Correction - AmeraMex International Reports Second Quarter Revenue of $1.2 Million; $2.7 Million Revenue for the Six-Month Period

Correction to the Statement of Cash Flows for the Second Quarter
June 30, 2017

CHICO, Calif., Aug. 18, 2017 (GLOBE NEWSWIRE) -- AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and tactical vehicles for military organizations reports revenue for the six-month period ending June 30, 2017.

Highlights for the Six-month Period

• The completion of the SEC audit will be announced upon submission of the Form 10 to the SEC for review and approval.
• AmeraMex received approval to represent Oshkosh Defense, LLC, an Oshkosh Corporation (NYSE:OSK) company, within the Federal Republic of Nigeria.
• Management recently met with Oshkosh management at the company’s corporate offices in Wisconsin. During the meetings, AmeraMex’s sales territory was expanded to include Angola.

Second Quarter Ended June 30, 2017

The company reported revenue of $1,162,671 compared to revenue of $2,575,732 for the second quarter of 2016. Net loss for the quarter was $(244,969) compared to net income of $237,732 for the second quarter of 2016.  Gross profit, as a percentage of sales, was 41 percent compared to 36 percent for the comparable 2016 period. 

Revenue was down for the first and second quarter due to normal seasonality and a significant increase in the rental of equipment versus sales of equipment.  The increase in rental income for the quarter was $168,983 versus $78,900 for the comparable quarter.  The increased in rental revenue maintains a dependable cash flow.

Revenue for the third quarter currently stands at $1.2 million in sales orders and a rental agreement valued at $500,000. 

Six-Month Period Ended June 30, 2017
Revenue for the six-month period was $2,710,373 compared to revenue of $5,818,813 reported for the comparable six-month period of 2016. Gross profit margin, as a percentage of sales, was 43 percent. The company reported net loss of $(246,618), compared to net income of $1,397,918 for the six-month period in 2016. 

The loss was due in part to cost of goods (equipment) increasing almost 100 percent, from approximately $600,000 to $1.2 million, through the purchase of rental equipment that is now beginning to produce rental income or offset the COGs; doubling of the parts inventory; the addition of employee health insurance; and an increase in legal fees that in July 2017, netted the company approximately $500,000.

Revenue for the first six months of 2016 was unusually high due to a large one-time shipment of equipment to a customer in Africa.  Generally, equipment is ordered during the last six months of the year to arrive for spring and summer construction and agriculture projects. 

The second quarter conference call is August 18, 2017.  The dial-in number for both U.S. and international callers is 1.719.325.4934. An audio replay of the call is available from August 18, 2017 at 4:00 p.m. Eastern Time until September 1, 2017 at 11:59 p.m. Eastern Time.  The replay is accessible by dialing 1.412.317.6671 and entering pin number 6710630. 

About AmeraMex
AmeraMex International sells, leases and rents top-of-line heavy equipment to companies within multiple industries including construction (light and infrastructure), logistics, mining, and sawmill.  The company has added an inclusive product line from Oshkosh Defense, LLC, of advanced performance tactical military vehicles marketed to certain African countries.  AmeraMex, with a US and international customer base, has over 30 years of experience in heavy equipment sales and service. For more information and equipment videos, visit the AmeraMex website, www.AMMX.net or www.hamreequipment.com.

Safe Harbor Statement

Except for the historical information contained herein, statements discussing sales or revenue projections are forward-looking and 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.

Tables follow:

                                          

AmeraMex International, Inc.
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
	For the Three- month Period Ended June 30, 2017			For the Three- month Period Ended June 30, 2016			For the Six- month Period Ended June 30, 2017			For the Six- month Period Ended June 30, 2016
Sales	$	1,162,671		$	2,575,732		$	2,710,373		$	5,818,813
Cost of Sales		682,162			1,643,988			1,538,368			2,189,844
Gross  Profit		480,509			931,744			1,172 ,005			3,628,969
Expenses:
Selling		52,374			19,463			103,944			38,419
G&A		389,953			643,996			820,210			1,603,454
Total Operating Expenses		442,328			663,459			924,154			1,641,873
Income (loss) from Operations		38,181			268,285			247,850			1,987,096
Other Income (Expenses)
Interest Expense		(30,701	)		(31,772	)		(66,180	)		(69,630	)
Other Expense		(252,449	)		997			(428,288	)		(496,428	)
Total Other Income   (Expenses)		(283,150	)		(30,775	)		(494,486	)		(566,058	)
Net Income (Loss)	$	(244,969	)	$	237,510		$	(246,618	)	$	1,397,918
Basic Earnings (Loss) Per  Share		0			0			0			0
Weighted Average  Shares  Outstanding		753,415,879			753,415,879			753,415,879			753,415,879
Diluted  Earnings   (Loss)  Per Share		0			0			0			0

	AmeraMex International, Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS Second Quarter 2017
	CURRENT ASSETS
	Cash and cash equivalents	$	18,709
	Accounts receivable		637,219
	Other Current Assets		58,632
	Inventory		1,726,923
	Total current assets		2,382,851
	PROPERTY AND EQUIPMENT
	Furniture and equipment, net		3,881,890
	Other assets		245,600
	TOTAL ASSETS	$	6,510,341
	CURRENT LIABILITIES
	Accrued Expenses		60,955
	Accounts Payable		1,190,658
	Income Tax Payable		30,177
	Line of Credit		488,911
	Notes Payable - current		588,957
	Notes Payable – related parties		412,384
	Total current liabilities		2,772 ,042
	Notes Payable net of current		1,495,098
	TOTAL LIABILITIES	$	4,267,140
	STOCKHOLDER'S EQUITY
	Common stock		754,016
	Additional paid in capital		20,774,825
	Accumulated deficit		(19,275,202		)
	Treasury stock		(10,438		)
	Total Shareholder Equity	$	2,243,202
	TOTAL LIABILITY AND SHAREHOLDER EQUITY	$	6,510,341

Shares Issued and Outstanding	753.4 Million
Restricted	504.5 Million
Float	248.9 Million

                        
                                                                                                   

AMERAMEX INTERNATIONAL, INC.
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2017
(UNAUDITED)
						2017
OPERATING ACTIVITIES:
	Net income				$	(246,618	)
	Adjustments to reconcile net income to
	net cash provided by operating activities:
			Depreciation			334,134
			Stock-based compensation			-
			Loss on settlement of debt for common stock			-
		Change in current assets and liabilities:
			Accounts receivable			(406,868	)
			Inventory			542,200
			Other assets			11,522
			Accounts payable			9,930
			Accrued expenses			-
			Taxes payable			3,047
	Net cash provided by operating activities					247,347
INVESTING ACTIVITIES:
		Payment for furniture and equipment				(168,573	)
		Prepaid Asset				(3,000	)
		Employee Loan				1,200
	Net cash used in investing activities					(170,373	)
FINANCING ACTIVITIES:
		Repayment of notes payable				(179,962	)
		Proceeds from note payable - related party				(9,099	)
		Net proceeds (borrowing) under line of credit				43,000
		Purchase of treasury stock				-
	Net cash used in financing activities					(146,061	)
NET DECREASE IN CASH						(69,086	)
CASH, BEGINNING BALANCE						88,482
CASH, ENDING BALANCE					$	19,396
CASH PAID FOR:
	Interest				$	30,701
	Income taxes				$	-
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:
	Common stock issued for the settlement of accounts payable				$	-
	Common stock issued for the settlement of notes party - related party				$	-

 

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