Itronics' 2009 Revenues Increase 11 Percent to $3.3 Million, Top Year Ever for Environmentally Green Company
January 14 2010 - 1:30PM
Marketwired
Itronics Inc. (PINKSHEETS: ITRO) (FRANKFURT: ITG) (BERLIN: ITG)
reported today that total revenues for 2009 increased 11 percent to
$3.3 million from $3.0 million in 2008, making this the best sales
year in Itronics' history. Fourth quarter revenues increased by 16
percent to $697,000 from $601,000 in 2008, marking the best fourth
quarter ever for the Company. Full year 2009 revenue growth was
driven by a 53 percent increase in silver sales and a 133 percent
increase in fourth quarter GOLD'n GRO fertilizer sales.
Unaudited revenues for the fourth quarter, and full year ended
December 31, 2009 together with comparative figures for 2008 are
presented below:
ITRONICS INC.
For the Quarter For the 12 Months
Ended December 31 Ended December 31
2009 2008 2009 2008
--------- ---------- ----------- -----------
REVENUE
Fertilizer $ 510,244 $ 219,428 $ 2,485,486 $ 2,140,091
Silver $ 145,671 $ 178,497 $ 685,702 $ 447,438
Photo Services $ 32,766 $ 200,537 $ 131,517 $ 312,836
Mining Technical
Services $ 8,800 $ 2,818 $ 43,160 $ 111,817
Total Revenues $ 697,481 $ 601,280 $ 3,345,865 $ 3,012,182
"Full year GOLD'n GRO liquid fertilizer revenue growth of 16
percent was boosted by fourth quarter sales growth of 133 percent,"
said Dr. John Whitney, Itronics President. "Our subsidiary,
Itronics Metallurgical, has become an important western U.S.
manufacturer of chelated liquid micro-nutrient fertilizers. These
advanced technology micronutrient fertilizers are used as
supplements in grower fertilization programs, and are now driving
GOLD'n GRO sales growth. The strong growth experienced in the
fourth quarter is expected to continue in 2010."
Silver revenues for the year increased 53 percent on a 48
percent increase in ounces sold. Silver sales growth is expected to
continue in 2010 after the Stage I silver refinery expansion is
completed in the second quarter.
Ongoing Photo Services revenue for year was down compared to
2008. Most of the decline was due to the fact that a Photochemical
Silver Concentrator was sold in the fourth quarter 2008, while
there was no comparable sale in 2009. The supply of spent
photoliquids needed for GOLD'n GRO fertilizer sales continues to be
more than adequate to support on-going sales growth. While the
photographic industry continues to change, the available supply of
spent photoliquids is still large, and is expected to continue to
be large relative to Itronics needs for manufacturing GOLD'n GRO
fertilizers.
During 2009, Itronics changed the focus of its Mining Technical
Services division from consulting to using its library resources
and the proprietary InsideMetals data base to identify and
facilitate the acquisition of potentially viable gold and mineral
properties. This division continues to advance its web-based Gold
Producer Stocks information portal: www.insidemetals.com. Itronics
believes that the Whitney & Whitney expertise applied to
mineral property acquisition and development will generate gold and
mineral asset growth for the Company and provide opportunities to
apply its creative environmental technologies in mine projects.
In the second half of 2009 Whitney & Whitney participated in
the formation of Auric Gold & Minerals, an affiliated company,
and helped Auric identify a suitable polymetallic gold property and
begin acquiring the mineral rights through a claim staking project
which is on-going. The longer term plan is to take Auric public to
provide an exit strategy for its initial investors and to monetize
the asset value to benefit Itronics and its shareholders.
About Itronics
Headquartered in Reno, Nevada, Itronics Inc. is a "Creative
Clean Technology" Company that produces GOLD'n GRO liquid
fertilizers and pure silver bullion. 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 spent
photoliquids into pure silver and GOLD'n GRO liquid fertilizers.
The Company is developing environmentally compatible mining
technology, 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, 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 clean 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
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