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AmeraMex International Reports Revenue for the Third Quarter and Nine-Month Period Ended September 30, 2023

–News Direct–

AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and forestry conservation, reported financial results for its third quarter ended September 30, 2023.

AmeraMex CEO Lee Hamre commented, 2022 was a great year for revenue and net income. Although we initiated cost-savings measures during 2022, they were not enough to offset the tremendous cost explosion and rising inflation that is plaguing us this year. Rising material costs, interest rates and inflation have created uncertainty within our target markets which equates to a downturn in sales during the last nine months.

In the last quarter of 2022 and in June and August of this year we have signed over $10 million in rental agreements. Unfortunately, this does not equate to $10 million in revenue when the equipment shipped, as it does with a sale. The rental revenue is recorded monthly, which gives the company a steady stream of cash flow.

I would like to add that the entire AmeraMex team is razor focused on sales, cost containment and profitability, said Hamre.

Statement of Operations for the Quarter Ended September 30, 2023

The Company reported revenue of approximately $1.2 million versus revenue of $2.4 million for the comparable 2022 quarter.

Gross profit for the quarter was $371,206, compared to gross profit of $420,832 for the comparable 2022 quarter.

Gross profit as a percentage of sales was 30 percent for the quarter compared to gross profit, as a percentage of sales was 18 percent for the comparable 2022 quarter.

Profit from operations $199,328 for the quarter, compared to a loss from operations of ($45,503) for the comparable 2022 quarter.

Net loss for the quarter was ($32,623) compared to net income of $146,172 for the comparable 2022 quarter.

Earnings per share (EPS) were $0.00 for the quarter compared to EPS of $0.05 for the comparable 2022 quarter.

Statement of Operations for the Nine-Month period Ended September 30, 2023

The company reported revenue of approximately $6.7 million versus revenue of $14.8 million for the comparable 2022 period.

Gross profit for the period was $1.9 million compared to gross profit of $4.2 million for the comparable 2022 period.

Gross profit, as a percentage of sales, was 28 percent for the period compared to gross profit, as a percentage of sales, of 28 percent for the comparable period.

Profit from operations $438,528 for the nine-month period, compared to profit from operations of $2.2 million for the comparable 2022 nine-month period.

Net loss for the nine-month period was ($48,122) compared to net income of $1.4 million for the comparable nine-month period of 2022.

Earnings per share (EPS) were $0.00 for the period compared to EPS of $0.09 for the comparable 2022 nine-month period.

Balance Sheet for the Nine-Month Period Ended September 30, 2023

Total Assets were $18.2 million, a $4.9 million increase due in part to an increase in rental equipment.

Total Liabilities were $13.9 million, a $4.9 million increase due in part to an increase in the Companys credit line, lease liability and deferred income.

The $10 million leases are not recognized as revenue but as Deferred Revenue, which is a Liability. This results in a higher inventory, an asset, and higher liability, Deferred Revenue.

Please join the Companys management team November 15 at 12:00 p.m. PDT for a shareholder update. The conference call dial-in number for both U.S. and international callers is 1.201.689.8560. Please dial 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 December 20, 2023, at 3:00 p.m. Eastern Time until January 3, 2023, at 11:59 p.m. Eastern Time. The replay is accessible by dialing 1.412.317.6671 and entering pin number 13734981.

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 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 managements best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and key 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.

AMERAMEX INTERNATIONAL, INC.

