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AmeraMex International Reports a 37 Percent Increase in Revenue for the Year Ended December 31, 2019

$9.5 Million in Sales for the First Quarter Ending March 31, 2020

CHICO, CA / ACCESSWIRE / March 30, 2020 / AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, forestryconservation and tactical military vehicles, reports results for its financial year ended December 31, 2019.

Highlights for the Year Ended December 31, 2019:

OTCQB

AmeraMex listed on the OTCQB in July 2019.

Board of Directors

Company added two new board members to broaden board expertise: Brian Hamre, who brings 22+ years of industry knowledge to the board; and Jeff Morris, who brings over 30+ years of financial services knowledge to the board.

Line of Credit

The Company secured a $6.6 million line of credit to purchase rental equipment.

Revenue Increases 37 Percent

The Company reported Revenue of approximately $13.4 million compared to Revenue of approximately $9.8 million for the year ended December 31, 2018. This is a 37 percent increase.

Gross Profit

The Company reported Gross Profit of $3.1 million compared to Gross Profit of $3.1 million for the year ended December 31, 2018. Gross Profit, as a percentage of sales, was 23 percent. The Gross Profit margins were down due to the mix of new versus refurbished equipment sold during 2019. A large order for new equipment received in 2018 was shipped during the first quarter of 2019.

Net Income

The Company reported Net Income for the year of approximately $.337 million compared to Net Income of $.886 million for the year ended December 31, 2018. The reduction of Net Income for 2019 was due in part to a onetime charge of $.567 million for the early extinguishment of debt in the second quarter of 2019. The early debt extinguishment significantly lowers interest expense for the remainder of the year and into 2020.

Balance Sheet

Total Current Assets increased $2.1 million and Total Assets increased $1.7 million over the same period in 2018. This increase was due in part to an increase in inventory of $2.2 million. Total Current Liabilities decreased $1 million due to a decrease of $.700 in Accounts Payable while Total Liabilities for the year increased $1.4 million due in part to the $6.6 million line of credit.

Shareholder Conference Call

The conference call dial-in number for both U.S. and international callers is 1.201.689.8560. Please dial in to the conference center five minutes before the call begins and ask the operator for the AmeraMex conference call. An audio replay of the call will be available from March 30, 2020 at 5:00 p.m. Eastern Time until April 13, 2020 at 11:59 p.m. Eastern Time. The replay is accessible by dialing 1.412.317.6671 and entering pin number 13700456.

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 Marty@McCloudCommunications.com

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENT OF OPERATIONS
AS OF DECEMBER 31, 2019 AND 2018

   
  DECEMBER 31, 2019  DECEMBER 31, 2018 
REVENUES      
Sales of Equipment and Other Revenues $10,933,709  $7,027,948 
Rentals and Leases  2,462,715   2,769,906 
Total Revenues  13,396,424   9,797,854 
         
COST OF SALES        
Sales of Equipment and Other Revenues  9,329,986   5,700,920 
Rentals and Leases  951,366   985,584 
Total Cost of Revenues  10,281,352   6,686,504 
         
GROSS PROFIT  3,115,072   3,111,350 
         
OPERATING EXPENSES        
Selling Expense  448,415   325,519 
General and Administrative  977,983   834,394 
Total Operating Expenses  1,426,398   1,159,913 
         
Profit (loss) From Operations  1,688,674   1,951,437 
         
OTHER INCOME (EXPENSE)        
Interest Expense  (742,144)  (828,585)
Loss from Early Extinguishment of Debt  (566,838)  - 
Other Income  71,075   131,165 
Total Other Income (Expense)  (1,237,907)  (697,420)
         
INCOME BEFORE PROVISION for INCOME TAXES  450,767   1,254,017 
         
PROVISION for INCOME TAXES  113,320   368,422 
         
NET INCOME $337,447  $885,595 
         
Weighted Average Shares Outstanding:        
Basic  753,415,879   753,415,879 
Diluted  753,415,879   753,415,879 
         
Earnings (loss) per Share        
Basic $0.00  $0.00 
Diluted $0.00  $0.00 
         
         

AMERAMEX INTERNATIONAL, INC.
UNAUDITED BALANCE SHEETS
AS OF DECEMBER 31, 2019 AND DECEMBER 31,2018

   
       
  DECEMBER 31, 2019  DECEMBER 31, 2018 
ASSETS      
Current Assets:      
Cash $114,338  $197,752 
Accounts Receivable, Net  651,178   631,805 
Inventory  4,903,829   2,689,642 
Other Current Assets  281,361   289,060 
Total Current Assets  5,950,706   3,808,259 
         
Property and Equipment, Net  1,167,580   988,552 
Rental Equipment, Net  3,815,555   4,679,122 
Other Assets  495,262   234,074 
Total Noncurrent Assets  5,478,397   5,901,748 
         
