AmeraMex International (OTCQB:AMMX) told investors it is “pleased” with the revenue it generated in 2022 and expects 2023 to be an exceptional year for the company.
The company reported revenue of $19.2 million for the year to December 31, 2022, a 22% decrease from the $24.7 million it reported for 2021. During 2022, it noted that it lost $1.5 million in revenue when a large rental agreement expired. A new agreement has been signed for 2023, which extends through 2026, it added.
“Last year was another good year for AmeraMex with revenues over $19 million,” CEO Lee Hamre said in a statement. “When comparing 2022 revenue to that of 2021, one must remember that 2021 saw a substantial jump in revenue due to pent-up demand for equipment following the COVID pandemic.”
READ: AmeraMex International receives equipment orders totaling $1.24M
Gross profit for the year amounted to $4.5 million, a decrease of 10% from the $5 million reported for the year-earlier period. Gross profit as a percentage of revenue, was 23% for the year compared to gross profit, as a percentage of revenue, of 20% for the 2021 year-end, a 3-point increase.
The company attributed a 44% decline in net profit from operations to $1.8 million for the year in part to an increase of over $800,000 in operating costs due to rising inflation and additional personnel. These costs include increases in rent, utilities, gasoline, all insurances and salaries, added costs for sales and marketing in addition to public company costs of over $250,000 for legal and auditing expenses.
Net income for the year was $871,060 compared to net income of $1.6 million for the comparable 2021 year-end. Earnings per share were $0.06 compared to earnings per share of $0.11.
Total assets increased by $2.3 million for the year while total liabilities for the year increased by $1.8 million.
Conference call
The company said CEO Lee Hamre will host a conference call on Tuesday, April 4 at 8:30am Pacific Time (11:30am Eastern Time).
The conference call dial-in number for both US and international callers is 1.201.689.8560 and investors are asked to dial into 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 April 4, at 2:30pm ET until April 18, 2023, at 11:59pm ET. The replay is accessible by dialing 1.412.317.6671 and entering pin number 13734981.
AmeraMex International (OTCQB:AMMX) has over 30 years of experience in heavy equipment sales and service. The company also buys used equipment and ships it to its refurbishing facility in northern California, which renovates millions of dollars worth of used equipment and resells it to customers in the US and internationally.
Contact the author at stephen.gunnion@proactiveinvestors.com