IT Tech Packaging (ITP) Reports Q4 Loss of $0.06 on Revenues of $32.48M

IT Tech Packaging (NYSE: ITP) reported Q4 EPS of ($0.06), versus ($0.10) reported last year. Revenue for the quarter came in at $32.48 million, versus $33.61 million reported last year.

• Revenue slightly decreased by 3.4% to $32.48 million, primarily attributable to a decrease in sales volume of offset printing paper.
• Gross profit decreased by 86.7% to $0.75 million. Total gross margin decreased by 14.4 percentage point to 2.3%.
• Loss from operations was $1.97 million, compared to income from operations of $3.19 million for the same period of last year.
• Net loss was $2.69 million, or loss of $0.06 per basic and diluted share, compared to net income of $2.16 million, or $0.10 per basic and diluted share, for the same period of last year.
• Earnings before interest, taxes, depreciation and amortization ("EBITDA") decreased by 77.6% to $1.56 million.

Mr. Zhenyong Liu, Chairman and Chief Executive Officer of the Company, commented, "We continued to making improvements in the sales volume of tissue paper products and posted slight decrease in sales of CMP products for this quarter. Our total revenue had a slight decline of 3.4% to $32.5 million but we managed to grow sales from tissue paper products by 51.3% to a total volume of 3,165 tonnes for this quarter. The average selling prices (ASPs) of our products for this quarter increased by 5.6% from Q3 2020, or a minor growth compared to the same period last year (Q4 2019).

"We took a quick recovery from the impact caused by global outbreaks of COVID-19 pandemic, posting growing revenues from sales of tissue paper, regular and light-weight CMP products. Our production and sales of tissue paper products have been growing up steadily since the launch of PM8 and PM9 in December 2018 and November 2019.

"Currently we are in the process to apply for surgical face masks production license which we expect to boost both our sales and margins in the very near future. Though on-site inspection on our production facilities by the authorities was delayed by the pandemic, we are expecting final review results by local food and drug administration in Hebei province. We anticipate to obtain the license once the relevant review works are finished."

For earnings history and earnings-related data on IT Tech Packaging (ITP) click here.

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