Amerityre reduces net loss in fiscal 2008
Boulder City, Nevada -- Polyurethane tyre developer Amerityre Corp. was $4.22 million in the red in fiscal 2008-the firm's 13th consecutive year of losses-on 15.7-percent lower sales.
The net loss was a slight improvement over the $5 million loss in fiscal 2007, Amerityre said. That loss was due primarily to lower payroll and payroll taxes and lower expenses related to sales and marketing, research and development and other general and administrative functions.
The recent sales decline resulted from lower equipment sales in large part because of higher sales in 2007 related to the firm's retreading project with China's Qingdao Qizhou Rubber Co. Ltd., the firm said.
Sales during the year fell to $2.89 million. Amerityre spent $572,097-or 18.2 percent of sales-on research and development during the year ended June 30. Spending was down 31.5 percent, however.
Amerityre did not make any forecasts for the current fiscal year, other than to say it expects revenue from “expanded commercialization activities†should help reduce the net loss “in the near term and move us closer to profitability.â€
Amerityre's latest annual loss brings to nearly $50 million the collective losses it has reported in 13 years of existence. Revenue during that same time amounted to about $9 million.
From Tire Business (A Crain publication)
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