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AmeraMex International Reports Revenue of $4.9 Million for the First Quarter Ended March 31, 2022

Chico, CA --News Direct-- Ameramex International

AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its first quarter ended March 31, 2022.

AmeraMex CEO Lee Hamre commented, “ We are pleased with our first quarter results. Last year was a great first quarter as we experienced a significant increased spurred by pent up demands in the marketplace. Our first quarters are historically our lowest quarter for the year as customers place orders in the fourth quarter to take advantage of capital investment tax write-offs before yearend.

Over the past five years our first quarter revenue has grown from $2 million in 2018 to $4.9 million in 2022. The Company’s compounded annual growth rate over the past five years, considering a decrease in 2020’s first quarter due to effects of the pandemic, is 21 percent.”

Statement of Operations for the Quarter Ended March 31, 2022

The company reported revenue of approximately $4.9 million, a 23 percent increase when compared to revenue of approximately $4.0 million for the quarter ended March 31, 2021.

Gross profit for the quarter was $1,249,069 , an increase of seven percent when compared to gross profit of $1,171,708 for the comparable quarter.

Gross profit as a percentage of sales, was 25 percent for the quarter compared to gross profit as a percentage of sales of 29 percent for the comparable quarter.

Higher Cost of Sales significantly affected gross profit. For the three months ending March 31, 2022, Costs of Sales were $3.7 million, a 30 percent increase when compared to $2.9 million for the comparable 2021 quarter. The price of used equipment has increased steadily since the beginning of 2021 and was noticeably higher during the first quarter of 2022.

The other main contributor to this increase was the delayed payment from a customer for the Joint Venture machine sale which caused the cost of goods sold to increase until the customer payment is received and then sent to our JV partner. Once sent to our JV partner, the costs will be removed from our books. This reduction will happen in the second quarter.

Net income for the quarter was $258,317 compared to net income of $365,829 for the comparable quarter. Operating expenses increased by 81 percent during the three months ending March 31, 2022. This increase is due to the Company paying higher wages to stay competitive in a highly volatile job market and the higher costs spent on marketing. Earnings per share were $0.02 for the quarter compared to $0.03 for the comparable 2021 quarter.

Balance Sheet for the Quarter Ended March 31, 2022

Current Assets rose 26 percent to $9.0 million while Total Assets increased $1.8 million due in part to an $1.5 million increase in Inventory.

Current Liabilities for the period have decreased $444,641 while Total Liabilities increased due in part to a $1.3 million Line of Credit.

As of March 31, 2022, the Company had working capital of approximately $4.2 million.

AMERAMEX INTERNATIONAL, INC.

STATEMENTS OF OPERATIONS

MARCH 31, 2022

MARCH 31, 2021

REVENUES

Sales of Equipment and Other Revenues

$

4,585,692

$

3,245,982

Rentals and Leases

365,914

783,714

Total Sales

4,951,606

4,029,696

COST OF SALES

Sales of Equipment and Other Revenues

3,552,821

2,613,032

Rentals and Leases

149,716

244,956

Total Cost of Sales

3,702,537

2,857,988

GROSS PROFIT

1,249,069

1,171,708

OPERATING EXPENSES

Selling Expense

323,441

139,189

General and Administrative

369,336

244,303

Total Operating Expenses

692,777

383,492

Profit From Operations

556,292

788,216

OTHER INCOME (EXPENSE)

Interest Expense, net

(177,757)

(267,057)

Loss from Early Extinguishment of Debt

(15,345)

(12,333)

Other Income

554

10,078

Total Other Expense

(192,548)

(269,312)

INCOME BEFORE PROVISION for INCOME TAXES

363,744

518,904

PROVISION for INCOME TAXES

105,427

153,075

NET INCOME

$

258,317

$

365,829

Weighted Average Shares Outstanding:

Basic

14,629,155

14,549,155

Diluted

14,629,155

14,549,155

Earnings (loss) per Share

Basic

$

0.02

$

0.03

Diluted

$

0.02

$

0.03

AMERAMEX INTERNATIONAL, INC.

BALANCE SHEETS

MARCH 31, 2022

DECEMBER 31, 2021

ASSETS

Current Assets:

Cash

$

625,489

$

995,611

Accounts Receivable, Net

1,459,988

1,162,300

Inventory, Net

6,677,863

5,185,864

Other Current Assets

239,200

312,963

Total Current Assets

9,002,540

7,656,738

Non-Current Assets:

Property and Equipment, Net

1,208,628

1,275,717

Rental Equipment, Net

1,193,078

1,461,716

Lease Right of Use Asset

848,131

-

Other Assets

367,991

391,330

Total Long-Term Assets

3,617,828

3,128,763

TOTAL ASSETS

$

12,620,368

$

10,785,501

LIABILITIES & STOCKHOLDERS' EQUITY

Current Liabilities:

