FOR IMMEDIATE RELEASE Contact: Paul
Knopick
888-795-6336
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ITRONICS
INCREASES THIRD QUARTER 2007 SALES BY 82 PERCENT, NINE MONTHS SALES INCREASE 36
PERCENT
RENO,
Nevada, November 14, 2007 -- Itronics Inc. (OTC BB: ITRO; Frankfurt and Berlin
Stock Exchanges: ITG) has filed its third quarter 2007 report on
Form 10QSB, and it is now available on the SEC web site at sec.gov. In the
third quarter ended September 30, 2007, the Company achieved an 82 percent
increase in sales, and a $17,152 gross profit compared to a $11,882 gross
operating loss the 2006 third quarter, an improvement of $29,034.
“This
is the first time Itronics has achieved a positive gross profit in the third
quarter which is normally the lowest sales quarter of the year,” said Dr.
John Whitney, President. For the nine month period ended September 30,
gross profit was $151,934 compared to a gross profit of $121,164 for the same
period in 2006, an increase of 25 percent.
A
$544,325 net profit was generated in the third quarter. Nine month net loss was
reduced to $1,159,645, a reduction of 63 percent. The third quarter net profit
and nine month reduction in net loss are due to a reduction in the “loss
on derivative instruments,” calculated as required by current accounting
standards.
Demand for the Itronics’
environmentally beneficial recycling services is increasing as restrictions on
alternative methods of liquid photochemical disposal continue to tighten
throughout the United States. The Company is currently negotiating two
additional waste photochemical processing agreements that when completed are
expected to provide sufficient photoliquids to support GOLD’n GRO liquid
fertilizer and GOLD’n GRO Guardian deer repellent fertilizer sales growth
in 2008 and beyond.
Mining
Technical Services sales increased by 152 percent in the third quarter as this
division continues to advance its web based InsideMetals.com Gold Producer
Stocks information portal: http://www.insidemetals.com
.. Visitor traffic on the InsideMetals.com web page is continuing to increase
and the site is beginning to generate subscription income. The
Company is now actively marketing paid advertising programs on the web site to
Gold & Minerals Exploration Companies.
Itronics
continued to expand its development of future revenue streams in the mining
segment through approval by its Board of Directors to establish two new subsidiaries.
One subsidiary will develop the photochemical based thiosulfate technology for
use for mineral extraction, including mine tailings, and reclamation of gold
heap leach operations. The other subsidiary will acquire multi-mineral properties
and invest in strategic small specialty companies that are in early stage or
commercial operation. “The Company’s Board of Directors
believes that forming and activating these new subsidiaries will allow it to
monetize more of its intellectual property and produce a greater increase in
income and asset growth for Itronics’ shareholders,” Dr. Whitney
said.
Third
quarter operating loss increased 50 percent compared to the prior year,
principally due to a combination of the effects of the increased corporate
marketing and financing expenses.
Results
for the third quarter ended September 30, 2007, together with comparative
figures for 2006 are summarized below:
ITRONICS
INC.
For the Quarter
For the 9 Months
Ended September 30
Ended
September 30
2007
2006 2007
2006
REVENUE
Fertilizer $241,693
$145,828
$1,411,442
$1,046,103
Silver $
87,394
$126,068
$ 208,291
$ 286,810
Photo Services $206,265
$ 22,953
$
294,243
$ 60,310
Mining
Technical Services $
8,329
$ 3,300
$ 14,957 $
25,211
Total Revenues $543,681
$298,149
$1,928,933
$1,418,434
Gross Profit (Loss)
$ 17,152
($ 11,882)
$ 151,934
$ 121,164
Operating Income (Loss)
($873,542)
($583,549)
($2,158,681)
($1,591,880)
Other Income (Expense)
($345,040)
($297,204)
($595,118)
($786,528)
(including interest)
Gain on Derivative Instruments
$1,762,907
($2,222,810)
$1,594,154
($ 730,404)
(non cash item related to financing)
Net Income (Loss) $544,325
($3,103,563)
($1,159,645)
($3,108,812)
Net Income (Loss) Per Share
$0.001
($0.012)
($0.003)
($0.014)
Average Weighted Outstanding Shares 466,067,000 253,718,000
407,278,000
226,831,000
The Company continues to
meet goals outlined for the balance of 2007, which are to continue to expand
GOLD’n GRO liquid fertilizer sales and silver sales; increase the number
of photowaste services customers to expand photochemical raw material supply;
register GOLD’n GRO Guardian liquid animal repellant fertilizer; and
continue to acquire financing to support growth. All of this continues implementation
of Itronics eight part 5 year business plan that was summarized in a press
release on June 3, 2005.
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.
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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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