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Itronics Reports 22% Increase First Quarter 2008 Sales Wednesday April 23, 5:00 am ET
RENO, NV--(MARKET WIRE)--Apr 23, 2008 -- Itronics Inc. (OTC BB:ITRO.OB - News) (Frankfurt:ITG.F - News) (Berlin:ITG.BE - News) reported today that total sales were $650,000, up 22 percent compared to the first quarter of 2007. ADVERTISEMENT
First quarter 2007 GOLD'n GRO fertilizer division sales were $446,000 compared to $414,000 in the comparable quarter last year, an increase of 8 percent. World-wide demand for fertilizers increased sharply in the first quarter creating shortages of certain basic fertilizer materials. Because of this, delays were experienced in obtaining raw materials and some GOLD'n GRO liquid fertilizer deliveries 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.
Silver sales were $117,000, up 70 percent in the first quarter. In March the Company successfully tested its temporary screening machine installation. The Company expects that this incremental expansion in silver production capacity will increase silver output in 2008.
Photochemical services sales were $35,000, down 24 percent over the prior year quarter, due to a reduction in photoliquids from one supplier. The Company has a large on-site supply of photoliquids. During the quarter the Company finalized terms for a new liquid photochemical services agreement with a large service company and expects to start receiving liquids for processing in the second quarter. The Company believes that with agreements in place, or being negotiated, it has sufficient photographic liquid raw materials to support the GOLD'n GRO liquid fertilizer sales growth.
Itronics Mining Technical Services sales were $52,000 in the first quarter, an increase of 958 percent over the prior year's first quarter and a 93 percent increase over 2007 full year sales. The increase is expected to continue.
As previously announced, on March 27, 2008 the Company was informed that its wholly-owned subsidiary Itronics Metallurgical, Inc. had received label registration for GOLD'n GRO Guardian Deer Repellent from the U.S. Environmental Protection Agency (EPA). "The Company is now in the process of registering the GOLD'n GRO Guardian in 11 states so that sales development can be started in mid to late May or early June," said Dr. John Whitney, President.
Itronics expects to report full financial results for the first quarter on May 15 when it files its First Quarter Form 10-QSB.
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