BOULDER CITY, Nev. (Dec. 22, 2014) — Amerityre Corp. reported a net loss of $158,964 for the quarter ended Sept. 30 on a slight drop in sales.
The loss, which was an 8.9-percent improvement vs. the 2013 quarter loss, was the 77th consecutive quarterly loss for the Boulder-based polyurethane industrial tire producer.
Sales fell 0.5 percent to $1.03 million as the company experienced a delay in the receipt of critical components required for assembling its agriculture-market tires.
Amerityre said this business segment continues to grow and the production problems resulted in a “significant” order back log. The firm anticipates recovering these lost revenues in current quarter.
Amerityre's cumulative loss over the past 18-plus years stands at $64.6 million.
Separately, Amerityre hired Michael F. Sullivan, a principal at Versa Engineering & Technology, to be its chief operating officer. Mr. Sullivan, 49, had been consulting for Amerityre for the past six months.
He has experience at Johnson Matthey, General Chemical, Material Sciences Corp. and Professional Finishing Inc.