BOULDER CITY, Nev. — Polyurethane tire developer Amerityre Corp. reported a net loss of $38,436 for the fiscal year ended June 30 on 0.2-percent lower sales of $3.62 million.
The net loss contrasts with fiscal 2017 net earnings of $33,321.
Gross profit for the year fell 7.2 percent to $1.1 million, a drop Amerityre attributed to higher raw-materials costs.
Amerityre management said the results were in line with the firm's expectations, which were based on weak agricultural and industrial tire markets. For fiscal 2019 the Boulder City-based company anticipates continued depressed demand for its agricultural tires but higher demand for larger-sized polyurethane foam tires.
The company reported net income of $24,103 in the fourth quarter on 14.7-percent higher sales of $893,340.
The net income in fiscal 2017 was the only positive earnings year in the company's 23-year history.