Orient Paper (ONP) Reports Prelim. Q3 Results
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Orient Paper, Inc. (NYSE: ONP) 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 |
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