BOULDER CITY, Nev. — Polyurethane tire developer Amerityre Inc. reported fiscal net earnings of $33,321 for the year ended June 30, the first full-year net profit in the company's 21-year history.
The result contrasts with a $243,052 net loss a year ago. Sales fell 4 percent to $3.63 million, reflecting management's expectations that the company's agricultural tire and industrial tire markets would remain weak.
Sales were buoyed by record fourth-quarter revenue of $1.91 million, a 108.7-percent increase over the fiscal 2016 fourth quarter. Despite the sales gain, the company reported a net loss in the fourth quarter, of $58,133.
For fiscal 2018, Amerityre management anticipates continued depressed demand for its agricultural tires but higher demand for the firm's larger-sized polyurethane foam tires.
Amerityre attributed the positive earnings report in part on lower operating costs due to better manufacturing efficiencies and use of fully depreciated assets.