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Release Archives: 04/16/2008
Itronics
Reports 2007 Financial Results: Increased Gross Profit; Fertilizer
Sales Up 28 Percent; Sales Total $2.34 Million
RENO,
NV--(MARKET WIRE)--Apr 16, 2008 -- Itronics Inc. (OTC BB:ITRO.OB
- News) (Frankfurt:ITG.F - News) (Berlin:ITG.BE - News) today reported
a positive gross profit of $124,160 for 2007, up from $75,193 in
2006, an increase of 65 percent. Total sales increased by 25 percent
to $2.34 million from $1.87 million for the full year.
The
annual report for the year 2007 on Form 10KSB is available on the
U.S. Securities & Exchange web site at http://www.sec.gov.
GOLD'n
GRO liquid fertilizer sales were up 28 percent in 2007 compared
to the prior year despite sales growth in the 2007 fourth quarter
being flat due to water shortages and related fertilization curtailment
in California's Central Valley. Sales growth resumed in the first
quarter 2008 and is expected to continue for the entire year.
Silver
sales in the fourth quarter of 2007 declined by 17 percent and total
sales for 2007 decreased by 24 percent compared to the prior year
primarily due to electrical power fluctuations outside the Company's
control. Silver sales expanded in the first quarter 2008 and this
expansion is expected to continue through the year. The silver price
is at historical highs and is contributing to the 2008 sales increase.
Photo
Service sales increased 162 percent for the full year 2007 due to
three new spent photochemical supply contracts and the sale of a
photochemical silver concentrator. In 2008 the Company expects to
continue to expand used photochemical supplies and to sell another
photochemical silver concentrator to produce an increase for the
year.
Mining
Technical Services were flat in 2007 while the division was making
a transition from deriving its income from technical services to
an Internet based revenue model through the newly launched Insidemetals.com
internet information portal. In 2008 Mining Technical Services is
continuing to advance its web based InsideMetals.com Gold Producer
Stocks information portal: www.insidemetals.com, and it is obtaining
and completing new technical services contracts. Both initiatives
are significantly increasing revenues in 2008.
During
the year the Company obtained $2.1 million in financing to fund
operations and to continue its expansion. While additional funding
will be necessary in 2008, the Company said it has begun efforts
to seek alternative methods that have less impact on the stock price
and number of shares outstanding.
Goals
outlined for 2008 are to continue to expand GOLD'n GRO liquid fertilizer
sales and silver sales; expand used photochemical raw material supplies
by acquiring new photoservices contracts; implement the GOLD'n GRO
Guardian liquid deer repellent fertilizer manufacturing and marketing;
and continue to acquire financing to support growth. On-going sales
growth is expected to produce a significant increase in Gross Profit
in 2008.
The
report reviews progress in implementing the Company's eight part
long term growth plan. The Company's primary focus is on building
the GOLD'n GRO brand by expanding fertilizer sales which are now
the driver for overall sales growth in the fertilizer segment, and
to begin manufacturing and selling GOLD'n GRO Guardian Deer Repellent.
Silver refining is being expanded to accommodate increased volumes
of silver produced by fertilizer sales expansion. InsideMetals.com
is rapidly gaining recognition as a global internet brand and is
now receiving visits from more than 170 countries world-wide.
Operating
loss increased 32 percent compared to the prior year, primarily
due to increased sales and marketing expenses. Net loss increased
by 175 percent due primarily to increased loss on derivative instruments.
Results
for the year 2007 and the fourth quarter ended December 31, 2007,
together with comparative figures for 2006, can be seen here:
http://biz.yahoo.com/iw/080416/0387187.html
About
Itronics
Itronics,
through its subsidiary, Itronics Metallurgical, Inc., is the only
company in the world with a fully permitted "Beneficial Use
Photochemical, Silver, and Water Recycling" plant located in
the United States which can convert used photoliquids into pure
silver and liquid fertilizers. At the Company's Reno, Nevada factory
more than 99 percent of the silver and virtually all the other toxic
heavy metals are extracted from used photoliquids. The purified
liquids are converted into environmentally beneficial, chelated,
micronutrient and multinutrient liquid fertilizers sold under the
GOLD'n GRO trademark. The silver is refined and sold as bullion
and 5 troy ounce, 0.999 pure, Silver Nevada Miner numismatic bars.
The environmentally friendly liquid fertilizers can be used for
lawns and houseplants, and are available, along with GOLD'n GRO
liquid fertilizer injectors, at the Company's "e-store"
catalog at http://goldngro.com. The popular Silver Nevada Miner
bars are available at the Company's "e-store" catalog
at http://www.itromet.com.
Headquartered
in Reno, Nevada, Itronics Inc. is a "Creative Environmental
Technology" company and a world leader in photochemical recycling.
The Company also provides environmentally compatible mining technology
development, project planning, and technical services to the gold
mining industry and operates the popular InsideMetals.com web site,
http://www.insidemetals.com. which provides a value-added WORLD
VIEW of Gold Producer Stocks, Mineral Producer Stocks, Junior Gold
Stocks, and Junior Mineral Stocks. Itronics has received numerous
domestic and international awards that recognize its ability to
successfully create and implement new environmentally compatible
recycling and fertilizer technologies.
VISIT
OUR WEB SITE: http://www.itronics.com
("Safe
Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: This press release contains or may contain forward-looking
statements such as statements regarding the Company's growth and
profitability, growth strategy, liquidity and access to public markets,
operating expense reduction, and trends in the industry in which
the Company operates. The forward-looking statements contained in
this press release are also subject to other risks and uncertainties,
including those more fully described in the Company's filings with
the Securities and Exchange Commission. The Company assumes no obligation
to update these forward-looking statements to reflect actual results,
changes in risks, uncertainties or assumptions underlying or affecting
such statements, or for prospective events that may have a retroactive
effect.)
Contact:
Paul Knopick
888-795-6336
Source:
Itronics Inc
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