AmeraMex International Reports Year-End Revenue of $12.3 Million

Company reports approximately $11.5 million in year-to-date sales for 2021

CHICO, CA / ACCESSWIRE / April 16, 2021 / AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its year ended December 31, 2020.

AmeraMex CEO Lee Hamre commented, "Sales for the second half of 2020 were robust and that momentum has continued through the first quarter of 2021. Our pipeline for 2021 is strong, and while we do not make projections, we believe this could be a remarkable year for AmeraMex on several fronts."

Statement of Operations for the Year Ended December 31, 2020

The company reported revenue of approximately $12.3 million, a $376,118 decrease when compared to revenue of approximately $12.7 million for comparable 2019 year-end. During the first six months of 2020, sales and ultimately revenue were significantly affected by COVID-19-related regulations. Most of AmeraMex's customers and potential customers' businesses are up and operational as many of COVID-19 restrictions have now been reduced or are no longer in place.

Gross profit for the year was $1.8 million, or a gross profit margin of 14 percent, compared to gross profit of $2.4 million, or a gross profit margin of 18 percent, for the comparable 2019 year-end . The decrease in gross profit for the year was due in part to the increase in cost of goods sold and the product mix of new versus refurbished equipment.

The Company reported a net loss of approximately ($582,690) for the year compared to a net loss of approximately ($90,000) for the comparable 2019 year-end. The loss for the year is related to an increase in G&A and Interest Expense. There were two pending legal proceedings which were subsequently dismissed as the Company reached a combined confidential settlement agreement of approximately $429,000. Additionally, Interest expense increased approximately $300,000 due to loan fees and additional financing for rental equipment.

Balance Sheet for the Year Ended December 31, 2020

Total Assets were $12.5 million, an increase of approximately $1 million over 2019. Total Liabilities were $11 million, an increase of $1.6 million over 2019.

Year-End 2020 Conference Call

The conference call dial-in number for both U.S. and international callers is 1.201.689.8560. Please dial into 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 April, 2021 at 4:00 p.m. Eastern Time until April 30, 2021 at 11:59 p.m. Eastern Time. The replay is accessible by dialing 1.412.317.6671 and entering pin number 13718558. An audio version of the conference call will also be available on the Company's website, www.ammx.net.

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 important 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.
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

   2020    2019 
REVENUES         
Sales of Equipment and Other Revenues  9,665,607    10,296,901 
Rentals and Leases    2,613,513      2,358,337 
Total Revenues    12,279,120      12,655,238 
                
COST OF SALES               
Sales of Equipment and Other Revenues    9,566,702      9,343,196 
Rentals and Leases    942,954      951,366 
Total Cost of Revenues    10,509,656      10,294,562 
                
GROSS PROFIT    1,769,464      2,360,676 
                
OPERATING EXPENSES               
Selling Expense    454,806      448,415 
Legal Settlement    428,700      - 
General and Administrative    944,567      978,560 
Total Operating Expenses    1,828,073      1,426,975 
                
income (loss) From Operations    (58,609)    933,701 
                
OTHER INCOME (EXPENSE)               
Interest Expense    (1,047,330)    (747,855)
Loss from Early Extinguishment of Debt    (90,925)    (482,908)
Forgiveness of Debt and Other, Net    222,517      131,423 
Total Other Income (Expense)    (915,738)    (1,099,340)
                
INCOME BEFORE PROVISION for INCOME TAXES    (974,347)    (165,639)
                
BENEFIT for INCOME TAXES    (391,657)    (75,345)
                
NET LOSS  (582,690)  (90,294)
                
Weighted Average Shares Outstanding:               
Basic    14,808,737      14,808,737 
Diluted    14,808,737      14,808,737 
                
Earnings (loss) per Share               
Basic  -0.04    -0.01 
Diluted  -0.04    -0.01 
                

AMERAMEX INTERNATIONAL, INC.
BALANCE SHEETS
AS OF DECEMBER 31, 2020 AND 2019

   2020    2019 
ASSETS         
Current Assets:         
Cash  407,881    114,504 
Accounts Receivable, Net    768,371      589,710 
Inventory    5,873,569      4,832,283 
Other Current Assets    198,531      206,945 
Total Current Assets    7,248,352      5,743,442 
                
Property and Equipment, Net    1,035,840      1,179,794 
Rental Equipment, Net    3,624,376      4,036,612 
Deferred Tax Assets, Net    158,124         
Other Assets    453,410      489,562 
Total Noncurrent Assets    5,271,750      5,705,968 
                
TOTAL ASSETS  12,520,102    11,449,410 
                
LIABILITIES & STOCKHOLDERS' EQUITY                
Current Liabilities:               
Accounts Payable  620,200    531,806 
Accrued Expenses    231,329      79,787 
Joint Venture Liability    439,500      459,500 
Lines of Credit    5,749,801      408,033 
Notes Payable, Current Portion    911,265      386,528 
Convertible Note    150,683      - 
Total Current Liabilities    8,102,778      1,865,654 
                