UNAUDITED STATEMENTS OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30,

NINE MONTHS ENDED SEPTEMBER 30,

2023

2022

2023

2022

REVENUES

Sales of Equipment and Other Revenues

$756,581

$2,015,247

5,716,647

$

13,904,722

Rentals and Leases

454,154

363,301

1,024,077

910,172

Total Sales

1,210,735

2,378,548

6,740,724

14,814,894

COST OF SALES

Sales of Equipment and Other Revenues

685,268

1,799,708

4,316,879

10,197,658

Rentals and Leases

154,261

158,008

521,029

415,805

Total Cost of Sales

839,529

1,957,716

-57%

4,837,908

10,613,463

GROSS PROFIT

371,206

420,832

1,902,816

4,201,431

OPERATING EXPENSES

Selling Expense

87,549

230,064

840,930

994,721

General and Administrative

84,329

233,273

622,358

989,114

Total Operating Expenses

171,878

463,337

1,463,288

1,983,835

Profit (loss) From Operations

199,328

(42,505)

439,528

2,217,596

OTHER INCOME (EXPENSE)

Interest Expense, net

(218,551)

(96,374)

(503,990)

(549,924)

Loss from Early Extinguishment of Debt

(28,446)

(67,536)

(33,366)

Gain of Sale of Asset

215,624

Other Income (Expense)

1,393

349,580

63,740

175,842

Total Other Income (Expense)

(245,604)

253,206

(507,786)

(191,824)

INCOME BEFORE PROVISION for INCOME TAXES

(46,276)

210,701

(68,258)

2,025,772

PROVISION for INCOME TAXES

(13,653)

64,529

(20,136)

598,264

NET INCOME

$ (32,623)

$146,172

$ (48,122)

$1,427,508

Weighted Average Shares Outstanding:

Basic

14,829,155

14,629,155

14,829,155

14,829,155

Diluted

14,829,155

14,629,155

14,829,155

14,829,155

Earnings (loss) per Share

Basic

0.00

$

0.05

$

0.00

$

0.09

Diluted

$ 0.00

$

0.05

$

0.00

$

0.09

AMERAMEX INTERNATIONAL, INC.

UNAUDITED BALANCE SHEETS

SEPTEMBER 30, 2023

DECEMBER 31, 2022

ASSETS

Current Assets:

Cash

$

281,930

$

1,032,209

Accounts Receivable, Net

744,660

1,118,774

Inventory, Net

11,505,978

6,275,823

Other Current Assets

229,924

318,807

Total Current Assets

12,762,492

8,745,613

Property and Equipment, Net

970,777

1,047,602

Rental Equipment, Net

2,100,269

1,078,470

Joint Venture Asset

177,000

Operating Lease ROU Asset

725,674

788,733

Financing Lease ROU Asset

1,199,668

1,330,732

Other Assets

251,615

329,178

Total Other Assets

5,425,003

4,574,715

TOTAL ASSETS

$

18,187,495

$

13,320,328

LIABILITIES & STOCKHOLDERS' EQUITY

Current Liabilities:

Accounts Payable

$

1,564,413

$

1,199,803

Accrued Expenses

120,972

322,060

Joint Venture Liability

227,503

Lines of Credit

860,280

1,327,715

Notes Payable, Current Portion

2,150,581

1,499,018

Lease Liability

317,202

317,202

Deferred Revenue

556,095

Total Current Liabilities

5,569,543

4,893,301

Long-Term Liabilities

Deferred Tax Liabilities, Net

551,564

650,179

Related Party Note

269,159

Lines of Credit

3,567,255

Notes Payable, Net of Current Portion

93,574

1,609,853

Lease Liability, Net of Current Portion

1,608,140

1,813,389

Deferred Revenue, Net of Current Portion

2,224,379

Total Long-Term Liabilities

8,314,071

4,073,421

TOTAL LIABILITIES

13,883,614

8,966,722

Commitments and Contingencies (Note 11)

STOCKHOLDERS' EQUITY:

Shareholders' Equity

Preferred Stock, $0.001 par value, 5,000,000 shares authorized, no

shares issued and outstanding

Common Stock,

$0.001 par value, 1,000,000,000 shares authorized

14,829

14,829

14,829,155 shares issued and outstanding at September 30, 2023 and

December 31, 2022

Additional Paid-In Capital

21,671,534

21,671,534

Accumulated Deficit

(17,382,482)

(17,332,757)

Total Stockholders' Equity

4,303,881

4,353,606

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY

$

18,187,495

$

13,320,328

AMERAMEX INTERNATIONAL, INC.

