Itronics Reports 2012 First Half Revenues
August 07 2012 - 7:30AM
Marketwired
Itronics Inc. (PINKSHEETS: ITRO) reported today that its total
Revenues for the 2012 first half decreased by 14 percent to
$1,645,697 from $1,905,919 in 2011. First half GOLD'n GRO
Fertilizer Revenue decreased 19 percent and Silver Revenue
decreased 10 percent.
GOLD'n GRO fertilizer sales in the first half were down due to
our distributor's loss of a large farm customer account caused by a
price collapse in one of the farm customer's crop markets. Itronics
is working with its distributor to increase GOLD'n GRO sales to
offset this loss and to continue to expand sales going forward. The
fertilizers continue to perform extremely well and this performance
is expected to continue to attract new customers.
Troy ounces of silver sold in the first half were slightly
increased over the prior year's first half, so the decrease in
Silver Revenue is directly due to lower silver prices. At the end
of the second quarter one shipment was not settled, but was settled
early in the third quarter. The outlook for the silver price is
uncertain, but is expected to continue at current levels in the
second half.
The new Itromet Felix process is being developed to process
silver iron matte solids and silver-bearing steel wool solids which
are expected to reduce the dependence of silver sales on fertilizer
production in the future. The silver captured by Itronics is
recovered from spent photo liquids, a highly acclaimed
environmentally "Green" and beneficial process. The de-silvered
photo liquids are converted to base liquids for use in
manufacturing the Award Winning line of GOLD'n GRO liquid
fertilizers.
During the first half, the Company replaced its former website
with a new website format at www.itronics.com. Work is continuing
on updating the website. One goal of the improvements is to be able
to launch a new shopping cart which will be operated as the "GOLD'n
GRO Store" for convenient Internet sales of the Company's consumer
fertilizers and other products.
During the first half, work on the Auric Gold & Minerals
Fulstone project was focused on gaining a better understanding of
the project area structural geology with the objective of defining
specific targets for initial exploratory drilling. The Yerington
Mining District has major deposits that are actively being
developed by others, making the Fulstone Project area strategically
attractive. Whitney & Whitney, Inc., Itronics wholly-owned
technical and administrative services subsidiary, currently owns
more than 67 percent of Auric.
Unaudited Revenues for the second quarter and first half ended
June 30, 2012 together with comparative figures for 2011 are
presented below:
ITRONICS INC.
For the Quarter For the 6 Months
Ended June 30 Ended June 30
2012 2011 2012 2011
REVENUE
Fertilizer $ 955,774 $ 1,117,128 $ 1,249,906 $ 1,536,419
Silver $ 66,977 $ 259,171 $ 298,249 $ 330,133
Photo Services $ 15,769 $ 17,768 $ 32,192 $ 38,466
Mining Technical Services $ 27,276 $ 470 $ 65,350 $ 901
Total Revenues $ 1,065,796 $ 1,394,537 $ 1,645,697 $ 1,905,919
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 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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