UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 18, 2014
ITRONICS INC.
---------------------------------------------------------------------------------------------------------------------------------------
Texas
33-18582
75-2198369
(State
or other jurisdiction
(Commission
File
(IRS
Employer
of
incorporation)
Number)
Identification
No.)
6490 So. McCarran Boulevard, Building C, Suite 23 Reno, Nevada
89509
(Address
of Principal Executive Offices)
Zip
Code
Registrants telephone number, including area code: (775) 689-7696
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions (see
General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item 2.02: Results of Operations and Financial Condition
On November 18, 2014 the Company announced its unaudited consolidated
revenues for the quarter and nine months ended September 30, 2014. A copy of the press
release is attached as Exhibit 99.1.
In accordance with General Instruction B.2 of Form 8-K, the information
in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be
"filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), or otherwise subject to the liability of that
section, and shall not be incorporated by reference into any registration statement or
other document filed under the Securities Act of 1933, as amended, or the Exchange Act,
except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
Exhibits:
99.1 Press Release dated November 18, 2014
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
ITRONICS INC.
(Registrant)
Date: November 19, 2014
By:
/S/ John W. Whitney
John
W. Whitney
President,
Treasurer and Director
(Principal
Executive and Financial
Officer)
2
Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact:
Paul Knopick
888-795-6336
******************************************************************
ITRONICS THIRD QUARTER 2014 SALES INCREASE 149 PERCENT ON A 251 PERCENT
INCREASE IN GOLDn GRO FERTILIZER SALES
RENO, Nevada, November 18, 2014 -- Itronics
Inc. (OTC:ITRO) a diversified fertilizer, silver, and mineral producer, and silver and
zinc process technology developer, today announced sales results for the three months and
nine months ended September 30, 2014 and provided an operations update.
The Company reported that for the third quarter ended September 30,
2014, Total Revenues were $242,567 compared to $ 97,253 in the 2013 third quarter. Total
Revenues for the nine months ended September 30, 2014 were $1,588,678 compared to
$1,810,160 in the same period in 2013, a decrease of 12 percent. GOLDn GRO
fertilizer sales, which are the driver for the Companys growth, were up three
percent in the nine month period due to a 251 percent increase in the 2014 third quarter.
2014 Third Quarter and Nine Month Sales Results
Unaudited Revenues for the third quarter, and nine months ended
September 30, 2014 together with comparative figures for 2013 are presented below:
ITRONICS INC.
|
For the Quarter |
|
For the 9 Months |
|
Ended Sept 30 |
|
Ended Sept 30 |
|
2014 |
2013 |
|
2014 |
2013 |
REVENUE |
|
|
|
|
|
Fertilizer |
$
202,236 |
$
57,588 |
|
$
1,456,453 |
$
1,409,043 |
Silver |
$
476 |
$
1,053 |
|
$
2,432 |
$
180,152 |
Photo Services |
$
8,846 |
$
12,279 |
|
$
32,634 |
$
41,458 |
Mining Tech
Services |
$
31,009 |
$
26,333 |
|
$
97,159 |
$
179,507 |
|
|
|
|
|
|
Total Revenues |
$
242,567 |
$
97,253 |
|
$
1,588,678 |
$
1,810,160 |
Operations Update
The third quarter increase in fertilizer sales
represents new business that developed in September combined with an early start to the
fall fertilizer season. The nine month GOLDn GRO liquid fertilizer revenue increase
of three percent was due to the 251 percent increase in third quarter sales.
The GOLDn GRO chelated multi-nutrient zinc
fertilizers, GOLDn GRO 9-0-1+7% Zn and GOLDn GRO 9-0-2+3% Zn, are the two
best-selling fertilizers for the Company. Both fertilizers have been demonstrated to be
very effective applied to the soil, or applied foliar for fertilizing trees and vines. The
California market for almonds, pistachios, walnuts, and grapes is especially strong this
year, which is benefiting the growers who have water.
GOLDn GRO multi-nutrient zinc fertilizers
provide improved soil nutrient bioavailability which increases nutrient uptake by the
trees and vines so that smaller quantities of fertilizers can be used as compared to
competing fertilizers. These features of the GOLDn GRO multinutrient zinc
fertilizers combined with resulting yield improvements makes them attractive to growers.
