BOULDER CITY, Nev.—Amerityre Corp. cut its net loss in the quarter ended June 30 nearly in half, but the firm's net loss for the fiscal year was nearly equal to that reported in fiscal 2012-13 and sales dropped 16.7 percent.
The fourth quarter loss of $271,864 was Amerityre's 72nd consecutive quarterly loss and contributed to the annual net loss of $1.13 million. The cumulative loss over 17 years now stands at $63.1 million.
Sales in the quarter rose 1 percent to $963,561, but the fiscal year sales dropped to $3.63 million.
Amerityre attributed the reduced loss to a 15 percent drop in selling, general and administration expenses, primarily caused by reduced stock-based compensation for services, an increase in bad-debt recoveries, lower commissions on licensed chemical sales and lower lease costs.
The company said the lower annual sales resulted primarily from the loss of business from its largest customer and reduced revenue from licensed chemical and equipment sales.
Amerityre did not offer a forecast for fiscal 2014 or beyond.
The company also named L. Wayne Arnett executive vice president and CFO, and appointed Glenn Bougie to the board of directors.
A board member since March 2011, Arnett has 30 years of experience in operations, finance, accounting and computer technology. He will earn $96,000 per year plus benefits, Amerityre said.
Bougie is a certified public accountant with more than 35 years of experience in finance, accounting and auditing.