BAODING, China, Nov. 3, 2017 /PRNewswire/ -- Orient Paper,
Inc. (NYSE MKT: ONP) ("Orient Paper" or the "Company"), a leading
manufacturer and distributor of diversified paper products in
North China, today pre-announced
its unaudited preliminary results for the quarter ended
September 30, 2017. The Company
anticipates filing its quarterly report on Form 10-Q for the third
quarter 2017 with the Securities and Exchange Commission and
releasing its earnings after the market close on Thursday, November 9, 2017. The Company will host
its third quarter 2017 financial results conference call
at 8:00 am Eastern Time (5:00 am
Pacific Time/9:00 pm Beijing
Time) on Friday, November 10,
2017.
Selected Third Quarter 2017 Financial Results (Unaudited and
Preliminary)
|
|
For the Three
Months Ended September 30,
|
|
|
2017
|
|
2016
|
|
%
Change
|
Revenue
($M)
|
|
$33.5
|
|
$37.5
|
|
-10.6%
|
|
|
|
|
|
|
|
Sales volume
(tonnes)
|
|
|
|
|
|
|
Regular Corrugating
Medium Paper ("CMP")*
|
|
43,202
|
|
68,422
|
|
-36.9%
|
Light-Weight
CMP**
|
|
10,173
|
|
12,613
|
|
-19.3%
|
Tissue Paper
Products
|
|
493
|
|
1,327
|
|
-62.8%
|
Offset Printing
Paper
|
|
8,035
|
|
14,571
|
|
-44.9%
|
Digital Photo
Paper
|
|
0
|
|
38
|
|
-100.0%
|
|
|
|
|
|
|
|
Average selling price
($/tonne)
|
|
|
|
|
|
|
Regular Corrugating
Medium Paper ("CMP")*
|
|
$518
|
|
$325
|
|
59.4%
|
Light-Weight
CMP**
|
|
$491
|
|
$332
|
|
47.9%
|
Tissue Paper
Products
|
|
$1,339
|
|
$1,227
|
|
9.1%
|
Offset Printing
Paper
|
|
$679
|
|
$641
|
|
5.9%
|
Digital Photo
Paper
|
|
NM
|
|
$1,702
|
|
NM
|
|
|
|
|
|
|
|
Gross profit
($M)
|
|
$7.2
|
|
$7.3
|
|
-1.5%
|
Income from
operations ($M)
|
|
$2.7
|
|
$4.7
|
|
-42.5%
|
Net income
($M)
|
|
$1.6
|
|
$3.0
|
|
-48.2%
|
Diluted earnings per
share ($)
|
|
$0.07
|
|
$0.14
|
|
-48.2%
|
|
|
|
|
|
|
|
* Products from
PM6
|
|
|
|
|
|
|
** Products from
PM1
|
|
|
|
|
|
|
Zhenyong Liu, Chairman and Chief
Executive Officer of Orient Paper, commented, "Our third quarter
results largely reflected the impact of a government mandated
temporary restriction on production volume that has been in place
since November 2016. Total revenue
decreased by 10.6% year over year to $33.5
million on the back of a 36.1% drop in overall volume that
more than offset the increase in blended average selling prices.
Looking ahead, we expect the newly elected Communist Party of
China leaders to continue to
promulgate rules and regulations on environmental protection that
could lead to government-mandated temporary restriction or
suspension on paper production from time-to-time, leading to
significant changes in pricing and supply/demand balances."
Earnings Conference Call
The Company's management will host a conference call to discuss
its third quarter 2017 financial results at 8:00 am US Eastern
Time (5:00 am US Pacific
Time/9:00 pm Beijing
Time) on Friday, November 10, 2017.
To attend the conference call, please dial in using the
information below. When prompted upon dialing-in, please provide
the conference ID or ask for the "Orient Paper Third Quarter 2017
Earnings Conference Call."
Conference
Call
|
|
Date:
|
Friday, November 10,
2017
|
Time:
|
8:00 am ET
|
International Toll
Free:
|
United States:
+1-855-500-8701
Mainland China:
400-120-0654
Hong Kong:
800-906-606
International:
+65-6713-5440
|
Conference
ID:
|
6797929
|
This conference call will be broadcast live on the Internet and
can be accessed by all interested parties at
http://www.orientpaperinc.com/
or https://edge.media-server.com/m6/p/sybi9bhf .
Please access the link at least fifteen 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
10, 2017 to 7:59 am ET on
November 18, 2017. To listen, please
dial+1-855-452-5696 if calling from the
United States, or +61-290-034-211 if calling
internationally. Use the passcode 6797929 to access the replay.
About Orient Paper, Inc.
Orient Paper, Inc. ("Orient Paper") is a leading paper
manufacturer in North China. Using
recycled paper as its primary raw material (with the exception of
its tissue paper products), Orient Paper 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, Orient Paper 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 product consumption in the country.
Orient Paper's production facilities are controlled and operated
by its wholly owned subsidiary Shengde Holdings, Inc., which in
turn controls and operates Baoding Shengde Paper Co., Ltd. and
Hebei Baoding Orient Paper Milling Co., Ltd.
Founded in 1996, Orient Paper has been listed on the NYSE MKT
under the ticker symbol "ONP" since December
2009. For more information about the Company, please visit
http://www.orientpaperinc.com.
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:
Company Contact:
Orient Paper, Inc.
Email: ir@orientpaperinc.com
Investor Relations:
Tony Tian, CFA
Weitian Group LLC
Email: tony.tian@weitian-ir.com
Phone: +1-732-910-9692
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SOURCE Orient Paper, Inc.