BOULDER CITY, Nev. (Oct. 1, 2014) — Polyurethane tire developer Amerityre Corp.'s net loss for the fiscal year ended June 30 was 11.9 percent deeper than in the year before despite 18.7-percent higher sales.
Amerityre's net loss of $633,513 in the fourth quarter, more than double that of the fiscal 2013 fourth quarter loss, was the Boulder City-based company's 76th consecutive quarterly loss. Sales in the quarter fell nearly 12 percent to $848,612.
For the year, the net loss was $1.29 million on sales of $4.32 million. The cumulative loss over 18 years now stands at $64.4 million.
The tire maker attributed the deeper loss on a reconciliation of assets, trademarks and patents, according to the firm's 10K filing with the Securities and Exchange Commission. The gross profit, by contrast, improved 31.1 percent, the company said.
Amerityre attributed the annual sales gain to the recovery of business in hand-truck and wheel assemblies with the firm's largest customer that it said was lost previously.
The company reported revenue gains from sales to the agricultural, lawn and garden and medical mobility sectors, but these were offset by drops in revenue from lower sales of forklift, bicycle and wheel-barrow tires.
Production of forklift tires resumed during the year after it was suspended in 2012-13 because of poor product performance issues.
Separately, Amerityre disclosed that L. Wayne Arnett resigned Aug. 31 as executive vice president, CFO and as a member of the board of directors. Amerityre appointed CEO Timothy Ryan as principal financial officer and interim CRO until such time as a permanent replacement can be appointed.