UNAUDITED STATEMENTS OF CASH FLOW

NINE MONTHS ENDED SEPTEMBER 30,

2023

2022

OPERATING ACTIVITIES:

Net Income

(48,122)

1,427,509

Adjustments to reconcile Net Loss to

Net Cash provided (used) by Operations Activities:

Depreciation and Amortization

719,468

562,569

Provision (Benefit) for Deferred Income Taxes

(98,615)

534,576

Marketing Services Paid in Stock

71,000

Loss on Early Extinguishment of Debt

67,536

33,366

Gain/Loss on Disposal

(215,625)

Amortization of Right of Use Asset

19,797

19,797

Amortization and Accretion of Interest

63,556

27,876

Change in Assets and Liabilities:

Accounts Receivable

374,114

(1,884,657)

Inventory

(5,230,155)

(1,690,298)

ROU Asset

(725,674)

(808,928)

Other Current Assets

88,883

71,016

Accounts Payable

364,610

174,386

Customer Deposits

53,522

Deferred Revenue

2,780,474

Accrued Expenses

(201,088)

13,727

Lease Liability

725,674

808,928

NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES

(1,099,542)

(801,236)

INVESTING ACTIVITIES:

Payments for Property & Equipment

(179,860)

(408,199)

Payments for Rental Equipment

(233,347)

Proceeds (Payments) for Rental Equipment

(1,484,582)

360,000

NET CASH USED BY INVESTING ACTIVITIES

(1,664,442)

(281,546)

FINANCING ACTIVITIES:

Proceeds from Notes Payable

563,330

2,117,692

Payments on Notes Payable

(733,470)

(1,370,027)

Payment on Note Payable – Related Party

269,159

Joint Venture Liability

(227,503)

105,003

Net Borrowing (Repayments) Under Lines of Credit

2,142,189

(406,818)

NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES

2,013,705

445,850

NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS

(750,279)

(636,932)

Cash and Cash Equivalents, BEGINNING OF PERIOD

1,032,209

995,611

Cash and Cash Equivalents, END OF PERIOD

281,930

358,679

CASH PAID FOR:

Interest

543,573

564,478

Income Taxes

800

800

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING

AND FINANCING ACTIVITIES:

Transfer of Inventory to Rental Equipment

1,666,085

Equipment Financed under Capital Leases

779,160

Transfer of Rental Equipment to Inventory

563,750

AMERAMEX INTERNATIONAL, INC.

UNAUDITED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

FOR THE

THE NINE MONTHS ENDED SEPTEMBER 30th, 2023 AND 2022

Common Stock

Additional Total

Paid-in Accumulated Stockholders'

Balance

Shares

Amount Capital Deficit Equity/(Deficit)

December 31, 2021

14,629,155

$14,629

$ 21,600,734

$(18,335,686)

$3,279,677

Stock for Services

200,000

200

70,800

$71,000

Net Income

1,427,509

1,427,509

September 30, 2022

14,829,155

$14,829

$ 21,671,534

$ 4,778,186

December 31, 2022

14,829,155

$14,829

$21,671,534

$(17,334,360)

$ 4,352,003

Net Income

(48,122)

(48,122)

September 30, 2023

14,829,155

$14,829

$21,671,534

$ (17,382,482)

$ 4,303,881

14,829,155

14,829

21,671,534

(17,382,482)

4,303,881

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.

Forward-Looking Statements

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 Companys 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 Companys control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Companys 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.

Contact Details

Marty Tullio

+1 949-632-1900

[email protected]

Company Website

https://www.ammx.net

View source version on newsdirect.com: https://newsdirect.com/news/ameramex-international-reports-revenue-for-the-third-quarter-and-nine-month-period-ended-september-30-2023-267365948

Ameramex International

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