2009-11-11 16:13:02 -
CHICO, CA -- (Marketwire) -- 11/11/09 -- AmeraMex International, Inc. (PINKSHEETS: AMMX), a provider of heavy equipment to the stevedoring industry (shipping and logistics), infrastructure and commercial construction, today reported financial results for its third quarter and nine-month period ended September 30, 2009.
"The downturn in the U.S. economy over the past nine months has had a negative impact on our U.S. customer base, which in turn has reduced our revenue to levels not seen since 2002," said AmeraMex CEO Lee Hamre. "We are beginning to build a substantial proposal pipeline from our port customers, as they must purchase new container handlers that meet mandatory EPA Tier III compliance. When our port customers acquire new equipment, we and our new partner, Cromer Equipment, have an opportunity to purchase and refurbish the non-compliant equipment for resale out of the country. We recently purchased used port equipment for refurbishment with a resale value of approximately $1 to $1.5 million."
Hamre continued, "The progress being made in North Africa is beginning to generate revenue and a potential pipeline of business that can change the playing field for AmeraMex. I'll be in Africa for the next 14 days and expect to provide our shareholders with a positive update upon my return."
For the third quarter ended September 30, 2009, the company reported revenue of $635,344 and a net loss of ($315,652), or a loss per share of ($.0.001). EBITDA for the quarter was ($244,567). EBITDA, earnings before interest, taxes, deprecation and amortization, is an accepted industry tool to measure the fundamentals of growth companies.
For the nine-month period ended September 30, 2009, the company reported revenue of approximately $7.4 million, with a net loss of ($396,077), or a net loss per share of ($0.001). EBITDA for the period was ($124,909).
Tables follow
AmeraMex International, Inc.
CONDENSED STATEMENT OF OPERATIONS
(UNAUDITED)
Third Quarter Nine Months
Ended Ended
September 30, September 30,
2009 2009
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REVENUE
Total Revenue 635,344 7,384,411
COST OF SALES
Total Cost of Sales 593,946 6,719,258
GROSS MARGIN 41,399 665,153
OPERATING EXPENSE
SG&A 282,966 790,063
Depreciation 105,193 315,579
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Total Operating
Expense 388,159 1,105,642
OPERATING INCOME (LOSS) (346,760) (440,488)
OTHER INCOME AND EXPENSE
Interest (18,794) (75,344)
Miscellaneous 49,902 63,421
Tax Credit - 56,334
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Total Other Income
(Expense) 31,108 44,411
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NET INCOME (LOSS) (315,652) (396,077)
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Basic Earnings (Loss) Per Share ($ 0.001) ($ 0.001)
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Weighted Average Shares Outstanding 272,000,000 272,000,000
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Diluted Earnings (Loss) Per Share ($ 0.001) ($ 0.001)
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AmeraMex International, Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
For the Three-Month Period Ended September 30, 2009
ASSETS
Current Assets
Cash 5,460
Accounts Receivable 276,911
Inventory 1,084,618
Other Current Assets 580,503
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Total Current Assets 1,947,492
Non Current Assets
Investments 166,945
Trucks & Trailers 1,560,137
Other Vehicles 280,469
Fixtures & Equipment 275,366
Leasehold Improvements 279,626
Less: Accum Depreciation (1,939,890)
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Total Non Current Assets 622,653
TOTAL ASSETS 2,570,144
LIABILITIES
Current Liabilities
Accounts Payable 938,157
Taxes Payable 345,220
Other Current Payables 179,118
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Total Current Liabilities 1,462,494
Non Current Liabilities
Notes Payable 1,406,757
TOTAL LIABILITIES 2,869,252
EQUITY
Capital Stock 204,025
Additional Paid in Capital 1,974,104
Retained Earnings (Prior) (2,081,159)
Retained Earnings (Current) (396,077)
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TOTAL EQUITY (299,107)
TOTAL LIABILITIES & EQUITY 2,570,144
About AmeraMex International
AmeraMex International sells, leases, and rents heavy equipment to companies within four industries: construction (light and infrastructure), shipping, mining and logging. AmeraMex'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 North America, South America, Asia, and Eastern Europe, has over 30 years of experience in heavy equipment sales and service and inventories top-of-the-line equipment from manufacturers such as Taylor Machine Works Inc. and Terex Heavy Equipment.
For more information visit the AmeraMex website, www.AMMX.net :
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Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations, are generally identifiable by the use of words such as "believe," "expect," "intend," "anticipate," "estimate,"
"project," or similar expressions. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, potential future performance, perceived opportunities in the market, and statements regarding the Company's mission and vision. The Company's actual results, performance, and achievements may differ materially from the results, performance, and achievements expressed or implied in such forward-looking statements.
Media and Financial Contact:
Marty Tullio
McCloud Communications LLC
949.553.9748
Email Contact :
