RENO, NV (FRANKFURT: ITG) (BERLIN: ITG) today reported gross
profit of $106,000, in the first quarter 2008, up 715 percent from
$13,000 in the first quarter of 2007 and equal to 85 percent of the
entire $124,160 gross profit for 2007. Total sales increased by 23
percent to $653,000, with non-fertilizer sales increasing by 74
percent and making a major contribution to improved gross
profit.
The Itronics Form 10Q is now available on the U. S. Securities
& Exchange Commission web site at www.sec.gov.
GOLD'n GRO sales in the first quarter of 2008 were $446,000, an
8 percent increase compared to the prior year. Growth would have
been higher in the first quarter but a sharp increase in worldwide
demand for fertilizers and fertilizer raw materials caused delays
in obtaining raw materials. Because of this, deliveries of some
orders were delayed to the second quarter. At the end of the first
quarter Itronics had the largest backlog of truck load orders since
it began fertilizer manufacturing.
"Itronics continues to receive a strong flow of GOLD'n GRO
liquid fertilizer orders driven by favorable pricing and excellent
field performance," said Itronics President Dr. John Whitney. "Two
GOLD'n GRO specialty blends being sold in bulk are demonstrating
viability for use in drip and micro-sprinkler irrigation. Use of
these fertilizers is increasing rapidly as a result."
Silver sales increased by 70 percent to $117,000 in the first
quarter of 2008 compared to the 2007 first quarter. In the first
quarter temporary installation and testing of a screening machine
was completed. Itronics is expanding its silver refining capacity
incrementally and is targeting a 2 to 3 times increase in monthly
output by the end of the year.
Photochemical recycling decreased by 24 percent to $35,000
compared to the prior year first quarter due to a reduction in
photoliquids from one supplier. Itronics has a large supply of
photoliquids on hand and is increasing its photoliquids receipts in
the second quarter. Itronics is confident that it will be able to
continue to expand photoliquid supplies to support the increase in
GOLD'n GRO liquid fertilizer sales that is now underway.
Itronics Mining Technical Services sales were $56,000 in the
first quarter, a 1027 percent increase over the prior year's first
quarter and a 106 percent increase over 2007 full year sales. The
increase in sales is being partially driven by expanding interest
in the Company's Gold & Mineral Stocks information web site:
www.insidemetals.com. Continuing strong gold and silver prices are
driving investor interest in obtaining information about Gold &
Mineral Stocks.
Itronics reported that at the end of the first quarter
registration for GOLD'n GRO Guardian Deer Repellent was received
from the U.S. Environmental Protection Agency. Planning and
implementation are underway so that sales can begin in June.
Itronics has the business infrastructure in place to support
on-going sales growth that is being guided by the Company's eight
part long term growth plan. The primary focus for sales growth is
on expanding fertilizer sales which are now the driver for overall
growth in the GOLD'n GRO fertilizer segment. Incremental
manufacturing facility expansion to support GOLD'n GRO fertilizer
production and to expand silver sales is underway. The Form 10Q
presents a description of the steps being taken.
Operating loss decreased 34 percent compared to the prior year
primarily due to a combination of increased gross profit on higher
sales, and reduced corporate costs, including sales and marketing,
research and development, and G & A expenses. Net loss
increased to $4.4 million, primarily due to an increase in the
non-cash loss on derivative instruments not related to the
Company's operations but embedded in its financings.
Results for the first quarter ended March 31, 2008, together
with comparative figures for 2006 are summarized below:
ITRONICS INC.
For the Quarter
Ended March 31
2008 2007
REVENUE
Fertilizer $445,578 $413,723
Silver $117,065 $ 68,847
Photo Services $ 34,646 $ 45,332
Mining Technical Services $ 55,842 $ 4,953
Total Revenues $653,131 $532,855
Gross Profit $105,714 $ 12,921
Operating Income(Loss) ($443,371) ($673,369)
Other Income(Expense) ($262,338) $62,615
(including interest)
Gain(Loss) on Derivative Instruments ($3,653,069) $142,389
(non cash item related to financing)
Net Income(Loss) ($4,358,778) ($468,365)
Net Income(Loss) Per Share ($0.004) ($0.001)
About Itronics
Headquartered in Reno, Nevada, Itronics Inc. is a "Creative
Environmental Technology" company. Itronics, through its
subsidiary, Itronics Metallurgical, Inc. is the only company with a
fully permitted "Beneficial Use Photochemical, Silver, and Water
Recycling" plant in the United States that can convert used
photoliquids into pure silver and GOLD'n GRO liquid fertilizers.
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.
The Company's environmentally friendly GOLD'n GRO liquid
fertilizers can be used for lawns and houseplants, and are
available, along with 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.
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
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