Itronics First Half 2008 Sales up 39 Percent, Including a 35% Increase in GOLD'n GRO Fertilizer Sales and 64% Increase in Silver
July 10 2008 - 5:00AM
Marketwired
RENO, NV (FRANKFURT: ITG) (BERLIN: ITG) reported today that
first half 2008 sales were $1,914,000 compared to $1,374,000 in the
first six months of 2007, a 39 percent increase. Second quarter
2008 sales were $1,261,000 compared to $841,600 last year, a 50
percent increase.
GOLD'n GRO liquid fertilizer sales were $1,560,400, up 35
percent in the first half of 2008. Second quarter sales were
$1,114,900, a 50 percent increase over the 2007 second quarter.
Fertilizer sales growth achieved in the first half is expected to
continue in the second half of the year as on-going fertilizer
demand is at historical highs and is continuing due to global
shortages of food grains. Demand for the environmentally beneficial
GOLD'n GRO liquid fertilizers is being driven by increased
effectiveness, which improves the economics for the crop grower
customers during a period of high and increasing fertilizer
prices.
Silver sales were $198,000, up 64 percent in the first half.
Second quarter sales were $81,000, a 56 percent increase over 2007.
The Company is continuing to develop and implement its silver
refinery expansion plans.
Photochemical Services sales were $71,300, down 19 percent over
the prior year first half. Second quarter sales were $36,700, a 14
percent decline from the 2007 second quarter. The Company began
servicing a new wholesale customer in the second quarter and
expects to expand service to this customer as the year progresses.
Photochemical Services sales are also expected to increase in the
third quarter due to delivery of a new Photochemical Silver
Concentrator to a customer.
Itronics Mining Technical Services sales were $84,200 in the
first half, a 1170 percent increase over the prior year first half
and a 210 percent increase over 2007 full year sales for this
division. Sales in the second quarter were $28,400, a 1,593 percent
increase compared to 2007 and a four percent increase over 2007
full year sales. The increase in Technical Services sales is
expected to continue as the Company increases its focus in this
sector.
Itronics expects to report full financial results for the first
half on August 14 when it files its Second Quarter Form 10-Q. The
Company expects to report an increase in gross profit and a
reduction in operating loss in a strong continuation of improved
operating results achieved in the first quarter.
The Company recently announced that it is proceeding on schedule
with the GOLD'n GRO Guardian deer repellent fertilizer registration
in 11 key states. Registration has been received for Nevada, Rhode
Island, and Utah. The Company plans to have spray kits available
for testing in the second half of July. The product can be
purchased at 800-368-1865.
"Silver prices, fertilizer demand and prices, and gold prices
are at all time highs," said Dr. John Whitney, Itronics President.
"Itronics, with its innovative photochemical recycling technology
that completely converts the waste stream to pure silver and
environmentally beneficial, high quality GOLD'n GRO liquid
fertilizers, is benefiting from these strong markets," said Dr.
Whitney. "On-going sales growth, incremental expansion of Silver
refining, continuing successful acquisition of spent photoliquids
to support GOLD'n GRO fertilizer manufacturing, and completion of
the first GOLD'n GRO Guardian Deer Repellent registration with the
U.S. EPA, is a result of continuing successful implementation of
the Company's eight part long term growth plan."
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. that 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
beneficial 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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