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AmeraMex International Reports 2008 Revenue of $23.6 Million
Revenue Increases 49 Percent Over 2007 Revenue
CHICO, CA--(MARKET WIRE)--Apr 3, 2009 -- AmeraMex International, Inc. (Other OTC:AMMX.PK - News), a provider of heavy equipment to stevedoring, infrastructure construction and mining companies, today reported financial results for its fourth quarter and twelve months, ended December 31, 2008.
Fourth Quarter
Revenue for the fourth quarter was $4.2 million with a net loss for the quarter of $70,854. EBITDA (earnings before interest, tax, depreciation and amortization), an excellent means of measuring operational growth of companies with significant deprecation and interest write-offs, was $125,728.
Year End 2008
Revenue for the year was approximately $23.6 million, an increase of 49 percent, when compared to revenue of $15.8 for year end 2007. The net loss for the year was $570,678, a decrease, when compared to a net loss of $573,930 for year end 2007. The loss reported for 2008 included a one-time charge of $97,732 for loss from theft.
EBITDA for the year was ($25,359). EBITDA for 2007 is not available, as depreciation and interest expenses were rolled into SG&A expenses.
Highlights:
-- Ships Orders Totaling $1.6 Million to Two Logistics Support Companies
AmeraMex International Signs Exclusivity Agreement with Doosan Infracore
American
-- Ships $400,000 Order to The Port of San Francisco
-- Begins Shipment of $9.5 Million Order to West Coast Ports
-- Receives $65,000 Order from Overseas Heavy Equipment Broker
-- Ships $65,000 Order to Saudi Arabia
-- Receives $75,000 Order from Vietnam Equipment Distributor
-- Receives $330,000 Order from Singapore Distributor
-- Receives $750,000 Order for Infrastructure Construction Equipment
-- Signs $525,000 Order from Major Logistics Support Company
-- Receives $50,000 Order from Pakistan"We just completed a banner year with significant growth in revenue, improved EBITDA and a better bottom line," noted AmeraMex CEO Lee Hamre. "Fortunately, we were not affected by the downturn in the economy, as we balance our marketing and sales efforts to include both new and used equipment into the U.S. and internationally.
"Going forward," continued Hamre, "we believe the passing of the economic recovery bill, with significant spending on infrastructure, will have a favorable impact on AmeraMex. This bill focuses on the rebuilding of America's infrastructure to support a population predicted by the U.S. Census Bureau to reach 439 million in 40 years. The agenda being proposed for the Obama administration's economic stimulus plan, by groups such as the National Association of Manufacturers, the American Society of Civil Engineers, and the American Road Transportation Builders Association, who convened at the March 4, 2009, conference, Rebuilding America's Infrastructure for Global Competitiveness, endorsed infrastructure initiatives that promote long-term economic growth, and in the near-term, create new high-value skills for American workers.
"While we are optimistic going into 2009, we have limited ability to predict how current economic conditions may impact our domestic and international strategic markets, so we have delayed our revenue projections until we report first quarter results," said Hamre. "We will continue to develop our relationships and networks with governments, companies and equipment brokers in Asia, the Middle East and Africa, which present tremendous opportunities. We continue to reiterate that management firmly believes the company's stock price does not reflect the value or potential of the company. We have a sound business strategy in place that should allow AmeraMex to continue growth through expansion of products and geographical reach during 2009. We are disappointed that we did not achieve our 2008 corporate goal to apply for the listing of our common stock on a major exchange, which is expected to enhance shareholder value. We will work more diligently in 2009 to achieve this important goal."
Tables Follow
AmeraMex International, Inc.
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
For the 12-Month For the 12-Month
Period Ended Period Ended
December 31, 2008 December 31, 2007
------------------ ------------------
Sales $ 23,571,215 $ 15,778,965
Cost of Sales 22,051,019 14,480,980
Gross Profit 1,520,196 1,297,984
Expenses:
SG&A 1,357,194 1,871,915(1)
Depreciation 422,342
Interest 173,695
Other expenses 39,911
Total Expenses 1,953,231 1,871,915
Net loss from theft 97,732
Net Income (LOSS) $ (570,678) $ (573,930)
Basic Earnings (Loss) Per Share $ (0.002) $ (0.002)
Weighted Average Shares
Outstanding 262,000,000 262,000,000
Diluted Earnings (Loss) Per
Share $ (0.002) $ (0.002)
Note (1) Includes depreciation, interest and other expenses
AmeraMex International, Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
Twelve Months Ended
December 31, 2008
-------------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 173,281
Accounts receivable 222,670
Inventories 1,913,089
Notes receivable 590,038
Sales draw 14,846
Expected recovery 125,000
Total Current Assets 3,038,924
Fixed Assets 397,798
Other Assets 151,108
TOTAL ASSETS $ 3,587,830
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 1,151,869
Notes payable 94,001
Accrued expenses and other liabilities 808,365
Total Current Liabilities 2,054,235
Total Long Term Liabilities 1,224,085
Total Liabilities 3,298,322
STOCKHOLDERS' EQUITY
Paid-in capital 1,375,304
Additional paid-in capital/AMMX 598,800
Retained earnings (loss) (570,628)
Total Stockholders' Equity 289,508
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 3,587,829
About AmeraMex International
AmeraMex International sells, leases, and rents heavy equipment to companies within four industries: construction (light and infrastructure), shipping, mining and logging. AmeraMex's largest product line is specialized container handling equipment that enables stevedoring companies to quickly and efficiently load and offload container and general freight ships dockside. AmeraMex, with customers in North America, South America, Asia, and Eastern Europe, has over 30 years of experience in heavy equipment sales and service and inventories top-of-the-line equipment from manufacturers such as Taylor Machine Works Inc. and Terex Heavy Equipment. For more information visit the AmeraMex website, www.AMMX.net.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations, are generally identifiable by the use of words such as "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, potential future performance, perceived opportunities in the market, and statements regarding the Company's mission and vision. The Company's actual results, performance, and achievements may differ materially from the results, performance, and achievements expressed or implied in such forward-looking statements.
Contact:
Media and Financial Contact:
Marty Tullio
McCloud Communications LLC
949.553.9748
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