Boulder City, Nevada -- Polyurethane tire developer Amerityre Corp. cut its net loss in the quarter ended Sept. 30 by nearly 40% but still chalked up its 73rd consecutive quarterly loss.
Amerityre cut its loss to $174,566 from $277,889 a year ago. Revenue rose 13.6% to $1.04 million on higher sales of hand-truck, lawn-and-garden and agricultural tires, Amerityre said.
The Boulder City-based firm attributed the earnings improvement to the increased sales revenue, improved gross margins and reduced general and administration expenses.
Amerityre is asking shareholders at its upcoming annual meeting on Dec. 4 to approve increasing the number of authorized common shares to 75 million from 55 million to help raise $2 million to $3 million to help "meet … current obligations and grow revenues. ..." The fiscal 2014 first quarter loss brings the company's cumulative loss over 18 years to $63.3 million.
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