These fertilizers are even more attractive when crop prices are strong and rising. The
Company believes that this is an important reason for the third quarter sales increase.
However, sales will continue to be affected by uncertainties related to the severe drought
in California.
The decline in nine month silver sales is due to
lack of bullion production while electrical improvements to the refinery are being
completed. As discussed in the Itronics April 3, 2014 press release, the Company has
experienced electric power quality issues of varying severity for a number of years. The
process of solving the problem revealed several different factors as partial causes,
resulting in a need to upgrade many of the components of the electrical distribution
system in the refinery.
The refinery electrical upgrade is progressing well
and is expected to be completed in January 2015. The electrical distribution capacity in
the refinery has been doubled and surge protection devices that stabilize the electrical
power have been installed. Testing of the upgraded electrical distribution in the refinery
indicates that the improvements have completely stabilized the power being delivered to
the furnaces and is indicating that electrical power consumption may be reduced by about
35 percent, a significant savings.
During the third quarter a review of the electrical
power capacity of the installed electrical delivery system in the factory determined that
we have installed electrical capacity of 1.2 megawatts. This installed electric power
capacity is an underutilized asset that is available to support future operation
expansions that require substantial amounts of electrical power.
During the third quarter a decision was made to
convert the lighting in the factory to energy saving fluorescent lamps. The retrofit is
eligible for a rebate from the power company which will just about pay for replacement of
the lights. The electric power savings is expected to be in the range of 60 percent,
another significant savings in electrical power costs.
Additional electrical improvements are needed in the
factory to stabilize the electrical power being delivered to individual operating areas.
These power quality improvement projects are being planned for completion in 2015, and may
reduce electrical power consumption further. A decision was made to delay acquisition and
installation of a natural gas powered generator, which could provide additional savings,
until Itronics has a chance to evaluate the savings being obtained from on-going
electrical power quality improvements.
Over the year recovery of silver from photographic
liquids has continued and the Company has built up an inventory of unprocessed
silver-bearing solids. These accumulated silver bearing solids are available for silver
recovery and refining as soon as the refinery upgrade is completed.
Receipts of silver-bearing photographic liquids
continue to be more than sufficient to meet the requirements for on-going and expanded
GOLDn GRO fertilizer sales and are expected to continue to be more than adequate.
Whitney & Whitney technical services sales were
up 18 percent in the third quarter. The on-going service work is for one of its long term
mining clients and is expected to continue for several years.
Future silver and zinc prices are expected to
strengthen. Because of this, the Company made a decision this year to review the Auric
Fultstone Project for areas of anomalous silver and zinc geochemistry. Within the project
area there is an area with a strong zinc anomaly that is also characterized by anomalous
gold and copper. This work will be discussed in more detail in a separate press release.
About Itronics
Itronics is a
cleantech specialty liquid fertilizer company which produces silver bullion, continues to
develop advanced silver and zinc processing technology, and that owns a large Iron Oxide
Copper Gold (IOCG) mineral property(the Auric Fulstone Project) in the prolific Yerington
Copper Mining District in northwestern Nevada.
Itronics has a long history of environmental
achievements, including being named one of the first International Green Heroes in a
program sponsored by the British government, and one of the top 10 new technologies in
agricultural innovation by Canadian Agri-Retailers. It is a cleantech Company that
utilizes science and engineering to create and commercialize recycling, mineral, and
nutrient technologies as a "Creative Clean Technology" Company.
Headquartered in Reno, Nevada, Itronics produces
GOLDn 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 GOLDn GRO liquid
fertilizers. The Company is developing environmentally compatible mining technology and
the Fulstone Iron Oxide Copper Gold exploration property in Nevada.
The Companys environmentally friendly
GOLDn GRO liquid fertilizers, which are extensively used in agriculture, can be used
for lawns and houseplants, and are available at the Company's "e-store" on
Amazon.Com at http://www.amazon.com/s/ref=bl_sr_lawn-garden?ie+UTF8&field-brandtextbin+GOLD%27n+GRO&node+2972638011.
* * * * * * * * * *
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.)
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