Boulder City, Nevada - Polyurethane tyre developer Amerityre Corp. reported a net loss of $3.62 million for the fiscal year ended 30 June. on sales of $3.21 million.
The firm has not made a profit for 58 consecutive quarters.
Amerityre's net loss was an improvement of 16.6 percent over the fiscal 2008 net loss, a change Amerityre attributed to reduced payroll and payroll taxes, sales and marketing, research and development, and other general and administrative expenses, according to the firm's 10-K financial report filed with the Securities and Exchange Commission.
Sales rose 11 percent higher compared with a year earlier, although they fell short of the record $3.25 million posted in fiscal 2007. Amerityre attributed the higher revenue to increased sales processing equipment for a new line of forklift tyres, primarily to one company, K-2 Industrial Tire Inc., and of finished closed-cell PU products.
Amerityre reported business with its Amerifill tyre-filling material is still emerging as it discovered the material is not compatible with most tyre-filling equipment on the market. The firm has had to sell its own filling equipment at cost to gain a foothold in the market "