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11.05.2018 22:20
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Orient Paper, Inc. Announces First Quarter 2018 Financial Results
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PR Newswire
BAODING, China, May 11, 2018
Company to Host Earnings Conference Call on Monday, May 14, 2018, at 8:00 am ET
BAODING, China, May 11, 2018 /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 announced its unaudited financial results for the first quarter ended March 31, 2018.
Mr. Zhenyong Liu, Chairman and Chief Executive Officer of Orient Paper, commented, "Our disappointing first quarter results reflected the impact of a temporary suspension of production due to government-mandated restrictions on the supply of natural gas that lasted for most of the first quarter. However, production at our manufacturing facilities has been back to normal since mid-March and we anticipate a strong rebound in our business in the second quarter."
First Quarter 2018 Unaudited Financial Results
| | | For the Three Months Ended March 31, | ||||
| ($ millions) | | 2018 | | 2017 | | % Change |
| Revenues | | 1.9 | | 25.3 | | -92.5% |
| Regular Corrugating Medium Paper ("CMP")* | | 0.9 | | 19.5 | | -95.3% |
| Light-Weight CMP** | | 0.7 | | 2.2 | | -70.5% |
| Offset Printing Paper | | 0.3 | | 2.9 | | -88.8% |
| Tissue Paper Products | | 0.0 | | 0.7 | | -100.0% |
| | | | | | | |
| Gross profit (loss) | | -0.7 | | 5.7 | | -112.3% |
| Gross profit (loss) margin | | -36.8% | | 22.4% | | -59.2 pp |
| Regular Corrugating Medium Paper ("CMP")* | | -20.2% | | 22.3% | | -42.5 pp |
| Light-Weight CMP** | | -59.5% | | 23.3% | | -82.8 pp |
| Offset Printing Paper | | -37.7% | | 25.5% | | -63.2 pp |
| Tissue Paper Products | | NM | | 7.9% | | NM |
| | | | | | | |
| Operating income (loss) | | -4.5 | | 2.9 | | -257.4% |
| Net income (loss) | | -4.1 | | 1.7 | | -339.3% |
| EBITDA | | -0.5 | | 6.5 | | -107.5% |
| Basic and Diluted earnings (loss) per share | | -0.19 | | 0.08 | | -337.5% |
| | | | | | | |
| * Products from PM6 | | | | | | |
| ** Products from PM1 | | | | | | |
| *** pp represents percentage points | | | | | | |
Revenue
For the first quarter of 2018, total revenue decreased by $23.4 million, or 92.5%, to $1.9 million from $25.3 million for the same period of the prior year. The decrease in total revenue was mainly due to decreases in sales volume across all product categories and partially offset by an increase in blended ASP. In late January, 2018, the Company temporarily suspended its production due to government-mandated restrictions on the natural gas supply. The company resumed production on March 14, 2018. As a result, both the production and sales volume decreased significantly in the first quarter of 2018. The following table summarizes revenue, volume and ASP by product for the first quarter of 2018 and 2017, respectively:
| | For the Three Months Ended March 31, | ||||||||||
| | 2018 | | 2017 | ||||||||
| | Revenue ($'000) | | Volume (tonne) | | ASP ($/tonne) | | Revenue ($'000) | | Volume (tonne) | | ASP ($/tonne) |
| Regular CMP | 908 | | 1,672 | | 543 | | 19,452 | | 47,792 | | 407 |
| Light-Weight CMP | 652 | | 1,251 | | 521 | | 2,210 | | 5,023 | | 440 |
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