Amerityre Corp. (AMTY, Financial) filed Quarterly Report for the period ended 2009-12-31.
Amerityre Corp. has a market cap of $15.48 million; its shares were traded at around $0.51 with and P/S ratio of 4.84.
Net revenues. We had net revenues of $750,240 for the three month period ended December 31, 2009, a 5.4% increase over net revenues of $711,983 for the three month period ended December 31, 2008. The 5.4% increase as compared with 2008 is a result of a strong broad based growth across our operating market segments. Sales of $694,440 of our closed-cell polyurethane foam products and $55,800 in equipment sales accounted for approximately 93% and 7%, respectively, of our net revenues for the three month period ended December 31, 2009. Sales of $663,983 of our closed-cell polyurethane foam products and $48,000 in equipment sales accounted for approximately 93% and 7%, respectively, of our net revenues for the three month period ended December 31, 2008.
Net revenues. We had net revenues of $1,890,073 for the six month period ended December 31, 2009, a 20% increase over net revenues of $1,564,900 for the six month period ended December 31, 2008. Our net sales increase as compared with 2008 is a result of a strong broad based growth across our operating market segments. $1,709,073 in sales of our closed-cell polyurethane foam products and $181,000 in equipment sales accounted for approximately 90% and 10%, respectively, of our net revenues for the six month period ended December 31, 2009. $1,393,656 in sales of our closed-cell polyurethane foam products, $137,911 in equipment sales and $33,333 in license fees accounted for approximately 89%, 9% and 2%, respectively, of our net revenues for the six month period ended December 31, 2008.
Cost of revenues. Our cost of revenues of $1,341,236 for the six month period ended December 31, 2009, representing approximately 71% of net revenues, compared to cost of revenues of $1,103,137 for the six month period ended December 31, 2008, representing approximately 70% of net revenues. For the six month period ended December 31, 2009 our cost of revenues related to foam products was $1,192,824, or 70% of foam product revenues, compared to $970,239, or 69% of foam product revenues for the same six month period in 2008. During the six month period ended December 31, 2009 our cost of revenues related to equipment sales was $148,412, or approximately 82% of equipment sales, compared to $132,898, or approximately 96% of equipment sales in the prior year period. As indicated in the Overview and Recent Developments section above, in order to penetrate the tire fill market we are supplying our customers with tire fill equipment at a small margin. We anticipate that profits from this initiative will be derived from the sale of tire fill material to our customers.
Net Cash Used By Operating Activities. Our primary sources of operating cash during the six month period ended December 31, 2009 was proceeds from a loan, prior period finance activities and collected accounts receivable. Our primary uses of operating cash are payments made to our vendors and employees. Net cash used by operating activities was $536,054 for the six months ended December 31, 2009 compared to $1,621,627 for the same period in 2008. The decrease in cash used in operating activities is due to decreases in overall selling, general, and administrative expenditures for the six months ended December 31, 2009 compared to the same period in 2008. Non-cash items include depreciation and amortization and stock based compensation. Our net loss was $737,194 for the six months ended December 31, 2009 compared to a net loss of $2,041,883 for the same period in 2008. Net loss for the six month period ended December 31, 2009 included non-cash expenses of $37,437 for stock-based compensation related to employee stock options, $63,000 issued as bonus compensation and $55,000 for stock issued for services. Net loss for the six month period ended December 31, 2008 included non-cash expenses of $140,959 for stock-based compensation related to employee stock options, $71,384 for the issuance of a stock option
Net Cash Used In Investing Activities. Net cash used by investing activities was $57,186 for the six month period ended December 31, 2009 and $38,916 for the same period in 2008. Our primary uses of investing cash for the six month period ended December 31, 2009 were $9,660 related to patents and trademarks and $47,526 for property and equipment. Our primary uses of investing cash for the six month period ended December 31, 2008 were $21,077 deposits on patents and trademarks and $17,839 for property and equipment.
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Amerityre Corp. has a market cap of $15.48 million; its shares were traded at around $0.51 with and P/S ratio of 4.84.
