AmeraMex International, Inc. (OTCQB:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its second quarter ended June 30, 2022.
Statement of Operations for the Quarter Ended June 30, 2022
The Company reported revenue of approximately $2.4 million versus revenue of $4.9 million for the comparable 2021 quarter, a 62 percent decrease. Had all the equipment shipped as planned, the Sales of Equipment and Other Revenues would have been $5,066,746, $115,140 more than the comparable 2021 quarter. These delays in shipping were caused by back-ordered parts, interstate trucking delays and lack of availability of third-party shippers.
The Company is committed to getting the remaining machines shipped in the third quarter as well as continuing its ongoing sales efforts.
Gross profit for the quarter was $420,000, compared to gross profit of $970,000 for the comparable quarter. If the additional equipment had shipped, gross profit would have been approximately $3 million.
Gross profit as a percentage of sales, was 18 percent for the quarter compared to gross profit as a percentage of sales of 15 percent for the comparable quarter.
Net income for the quarter was $146,172 compared to net income of $78,000 for the comparable quarter. Prices of equipment have been adjusted to cover increased cost of goods sold and operating costs. Earnings per share were $0.01 for the quarter compared to $0.01 for the comparable 2021 quarter.
Statement of Operations for the Six-Month period June 30, 2022
The company reported revenue of approximately $7.3 million versus revenue of $10.3 million for the comparable 2021 period. The 26 percent decrease in Sales of Equipment and Other Revenues for the six-month period, is due to delays in shipping sold machines to customers. Had all sold machines shipped, Sales of Equipment and Other Revenues would have been approximately $9.6 million, a $750,000 decrease over the comparable six-month period.
Gross profit for the period was $1.7 million compared to gross profit of $2.1 million for the comparable period. If the additional equipment had shipped, gross profit would have been $4.4 million.
Gross profit as a percentage of sales, was 23 percent for the period compared to gross profit as a percentage of sales of 21 percent for the comparable period.
Net income for the period was $404,489 compared to net income of $443,879 for the comparable period. Earnings per share were $0.03 for the period compared to $0.03 for the comparable 2021 period. Had all sold equipment been shipped, net income for the six-month period would have been $1.3 million with EPS of $0.08.
Balance Sheet for the Period Ended June 30, 2022
Current Assets rose 33 percent to $10.0 million while Total Assets increased $2.6 million due in part to a $4.2 million increase in Inventory.
Current Liabilities for the period have increased approximately $500,000 while Total Liabilities increased $2.7 million due in part to a $1.3 million Line of Credit.
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.
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.