BAODING, China, May 3, 2021 /PRNewswire/ -- IT Tech Packaging,
Inc. (NYSE MKT: ITP) ("IT Tech Packaging" or the "Company"), a
leading manufacturer and distributor of diversified paper products
in North China, today announced
that the Company anticipates to file its quarterly report on Form
10-Q for the quarter ended March 31,
2021 with the Securities and Exchange Commission and to
release its first quarter earnings after the market closes on
Tuesday, May 11, 2021. The Company
will host a conference call to discuss its first quarter fiscal
year 2021 financial results at 8:00 am US Eastern Time
(8:00 PM Beijing/Hong Kong
Time) on Wednesday, May 12, 2021.
First Quarter Fiscal Year 2021 Selected
Financial Highlights (Unaudited and Preliminary)
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For the
Three Months Ended March 31,
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2021
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2020
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%
Change
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Total
Revenue ($M)
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$24.2
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$8.7
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176.9%
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Paper
Products:
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Sales volume
(tonnes)
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Regular
Corrugating Medium Paper ("CMP")*
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33,626
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13,788
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143.9%
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Light-Weight
CMP**
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7,670
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4,889
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56.9%
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Tissue Paper
Products***
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1,120
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1,185
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-5.5%
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Offset Printing
Paper
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3,142
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0
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N/A
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Average selling
price ($/tonne)
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Regular
Corrugating Medium Paper ("CMP")*
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$504
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$415
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21.6%
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Light-Weight
CMP**
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$489
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$412
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18.6%
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Tissue Paper
Products***
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$1,117
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$849
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31.6%
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Offset Printing
Paper
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$673
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$0
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N/A
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Face
Masks:
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Sales volume
(pieces)
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3,836,000
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N/A
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N/A
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Average selling
price ($/piece)
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$0.03
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N/A
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N/A
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Gross profit
($M)
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$1.8
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($0.2)
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1178.8%
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Income
(loss) from operations ($M)
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($0.7)
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($2.9)
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74.7%
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Net income
(loss) ($M)
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($4.3)
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($2.4)
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-78.1%
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Diluted
earnings (loss) per share ($)
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($0.12)
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($0.11)
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-8.6%
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* Products
from PM6
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** Products
from PM1
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*** Products
from PM8 and PM9
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"Our revenues and profitability continued improving for the
first quarter fiscal year 2021. Total revenue were $24.2 million with a 176.9% year-over-year
increase, resulted from 129.4% growth of overall sales volume and a
20.7% increase in average selling prices over all categories of
products," said Mr. Zhengyong Liu, Chairman and Chief Executive
Officer of IT Tech Packaging Inc. "With 1178.8% growth in overall
gross profit, our margins and profitability substantially improved
in the first quarter fiscal year 2021 thanks to continued
increase in sales volume and average selling prices for all
products as well as decreases in operating expenses. The
stabilization of order trend in recent months gives us reasons to
be optimistic to a stable growth of our earnings in the year
2021."
Earnings Conference Call
The Company's management will host a conference call to discuss
its first quarter fiscal year 2021 financial results at 8:00
am US Eastern Time (8:00 PM
Beijing/Hong Kong Time) on Wednesday, May 12, 2021. To
attend the conference call, please use the information below.
Conference Topic: IT Tech Packaging Inc. First Quarter
Fiscal Year 2021 Earnings Conference Call and Webcast
Date of call: May 12,
2021
Time of call: 8:00 AM US
Eastern Time (8:00 PM Beijing/Hong
Kong Time)
Conference ID: 8863957
To attend the conference call, please register in advance of the
conference using the
link: http://apac.directeventreg.com/registration/event/8863957
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/4vc6vupv. 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 May 12,
2021 to 9:59 am ET on
May 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 8863957 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 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.
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.
For more information, please contact:
At the Company Email: ir@itpackaging.cn
Tel: +86 0312 8698215
Investor Relations:
Janice Wang
EverGreen Consulting Inc.
Email: ir@changqingconsulting.com
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SOURCE IT Tech Packaging, Inc.