Mon, 17 May 2021

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

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

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

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

SOURCE: AmeraMex International, Inc.



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

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