AmeraMex International (OTCQB:AMMX) Inc has reported financial results for its first quarter ended March 31.
“We are pleased with our first quarter results. Last year was a great first quarter as we experienced a significant increased spurred by pent up demands in the marketplace,” CEO Lee Hamre said in a statement. “Our first quarters are historically our weakest revenue quarters for the year as customers place orders in the fourth quarter to take advantage of capital investment tax write-offs before yearend.”
The company reported revenue of roughly $3.2 million, compared to $5 million in the same period a year earlier, attributing the decrease in part to steps taken by the Federal Reserve to mitigate inflation as well as the delayed renewal of a US government contract.
Gross profit for the quarter was $818,308, compared to $1.2 million in the same period last year. Gross profit as a percentage of sales was 25%, unchanged year-over-year.
AmeraMex also welcomed back a familiar face to its executive team.
“I would also like to acknowledge that during the year-end and first quarter transition period, our newly hired CFO decided to explore another opportunity - we wish him well,” Hamre said. “I am very pleased that Hope Stone, our previous CFO, has agreed to stay with us as we were able to mutually find areas where we could reduce her hours. Hope understands the nuts and bolts of our business and, over the past five years, has done an amazing job of implementing various programs within our accounting department so that we meet Generally Accepted Accounting Principles (GAAP).”
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