PR Newswire: news distribution, targeting and monitoring
Home Page > News Releases > Industry News > Orient Paper, Inc. Pre-announces Unaudited Preliminary Financial Results for the Second Quarter 2017

Orient Paper, Inc. Pre-announces Unaudited Preliminary Financial Results for the Second Quarter 2017

2017-08-03 18:30
Share with Twitter
-Company to Host Earnings Conference Call on Friday, August 11, 2017, at 8:00 am ET

BAODING, China, Aug. 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 June 30, 2017. The Company anticipates filing its quarterly report on Form 10-Q for the second quarter 2017 with the Securities and Exchange Commission and releasing its earnings after the market close on Thursday, August 10, 2017. The Company will host its second quarter 2017 financial results conference call at 8:00 am Eastern Time (5:00 am Pacific Time/8:00 pm Beijing Time) on Friday, August 11, 2017.

Selected Second Quarter 2017 Financial Results (Unaudited and Preliminary)



For the Three Months Ended June 30,



2017


2016


% Change

Revenue ($M)


$22.8


$38.0


-40.0%








Sales volume (tonnes)







Regular Corrugating Medium Paper ("CMP")*


37,994


65,620


-42.1%

Light-Weight CMP**


9,200


12,867


-28.5%

Tissue Paper Products


568


1,194


-52.4%

Offset Printing Paper


7,307


15,984


-54.3%

Digital Photo Paper


-


160


-100.0%








Average selling price ($/tonne)







Regular Corrugating Medium Paper ("CMP")*


$366


$327


11.9%

Light-Weight CMP**


$353


$334


5.7%

Tissue Paper Products


$1,275


$1,250


2.0%

Offset Printing Paper


$674


$654


3.1%

Digital Photo Paper


NM  


$1,793


NM








Gross profit ($M)


$3.5


$6.9


-49.7%

Income from operations ($M)


$0.8


$4.2


-81.7%

Net income ($M)


$0.0


$2.6


-99.4%

Diluted earnings per share ($)


$0.00


$0.12


-99.4%








* Products from PM6







** Products from PM1







Zhenyong Liu, Chairman and Chief Executive Officer of Orient Paper, commented, "Our second quarter results largely reflected the impact of a government mandated temporary restriction on production that has been in place since November 2016. Total sales volume decreased by 42.5% to 55,069 tonnes, the lowest level since the first quarter of 2013, leading to a 40.0% decrease in total revenue in the second quarter. Our margins also deteriorated as a result of increases in unit costs of recycled paper board, recycled whit scrap paper, and coal that increased by 34.0%, 17.5%, and 56.9% year-over-year, respectively. Looking ahead, we expect that the prices for our major products to remain relatively stable at current levels and the temporary government mandated production restriction/suspension from time to time continues to pose risks and uncertainties to our business."  

Earnings Conference Call

The Company's management will host a conference call to discuss its second quarter 2017 financial results at 8:00 am US Eastern Time (5:00 am US Pacific Time/8:00 pm Beijing Time) on Friday, August 11, 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 Second Quarter 2017 Earnings Conference Call."

Conference Call


Date:

Friday, August 11, 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:

64223587

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/5gkp73yk.

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 August 11, 2017 to 9:59 am ET on August 19, 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 64223587 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 digital photo paper and 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

View original content:http://www.prnewswire.com/news-releases/orient-paper-inc-pre-announces-unaudited-preliminary-financial-results-for-the-second-quarter-2017-300498238.html

Source: Orient Paper, Inc.

Related stocks: AMEX:ONP

Featured Video

Banking/Financial Service Recent Releases

Paper/Forest Products/Containers Recent Releases

Conference call announcements Recent Releases

Earnings Recent Releases

Advanced Search
Search
  
  1. Products & Services
  2. News Releases
  3. Knowledge Center
  4. For Journalists & Media
  5. Multimedia Theater
  6. Contact Us