Wonder if this ll go back down to 0.005
Itronics Reports Total Sales up 23 Percent in First Quarter 2008; Increase in Gross Profit; Largest Order Backlog in History
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ITRO 0.0060 3.45%
As of 9:43 AM ET 5/16/08
Itronics Inc. (OTCBB: ITRO) (FRANKFURT: ITG) (BERLIN: ITG) today reported gross profit of $106,000, in the first quarter 2008, up 715 percent from $13,000 in the first quarter of 2007 and equal to 85 percent of the entire $124,160 gross profit for 2007. Total sales increased by 23 percent to $653,000, with non-fertilizer sales increasing by 74 percent and making a major contribution to improved gross profit.
The Itronics Form 10Q is now available on the U. S. Securities & Exchange Commission web site at
www.sec.gov.
GOLD'n GRO sales in the first quarter of 2008 were $446,000, an 8 percent increase compared to the prior year. Growth would have been higher in the first quarter but a sharp increase in worldwide demand for fertilizers and fertilizer raw materials caused delays in obtaining raw materials. Because of this, deliveries of some orders were delayed to the second quarter. At the end of the first quarter Itronics had the largest backlog of truck load orders since it began fertilizer manufacturing.
"Itronics continues to receive a strong flow of GOLD'n GRO liquid fertilizer orders driven by favorable pricing and excellent field performance," said Itronics President Dr. John Whitney. "Two GOLD'n GRO specialty blends being sold in bulk are demonstrating viability for use in drip and micro-sprinkler irrigation. Use of these fertilizers is increasing rapidly as a result."
Silver sales increased by 70 percent to $117,000 in the first quarter of 2008 compared to the 2007 first quarter. In the first quarter temporary installation and testing of a screening machine was completed. Itronics is expanding its silver refining capacity incrementally and is targeting a 2 to 3 times increase in monthly output by the end of the year.
Photochemical recycling decreased by 24 percent to $35,000 compared to the prior year first quarter due to a reduction in photoliquids from one supplier. Itronics has a large supply of photoliquids on hand and is increasing its photoliquids receipts in the second quarter. Itronics is confident that it will be able to continue to expand photoliquid supplies to support the increase in GOLD'n GRO liquid fertilizer sales that is now underway.
Itronics Mining Technical Services sales were $56,000 in the first quarter, a 1027 percent increase over the prior year's first quarter and a 106 percent increase over 2007 full year sales. The increase in sales is being partially driven by expanding interest in the Company's Gold & Mineral Stocks information web site:
www.insidemetals.com. Continuing strong gold and silver prices are driving investor interest in obtaining information about Gold & Mineral Stocks.
Itronics reported that at the end of the first quarter registration for GOLD'n GRO Guardian Deer Repellent was received from the U.S. Environmental Protection Agency. Planning and implementation are underway so that sales can begin in June.
Itronics has the business infrastructure in place to support on-going sales growth that is being guided by the Company's eight part long term growth plan. The primary focus for sales growth is on expanding fertilizer sales which are now the driver for overall growth in the GOLD'n GRO fertilizer segment. Incremental manufacturing facility expansion to support GOLD'n GRO fertilizer production and to expand silver sales is underway. The Form 10Q presents a description of the steps being taken.
Operating loss decreased 34 percent compared to the prior year primarily due to a combination of increased gross profit on higher sales, and reduced corporate costs, including sales and marketing, research and development, and G & A expenses. Net loss increased to $4.4 million, primarily due to an increase in the non-cash loss on derivative instruments not related to the Company's operations but embedded in its financings.
Results for the first quarter ended March 31, 2008, together with comparative figures for 2006 are summarized below:
