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.
Titan International and the United Steelworkers union have petitioned the U.S. International Trade Commission and U.S. Department of Commerce seeking relief from OTR tire imports from China, India and Sri Lanka. What’s your opinion?
|I wholeheartedly support their action – something needs to be done.||
|I think it’s a bad idea that could inevitably tie the hands of domestic tire makers.||
|I oppose any duties against tire importers—they only raise costs for distributors and make it harder to obtain inventory.||
|I’m kind of on the fence and not sure what’s right, but need more information before deciding.||
|I don’t really care whether or not relief is granted.||
|Total votes: 78|