Orient Paper's preliminary Q1 results show net income increases to US$4.7M from US$0.3M in year-ago period, on 30% year-over-year jump in revenue, to US$26M; operations normalize year-over-year for both corrugating medium and offset printing paper
Debra Garcia
BAODING, China
,
May 5, 2014
(press release)
–
Orient Paper, Inc. (NYSE MKT: ONP) ("Orient Paper" or the "Company"), a leading manufacturer and distributor of diversified paper products in North China, today announced its preliminary unaudited results for the first quarter ended March 31, 2014. The Company will file its Form 10-Q with the Securities and Exchange Commission and will announce, through a press release, its audited financial results for the first quarter ended March 31, 2014 before market opens on Thursday, May 15, 2014.
1Q14 1Q13 Change Revenue (US$ million) 26 20 +30% Sales volume (tonnes) - Corrugating Medium Paper ("CMP") - Offset Printing Paper - Digital Photo Paper 45,335 10,860 326 33,077 9,456 185 +37% +15% +76% Average selling price/tonne ("ASP") - CMP - Offset Printing Paper - Digital Photo Paper 377 678 3,970 381 681 3,770 -1% -0.4% +5% Gross profit (US$ million) 4.7 1.6 +193% Net income (US$ million) 2.5 0.3 +733% EPS (US$) 0.14 0.02 +600%
Preliminary First Quarter 2014 Selected Unaudited Financial Results Highlights
Key Highlights for First Quarter 2014
Mr. Zhenyong Liu, Chairman and Chief Executive Officer of Orient Paper, commented, "We are pleased to report our first quarter results for 2014, with significant improvement on top-line and bottom-line figures. This is largely due to the normalization of operations in the period for both CMP and offset printing paper, which were affected by the county-wide environmental inspection in the first quarter of 2013."
Mr. Liu continued, "In addition, we achieved a monthly utilization rate of 80% for PM6 in March after our seasonally slower months of January-February due to the Chinese New Year break, which contributed to the increase of our CMP sales volumes in the quarter, compared to the same period a year back. We have also completed the installation of PM1 and are now conducting test runs to prepare for trial production on the production before we commence actual commercial production of insulation liner paper."
Conference Call
Orient Paper's management will host a conference call for institutional and retail investors at 8:30 am US Eastern Time (5:30 am US Pacific Time/8:30 pm Beijing Time) on Friday, May 16, 2014, to discuss its quarterly results and recent business, operational and corporate activities.
To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time:
China: 400-120-0654
Hong Kong: 800-903-737
United States: 1-855-500-8701
International: +65-6723-9385
Passcode: 32473080
A replay of this conference call will be available by dialing:
China: 400-632-2162 / 800-870-0205
Hong Kong: 800-963-117
United States: 1-855-452-5696
International: +61-2-9003-4211
Passcode: 32473080
The replay will be archived for fifteen days following the earnings announcement until May 31, 2014.
This conference call will be broadcast live over the Internet and can be accessed by all interested parties by clicking on http://www.orientpaperinc.com/. 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 replay will be archived for one year shortly after the call by accessing the same link.
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, Orient Paper produces and distributes three types of paper products namely, packaging paper (corrugating medium paper), offset printing paper, and other paper products, including digital photo paper, and household/tissue paper that the company is currently expanding into.
With production operations based in Baoding 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 products 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 for manufacturing digital photo, printing and packaging paper.
Founded in 1996, ONP has been listed on the NYSE MKT Board since December 2009. (Please visit http://www.orientpaperinc.com.)
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