RENO, NV (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: Paul Knopick 888-795-6336
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