BOULDER CITY, Nev.—Amerityre Corp. cut its net loss by a third in the quarter that ended Dec. 31 to $128,465 on 7 percent better sales of $1.35 million.
The loss was the industrial tire maker's 78th consecutive quarterly loss. The cumulative loss over 18-plus years stands at $64.7 million.
Boulder City-based Amerityre attributed the earnings improvement to decreases in raw materials and overhead costs..
The net loss for the six-month period of $287,429 was a 21.9 percent improvement vs. the fiscal 2014 loss. Sales were up 3.6 percent to $2.38 million. Amerityre credited the revenue increase to improved agricultural tire sales.
Separately, Amerityre said it hired Michael F. Sullivan to be the firm's chief operating officer. Sullivan, 49, has 28 years of experience in operations and engineering management in a variety of manufacturing industries. Most recently he was a principal at Versa Engineering and Technology, a privately held engineering consulting firm, and has been consulting with Amerityre for six months prior to his hiring in December.