BOULDER CITY, Nev. — Amerityre Corp. reported net income of $148,464 for the quarter ended March 31, the polyurethane tire producer's fourth profitable quarter in the past five quarters.
Amerityre attributed the positive result — just the fifth profitable quarter in the company's 21-year history — to the effects of higher revenues and the "continued successful implementation of the company's strategic plan."
Sales for period grew 21.1 percent to $1.13 million, growth the company attributed to increased demand for its closed-cell foam tires, which reflects an improved general economy.
The company was $116,454 in the black for the nine-month period, in contrast with a net loss of $217,861 a year ago.
Sales for the nine months were up 0.6 percent to $2.85 million, in line with the firm's expectations in light of weak agricultural tire markets.
The company anticipates continued depressed agricultural tire sales for the remainer of fiscal 2017, due to the continuation of business conditions causing depressed farm income. Management hopes, however, that increased sales of PU foam products will continue through the fourth quarter.