Itronics Reports 2011 Third Quarter Revenues Increase 39 Percent; Silver Revenue Growth 88 Percent
October 13 2011 - 8:50AM
Marketwired
Itronics Inc. (PINKSHEETS: ITRO) reported today that its total
revenues for the third quarter of 2011 increased by 39 percent.
Revenue growth in the third quarter was driven by GOLD'n GRO
fertilizer sales which were up 24 percent compared to the prior
year period and silver revenues which were up 88 percent.
Total revenues for the first nine months were up 15 percent
compared to the prior year and at $2.47 million are equal to 97
percent of 2010 full year revenues of $2.55 million. This means
that with expected fourth quarter sales, total revenues for the
year will substantially exceed 2010 revenues and could be the best
in the Company's history.
"Itronics is operating in markets that are demonstrating
strength during an extended period of national and international
economic weakness and believes that it is positioned to experience
continuing growth in fertilizer and silver sales and that it will
be able to continue to expand the scope and value of its mineral
land assets," said Dr. John Whitney, President.
Unaudited revenues for the third quarter, and first nine months
ended September 30, 2011 together with comparative figures for 2010
are presented below:
ITRONICS INC.
For the Quarter For the 9 Months
Ended September 30 Ended September 30
2011 2010 2011 2010
REVENUE
Fertilizer $ 333,060 $ 269,174 $ 1,869,479 $ 1,745,784
Silver $ 213,906 $ 113,712 $ 544,038 $ 330,796
Photo Services $ 17,804 $ 22,432 $ 56,270 $ 73,226
Mining Technical Services $ 353 $ 510 $ 1,154 $ 1,882
Total Revenues $ 565,123 $ 405,828 $ 2,470,941 $ 2,151,688
"Third quarter 2011 GOLD'n GRO liquid fertilizer revenue
increase is a reflection of the strong agricultural demand for
fertilizers for crop production in our California markets," said
Dr. Whitney. "Continuing strong demand for the GOLD'n GRO
fertilizers is a positive indicator of grower satisfaction with
these environmentally friendly green fertilizers."
Itronics is working with its distributor to implement sales
expansion of certain GOLD'n GRO fertilizers into other regional
markets. 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.
Silver revenues for the third quarter increased 88 percent on
higher prices. On October 6 the Company announced that the Stage 1
refinery expansion is producing a 50 percent increase in refining
capacity and a 40 percent reduction in refining cost when the
processed silver bearing solids are refined. Process optimization
work is continuing and further significant improvements are
expected.
On July 28, 2011 Itronics Inc. announced that its wholly-owned
subsidiary, Whitney & Whitney, Inc., reported that it has
developed and published a web site for its majority owned
subsidiary Auric Gold & Minerals, Inc. The web site address is
www.auricminerals.com. On September 7, 2011 Itronics Inc. announced
that Whitney & Whitney, Inc. reported that Auric has staked an
additional 106 lode mining claims, which expands its Fulstone
project by 37 percent. The Fulstone Project area is now covered by
395 lode mining claims, an increase from 289 lode claims and
encompasses 7,900 acres or approximately 12 square miles. On
September 8, 2011 Itronics announced that Whitney & Whitney,
Inc. reported Auric has entered into a new letter of intent to
acquire control of a public OTC BB listed gold company by way of a
reverse merger to be accomplished by an exchange of shares on or
before December 1, 2011, or on such other date as the parties may
agree.
Development of mineral assets by the Company makes it possible
to capitalize on its intellectual property assets and technical
expertise and to create the opportunity for potentially rapid
increases in the value of those mineral property assets. The Auric
Fulstone Project is classified as an IOCG (Iron Oxide Copper Gold)
exploration target. Some of the largest polymetallic copper gold
deposits in the world are classified as IOCG deposits. These
deposits often contain a variety of extractible metals and minerals
including uranium and rare earths. This type of project is very
exciting because of the potential large size and the potential for
discovering recoverable metals and minerals besides iron, copper,
and gold.
New technology development represents an important step in
Itronics implementation of its business plan to use internally
developed environmentally green clean technology to produce solid,
profitable growth. Itronics, through its subsidiary Itronics
Metallurgical, is the inventor and operator of award winning
recycling technology that converts spent photographic liquids into
pure silver and award winning GOLD'n GRO fertilizers.
Commercialization of this technology has created a "Green Consumer
Option" for photo and X-ray processors and "Green fertilizers" for
horticulture and agriculture. The fertilizers incorporate the
"essence" of green because of how they are sourced and because of
their excellent performance in the field.
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 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.
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. The Company's business is subject to
significant 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 any
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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