BOULDER CITY, Nev. (May 17, 2010) — Polyurethane tire developer Amerityre Corp. cut its net loss for the quarter ended March 31 in half to $330,074 on 13.6-percent higher sales of $879,702.
Amerityre attributed the reduced loss on the effects of higher sales revenue and cost-reduction measures, according to its 10-Q form filed with the U.S. Securities and Exchange Commission.
The quarterly loss was Amerityre's 61st consecutive quarterly shortfall and brings the firm's cumulative loss over 15-plus years to $59.6 million on sales of about $19.5 million.
Amerityre's net loss for the nine months ended March 31 was $1.07 million, a reduction of 60.8 percent from the year-earlier period. Sales reached $2.77 million, up 18.4 percent.
Amerityre reported sales in the quarter increased in all of its operating segments, with sales of closed-cell polyurethane products—including its still relatively new foam tire fill—accounting for nearly 98 percent of revenue.