BOULDER CITY, Nev.—Amerityre Corp. cut its net loss for the quarter ended March 31 by nearly 82 percent on measuably lower operating costs—most notably raw materials costs.
The reduced loss was the third consecutive quartlerly bottom line improvement for the Boulder City-based industrial tire and wheel producer.
Nonetheless, the loss of $49,402 was Amerityre's 79th consecutive quarterly loss. The company's cumulative loss over 18-plus years stands at $64.8 million.
Sales grew 1.9 percent to $1.19 million, largely due to increased demand for the firm's agricultural product line, Amerityre said in its third-quarter 10Q form filed with the Securities and Exchange Commission.
The net loss for the nine months ended March 31 was $336,831, an improvement of 47.2 percent vs. the fiscal 2014 period. Sales grew 3 percent to $3.57 million.
Amerityre said its operations are focusing on three segments of the tire market: closed-cell polyure-thane foam tires to OEMs, distributores and dealers, which account for most of the company's revenues; polyurethane elastomer forklift tires, of which manufacturing was suspended in 2013 due to quality and process issues and for which it is slowly trying to reformulate and reintroduce into the market; and agricultural tires, an area in which the company said it has experienced revenue growth.