CHICO, CA--(Marketwire - May 10, 2011) - AmeraMex International, Inc. (PINKSHEETS: AMMX), a provider of heavy equipment to logistics companies (stevedoring), infrastructure construction, and commercial farming and mining companies, today reported financial results for its first quarter, ended March 31, 2011.
First Quarter Highlights:
-- Second profitable quarter in four years -- 30 percent growth in revenue -- EBITDA increased to $18,504 -- Strong order backlog: $50 million potential over 18 to 24 months -- Audit for SEC approval is underway -- Feasibility study on farming project continues -- Commodities division is poised to ship coffee beans in third quarter -- Orders totaling approximately $1.5 million received in first quarter
For the quarter, the company reported revenue of approximately $1.2 million, with net income of $3,334. This is a 30 percent revenue increase, when compared to revenue of $913,290 and a net loss of $128,129, or a loss per share of $0.0004, for the comparable quarter in 2010. AmeraMex captures revenue upon shipment of equipment to its customers.
AmeraMex CEO Lee Hamre commented, "From 2005 through 2008, we reported increased revenue growth with losses. During 2009, domestic orders began to slow down and we began shipping more orders for refurbished equipment to customers outside the U.S. This allowed us to report a profitable second quarter and significant improvements to the bottom line. 2010 wasn't a stellar year on the top line, but our margins and bottom line continued to improve, due again to international sales of refurbished equipment."
Hamre continued, "Approximately 80 percent of our first quarter revenue was contributed by international sales, and we expect this trend to continue through 2011 and 2012. While our revenue growth may not increase as rapidly as it did in 2005 ($11.5 million), 2006 ($16.8 million), 2007 ($16 million) and 2008 ($23.6 million), we expect to see our international business strategy produce significant growth and higher profit margins, as we diligently work toward a breakeven year. The first quarter sets the pace and is a great way to begin the year."
AmeraMex International, Inc.
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
For the For the
Three-month Period Three-month Period
Ended March 31, Ended March 31,
2011 2010
Sales $ 1,183,292 $ 913,290
Cost of Sales 698,228 473,641
Gross Profit 485,064 439,649
Expenses:
Operating Expenses 466,559 313,640
Total Expenses 466,559 313,640
Net Income (loss) from Operations 18,505 126,009
Other Expenses and Income - (254,138)
Interest Expense 4,873 -
Depreciation 10,298 -
Net Income (Loss) $ 3,334 $ (128,129)
Basic Earnings (Loss) Per Share $ 0.0000 $ (0.0004)
Weighted Average Shares Outstanding 379,251,000 310,000,000
Diluted Earnings (Loss) Per Share $ (0.0000) $ (0.0004)
AmeraMex International, Inc.
Balance Sheet
March 31, 2011
ASSETS
Current Assets
Cash 48,431
Accounts Receivable 239,583
Inventory 537,256
Note Receivable 459,251
Other Current Assets 56,733
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Total Current Assets $ 1,341,257
Non Current Assets
Investments 137,445
Fixtures & Equipment 189,735
Leasehold Improvements 279,626
Vehicles 257,757
Trucks & Trailers 1,513,902
Accumulated Depreciation (1,882,131)
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Total Non Current Assets 496,335
TOTAL ASSETS $ 1,837,591
LIABILITIES
Current Liabilities
Accounts Payable 984,896
Taxes Payable 314,591
Other Current Payables 38,901
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Total Current Liabilities $ 1,338,389
Non Current Liabilities
Notes Payable 1,135,243
TOTAL LIABILITIES $ 2,473,632
EQUITY
Capital Stock 204,025
Additional Paid in Capital 1,981,604
Retained Earnings (Prior) (2,825,002)
Retained Earnings (Current) 3,333
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TOTAL EQUITY $ (636,040)
TOTAL LIABILITIES & EQUITY $ 1,837,591
NUMBER OF SHARES ISSUED AND OUTSTANDING 379,251,000
About AmeraMex International
AmeraMex International sells, leases and rents heavy equipment to companies within four industries: construction (light and infrastructure), shipping logistics, mining and commercial farming. AmeraMex International'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 the Americas, Africa, 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 Information: Media and Financial Contact: Marty Tullio McCloud Communications LLC 949.553.9748