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CHICO, Calif., March 30, 2018 -- AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and tactical military vehicles, reports results for its financial year ended December 31, 2017 and a brief overview of sales for the first quarter of 2018 ending March 31.
Highlights for the Year Ended December 31, 2017:
Revenue for 2017
The company reported revenue of approximately $8.8 million compared to revenue of approximately $7.5 million for the year ended December 31, 2016.
Gross Profit for 2017 Increased 45 Percent
The company reported gross profit of $4.3 million compared to gross profit of $2.3 million for the year ended December 31, 2016. Gross profit as a percentage of sales rose 17 percent over the previous year.
Net Income
The company reported net income for the year of approximately $1.7 million compared to net loss of <$1.4> million for the year ended December 31, 2016.
Stronger Balance Sheet
Total assets improved significantly due in part to an approximate $2.5 million increase of inventory. Total liabilities for the year increased $1.5 million due in part to the purchase of inventory.
Audit Update
The Company’s outside auditors have completed the audit of its 2016 financial statements. They are now just finishing their review of the Company’s financial statements for the year ended December 2017 and will provide AmeraMex with any adjustments required. The Company plans to file the Registration Statement with the SEC as soon as possible. Then the SEC comment process will begin. The process can last three to four months, but the Company and its service providers are committed to responding expeditiously. After the SEC comment process is completed to their satisfaction, they will declare the Registration Statement “effective” and AmeraMex will be a “fully reporting company” which is a requirement before applying to list on the OTCQB.
First Quarter 2018
During the first quarter of 2018, AmeraMex has reported sales of over $6.9 million. Based on the current economic climate, management believes this positive outlook will continue to grow sales throughout 2018 and beyond.
Shareholder Conference Call
AmeraMex International will provide a shareholder update March 30 at 10:00 a.m. Pacific Time. The conference call dial-in number for both U.S. and international callers is 1.323.994.2083. Please dial in to the conference center five minutes before the call begins and ask the operator for the AmeraMex conference call.
Financials follow
| AMERAMEX INTERNATIONAL, INC. | ||||||||||
| STATEMENTS OF OPERATIONS | ||||||||||
| FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016 | ||||||||||
| 2017 | 2016 | |||||||||
| Revenue | $ | 8,845,924 | $ | 7,540,051 | ||||||
| Cost of goods sold | 4,539,179 | 5,192,793 | ||||||||
| Gross profit | 4,306,745 | 2,347,258 | ||||||||
| Operating expenses: | ||||||||||
| Selling expenses | 208,102 | 80,045 | ||||||||
| General and administrative | 2,161,698 | 2,458,383 | ||||||||
| Stock-based compensation | - | 108,763 | ||||||||
| Total operating expenses | 2,369,799 | 2,647,191 | ||||||||
| Income (loss) from operations | 1,936,946 | (299,933 | ) | |||||||
| Other income (expense) | ||||||||||
| Interest expense | (497,942 | ) | (438,239 | ) | ||||||
| Other income | 245,516 | (486,657 | ) | |||||||
| Total other income (expense) | (252,426 | ) | (924,896 | ) | ||||||
| Income (loss) before provision for income taxes | 1,684,520 | (1,224,829 | ) | |||||||
| Provision for income taxes | - | 131,760 | ||||||||
| Net income (loss) | $ | 1,684,520 | $ | (1,356,589 | ) | |||||
| Weighted average shares outstanding: | ||||||||||
| Basic | 753,415,879 | 754,890,879 | ||||||||
| Diluted | 753,415,879 | 754,890,879 | ||||||||
| Earnings (loss) per share | ||||||||||
| Basic | $ | 0.00 | $ | (0.00 | ) | |||||
| Diluted | $ | 0.00 | $ | (0.00 | ) | |||||
| AMERAMEX INTERNATIONAL, INC. BALANCE SHEET AS OF DECEMBER 31, 2017 | |||||
| 2017 | |||||
| ASSETS | |||||
| Current Assets: | |||||
| Cash and cash equivalents | $ | 553,267 | |||
| Accounts receivable | 672,607 | ||||
