BOULDER CITY, Nev. (May 20, 2014) — Polyurethane tire developer Amerityre Corp.’s net loss in the quarter ended March 31 worsened 12.5 percent vs. the 2013 period, a change Amerityre attributed to non-recurring charges.
The $270,302 loss was Amerityre’s 75th consecutive quarterly loss, bringing the company’s cumulative loss over 18 years to $63.8 million.
Revenue rose 13.4 percent to $1.17 million on higher sales of agricultural, hand-truck and medical mobility product lines, the company said, but were offset by reduced sales of fork-lift and bicycle tires.
Amerityre said the non-recurring losses included the write-off of deferred financing costs ($40,000) and bad debt charges ($35,627).
The net loss for the firm’s first nine months of fiscal 2014 was $638,148, a 26-percent improvement vs. 2013. Sales were up 29.8 percent to $3.47 million.
Its six-month net loss was $367,848—an improvement of 41 percent from $622,532 a year ago. Sales were up 40 percent to $2.3 million.
The Boulder City-based firm attributed the earnings improvement to the increased sales revenue, improved gross margins and reduced general and administration expenses.
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