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AmeraMex International Reports 2015 Year-End Financials: Eighth Consecutive Profitable Quarter With Income Increasing 40 Percent

Last update: 23/03/2016 8:27:29 am


AmeraMex International Reports 2015 Year-End Financials: Eighth Consecutive Profitable Quarter With Income Increasing 40 Percent

CHICO, CA--(Marketwired - Mar 23, 2016) - AmeraMex International, Inc. (OTC PINK: AMMX), a provider of heavy equipment to infrastructure, shipping, logging and construction companies, today reported financial results for its financial year ended December 31, 2015.

Highlights for the Year Ended December 31, 2015

Revenue for 2015 Increased 13 Percent; Gross Profit Up Slightly at 49 Percent

The company reported revenue of approximately $8.3 million with gross profit of $4 million compared to revenue of approximately $7.3 million with gross profit of $3.6 million for the year ended December 31, 2014.

Net Income Increased 40 Percent

The company reported net income for the year of approximately $1.1 million compared to net income of $.801 million for the year ended December 31, 2014.

Stronger Balance Sheet

Current assets improved significantly with an increase in cash and cash equivalents of approximately $.500 million and an approximate $.700 million increase in inventory.

Yield Sign Removed

The 'yield' sign from the company stock symbol, AMMX, was removed. Additionally, a review of years financial statements and back-up information for 2014 and 2015 begins early May. The company expects to announce the retention of an auditing firm shortly. Monies have been set aside for the SEC audit necessary to become a fully reporting company.

Insurance for Employees

To reduce overhead during the 2008 economic downturn and ensuing years, the company was forced to stop providing health insurance for its employees. Management was happy to reinitiate health insurance coverage at the beginning of 2016.

AmeraMex CEO Lee Hamre commented, "Sustained growth in our core business -- sales, rental and service, has increased capital and cash flow which in turn allowed acquisition of much needed inventory for refurbishing and resale within the U.S. and internationally. We are also planning an expansion of our product offering as we expect to sign a new dealership agreement for military equipment in the late May timeframe. This will allow us to pursue new opportunities throughout many parts of the world."

Hamre continued, "We will be providing an update on our upcoming SEC audit and various projects during our Friday, March 25(th) conference call scheduled at 10:00 a.m. PT."