| Inventory, net | 4,137,812 | ||||
| Other current assets | 40,614 | ||||
| Total current assets | 5,404,300 | ||||
| Furniture and equipment, net | 3,960,337 | ||||
| Other assets | 253,881 | ||||
| TOTAL ASSETS | $ | 9,618,518 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
| Current Liabilities: | |||||
| Accounts payable | $ | 2,461,348 | |||
| Accrued expenses | 46,918 | ||||
| Deferred revenue | 3,149,212 | ||||
| Income taxes payable | 148,677 | ||||
| Line of credit | 488,000 | ||||
| Notes payable, current portion | 824,022 | ||||
| Notes payable - related party | 371,350 | ||||
| Total current liabilities | 7,489,527 | ||||
| Notes payable, net of current portion | 1,660,284 | ||||
| TOTAL LIABILITIES | 9,149,811 | ||||
| Commitments and contingencies (Note 8) | |||||
| STOCKHOLDERS' EQUITY: | |||||
| Common stock, $0.0001 par value, 1,000,000,000 shares authorized, | |||||
| 754,015,879 and 664,890,879 shares issued and outstanding | 754,016 | ||||
| Additional paid-in capital | 20,785,925 | ||||
| Treasury stock | (10,438 | ) | |||
| Accumulated deficit | (21,060,796 | ) | |||
| Total stockholders' equity | 468,707 | ||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ | 9,618,518 | |||
| AMERAMEX INTERNATIONAL, INC. | |||||||
| STATEMENTS OF CASH FLOWS | |||||||
| FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016 | |||||||
| 2017 | 2016 | ||||||
| OPERATING ACTIVITIES: | |||||||
| Net income (loss) | $ | 1,684,520 | $ | (1,356,589 | ) | ||
| Adjustments to reconcile net income to | |||||||
| net cash provided by operating activities: | |||||||
| Depreciation | 670,149 | 523,080 | |||||
| Stock-based compensation | - | 108,763 | |||||
| Loss on settlement of debt | - | 497,500 | |||||
| Gain on sale of equipment | - | (31,535 | ) | ||||
| Change in current assets and liabilities: | |||||||
| Accounts receivable | (594,057 | ) | 50,406 | ||||
| Inventory | (2,560,336 | ) | (631,858 | ) | |||
| Other assets | 39,090 | (25,507 | ) | ||||
| Accounts payable | 127,238 | 161,383 | |||||
| Accrued expenses | 38,087 | 28,610 | |||||
| Deferred revenue | (878,415 | ) | 2,746,069 | ||||
| Income tax payable | - | (5,051 | ) | ||||
| Deferred tax liability | - | - | |||||
| Net cash provided by operating activities | (1,473,723 | ) | 2,065,271 | ||||
| INVESTING ACTIVITIES: | |||||||
| Payment for furniture and equipment | (318,318 | ) | (3,055,286 | ) | |||
| Proceeds from sale of equipment | - | 242,020 | |||||
| Net cash used in investing activities | (318,318 | ) | (2,813,266 | ) | |||
| FINANCING ACTIVITIES: | |||||||
| Proceeds from notes payable | 3,220,437 | 790,336 | |||||
| Payments on notes payable | (2,065,101 | ) | (455,417 | ) | |||
| Purchase of treasury stock | 5,000 | (6,438 | ) | ||||
| Proceeds from note payable - related party | 3,724 | - | |||||
| Payment on note payable - related party | (53,858 | ) | (214,905 | ) | |||
| Net proceeds (borrowing) under line of credit | 42,089 | 44,891 | |||||
| Net cash provided by financing activities | 1,152,292 | 158,467 | |||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (639,749 | ) | (589,528 | ) | |||
| CASH AND CASH EQUIVALENTS, BEGINNING BALANCE | 86,482 | - | |||||
| CASH AND CASH EQUIVALENTS, ENDING BALANCE | $ | (553,267 | ) | $ | (589,528 | ) | |
| CASH PAID FOR: | |||||||
| Interest | $ | 497,942 | $ | 438,239 | |||
| Income taxes | $ | $ | 224,666 | ||||
AmeraMex International
AmeraMex International sells, leases and rents heavy equipment to companies within multiple industries including construction, logistics, mining, and lumber. The company also represents an inclusive product line of advanced performance tactical military vehicles from Oshkosh Defense, LLC. 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 information and equipment videos.
Except for the historical information contained herein, statements discussing sales or revenue projections are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from any forward-looking statements made herein.
Investor and Media Relations
McCloud Communications, LLC
Marty Tullio, Managing Member
Office: 949.632.1900
[email protected]
