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Press
Release Archives: 04/17/2006
Itronics
Reports 2005 Financial Results
RENO, Nev., April 17 /PRNewswire-FirstCall/ -- Itronics
Inc. (OTC Bulletin Board: ITRO; Frankfurt and Berlin
Stock Exchanges: ITG) today filed its annual report for
the year 2005 on Form 10-KSB, and it is now available at
the SEC web site at http://sec.gov .
Key accomplishments during the year include registering
GOLD'n GRO liquid fertilizers in Oregon, Washington, and
Idaho; acquiring the rights to GOLD'n GRO Guardian
liquid animal repellent fertilizer; and obtaining $3.25
million in financing. Goals outlined for 2006 are to
continue to expand GOLD'n GRO liquid fertilizer sales
and silver sales; register GOLD'n GRO Guardian liquid
animal repellent fertilizer; and continue to acquire
financing to support growth.
The report also reiterates the Company's newly adopted
eight part long term growth plan and its progress in
implementing that plan. GOLD'n GRO liquid fertilizer
sales are now the driver for overall sales growth in the
Photobyproduct Recycling segment and the Company's
primary focus is on expanding these sales.
Increases for the year in sales of GOLD'n GRO liquid
fertilizers and silver were outlined in a press release
dated January 31, 2006. The Company overcame inclement
weather in its principal market in central California to
achieve a 43 percent increase in sales in the fourth
quarter and a nominal increase in annual fertilizer
sales in 2005 compared to the prior year. The Company
increased silver production in the final quarter of 2005
by 87 percent and total sales for 2005 increased by 45
percent compared to the prior year. The Company stated
that it expects fertilizer and silver sales growth,
which resumed in the fourth quarter 2005, to continue in
2006.
Photo Service sales decreased in 2005 due to
cancellation of a major photobyproduct supply contract
in December 2004. Mining Technical Services declined due
to non-renewal of a major contract which expired in
March 2005. In 2006 the Company plans to expand Photo
Services photobyproduct supply by acquiring new service
contracts that will expand revenues. In 2006 Mining
Technical Services is continuing to advance its web
based InsideMetals.com Gold Producer Stocks information
portal: www.insidemetals.com, and it is also seeking new
technical services contracts. Both initiatives are
expected to expand revenues in 2006.
Operating loss increased 11 percent compared to the
prior year, principally due to a combination of the
effects of the cancellation of the major contracts
mentioned above and increased research and development
costs. Net loss increased 73 percent due primarily to
accruing $1.45 million in non cash "loss on derivative
instruments," as required by current accounting
standards.
Results for the year 2005 and the fourth quarter ended
December 31, 2005, together with comparative figures for
2004 are summarized and can bee seen in the following
PDF:
2005 and fourth quarter ended
12/31/05, together with comparative figures for 2004
About
Itronics
tronics,
through its subsidiary, Itronics Metallurgical, Inc., is
the only company in the world with a "Beneficial Use
Photochemical, Silver, and Water Recycling" facility
that extracts more than 99 percent of the silver and
virtually all the other toxic heavy metals from used
photoliquids and converts the resulting liquids into
environmentally beneficial, chelated, multinutrient
liquid fertilizer products sold under the GOLD'n GRO
trademark, 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 project planning and technical services to the
mining industry and operates the global Internet
Information Portal http://www.insidemetals.com . Dr.
John Whitney, Itronics President, was selected as
Nevada's Inventor of the Year for 2000 and is a member
of the Inventor's Hall of Fame at the University of
Nevada, Reno. Itronics was one of five finalists for the
2001 Kirkpatrick Chemical Engineering Award, the most
prestigious worldwide award in chemical engineering
technologies. Itronics was awarded second place, Highly
Commended in the Environmental Technology category, at
the prestigious Institution of Chemical Engineers
(IChemE) 2005 Worldwide Environmental Award ceremonies
at the Royal Courts of Justice in London, England in
September 2005. Itronics was awarded the USA Gold Award
at the House of Commons in London in November 2005 as
part of the International Green Apple Environmental
Awards contest, one of the largest and most prestigious
of its kind in the world. Itronics' GOLD'n GRO
fertilizer was named one of the top 10 new technologies
representing the best of agricultural innovation by the
Canadian Association of Agri-Retailers in its December
2005 publication "Communicator."
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.)
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Source: Itronics Inc.
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