BOULDER CITY, Nev. — Polyurethane tire developer Amerityre Corp. reported double-digit growth in sales and earnings for the fiscal year ended June 30.
Gross profit across the business rose 16.4% to $1.28 million on 23.4% higher sales of $4.86 million. The company, which makes polyurethane tires for farm, leisure and warehouse use, said price discipline helped to maintain sales and profitability.
Income from operations more than doubled to $96,541, while net earnings — buoyed by a gain on "debt extinguishment" — increased six-fold to $258,366. The company did not elaborate on this one-time gain.
Lawn and garden tire applications based on low-density formulations grew in 2020. The company said it expects agricultural tire sales to increase in the coming quarters as increases in the price of in farm commodity crops such as corn and soybeans should result in more disposable income for farmers.
Amerityre also won agreements for large OEMs to trial its tires in their equipment in 2021 and is optimistic some of these will convert into contracts. It said the Elatothane 500 formulation was helping win interest because of its abrasion resistance.
In a separate development, Amerityre said it had carried on the work started in 2020 and evaluated formulations and tires for e-bike applications too.
Finally, polyurethane elastomer tires are still struggling against lower-priced rubber press-on tires. The PU elastomer tire business accounted for about 0.1% of sales in 2021, Amerityre said.