Fourth Quarter 2016 Highlights •Recorded a loss of $0.34 per diluted share from continuing operations resulting from a $0.91 non-cash charge related to the transfer of certain pension plan assets and liabilities to a third party •Earned $0.71 of adjusted earnings per diluted share from continuing operations •Generated net cash from operating activities of $382 million and adjusted free cash flow of $226 million •Achieved $89 million in year-over-year productivity improvements and an annual run rate of $500 million of synergy and performance improvements. click Read More below for additional detail
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 unaudited financial results for the third quarter ended September 30, 2015. Because the Securities and Exchange Commission is closed today in observance of Veterans Day, the Company’s quarterly report on Form 10-Q for the same quarter will be filed before the market open tomorrow, on Thursday, November 12, 2015.
*Revenue decreased by 20.5% to $32.4 million, primarily due to government mandated temporary production suspension from August 20 to September 4, 2015.
*Gross profit was $6.4 million, essentially unchanged from the same period of last year. Gross margin increased by 4.1 percentage points to 19.8%, primarily due to declines in unit material cost for regular CMP and energy cost as well as an increase in ASP of regular CMP.
*EBITDA was $7.8 million, an increase of 11.7% from the same period of last year.
*Net income was $1.7 million, or $0.08 per diluted share, compared to $3.4 million, or $0.18 per diluted share, for the same period of last year.
*We completed the relocation and resumed the commercial production of digital photo paper production lines in August 2015.
*We commenced the packaging operations of tissue paper products, that involves processing base tissue paper from long-term cooperative third party and producing finished products in Wei County Industry Park and generated approximately $0.3 million in sales on shipment of 208 tonnes of tissue paper in the third quarter.
Mr. Zhenyong Liu, Chairman and Chief Executive Officer of Orient Paper, commented, “The change in our third quarter revenue largely reflected the negative impact of the temporary production suspension from August 20 to September 4, 2015 mandated by the Baoding City government in connection with the International Association of Athletics Federations World Championship Games and the military parade commemorating the 70th anniversary of the end of World War II held in Beijing. Production of affected production lines was resumed on September 5, 2015 and has returned to its normal levels.”
Mr. Liu continued, “With the digital photo paper production lines up and running following the completion of its relocation in August, 2015 and the new tissue paper packaging lines ramping up, we expect to end the year on a high note amidst relatively benign pricing environment for both raw materials and our products.”
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