Itronics Reports 2010 Third Quarter Revenues Increase 8.4 Percent
November 18 2010 - 8:50AM
Marketwired
Itronics Inc. (PINKSHEETS: ITRO) reported today that total revenues
for the third quarter of 2010 increased by 8.4 percent compared to
the same period in 2009. Revenue growth in the third quarter
continued to be driven by increases in silver sales, which were up
102 percent.
Unaudited revenues for the third quarter, and first nine months
ended September 30, 2010, together with comparative figures for
2009, are presented below:
ITRONICS INC.
For the Quarter For the 9 Months
Ended September 30 Ended September 30
2010 2009 2010 2009
REVENUE
Fertilizer $ 269,139 $ 283,983 $ 1,746,896 $ 1,975,223
Silver $ 113,713 $ 56,228 $ 330,798 $ 540,033
Photo Services $ 22,466 $ 27,698 $ 73,272 $ 98,770
Mining Technical
Services $ 562 $ 6,669 $ 1,914 $ 34,360
Total Revenues $ 405,880 $ 374,578 $ 2,152,880 $ 2,648,386
"Third quarter 2010 GOLD'n GRO liquid fertilizer revenue was
strong in a market where fertilizer sales for most fertilizer
companies selling in California were reduced by weather
conditions," said Dr. John Whitney, Itronics President. "The
Company is expecting that even with a very late harvest in
California, GOLD'n GRO fertilizer orders in the fourth quarter
should be comparable to the 2009 fourth quarter. Continuing strong
demand for the GOLD'n GRO fertilizers is a positive indicator of
grower satisfaction with our environmentally friendly green
fertilizers."
Silver revenues for the third quarter increased 102 percent on a
54 percent increase in ounces sold. The average silver price per
troy ounce in the third quarter was $18.93, up from $14.70 per troy
ounce in the third quarter 2009, a 29 percent increase. In November
2010 silver is trading above $25 per ounce, the highest price in 30
years.
Start up of the Stage I silver refining expansion is progressing
well and the new system is being integrated into plant operations
with some of the expected cost savings already being realized. The
Company expects significant increases in output will begin in the
first quarter 2011.
Itronics is working with its distributor to implement expansion
of certain GOLD'n GRO fertilizer field applications in the
California market. The objective of the new program is to increase
demand for GOLD'n GRO fertilizer, which will increase conversion of
silver bearing photoliquids and expand silver recovery. Volumes of
silver bearing photoliquids being received continue to exceed the
quantities needed for fertilizer manufacturing and the Company has
a substantial on-site inventory to support sales expansion.
Whitney & Whitney Mining Technical Services is focusing on
assisting Auric Gold & Minerals, Inc. (Auric) with acquisition
of a highly prospective polymetallic gold project in Nevada by
staking lode mining claims. This division continues to maintain its
web based InsideMetals.com Gold Producer Stocks information portal:
www.insidemetals.com.
About Itronics
Headquartered in Reno, Nevada, Itronics Inc. produces GOLD'n GRO
liquid fertilizers and pure silver bullion. It 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.
Itronics has received numerous domestic and international awards
that recognize its ability to successfully create and implement new
environmentally clean recycling and fertilizer technologies.
Visit http://www.goldngro.com or http://www.itromet.com for
information about the popular Silver Nevada Miner bars available at
the Company's 'e-store' catalog.
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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