|By Marketwired .||
|November 28, 2012 12:02 PM EST||
CHICO, CA -- (Marketwire) -- 11/28/12 -- AmeraMex International, Inc. (PINKSHEETS: AMMX), a provider of heavy equipment to infrastructure, shipping, construction and farming companies, today reported financial results for its third quarter and nine-month period, ended September 30, 2012.
Highlights for the quarter:
- The company's first SEC compliant audit is on target to be completed with the first audited annual report scheduled for submission to the SEC by March 30, 2012.
- The company is interviewing CFO candidates and has retained a financial consultant until the position is filled.
- A conference call to update shareholders and members of the financial community is scheduled Monday, December 10, 2012. A separate news release containing dial-in information will be disseminated later this week.
Third Quarter, Ended September 30, 2012
The company reported revenue of approximately $.513 million with gross profit of $.487 million compared to revenue of approximately $1.2 million with gross profit of $.633 million for the third quarter of 2011.
Gross profit margins, as a percentage of revenue, were 95 percent, a significant increase when compared to gross profit margins of 55 percent for the comparable quarter in 2011. Improved margins are due in part to product mix and the company's trucking operation.
The company reported a net loss for the quarter of $.150 million compared to net income of $.038 million for the third quarter of 2011. This is due in part to increased operating expenses incurred from refurbishing a large number of port container handling trucks that that have yet to be sold.
Nine-Month Period Ended September 30, 2012
Revenue for the nine-month period was approximately $2.5 million compared to revenue of $3.5 million for the comparable 2011 period. The company reported a net loss of $.129 million for the period, versus net income of $.170 million for the comparable period in 2011.
Gross profit for the period was approximately $1.7 million compared to $1.6 million for the 2011 nine-month period. Profit margins as a percentage of revenue were 66 percent, a significant improvement when compared to profit margins of 46 percent for the 2011 nine-month period.
AmeraMex CEO Lee Hamre commented, "We fully anticipated announcing a number of meaningful contracts this quarter and are continuing to pursue these opportunities. We do, however, expect to finish the year with a strong fourth quarter. We are also continuing to expand our prospective sales pipeline within our existing customer base as economies in many South American countries continue to grow. We look forward to discussing these opportunities with you during our upcoming conference call."
AmeraMex International, Inc. Condensed Statement of Operations (Unaudited) 9 months ended 3 months ended 9/30/2012 9/30/2011 9/30/2012 9/30/2011 Sales $ 2,504,169 $ 3,476,976 $ 512,730 $ 1,160,465 Cost Of Sales $ 848,235 $ 1,863,879 $ 26,103 $ 527,263 Gross Profit $ 1,655,934 $ 1,613,097 $ 486,627 $ 633,201 Expenses Operating $ 1,419,533 $ 1,051,913 $ 491,950 $ 455,730 SG&A $ 300,252 $ 333,104 $ 111,706 $ 109,875 Total Expenses: $ 1,719,785 $ 1,385,017 $ 603,656 $ 565,605 Net Income(Loss) from Operations $ (63,851) $ 228,080 $ (117,029) $ 67,596 Other Income, Expense, Depreciation $ (64,722) $ (46,462) $ (32,363) $ (19,642) Income Tax $ 829 $ 11,600 $ 829 $ 10,000 Net Income(Loss) $ (129,402) $ 170,018 $ (150,221) $ 37,954 Basic and Diluted Earnings (Loss) per Share $ (0.000) $ 0.000 $ (0.000) $ 0.000 Weighted Average Shares Outstanding 388,677,215 383,517,215 388,677,215 383,517,215 AmeraMex International, Inc Condensed Consolidated Balance Sheets at September 30, 2012 (Unaudited) ASSETS Current Assets: Cash & Equivalent 75,105 Note Rec. 457,257 Acct. Receivable 172,251 Inventory 463,661 Total Current Asset 1,168,275 Fixed Asset Net 97,726 Other Asset 137,669 235,395 Total Asset 1,403,670 LIABILITIES AND STOCKHOLDERS EQUITY Current Liability Acct. Payable 708,547 Taxes Payable 123,193 Other 304,700 Total Current Liabilities 1,136,439 Total Long term Liabilities 1,005,847 Total Liabilities 2,142,287 STOCKHOLDERS EQUITY Capital Stock 204,025 Paid-In Capital 1,981,603 Retained Earnings (Loss) -2,794,844 Retained Earnings Current Year -129,402 Total Stockholders' Equity -738,618 TOTAL LIABILITIES & STOCKHOLDERS EQUITY 1,403,670 Shares Issued and Outstanding 388,677,215
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 maintains an inventory of top-of-the-line equipment and parts from manufacturers such as Taylor Machine Works Inc. and Terex Heavy Equipment. For more information visit the AmeraMex website, www.AMMX.net or www.hamreequipment.com.
Safe Harbor Statement
Except for the historical e historical information contained herein, the matters discussed are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from any forward-looking statements made herein.
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