$AMTY.. shareholder meeting Dec 4, this coming WED , lets see
Message to our Shareholders from our Chief Executive Officer:
Dear Amerityre Shareholders:
Fiscal year 2019 saw the continued improvement in the company’s financial performance, with Amerityre achieving record full-year profitability (positive net income before preferred dividends). This is the second time in three years Amerityre has recorded a full year profit. When I joined Amerityre approximately 5 years ago, we developed and implemented a turnaround program that focused on increasing organizational efficiency, eliminating unprofitable business segments, and finding new ways to leverage our world class intellectual property. When we started this journey there were concerns as to our viability as a company; today we are financially stable and in much better position to take advantage of business opportunities. The magnitude of this achievement should not be underestimated, and I am proud of our employees who have worked very hard over this period to make Amerityre successful.
On many fronts one could say our turnaround is complete, as the immediate financial issues have been resolved. However, as a small company we recognize the need to maintain the operational vigilance and cost discipline that has fostered our improvement, and our focus on improving our efficiency will not change. However, the past year has highlighted the need for Amerityre to increase sales revenues by developing our product distribution channels. Our sales revenue this past year was almost identical to the level of the previous two fiscal years. This is an achievement when one considers the various headwinds we have encountered over the past year – continued depression in farm incomes, the implementation of tariffs, general business environment uncertainty due to inconsistent government policy, and a strong US dollar negatively impacting our export market opportunities. Our challenge this upcoming year is to develop relationships with larger tire distributors and OEMs to provide better platforms to sell our unique, market-leading, products.
Amerityre continues to represent the market’s best choice for Polyurethane foam and elastomer tires. About 1 year ago we launched our new Elastothane 500 TM formulation in several of our tire products, particularly in our lawn/garden tire portfolio. We continue to believe this formulation will gain popularity in those applications where higher abrasion and impact resistance are required, namely agricultural applications and industrial tire applications. We have taken our approach of elastomer segment tires and applied it to several pilot testing programs that could develop into new significant business. This validates our company belief that every commercial opportunity provides us a chance to increase our skill set and intellectual property. This enables us to continue the improvement of current products and the development of new ones.
Our ability to solve the customer problems in the flat free tire market using our superior technology places us apart from our competitors who compete mainly on pricing. Our challenge is to continue to leverage our technological advantages by creating relationships with manufacturers and end users who appreciate a quality, truly sustainable, tire product. I am confident that we have the product portfolio to greatly increase our market share, provided we can gain access to a larger and more efficient distribution network. The search and establishment of these sales relationships will be my top priority in the coming year, as it is my belief that it is the most important success factor to our long term success.
Our annual meeting will be held on December 4, 2019 at our Boulder City, NV facility. I welcome all shareholders to attend this meeting and see firsthand the improvements we have made to your business over the past 4 years. I am as puzzled and as frustrated as many of my fellow shareholders that the value of the company, as determined by the stock market, does not reflect the increase in value created by our recent efforts. As I have told shareholders at previous shareholder meetings, we do not manage our business to the whims of the stock market, but I do believe the value and potential of Amerityre will eventually be recognized.
As always, I appreciate the support of our shareholders during my tenure as CEO and your trust in our plan to improve Amerityre performance. Please continue your support by reviewing and completing your vote on the items we have put on this year’s proxy. I look forward to seeing you at the upcoming annual meeting.
Chief Executive Officer and Chairman of the Board of Directors