IT Tech Packaging, Inc. Announces Unaudited Preliminary Financial Results for Third Quarter 2021
IT Tech Packaging, Inc. (NYSE American: ITP) announced its preliminary financial results for Q3 2021, reporting total revenue of $45.1 million, a 35.2% increase from $33.4 million in Q3 2020. Sales volume for Regular Corrugating Medium Paper rose 28.8%, while Light-Weight CMP decreased by 3.0%, and Offset Printing Paper saw a significant decline of 31.5%. Gross profit was $1.8 million, down 29.1% year-over-year. Net income surged to $1.5 million from a loss of $0.5 million last year, reflecting a 396.1% improvement. Diluted EPS stood at $0.03 compared to a loss of $0.02.
- Total revenue increased by 35.2% to $45.1 million.
- Net income improved significantly to $1.5 million from a loss of $0.5 million.
- Diluted earnings per share rose to $0.03, compared to a loss of $0.02 last year.
- Gross profit fell by 29.1% to $1.8 million.
- Sales volume of Offset Printing Paper decreased by 31.5%.
- Sales volume of Tissue Paper Products dropped by 7.3%.
BAODING, China, Nov. 4, 2021 /PRNewswire/ -- IT Tech Packaging, Inc. (NYSE American: ITP) ("IT Tech Packaging" or the "Company"), a leading manufacturer and distributor of diversified paper products in North China, today announced its unaudited preliminary results for the quarter ended September 30, 2021. The Company anticipates filing its quarterly report on Form 10-Q for the period ended September 30, 2021 with the U.S. Securities and Exchange Commission and releasing its earnings after the market closes on Thursday, November 11, 2021. The Company expects to host a conference call to discuss its third quarter financial results at 8:00 am Eastern Time (5:00 am Pacific Time/ 9:00 pm Beijing Time) on Friday, November 12, 2021.
Selected Third Quarter 2021 Financial Results (Unaudited and Preliminary)
For the Three Months Ended September 30, | ||||||
2021 | 2020 | % Change | ||||
Total Revenue ($M) | ||||||
Paper Products: | ||||||
Sales volume (tonnes) | ||||||
Regular Corrugating Medium Paper ("CMP")* | 61,947 | 48,107 | ||||
Light-Weight CMP** | 12,497 | 12,884 | - | |||
Tissue Paper Products*** | 2,646 | 2,855 | - | |||
Offset Printing Paper | 7,045 | 10,280 | - | |||
Average selling price ($/tonne) | ||||||
Regular Corrugating Medium Paper ("CMP")* | ||||||
Light-Weight CMP** | ||||||
Tissue Paper Products*** | ||||||
Offset Printing Paper | ||||||
Face Masks: | ||||||
Sales volume (pieces) | 3,180,000 | 3,576,000 | - | |||
Average selling price ($/piece) | - | |||||
Gross profit ($M) | - | |||||
Income (loss) from operations ($M) | - | |||||
Net income (loss) ($M) | ||||||
Diluted earnings (loss) per share ($) | ||||||
* Products from PM6 | ||||||
** Products from PM1 | ||||||
*** Products from PM8 and PM9 | ||||||
Earnings Conference Call
The Company's management will host a conference call to discuss its third quarter 2021 financial results at 8:00 am US Eastern Time on Friday, November 12, 2021. To attend the conference call, please use the information below.
Date/Time: 8:00 am US Eastern Time (5:00 am US Pacific Time/9:00 pm Beijing Time) on Friday, November 12, 2021
Conference Title: IT Tech Packaging, Inc. Third Quarter 2021 Earnings Conference Call
Conference ID: 1924349
To attend the conference call, please register in advance of the conference using the link: http://apac.directeventreg.com/registration/event/1924349 to complete the online registration at least 15 minutes prior to the start of the call. Upon registering, the conference access information including participant dial-in numbers, a Direct Event passcode and a registrant ID will be provided to you via an email.
This conference call will be broadcast live on the Internet and can be accessed by all interested parties at https://edge.media-server.com/mmc/p/hq8wbnie . Please access the link at least 15 minutes prior to the start of the call to register, download, and install any necessary audio software.
A playback will be available through 11:00 am ET on November 12, 2021 to 7:59 am ET on November 20, 2021. To listen, please dial+1-855-452-5696 if calling from the United States, or +61-281-990-299 if calling internationally. Use the conference ID 1924349 to access the replay.
About IT Tech Packaging, Inc.
Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products and single-use face masks in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products), ITP produces and distributes three categories of paper products: corrugating medium paper, offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China's Hebei Province, ITP is located strategically close to the Beijing and Tianjin region, home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country. ITP has been listed on the NYSE American since December 2009. For more information, please visit: http://www.itpackaging.cn/ .
Safe Harbor Statements
This press release may contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company's public filings with the Securities and Exchange Commission, including the Company's latest annual report on Form 10-K. All information provided in this press release speaks as of the date hereof. Except as otherwise required by law, the Company undertakes no obligation to update or revise its forward-looking statements.
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SOURCE IT Tech Packaging, Inc.
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