Accounts Payable

$

1,150,172

$

560,076

Accrued Expenses

233,036

264,534

Joint Venture Liability

248,043

302,000

Line of Credit

2,462,101

142,500

Notes Payable, Current Portion

560,606

3,180,968

Lease Liability

129,081

777,602

Total Current Liabilities

4,783,039

5,227,680

Long-Term Liabilities

Deferred Tax Liabilities, Net

690,530

588,792

Line of Credit

1,274,568

-

Notes Payable - Related Party

-

-

Notes Payable, Net of Current Portion

1,615,187

1,689,353

Lease Liability, Net of Current Portion

719,050

-

Total Long-Term Liabilities

4,299,335

2,278,145

TOTAL LIABILITIES

$

9,082,374

$

7,505,824

Commitments and Contingencies (Note 10)

-

-

STOCKHOLDERS' EQUITY:

Shareholders' Equity

Preferred Stock, $0.001 par value, 5,000,000 shares authorized, no shares issued and outstanding

-

-

Common Stock, $0.001 par value, 1,000,000,000 shares authorized 14,629,155 shares issued and outstanding at March 31, 2022 and 14,629,155 at December 31, 2021

14,629

14,629

Additional Paid-In Capital

21,600,734

21,600,734

Accumulated Deficit

(18,077,369)

(18,335,686)

Total Stockholders' Equity

3,537,994

3,279,677

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

12,620,368

$

10,785,501

AMERAMEX INTERNATIONAL, INC.

STATEMENTS OF CASH FLOW

MARCH 31, 2022

MARCH 31, 2021

OPERATING ACTIVITIES:

Net Income

$

258,317

$

365,829

Adjustments to reconcile Net Loss to

Net Cash provided (used) by Operating Activities:

Depreciation and Amortization

188,135

258,148

Provision for Deferred Income Taxes

101,738

153,875

Loss on Early Extinguishment of Debt

15,345

12,333

Amortization and Accretion of Interest

29,652

-

Change in Operating Assets and Liabilities:

Accounts Receivable

(297,688)

(994,910)

Inventory

(1,223,361)

(757,248)

Other Current Assets

73,763

(16,212)

Accounts Payable

590,096

633,213

Customer Deposits

(302,000)

-

Accrued Expenses

(31,498)

115,987

NET CASH PROVIDED USED BY OPERATING ACTIVITIES

$

(597,501)

$

(228,985)

INVESTING ACTIVITIES:

Payments for Property and Equipment

$

(8,995)

$

(6,501)

Proceeds (Payments) for Rental Equipment

(126,358)

304,755

NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES

$

(135,353)

$

298,254

FINANCING ACTIVITIES:

Proceeds from Notes Payable

$

135,890

$

529,630

Payments on Notes Payable

(434,403)

(252,934)

Payment on Note Payable - Related Party

-

12,753

Joint Venture Liability

105,543

155,247

Net Borrowing (Repayments) Under Lines of Credit

555,702

(584,246)

NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES

$

362,732

$

(139,550)

NET DECREASE IN CASH & CASH EQUIVALENTS

$

(370,122)

$

(70,281)

Cash and Cash Equivalents, BEGINNING OF PERIOD

$

995,611

$

407,881

Cash and Cash Equivalents, END OF PERIOD

$

625,489

$

337,600

CASH PAID FOR:

Interest

$

176,795

$

201,278

Income Taxes

$

800

$

-

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING

AND FINANCING ACTIVITIES:

Transfer of Inventory to Rental Equipment

-

508,000

Equipment Financed under Capital Leases

76,464

197,186

Transfer of Rental Equipment to Inventory

-

964,600

AMERAMEX INTERNATIONAL, INC.

STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

FOR THE MONTHS ENDED MARCH 31, 2022 AND 2021

Additional

Total

Common Stock

Paid-in

Accumulated

Stockholders'

Balance

Shares

Amount

Capital

Deficit

Equity

December 31, 2020

14,549,155

$ 14,549

$ 21,545,614

$ (19,967,433)

$ 1,592,730

Net Income

-

-

-

365,829

365,829

March 31, 2021

14,549,155

$ 14,549

$ 21,545,614

$ (19,601,604)

$ 1,958,559

December 31, 2021

14,629,155

$14,629

$ 21,600,734

$ (18,335,686)

$ 3,279,677

Net Income

-

-

-

258,317

258,317

March 31, 2022

14,629,155

$ 14,629

$ 21,600,734

$ (18,077,369)

$ 3,537,994

14,629,155

14,629

21,600,734

(18,077,369)

3,537,994

About AmeraMex International

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

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 key 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 added information becomes available in the future.

Contact Details

McCloud Communications LLC

Marty Tullio

+1 949-632-1900

martytullio@hotmail.com

Company Website

https://www.ammx.net

View source version on newsdirect.com: https://newsdirect.com/news/ameramex-international-reports-revenue-of-4-9-million-for-the-first-quarter-ended-march-31-2022-439426399