BOULDER CITY, Nev. — Polyurethane tire developer Amerityre Corp. returned to the black in the quarter ended March 31 after two straight quarters in the red, but the firm's net through nine months remained in the red.
Amerityre reported third quarter net income of $28,685, which was 81.2 percent below that of the comparable period a year ago.
Sales fell 17.6 percent to $934,247, which the firm said was a larger drop than expected "given the reportedly stronger economic activity in the U.S."
Amerityre also said it anticipates "continued challenging" sales for the rest of the year in the agricultural tire market, due to low commodity prices adversely affecting farm income.
For the nine months ended March 31, Amerityre reported a net loss of $37,539, vs. a net income $116,454 a year ago.
Sales for the nine-month period were up 4.3 percent to $2.73 million.