BAODING, China, July 21, 2020 /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 June 30, 2020. The Company
anticipates filing its quarterly report on Form 10-Q with the
Securities and Exchange Commission and releasing its earnings after
the market closes on Tuesday, August 11,
2020. The Company will host a conference call to discuss its
second quarter financial results at 8:00 am Eastern Time
(5:00 am Pacific Time/ 8:00 pm Beijing Time) on Wednesday,
August 12, 2020.
Selected Second Quarter 2020 Financial Results (Unaudited and
Preliminary)
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For the
Three Months Ended June 30,
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2020
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2019
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|
%
Change
|
Total
Revenue ($M)
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|
$26.4
|
|
$33.6
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|
-21.6%
|
|
|
|
|
|
|
|
Paper
Products:
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|
|
|
|
|
|
|
|
|
|
|
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|
Sales volume
(tonnes)
|
|
|
|
|
|
|
Regular
Corrugating Medium Paper ("CMP")*
|
|
46,979
|
|
47,994
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-2.1%
|
Light-Weight
CMP**
|
|
12,611
|
|
12,582
|
|
0.2%
|
Tissue Paper
Products***
|
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2,884
|
|
1,254
|
|
130.0%
|
Offset Printing
Paper
|
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2,183
|
|
8,559
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-74.5%
|
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|
|
|
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Average selling
price ($/tonne)
|
|
|
|
|
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Regular
Corrugating Medium Paper ("CMP")*
|
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$370
|
|
$435
|
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-15.0%
|
Light-Weight
CMP**
|
|
$357
|
|
$422
|
|
-15.4%
|
Tissue Paper
Products***
|
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$825
|
|
$948
|
|
-13.0%
|
Offset Printing
Paper
|
|
$578
|
|
$729
|
|
-20.7%
|
|
|
|
|
|
|
|
Face
Masks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales volume
(pieces)
|
|
6,279,780
|
|
N/A
|
|
N/A
|
Average selling price
($/piece)
|
|
$0.14
|
|
N/A
|
|
N/A
|
|
|
|
|
|
|
|
Gross profit
($M)
|
|
$2.6
|
|
$2.9
|
|
-12.0%
|
Income
(loss) from operations ($M)
|
|
($0.8)
|
|
$0.5
|
|
-242.3%
|
Net income
(loss) ($M)
|
|
($0.9)
|
|
$0.5
|
|
-302.2%
|
Diluted
earnings (loss) per share ($)
|
|
($0.04)
|
|
$0.02
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-300.0%
|
|
|
|
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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 profits were down a bit from Q2 2019 as a
result of a 15%-21% year-over-year decrease in average selling
prices combined with flat sales volume from all of our paper
products categories," said Mr. Zhenyong
Liu, Chairman and Chief Executive Officer of IT Tech
Packaging, Inc. "Compared to the results in first quarter
2020, during which our sales and operations were impacted by the
COVID-19 pandemic, we made significant improvements in the second
quarter and resumed full capacity tissue paper production and CMP
production. In particular, our face mask business launched
at the end of April and generated revenue of $0.8 million with sales of 6.3 million pieces of
non-medical single-use face masks in the quarter. We have seen
orders for our products begin to stabilize in recent months as the
post-pandemic economy recovery continues in the industry and we
expect that this trend to carry over into the remainder of
2020."
Earnings Conference Call
The Company's management will host a conference call to discuss
its second quarter 2020 financial results at 8:00 am US
Eastern Time on Wednesday, August 12, 2020. To attend the
conference call, please use the information below.
Date/Time: 8:00 am US Eastern Time
(5:00 am US Pacific Time/8:00 pm Beijing Time) on Wednesday,
August 12, 2020
Conference Title: IT Tech Packaging, Inc. Second Quarter 2020
Earnings Conference Call
Conference ID: 5729875
To attend the conference call, please register in advance of the
conference using the link:
http://apac.directeventreg.com/registration/event/5729875 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/fnexvsa9. 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 August 12,
2020 to 9:59 am ET on
August 19, 2020. 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 5729875 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.
For more information, please contact:
At the Company
Email: ir@itpackaging.cn
Tel: +86 0312 8698215
Investor Relations:
EverGreen Consulting Inc.
Janice Wang
+86-13811768559
+1-908-510-2351
Email: ir@changqingconsulting.com
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SOURCE IT Tech Packaging, Inc.