notes Payable, Net of Current Portion   713,391    1,912,666
    Lease Liability - Operating, Net of Current Portion  
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