Highlight of Business Operations:
(2) Includes deferred compensation for employee stock options of $18,718 and $70,480 in the three month periods ended December 31, 2009 and 2008 respectively, and deferred compensation for employee stock options of $37,437 and $140,959 in the six month periods ended December 31, 2009and 2008 respectively.Net revenues. We had net revenues of $750,240 for the three month period ended December 31, 2009, a 5.4% increase over net revenues of $711,983 for the three month period ended December 31, 2008. The 5.4% increase as compared with 2008 is a result of a strong broad based growth across our operating market segments. Sales of $694,440 of our closed-cell polyurethane foam products and $55,800 in equipment sales accounted for approximately 93% and 7%, respectively, of our net revenues for the three month period ended December 31, 2009. Sales of $663,983 of our closed-cell polyurethane foam products and $48,000 in equipment sales accounted for approximately 93% and 7%, respectively, of our net revenues for the three month period ended December 31, 2008.
Net revenues. We had net revenues of $1,890,073 for the six month period ended December 31, 2009, a 20% increase over net revenues of $1,564,900 for the six month period ended December 31, 2008. Our net sales increase as compared with 2008 is a result of a strong broad based growth across our operating market segments. $1,709,073 in sales of our closed-cell polyurethane foam products and $181,000 in equipment sales accounted for approximately 90% and 10%, respectively, of our net revenues for the six month period ended December 31, 2009. $1,393,656 in sales of our closed-cell polyurethane foam products, $137,911 in equipment sales and $33,333 in license fees accounted for approximately 89%, 9% and 2%, respectively, of our net revenues for the six month period ended December 31, 2008.
Cost of revenues. Our cost of revenues of $1,341,236 for the six month period ended December 31, 2009, representing approximately 71% of net revenues, compared to cost of revenues of $1,103,137 for the six month period ended December 31, 2008, representing approximately 70% of net revenues. For the six month period ended December 31, 2009 our cost of revenues related to foam products was $1,192,824, or 70% of foam product revenues, compared to $970,239, or 69% of foam product revenues for the same six month period in 2008. During the six month period ended December 31, 2009 our cost of revenues related to equipment sales was $148,412, or approximately 82% of equipment sales, compared to $132,898, or approximately 96% of equipment sales in the prior year period. As indicated in the Overview and Recent Developments section above, in order to penetrate the tire fill market we are supplying our customers with tire fill equipment at a small margin. We anticipate that profits from this initiative will be derived from the sale of tire fill material to our customers.
Net Cash Used By Operating Activities. Our primary sources of operating cash during the six month period ended December 31, 2009 was proceeds from a loan, prior period finance activities and collected accounts receivable. Our primary uses of operating cash are payments made to our vendors and employees. Net cash used by operating activities was $536,054 for the six months ended December 31, 2009 compared to $1,621,627 for the same period in 2008. The decrease in cash used in operating activities is due to decreases in overall selling, general, and administrative expenditures for the six months ended December 31, 2009 compared to the same period in 2008. Non-cash items include depreciation and amortization and stock based compensation. Our net loss was $737,194 for the six months ended December 31, 2009 compared to a net loss of $2,041,883 for the same period in 2008. Net loss for the six month period ended December 31, 2009 included non-cash expenses of $37,437 for stock-based compensation related to employee stock options, $63,000 issued as bonus compensation and $55,000 for stock issued for services. Net loss for the six month period ended December 31, 2008 included non-cash expenses of $140,959 for stock-based compensation related to employee stock options, $71,384 for the issuance of a stock option
Net Cash Used In Investing Activities. Net cash used by investing activities was $57,186 for the six month period ended December 31, 2009 and $38,916 for the same period in 2008. Our primary uses of investing cash for the six month period ended December 31, 2009 were $9,660 related to patents and trademarks and $47,526 for property and equipment. Our primary uses of investing cash for the six month period ended December 31, 2008 were $21,077 deposits on patents and trademarks and $17,839 for property and equipment.
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