BOULDER CITY, Nev. (Oct. 11, 2012)—Amerityre Corp.'s net loss for the fiscal year ended June 30 was nearly 40 percent larger than in the previous year, despite 18.7-percent higher sales by the developer and maker of polyurethane tires.
Boulder City-based Amerityre attributed the $1.18 million loss to higher raw materials costs and increased selling, general and administrative expenses relating to stock-based compensation and selling costs associated with increased sales activity. Sales rose to $4.36 million.
The firm also incurred a loss of about $47,000 related to failures of forklift tires—a problem the company attributed to "product design and chemical mixing problems" that resulted in a production shutdown for several months.
The company said the problems have been resolved and production resumed in March.
The net loss for the fourth quarter, $532,000, was Amerityre's 68th consecutive quarterly net loss. Sales during the quarter fell 12.4 percent from a year ago to $953,588.
The cumulative loss now exceeds $62 million over 17 years on approximately $28.4 million in sales.