AMMX.0059.HUGE NEWS OUT.NET PROFIT OF of $.368 million compared to a net loss of ($.152) million for the comparable 2016 quarter.
Nine-Month Period Ended September 30, 2017
AmeraMex International Reports Third Quarter Revenue of $1.6 Million and Revenue of $4.3 Million for the Nine-Month Period
CHICO, CA – November 15, 2017 – AmeraMex International, Inc. (OTC:AMMX), a provider of heavy equipment for logistics companies, infrastructure construction, and tactical military vehicles, reported financial results for its third quarter and nine-month period ended September 30, 2017.
Third Quarter Ended September 30, 2017
The company reported revenue of approximately $1.6 million, a 22 percent increase when compared to revenue of approximately $1.3 million for the third quarter of 2016. Gross profit for the quarter was approximately $.641 million compared to gross profit of $.548 million for the third quarter of 2016.
The company reported net income for the quarter of $.368 million compared to a net loss of ($.152) million for the comparable 2016 quarter.
Nine-Month Period Ended September 30, 2017
Revenue for the nine-month period was approximately $4.3 million compared to revenue of $7.1 million for the comparable 2016 nine-month period.
The company reported net income of approximately $.117 million for the period compared to net income of approximately $1.2 million for the comparable period in 2016. As noted in previous news releases, revenue for the first quarter of 2016 was extraordinarily high creating a distorted view of 2016 comparable quarter’s revenue, profit and income.
During the third quarter AmeraMex booked orders of approximately $2.9 million along with a $500,000 rental agreement. The Company does not report revenue from equipment sales until the equipment ships to the customer. In addition to sales of $2.9 million, AmeraMex purchased a large lot of heavy equipment from a distressed company. The equipment has an approximate retail value of $1.5 million and is in the process of being refurbished.
AmeraMex CEO Lee Hamre commented, “We are midway into the fourth quarter and have already booked $2.5 million in equipment orders; a $1 million rent-to-purchase agreement; and a five-year, $1.8 million maintenance agreement generating $30,000 per month beginning November 1, 2017. We have great prospects for a good fourth quarter.”
AmeraMex has been working closely with its outside audit firm. The audit firm has represented to AmeraMex that audited financial statements for the fiscal years ended December 31, 2017, and 2016 should be complete in early 2018. Once completed, the audits will be provided to the Company’s outside legal team for completion of the Form 10 and its submission to the SEC.
Conference Call
The shareholder conference call, chaired by AmeraMex CEO Lee Hamre, is scheduled for Friday, November 17, 2017 at 11:00 a.m. Pacific Time, 2:00 p.m. Eastern Time.
The conference call dial-in number for both U.S. and international callers is 1.323.794.2094. An audio replay of the call will be available from November 17, 2017 at 5:00 p.m. Eastern Time until December 1, 2017 at 11:59 p.m. Eastern Time. The replay is accessible by dialing 1.412.317.6671 and entering pin number 8203792. An audio version of the conference call will also be available on the Company’s website, www.ammx.net.
