CHICO, CA -- (Marketwire) -- 08/16/11 --AmeraMex International, Inc. (PINKSHEETS: AMMX), a provider of heavy equipment to infrastructure, shipping, construction and mining companies, today reported financial results for its second quarter, ended June 30, 2011.
Second Quarter Highlights:
- Second consecutive profitable quarter
- 32 percent growth in revenue for the six-month period
- EBITDA increased to $150,932 for the six-month period
- Strong order backlog: $50 million potential over 18 to 24 months
- Audit for SEC approval should be completed in early September
- Feasibility study on farming project continues
- Commodities division is poised to ship coffee beans in third quarter
Second Quarter
The company reported revenue of $1,134,320, a significant increase, when compared to revenue of $165,417 for the second quarter of 2010. The net income was $119,890, or net income per share of $0.0003, compared to a net loss of ($99,324), or net loss per share of ($0.0003), for the second quarter of 2010.
Six-Month Period
Revenue for the six-month period was $2,317,612, a 32 percent increase, when compared to revenue of $1,761,688 reported for the second quarter of 2010. Net income for the period was $123,223, or net income per share of $0.0003, compared with a net loss of ($183,048), or a loss per share of $0.0006, for the six-month period in 2010.
On June 23, 2011, the company announced it had acquired a package of used equipment with a projected retail value of approximately $8 million. The equipment will ship in three phases over the next 24 months. The company has now received the first phase of equipment which has moved into inventory for refurbishing. As the equipment is refurbished, it is being shipped to U.S. and international customers. The retail value of this equipment is approximately $1.8 million. The second phase containing newer equipment will begin shipping to AmeraMex, as current inventory is depleted. The second phase has a retail value of approximately $3.0 million. The final phase of equipment is expected to be shipped by early 2013. The retail value of the final phase is projected to be approximately $4 million.
"Everyone is curious about the company's African projects, and it will not be much longer before we can make some very positive announcements," commented AmeraMex CEO Lee Hamre. "All of the projects that we have discussed are moving forward with finalization on some of them in the near future.
"While we don't know if there is a double-dip recession looming, we can tell our shareholders that we are experiencing a sharp increase in our trucking business and equipment rental business," continued Hamre. "With increasing U.S. sales, an inventory of used equipment that is in demand and our projected pipeline in Africa, we are confident AmeraMex offers significant potential to its shareholders."
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.
Tables follow:
AmeraMex International, Inc.
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
For the Three-month For the Six-month
Period Ended Period Ended
June 30, 2011 June 30, 2011
Sales $ 1,134,320 $ 2,317,612
Cost of Sales 635,038 1,333,267
Gross Profit 499,282 984,345
Expenses:
Operating Expenses 366,854 833,413
Total Expenses 366,854 833,413
Net Income (loss) from Operations 132,428 150,932
Interest Expense 2,240 7,113
Depreciation 10,298 20,596
Net Income (Loss) $ 119,890 $ 123,223
Basic Earnings (Loss) Per Share $ 0.0003 $ 0.0003
Weighted Average Shares Outstanding 379,251,000 379,251,000
Diluted Earnings (Loss) Per Share $ 0.0003 $ 0.0003
AmeraMex International, Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
For the Six-Month
Period Ended
June 30, 2011
ASSETS
CURRENT ASSETS:
Cash and Cash Equivalents $ 12,410
Accounts Receivable 367,571
Note Receivable 455,445
Inventories 787,582
Other Current Assets 139,671
Total Current Assets 1,762,680
Fixed Assets 490,237
TOTAL ASSETS $ 2,252,917
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts Payable $ 1,327,366
Taxes Payable 295,394
Other Current Payables 27,211
Total Current Liabilities 1,649,971
Total Long Term Liabilities 1,119,453
Total Liabilities 2,769,425
STOCKHOLDERS' EQUITY
Capital Stock 204,025
Paid-In Capital 1,981,603
Retained Earnings (Loss) (2,825,002)
Retained Earnings Current Year 122,865
Total Stockholders' Equity (516,507)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,252,917
Shares Issued and Outstanding 379,251,000
Media and Financial Contact:
Marty Tullio
McCloud Communications LLC
949.553.9748
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