Boulder City, Nevada — Amerityre reported sales of $3.7m (EUR 3.3m) in the year to June 30 2016, 21% less than the $4.7m reported during the firm’s prior year trading.
The firm’s latest financial report said the figure was “not in line with our expectations as we anticipated that we would have stronger pivot tire sales for the period.”
Amerityre sales were primarily driven by closed cell foam tire sales, the report said however the firm “anticipates continued depressed agricultural tire sales due to depressed farm income” during 2017.
The company reported a gross profit of $ 1.1m, 13% less than during the year ended June 30, 2015.
During the same year period Amerityre spent $222,094 on R&D which it said was over 10% higher than during the year before.
The firm’s net loss for fiscal 2016 was around $ 243,000, 19% decrease less than the net loss reported during the fiscal 2015.
XE currency conversion: 10 October, 2016