RENO, NV--(Marketwire - April 16, 2008) - Itronics Inc. (
OTCBB:
ITRO) (
FRANKFURT:
ITG)
(
BERLIN:
ITG) today reported a positive gross profit of $124,160 for 2007,
up from $75,193 in 2006, an increase of 65 percent. Total sales increased
by 25 percent to $2.34 million from $1.87 million for the full year.
The annual report for the year 2007 on Form 10KSB is available on the U.S.
Securities & Exchange web site at
http://www.sec.gov.
GOLD'n GRO liquid fertilizer sales were up 28 percent in 2007 compared to
the prior year despite sales growth in the 2007 fourth quarter being flat
due to water shortages and related fertilization curtailment in
California's Central Valley. Sales growth resumed in the first quarter
2008 and is expected to continue for the entire year.
Silver sales in the fourth quarter of 2007 declined by 17 percent and total
sales for 2007 decreased by 24 percent compared to the prior year primarily
due to electrical power fluctuations outside the Company's control. Silver
sales expanded in the first quarter 2008 and this expansion is expected to
continue through the year. The silver price is at historical highs and is
contributing to the 2008 sales increase.
Photo Service sales increased 162 percent for the full year 2007 due to
three new spent photochemical supply contracts and the sale of a
photochemical silver concentrator. In 2008 the Company expects to continue
to expand used photochemical supplies and to sell another photochemical
silver concentrator to produce an increase for the year.
Mining Technical Services were flat in 2007 while the division was making a
transition from deriving its income from technical services to an Internet
based revenue model through the newly launched Insidemetals.com internet
information portal. In 2008 Mining Technical Services is continuing to
advance its web based InsideMetals.com Gold Producer Stocks information
portal:
www.insidemetals.com, and it is obtaining and completing new
technical services contracts. Both initiatives are significantly
increasing revenues in 2008.
During the year the Company obtained $2.1 million in financing to fund
operations and to continue its expansion. While additional funding will be
necessary in 2008, the Company said it has begun efforts to seek
alternative methods that have less impact on the stock price and number of
shares outstanding.
Goals outlined for 2008 are to continue to expand GOLD'n GRO liquid
fertilizer sales and silver sales; expand used photochemical raw material
supplies by acquiring new photoservices contracts; implement the GOLD'n GRO
Guardian liquid deer repellent fertilizer manufacturing and marketing; and
continue to acquire financing to support growth. On-going sales growth is
expected to produce a significant increase in Gross Profit in 2008.
The report reviews progress in implementing the Company's eight part long
term growth plan. The Company's primary focus is on building the GOLD'n
GRO brand by expanding fertilizer sales which are now the driver for
overall sales growth in the fertilizer segment, and to begin manufacturing
and selling GOLD'n GRO Guardian Deer Repellent. Silver refining is being
expanded to accommodate increased volumes of silver produced by fertilizer
sales expansion. InsideMetals.com is rapidly gaining recognition as a
global internet brand and is now receiving visits from more than 170
countries world-wide.
Operating loss increased 32 percent compared to the prior year, primarily
due to increased sales and marketing expenses. Net loss increased by 175
percent due primarily to increased loss on derivative instruments.
Results for the year 2007 and the fourth quarter ended December 31, 2007,
together with comparative figures for 2006, are summarized below:
ITRONICS INC.
For the Quarter For the 12 Months
Ended December 31 Ended December 31
2007 2006 2007 2006
REVENUE
Fertilizer $ 251,919 $ 251,179 $ 1,663,361 $ 1,297,282
Silver $ 108,524 $ 131,455 $ 316,815 $ 418,265
Photo Services $ 40,722 $ 67,723 $ 334,965 $ 128,033
Mining Technical
Services $ 12,198 $ 3,127 $ 27,155 $ 28,338
Total Revenues $ 413,363 $ 453,484 $ 2,342,296 $ 1,871,918
Gross Profit(Loss) ($ 27,774) ($ 45,971) $ 124,160 $ 75,193
Operating Income
(Loss) ($ 784,747) ($ 632,626) ($ 2,943,428) ($ 2,224,506)
Other Income(Expense)
(including interest)($ 145,774) ($ 257,377) ($ 740,892) ($ 1,043,905)
Gain(Loss) on
Derivative
Instruments (non
cash item related
to financing) ($ 8,392,358) $ 188,930 ($ 6,798,204) ($ 541,474)
Net Income(Loss) ($ 9,322,879) ($ 701,073) ($10,482,524) ($ 3,809,885)
About Itronics
Itronics, through its subsidiary, Itronics Metallurgical, Inc., is the only
company in the world with a fully
permitted "Beneficial Use Photochemical, Silver, and Water Recycling" plant
located in the United States which can convert used photoliquids into pure
silver and liquid fertilizers. At the Company's Reno, Nevada factory more
than 99 percent of the silver and virtually all the other toxic heavy
metals are extracted from used photoliquids. The purified liquids are
converted into environmentally beneficial, chelated, micronutrient and
multinutrient liquid fertilizers sold under the GOLD'n GRO trademark. The
silver is refined and sold as bullion and 5 troy ounce, 0.999 pure, Silver
Nevada Miner numismatic bars. The environmentally friendly liquid
fertilizers can be used for lawns and houseplants, and are available, along
with GOLD'n GRO liquid fertilizer injectors, at the Company's "e-store"
catalog at
http://goldngro.com. The popular Silver Nevada Miner bars are
available at the Company's "e-store" catalog at
http://www.itromet.com.
Headquartered in Reno, Nevada, Itronics Inc. is a "Creative Environmental
Technology" company and a world leader in photochemical recycling. The
Company also provides environmentally compatible mining technology
development, 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. Itronics has received numerous domestic and
international awards that recognize its ability to successfully create and
implement new environmentally compatible recycling and fertilizer
technologies.
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 Information: Contact:
Paul Knopick
888-795-6336