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Articles 

Amerityre Corp. Reports Operating Results (10-Q)

November 21, 2011 | About:

Amerityre Corp. (AMTY) filed Quarterly Report for the period ended 2011-09-30.

Amerityre Corp. has a market cap of $12.87 million; its shares were traded at around $0 with and P/S ratio of 3.51.

Highlight of Business Operations:

Net revenues. We had net revenues of $1,349,165 for the three month period ended September 30, 2011, a 47.0% increase over net revenues of $917,646 for the three month period ended September 30, 2010. A 42.0% or $382,519 increase in product revenue and $49,000 of equipment sales accounted for the increase. Product sales grew due primarily to increased year over year unit volumes of hand truck, forklift and wheelbarrow tires, and offset by decreased sales of medical mobility tires. Hand truck and wheelbarrow tire volumes increased versus the same period last year due to continued market acceptance of these two products with existing and new customers. Forklift tire sales increased year over year due to the nascent level of forklift tire sales in last year s fiscal first quarter. Mobility tires sales decreased from the prior year period due to reduced sales to an original equipment manufacturer customer.

Cost of revenues. For the three month period ended September 30, 2011, cost of revenues was $876,947 or 65.0% of revenues compared to $597,187 or 65.1% of revenues sold for the same three month period in 2010. Cost of revenues grew primarily due to the increase in revenue. Cost of revenues as a percentage of sales remained stable for the comparable periods as volume increases offset lower pricing on certain products.

Gross profit. For three month period ended September 30, 2011, we had $472,218 of gross profit compared to $320,459 for the same period 2010. Gross profit for the three month period ended September 30, 2011 increased by $151,759 or 47.4%, over the same period in 2010 due primarily to the increase in unit volume sales.

Selling, general and administrative expenses. For the three month period ended September 30, 2011, we had $584,187 of SG&A expenses, compared to $551,376 of SG&A expenses for the same period last year. SG&A expense increased $32,811 due to increased expenses associated with higher sales levels, offset by decreased payroll expenses. SG&A as a percentage of sales decreased to 43.0% of total revenues from 60.0% in the same period last year. The decrease in SG&A as a percentage of sales is due to revenue growth significantly exceeding SG&A growth and cost of revenues as a percentage of revenues remaining almost unchanged for the comparable periods.

Net loss. For the three month period ended September 30, 2011, we had a net loss of $194,100 compared to a net loss of $303,013 for the same period in 2010, a decrease of $108,913. The decrease in net loss is primarily attributable to the increase in revenues, stable gross margins and the decrease in operating expenses as percentage of sales.

Read the The complete Report

About the author:

10qk
Charlie Tian, Ph.D., is the founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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