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Press
Release Archives: 11/14/2007
Itronics
Increases Third Quarter 2007 Sales by 82 Percent, Nine
Months Sales Increase 36 Percent
RENO, Nev., Nov. 14 /PRNewswire-FirstCall/ -- Itronics
Inc. (OTC Bulletin Board: ITRO - News; Frankfurt and
Berlin Stock Exchanges: ITG) has filed its third quarter
2007 report on Form 10QSB, and it is now available on
the SEC web site at sec.gov. In the third quarter ended
September 30, 2007, the Company achieved an 82 percent
increase in sales, and a $17,152 gross profit compared
to a $11,882 gross operating loss the 2006 third
quarter, an improvement of $29,034.
"This is the first time Itronics has achieved a positive
gross profit in the third quarter which is normally the
lowest sales quarter of the year," said Dr. John
Whitney, President. For the nine month period ended
September 30, gross profit was $151,934 compared to a
gross profit of $121,164 for the same period in 2006, an
increase of 25 percent.
A $544,325 net profit was generated in the third
quarter. Nine month net loss was reduced to $1,159,645,
a reduction of 63 percent. The third quarter net profit
and nine month reduction in net loss are due to a
reduction in the "loss on derivative instruments,"
calculated as required by current accounting standards.
Demand for the Itronics' environmentally beneficial
recycling services is increasing as restrictions on
alternative methods of liquid photochemical disposal
continue to tighten throughout the United States. The
Company is currently negotiating two additional waste
photochemical processing agreements that when completed
are expected to provide sufficient photoliquids to
support GOLD'n GRO liquid fertilizer and GOLD'n GRO
Guardian deer repellent fertilizer sales growth in 2008
and beyond.
Mining Technical Services sales increased by 152 percent
in the third quarter as this division continues to
advance its web based InsideMetals.com Gold Producer
Stocks information portal: http://www.insidemetals.com.
Visitor traffic on the InsideMetals.com web page is
continuing to increase and the site is beginning to
generate subscription income. The Company is now
actively marketing paid advertising programs on the web
site to Gold & Minerals Exploration Companies.
Itronics continued to expand its development of future
revenue streams in the mining segment through approval
by its Board of Directors to establish two new
subsidiaries. One subsidiary will develop the
photochemical based thiosulfate technology for use for
mineral extraction, including mine tailings, and
reclamation of gold heap leach operations. The other
subsidiary will acquire multi-mineral properties and
invest in strategic small specialty companies that are
in early stage or commercial operation. "The Company's
Board of Directors believes that forming and activating
these new subsidiaries will allow it to monetize more of
its intellectual property and produce a greater increase
in income and asset growth for Itronics' shareholders,"
Dr. Whitney said.
Third quarter operating loss increased 50 percent
compared to the prior year, principally due to a
combination of the effects of the increased corporate
marketing and financing expenses.
Results for the third quarter ended September 30, 2007,
together with comparative figures for 2006 are
summarized and can be viewed here:
http://biz.yahoo.com/prnews/071114/law015.html?.v=101
The Company continues to meet goals outlined for the
balance of 2007, which are to continue to expand GOLD'n
GRO liquid fertilizer sales and silver sales; increase
the number of photowaste services customers to expand
photochemical raw material supply; register GOLD'n GRO
Guardian liquid animal repellant fertilizer; and
continue to acquire financing to support growth. All of
this continues implementation of Itronics' eight part 5
year business plan that was summarized in a press
release on June 3, 2005.
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. |
