Itronics Reports 2013 Full Year Revenues and Outlook for 2014
April 03 2014 - 9:10AM
Marketwired
Itronics Reports 2013 Full Year Revenues and Outlook for 2014
Fertilizer Revenue Up Eight Percent in 2013
RENO, NV--(Marketwired - Apr 3, 2014) - Itronics Inc.
(PINKSHEETS: ITRO) reported today its 2013 sales of $2.18 million
decreased by 5 percent from its 2012 sales of $2.29
million. The Company believes 2014 sales could return to
higher levels depending on the progress with growth initiatives
announced in 2013 and the first quarter of 2014.
Itronics is a cleantech specialty liquid fertilizer company
which produces silver bullion. It owns a large Iron Oxide
Copper Gold (IOCG) mineral property (the Auric Fulstone Project) in
the prolific Yerington Copper Mining District in northwestern
Nevada. The Company's goal is to achieve profitable large scale
clean technology driven sustainable growth in specialty
fertilizers, silver and specialty minerals.
2014 Outlook
As demonstrated again in 2013, weather can have significant
negative effect on fertilizer sales. Itronics' current outlook
is that 2014 sales should be stable and there could be an increase
if certain new projects that are underway begin to produce
results.
The Stage 1 silver refinery technology improvement is
progressing well and is expected to increase silver refining
capacity sufficient to support a significant increase in
"internally produced" silver output. During the fourth quarter
of 2013 and the first quarter of 2014, there have been significant
fluctuations in power supply to Itronics' manufacturing plant which
have had a negative impact on its ability to run refining furnaces
when needed. The problem has been recurring with different
levels of severity and this year the problem has been especially
severe. To eliminate the problem, the Company is preparing
engineering plans to install a small natural gas fueled generator
specifically to supply power to the refining furnaces and to take
this part of the operation completely off the grid. The switch
from electric power for the furnaces to gas generated power is
expected to cut the power cost by 50 percent and to provide
reliable continuous steady power when needed for silver
refining.
Receipts of silver-bearing photographic liquids continue to be
more than sufficient to meet the requirements for on-going and
expanded GOLD'n GRO fertilizer sales and this is expected to
continue. The switch to digital image capture and transfer in the
photography segment has stabilized with continuing silver halide
technology use for photo print production and for production of
X-rays for medical archiving purposes. This on-going use of
silver halide technology is expected to continue.
2013 Sales Results
Unaudited Revenues for the fourth quarter, and full year ended
December 31, 2013 together with comparative figures for 2012 are
presented below:
|
ITRONICS INC. |
|
|
|
For the Quarter |
|
For the Year-to-Date |
|
|
Ended December 31 |
|
Ended December 31 |
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
REVENUE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fertilizer |
|
$ |
287,033 |
|
$ |
240,348 |
|
$ |
1,696,076 |
|
$ |
1,567,240 |
|
Silver |
|
$ |
42,509 |
|
$ |
139,569 |
|
$ |
222,661 |
|
$ |
504,104 |
|
Photo
Services |
|
$ |
17,678 |
|
$ |
19,772 |
|
$ |
59,136 |
|
$ |
70,168 |
|
Mining Tech Services |
|
$ |
22,727 |
|
$ |
24,703 |
|
$ |
203,245 |
|
$ |
145,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenues |
|
$ |
369,947 |
|
$ |
424,392 |
|
$ |
2,181,118 |
|
$ |
2,287,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
The full year GOLD'n GRO liquid fertilizer revenue increase of 8
percent was due to a 19 increase in fall sales. Sales continue
to be affected by uncertainties related to the water outlook in
California.
Silver revenues for the year decreased 56 percent on a 42
percent decrease in ounces sold and a 24 percent decrease in the
realized silver price per troy ounce. Silver production in the
second half 2013 was reduced due to the development work being
conducted to perfect the breakthrough "Itromet Silver Refining
Process" that was announced in a press release on February 25,
2014. The new refining process is ready to use at commercial
scale as soon as a reliable electrical supply to the refinery is
established.
Whitney & Whitney technical services sales for the year
increased 39 percent due to expansion of service support for a long
term mining client. This service support is expected to
continue for several years.
Dr. John Whitney, Itronics President, said: "While 2013
continued to present many challenges, the Company was able to
announce two breakthrough technology developments in the first
quarter of 2014 that were the result of application development
work conducted during the second half of 2013. During 2013 we
made progress in developing our understanding of the geology for
the Fulstone Project. Field work was minimized due to the difficult
funding market."
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, and is developing the Fulstone Iron Oxide Copper Gold
exploration property in Nevada.
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. Its 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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