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Press
Release Archives: 08/15/2007
Itronics Increases Second Quarter 2007 Sales by 11
Percent; First Half Sales Up 24 Percent
RENO, Nev., Aug. 15 /PRNewswire-FirstCall/ -- Itronics
Inc. (OTC Bulletin Board: ITRO; Frankfurt and Berlin
Stock Exchanges: ITG) has filed its second quarter 2007
report on Form 10QSB, which is now available on the
Securities and Exchange Commission web site at sec.gov.
The Company reported sales increases of 11 percent for
the quarter ended June 30, 2007 and 24 percent for the
first six months of 2007 compared to 2006 results.
Key accomplishments for the quarter were a 487 percent
increase in liquid photowaste volume, completion of a
draft label for GOLD'n GRO Guardian, preparation and
submittal of product samples to a laboratory for
toxicity and physical property measurements, and
negotiation of an agreement to enter into a long term
supply arrangement with a foreign manufacturer of the
repelling ingredient used in GOLD'n GRO Guardian, a deer
repellant.
The increase in used photochemical volume was more than
sufficient to supply raw materials for GOLD'n GRO
fertilizer manufacturing in the quarter. Completion of
the listed steps in preparing to register GOLD'n GRO
Guardian with the U.S. Environmental Protection Agency
means that Itronics is on schedule to complete the
registration process in early 2008. Arranging for supply
of a key ingredient is an important step in preparation
for manufacturing and sale of GOLD'n GRO Guardian,
expected to begin in the second quarter 2008. GOLD'n GRO
Guardian deer repellent fertilizer is expected to
produce the next major sales expansion for Itronics.
Goals outlined for the balance of 2007 are to continue
the steady expansion of GOLD'n GRO liquid fertilizer
sales and silver sales; increase the number of
photowaste service customers to continue expansion of
photochemical raw material supply; continue to advance
registration of GOLD'n GRO Guardian liquid animal
repellant fertilizer; and continue to acquire financing
to support growth, all being implemented pursuant to
Itronics eight-part, five-year business plan that was
summarized in a press release on June 3, 2005.
Silver production increases expected in the second
quarter were not achieved due to repeated damage to the
refining furnaces because of electrical power surges
from the power grid supplying the Company's factory. The
Company is working with its electrical power supplier to
correct the problem. Meantime, the planned expansion of
the refinery is continuing. The Company's silver
inventory increased in the second quarter and will
continue to increase until the power supply problem is
solved. Stable silver output is expected for the rest of
the year. Silver is continuing to trade in the price
range of $12.50 to $13.50 per troy ounce. These prices,
which are about 10 percent higher than in 2006, are
benefiting silver sales.
Photo Service revenues more than doubled in the second
quarter and the Company continued discussions with
photowaste service businesses to acquire additional
supplies of photochemical raw material for fertilizer
manufacturing. Early in the third quarter the Company
shipped a photochemical concentrator to a customer, and
replacement parts to another customer. Sales for this
segment are expected to be up by more than 600 percent
in the third quarter 2007 compared to the same quarter
in 2006.
Mining Technical Services were stable at a low level in
the second quarter while this division continued to
advance its web based http://www.InsideMetals.com Gold
Producer Stocks information portal. The Company launched
an advertising campaign to junior gold and mineral
exploration companies late in the second quarter which
is expected to identify new technical services
opportunities and could start generating advertising
revenue in the third quarter.
Operating loss increased 37 percent compared to the
prior year, principally due to a combination of the
effects of the reduced silver sales and increased sales
and marketing expenses. Net loss increased due primarily
to a large swing in non cash "loss on derivative
instruments" calculated and reported as required by
current accounting standards
Results for the three and six months ended June 30,
2007, together with comparative figures for 2006 are
summarized and can be viewed at the following link:
http://biz.yahoo.com/prnews/070815/law047.html?.v=101
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 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 and Junior Gold Stocks. Itronics has received
numerous domestic and international awards that
recognize its ability to successfully create and
implement new 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.)
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Source: Itronics, Inc. |