TOTAL ASSETS $11,429,103  $9,710,007 
         
LIABILITIES & STOCKHOLDERS' EQUITY         
Current Liabilities:        
Accounts Payable $588,784  $1,309,032 
Accrued Expenses  97,776   118,291 
Notes Payable, Current Portion  15,000   296,618 
Total Current Liabilities  701,560   1,723,941 
         
Long-Term Liabilities        
Deferred Tax Liability  436,357   301,680 
Notes Payable - Related Party  298,874   353,643 
Notes Payable, Net of Current Portion  692,415   4,316,233 
Line of Credit  6,722,396   774,456 
Total Noncurrent Liabilities  8,150,042   5,746,012 
         
TOTAL LIABILITIES  8,851,602   7,469,953 
         
Commitments and Contingencies (Note 11)        
         
STOCKHOLDERS' EQUITY:        
Stockholders' Equity        
       
shares issued and outstanding  -   - 
       
       
December 31,2018  753,416   753,416 
Additional Paid-In Capital  20,781,087   20,785,924 
Treasury Stock  -   (4,837)
Accumulated Deficit  (18,957,002)  (19,294,449)
Total Stockholders' Equity  2,577,501   2,240,054 
         
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $11,429,103  $9,710,007 
         

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENT OF CASH FLOW
AS OF DECEMBER 31, 2019 AND DECEMBER 31, 2018

   
  DECEMBER 31, 2019  DECEMBER 31, 2018 
CASH FROM OPERATING ACTIVITIES      
Net Income (Loss) $337,449  $885,595 
Adjustments to reconcile Net Income (Loss) to        
       
Depreciation and Amortization  1,213,238   1,183,438 
Provision for Deferred Income Taxes  134,677   305,362 
Gain on Sale of Property and Equipment      (131,165)
Loss on Early Extinguishment of Debt  (566,838)  - 
Changes in Operating Assets and Liabilities:        
Accounts Receivable  (19,373)  (182,641)

Inventory
  (2,161,937)  381,787 
Other Current Assets  (253,793)  (36,965)
Accounts Payable  (720,249)  (937,588)
Accrued Expenses  (20,515)  (47,658)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES  (2,057,341)  1,420,165 
         
INVESTING ACTIVITIES:        
Payments for Property & Equipment  (389,789)  (473,757)
Payments for Rental Equipment  (138,606)  (1,936,628)
Proceeds from Sale of Equipment  -   131,165 
NET CASH PROVIDED BY INVESTING ACTIVITIES  (528,395)  (2,279,220)
         
FINANCING ACTIVITIES:        
Proceeds from Notes Payable  1,407,505   2,843,059 
Payments on Notes Payable  (5,146,710)  (2,577,325)
Payment on Note Payable - Related Party  (54,769)  (49,008)
Net Borrowing Under Line of Credit  6,296,296   286,456 
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES  2,502,322   503,182 
         
NET DECREASE IN CASH & CASH EQUIVALENTS  (83,414)  (355,873)
         
Cash, beginning of period  197,752   553,625 
Cash, end of period $114,338  $197,752 
         
SUPPLEMENTAL DISCLOSURES OF CASH FLOW        
INFORMATION:        
Cash Paid for Interest $742,144  $799,831 
Cash Paid for Income Taxes $113,320  $64,247 
         
SUPPLEMENTAL DISCLOSURES OF NON CASH INVESTING        
AND FINANCING ACTIVITIES:        
Transfer of Inventory to Rental Equipment $-  $1,111,066 
Transfer of Rental Equipment to Inventory $35,470  $185,591 
         
         

AMERAMEX INTERNATIONAL, INC.
UNAUDITED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)
AS OF DECEMBER 31, 2019 AND DECEMBER 31,2018

                            Total  
             Additional               Stockholders'  
   Common Stock     Paid-in     Treasury     Accumulated     Equity/  
Balance   Shares     Amount     Capital     Stock     Deficit     (Deficit)  
                              
Dec. 31, 2017    753,415,879    754,017    20,785,924    (5,438)  (20,180,044)  1,354,459 
                                                
Common Stock Adj            (601)            601              - 
                                                
Net Income                                    885,595      885,595 
                                                
December 31, 2018    753,415,879      753,416      20,785,924      (4,837)    (19,294,449)    2,240,054 
                                                
Retirement of Treasury Stock                    (4,837)    4,837              - 
                                                
Net Income                                    337,447      337,447 
                                                
December 31, 2019    753,415,879    753,416    20,781,087    -    (18,957,002)  2,577,501 
     753,415,879      753,416      20,781,087      -      (18,957,002)    2,577,501 
     -      -      -      -      -      - 
                                                
                                                

SOURCE: AmeraMex International, Inc.



View source version on accesswire.com:
https://www.accesswire.com/582924/AmeraMex-International-Reports-a-37-Percent-Increase-in-Revenue-for-the-Year-Ended-December-31-2019

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