Boulder City, Nevada - Amerityre Corp.'s net loss deepened in the quarter ended March 31 despite slightly higher sales.
The quarterly loss of $240,229 was 10.1 percent deeper than the third quarter loss of fiscal 2012, Amerityre reported. It was the Boulder City-based polyurethane tire developer's 71st consecutive quarterly loss, bringing the cumulative loss over 17 years to $62.9 million.
Amertyre attributed the larger loss to a moderate increase in operating costs-mostly from higher selling, general and administrative costs-and the negative effect of lower-than-expected revenues.
Sales in the quarter rose 1.7 percent to $1.01 million, although Amerityre said sales "continue to lag forecasts."
The net loss for the nine months ended March 31 was $862,760, or more than one-third deeper than the fiscal 2012 period, according to the company. Sales of $2.67 million were 21.7 percent lower than in the corresponding fiscal 2012 period.
Amerityre did not offer a forecast for the fourth quarter or fiscal year other than to say that sales have been "robust" so far in the fourth quarter and management expects them to continue in that direction.
This story appeared in Rubber & Plastics News.