Itronics Provides Operations Update & Reports 2013 Third Quarter & Nine Month Revenues; Fertilizer Sales up Six Percent in Fi...
November 21 2013 - 6:31PM
Marketwired
Itronics Provides Operations Update and Reports 2013 Third Quarter
and Nine Month Revenues; Fertilizer Sales up Six Percent in First
Nine Months
RENO, NV--(Marketwired - Nov 21, 2013) - Itronics Inc.
(PINKSHEETS: ITRO), a diversified fertilizer, silver, and minerals
producer, today provided an operations update and announced
sales results for the three and nine months ended September 30,
2013.
The Company reported that Total Revenues for the nine months
ended September 30, 2013 were $1,811,171 compared to $1,862,989 in
the same period in 2012. Fertilizer sales, which are the
driver for the Company's growth, were up six percent in the first
nine months. Whitney & Whitney technical services sales
increased 49 percent in the first nine months.
The third quarter in 2013 Total Revenues were $97,108 compared
to $205,306 in the same period in 2012. The third quarter is
typically the Company's slowest quarter. This year the spring
fertilizer season ended in late June, earlier than
usual. Normally crops in California, where the Company makes
the majority of its sales, are maturing during the July through
September time period. Fertilizer use during this time is
minimal, which means the Company fertilizer sales are low in the
third quarter.
Two years ago the Company began working with its distributor to
develop an "early fill" program designed to top off our
distributor's dedicated holding tanks prior to the start of the
spring fertilizer season. Itronics has manufacturing capacity that
for much of the year is under-utilized. Filling our
distributor's storage tanks early each of the last two years has
improved plant utilization and reduced the pressure on
manufacturing capacity during the peak months. This year the plant
had excess capacity during the peak season, even with an Eight
percent increase in fertilizer deliveries. This additional seasonal
capacity is now available to increase spring season sales while
maintaining a reliable delivery program for our distributor's
customers. The Company plans to continue the "early fill" program
and will continue to work proactively with its distributor to
ensure that orders are filled promptly as sales growth progresses.
This year's fall sales are expected to increase about 10 percent
compared to the 2012 fall season.
Itronics is continuing to work with its distributor to expand
GOLD'n GRO sales into Southern California and Arizona and is also
continuing to perform field trials to develop new crop applications
in markets where sales are already established. The Company is
developing a new Internet shopping platform that will become the
"Itronics Store" where different GOLD'n GRO fertilizers and other
products being offered by the Company can be
purchased. Development of consumer fertilizer product
marketing through Amazon.com is also underway. A seller's
account has been set up with Amazon, but is not yet
activated. Both of these initiatives are to establish consumer
sales and to give consumers easier access to the GOLD'n GRO
fertilizers, which are wonderful for home gardens, flower beds,
shrubs and other home uses.
Silver revenues in the first nine months were down sharply
compared to the prior year due to a combination of a 16 percent
decline in the realized price of silver and a sharp reduction in
ounces of silver sold. At the end of the quarter one silver
shipment was not settled and will be included in fourth quarter
results. Silver production was reduced in the third quarter and
will be reduced in the fourth quarter compared to the 2012 fourth
quarter so that improvements can be completed in the refinery.
Our silver is extracted from silver-bearing photo liquids, which
subsequently are used in fertilizer manufacturing. Several
process steps that take a significant amount of elapsed time are
required to produce the silver bullion. Because of this,
silver production fluctuates with fertilizer production.
The amount of silver being received in spent photo liquids has
declined as a result of the shift to digital imaging away from the
use of traditional 35 millimeter film. Silver halide photo
paper used to make photo prints is now a major source of our silver
bearing photo liquids. Photo print processing generates a
lower silver content in the spent photoliquids which has resulted
in a reduction in the amount of silver being received. This
shift has caused a more than 50 percent reduction in the amount of
silver recovered from each gallon of photoliquid that is processed
and has occurred gradually over the past several years. This
led to a significant reduction in the amount of silver contained in
each pound of unprocessed solids delivered to the refinery, and
created the need for the leaching technology which the Company has
been developing.
Consequently, the Company is making major technology and process
improvements in its silver refinery as part of a plan to stabilize
silver sales and to improve on-site recovery. These technology
improvements will be described in more detail in an upcoming press
release. Making the needed improvements slowed production in
the third quarter and is also affecting production in the fourth
quarter. Production levels are expected to increase in the first
quarter of 2014 and are expected to be more stable after the
improvements are completed.
Photo Services revenue in the nine month period declined due to
a decline in the amount of photo liquids being
received. However, volumes of silver bearing photoliquids
being received continue to exceed the quantities needed for
fertilizer manufacturing. The Company has a substantial on-site
inventory to support seasonal sales requirements and for sales
expansion in 2014. Plans are in place to seek new photoliquid
supplies when the Company believes that it is appropriate to do so
to support fertilizer sales growth.
Whitney & Whitney technical services sales increased 49
percent in the first nine months due to expansion of service
support for one of its long term mining clients. This expanded
service support is expected to continue for several
years. Whitney & Whitney, Inc. also owns 67 percent of
Auric Gold & Minerals, Inc. which was formed to acquire
multi-mineral (polymetallic) gold properties, and to strategically
invest in Junior Gold and Minerals Companies that provide the
opportunity to develop and commercialize environmentally friendly
polymetallic gold projects.
Unaudited Revenues for the third quarter, and first nine months
ended September 30, 2013 together with comparative figures for 2012
are presented below:
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ITRONICS INC. |
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For the Quarter |
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For the 9 Months |
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Ended September 30 |
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Ended September 30 |
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2013 |
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2012 |
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2013 |
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2012 |
REVENUE |
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Fertilizer |
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$ |
57,588 |
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$ |
76,986 |
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$ |
1,409,043 |
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$ |
1,326,892 |
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Silver |
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$ |
1,053 |
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$ |
66,286 |
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$ |
180,152 |
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$ |
364,535 |
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Photo
Services |
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$ |
12,279 |
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$ |
18,204 |
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$ |
41,458 |
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$ |
50,396 |
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Mining Technical Services |
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$ |
26,188 |
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$ |
43,830 |
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$ |
180,518 |
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$ |
121,166 |
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Total Revenues |
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$ |
97,108 |
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$ |
205,306 |
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$ |
1,811,171 |
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$ |
1,862,989 |
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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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