Boulder City, Nevada - Amerityre Corp. trimmed its net loss slightly in the quarter ended 30 Sept and saw 29-percent higher sales, but the firm ended up more than $1 million in the red.
The net loss of $1.05 million versus a loss of $1.09 million a year ago was the company's 55th consecutive quarterly loss, dating back to the firm's inception in January 1995. The company said the improvement was caused primarily by the increase in sales to $852 917.
The firm, whose primary goal is to develop a pneumatic polyurethane tyre, reported gross profits of $280 291 for the three months on higher sales of foam products. The company also generates revenue from license fees and the sale of urethane processing equipment.
During the quarter, Amerityre signed a contract with industrial tyre supplier Super Grip Corp. to make a line of flat-proof polyurethane tyres under the Super Grip name. The companies did not disclose the value of the contract.
Also during the quarter, Amerityre reduced its research and development spending 32 percent while at the same time increasing its consulting expenses nearly four and a half times. The net effect of these changes was an increase of $55 031 in expenses during the period.
Amerityre's latest quarterly loss raises the firm's collective losses over 13 years to more than $51 million on revenue of less than $10 million.
PIC Sand tyres are one product Amerityre has been working on.