Itronics Inc. (OTCBB: ITRO) (FRANKFURT: ITG) (BERLIN: ITG) on
Friday filed its third quarter 2008 report on Form 10Q, and it is
now available on the SEC web site at www.sec.gov.
Highlights of achievements in the first nine months include:
-- Itronics named Green Company of the Year for Northern Nevada.
-- Silver produced by Itronics is recognized as "environmentally Green."
-- Recycling used photographic liquids into pure silver and GOLD'n GRO
fertilizers is now recognized as a superior "Green Photography" option for
consumer photo processors that use silver halide chemistry and photopaper
to make photographs and prints.
-- GOLD'n GRO Guardian Deer Repellent is registered for sale in 10 states.
-- Received a United States Environmental Protection Agency amendment to
the GOLD'n GRO Guardian label that permits use with GOLD'n GRO 8-8-8+4%S
fertilizer, making the product systemic while fertilizing the plants and
safely repelling deer.
-- Made first sales of GOLD'n GRO Guardian spray kits to landscape
maintenance companies for evaluation.
-- Established photochemical recycling services agreements with two
national environmental services companies, providing access to adequate
supplies of used photo liquids to meet the requirements of expanding GOLD'n
GRO fertilizer sales.
-- Continued to achieve strong growth in sales and gross profit while
reducing operational losses.
-- Began implementation of the Company's three year funding plan which
includes acquiring new funding to improve liquidity, replacing high cost
debt with lower cost equity and debt, and restructuring the balance sheet.
Nine month 2008 sales were $2.4 million compared to $1.9 million
in the same period in 2007, up 26 percent. The 2008 nine month
results compare to 2007 full year sales of $2.3 million, indicating
a substantial improvement in 2008.
For the nine month period ended September 30, gross profit was
$421,000 compared to gross profit of $139,000 for the prior period,
an increase of 202 percent. The 2008 third quarter produced a gross
operating loss of $5,000 compared to a $15,000 gross operating
profit in the 2007 third quarter, a decline of $20,000.
Both the 2008 nine months and 3rd quarter sales were affected by
a timing difference in the sale of a Photochemical Silver
Concentrator. In 2008 a Photochemical Silver Concentrator was
delivered shortly after the close of the quarter. If the
Photochemical Silver Concentrator had been booked in the 2008 third
quarter, nine month sales would have increased by approximately 34
percent and 3rd quarter sales would have increased by approximately
21 percent.
On November 11 Itronics announced plans to increase silver
refining capacity by 100 times in two stages. The Company continues
to significantly expand GOLD'n GRO fertilizer sales, which were up
50 percent in the hird quarter, 37 percent for the first nine
months. Receipt of silver in photoliquids has been exceeding the
company's recovery capacity this year causing unprocessed silver
inventories to expand, and creating an immediate need for the Stage
1 expansion. Ongoing expansion of receipts of silver bearing
photographic waste materials to support GOLD'n GRO fertilizer sales
growth is expected to continue and to be expanded in the future so
that the Stage 1 capacity will be quickly utilized after it is
installed and Stage 2 capacity will be needed within the indicated
time frame.
Demand for the Itronics environmentally beneficial recycling
services is rapidly increasing as restrictions on alternative
methods of liquid photochemical disposal continue to tighten
throughout the United States. The Company has established two
additional waste photochemical processing agreements with large
national service companies that are now providing expanding
quantities of photoliquids which are large enough to support
expected GOLD'n GRO liquid fertlizer and GOLD'n GRO Guardian deer
repellent fertilizer sales growth in 2008 and beyond. The Company
believes that these new agreements will make it possible to reach
throughout the nation to obtain new photochemical supplies when
needed. They also make Itronics newly available "Green Consumer
Photography" option more accessible to consumer photo processors
nationwide.
Mining Technical Services sales increased by 162 percent in the
third quarter and 629 percent for the first nine months of 2008
compared to 2007. This division continues to advance its web based
InsideMetals.com Gold Producer Stocks information portal:
www.insidemetals.com. Visitor traffic on the InsideMetals.com web
page is continuing to increase and the site is continuing to
generate subscription income. The Company plans to reactivate
marketing of paid advertising programs on the web site to Junior
Gold & Minerals Exploration Companies in the fourth
quarter.
Third quarter 2008 consolidated operating loss was $874,000,
compared to $875,000 in the 2007 third quarter, a nominal
reduction. Excluding non-recurring, non-cash option compensation
expanse of $322,000, the consolidated operating loss would be
$552,000, a 37 percent improvement.
The nine month 2008 consolidated operating loss was $1,610,000
compared to $2,171,000 for the prior year, a decrease in operating
loss of $562,000, a 26 percent improvement. Excluding the
non-recurring, non-cash option compensation expense of $322,000 the
operating loss would be $1,288,000, an improvement of $883,000 or
41 percent.
The net income (loss) fluctuates widely from quarter to quarter
due to non-cash adjustments to derivative instruments and is
explained in detail in the Itronics third quarter form 10Q.
"The projects we have underway are converting Itronics into an
expanding clean technology company with strong growth and profit
potential," said Dr. John Whitney Itronics President. "One of the
largest challenges we are now facing is to acquire funding to
improve liquidity, to replace costly long term debt financing, and
to restructure the Itronics balance sheet. We have a five year
business plan being successfully implemented and a three year
funding plan that we are now aggressively implementing."
Results for the third quarter ended September 30, 2008, together
with comparative figures for 2007 are summarized below:
ITRONICS INC.
For the Quarter For the 9 Months
Ended September 30 Ended September 30
2008 2007 2008 2007
REVENUE
Fertilizer $ 360,288 $ 239,965 $ 1,920,731 $ 1,398,902
Silver $ 70,925 $ 87,394 $ 268,943 $ 208,291
Photo Services $ 40,911 $ 206,265 $ 112,229 $ 294,243
Mining Technical
Services $ 21,784 $ 8,329 $ 108,999 $ 14,957
Total Revenues $ 493,908 $ 541,953 $ 2,410,902 $ 1,916,393
Gross Profit(Loss) $ (4,606) $ 15,424 $ 420,759 $ 139,394
Operating Income
(Loss) $ (874,173) $ (875,270) $ (1,609,503) $ (2,171,221)
Other Income
(Expense)(including
interest) $ (458,898) $ (343,312) $ (1,045,786) $ (582,578)
Gain(loss) on
Derivative
Instruments (non
cash item related
to financing) $ (4,624,198) $ 1,762,907 $ (2,107,986) $ 1,594,154
Net Income(Loss) $ (5,957,269) $ 544,325 $ (4,763,275) $ (1,159,645)
About Itronics
Headquartered in Reno, Nevada, Itronics Inc. is a "Creative
Clean 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 converts 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, which are extensively used in agriculture, 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
Itronics (CE) (USOTC:ITRO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Itronics (CE) (USOTC:ITRO)
Historical Stock Chart
From Jul 2023 to Jul 2024