Long-Term Liabilities               
Deferred Tax Liability    -      226,339 
Notes Payable - Related Party    226,659      334,794 
Notes Payable, Net of Current Portion    2,597,935      559,235 
Line of Credit    -      6,313,628 
Total Noncurrent Liabilities    2,824,594      7,433,996 
                
TOTAL LIABILITIES    10,927,372      9,299,650 
                
Commitments and Contingencies (Note 11)               
                
STOCKHOLDERS' EQUITY:               
Stockholders' Equity               
    
shares issued and outstanding    -      - 
    
14,808,737 issued and outstanding               
at December 31, 2020 and 2019, respectively    14,549      15,068 
Additional Paid-In Capital    21,545,614      21,519,435 
Accumulated Deficit    (19,967,433)    (19,384,743)
Total Stockholders' Equity    1,592,730      2,149,760 
                
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY  12,520,102    11,449,410 
      -        -  
         

AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

   2020    2019 
CASH FROM OPERATING ACTIVITIES         

Net Loss
  (582,690)  (90,294)
Adjustments to reconcile Net Income (Loss) to               
Net Cash provided by (Used In) Operating Activities:               
Stock for Services    25,660      - 
Depreciation and Amortization    1,310,018      1,246,777 
Provision for Deferred Income Taxes    (384,467)    (75,345)
Forgiveness of debt    (218,442)    - 
Loss on Legal Settlement    428,700      - 
Loss on Early Extinguishment of Debt    90,925      482,908 
Changes in Operating Assets and Liabilities:               
Accounts Receivable    (178,661)    42,095 
Inventory    (1,031,615)    (2,142,641)
Other Current Assets    44,568      (173,677)
Accounts Payable    88,394      (777,227)
Accrued Expenses    151,542      (38,504)
NET CASH USED IN OPERATING ACTIVITIES    (256,068)    (1,525,908)
                
INVESTING ACTIVITIES:               
Payments for Property & Equipment    (141,998)    (419,293)
Payments for Rental Equipment    (611,830)    (375,912)
Proceeds from Sale of Equipment    -      - 
NET CASH USED IN INVESTING ACTIVITIES    (753,828)    (795,205)
                
FINANCING ACTIVITIES:               
Proceeds from Notes Payable    4,594,871      960,505 
Payments on Notes Payable    (2,191,602)    (5,110,496)
Payment on Note Payable - Related Party    (108,135)    (18,849)
Joint Venture Liability    (20,000)    459,500 
Net Borrowing Under Line of Credit    (971,861)    5,947,205 
NET CASH PROVIDED BY FINANCING ACTIVITIES    1,303,273      2,237,865 
                
NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS    293,377      (83,248)
                
CASH, BEGINNING OF YEAR    114,504      197,752 
CASH, END OF YEAR  407,881    114,504 
                
SUPPLEMENTAL DISCLOSURES OF CASH FLOW               
INFORMATION:               
Cash Paid for Interest  907,534    747,855 
Cash Paid for Income Taxes  800    800 
                
SUPPLEMENTAL DISCLOSURES OF NON CASH INVESTING               
AND FINANCING ACTIVITIES:               
Transfer of Inventory to Rental Equipment  -    - 
Equipment Financed Under Capital Leases  225,859    - 
Transfer of Rental Equipment to Inventory  526,417    35,470 
                
                

AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
FOR THE YEARS ENDED DECEMBER 31, 2020 AND 2019

                            Total  
             Additional               Stockholders'  
   Common Stock     Paid-in     Treasury     Accumulated     Equity/  
Balance   Shares     Amount     Capital     Stock     Deficit     (Deficit)  
                              
Dec. 31, 2018    15,068,318    15,068    21,524,272    (4,837)  (19,294,449)  2,240,054 
                                                
Retirement of Treasury Stock                    (4,837)    4,837              - 
                                                
Net Income                                    (90,294)    (90,294)
                                                
Dec. 31, 2019    15,068,318      15,068      21,519,435      -      (19,384,743)    2,149,760 
                                                
Marketing Investment    40,000      40      25,620                      25,660 
                                                
Retired Stock    (559,163)    (559)    559              -      - 
                                                
Net Income                                    (582,690)    (582,690)
                                                
Dec. 31, 2020    14,549,155    14,549    21,545,614    -    (19,967,433)  1,592,730 
     14,808,737      14,549      21,545,614      -      (19,967,433)    1,592,730 
     (259,582)    -      -      -      -      - 
                         

SOURCE: AmeraMex International, Inc.



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https://www.accesswire.com/640707/AmeraMex-International-Reports-Year-End-Revenue-of-123-Million

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