{"id":17172,"date":"2023-03-24T10:00:00","date_gmt":"2023-03-24T10:00:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4045351_CN45351_0"},"modified":"2023-03-24T10:00:00","modified_gmt":"2023-03-24T10:00:00","slug":"it-tech-packaging-inc-announces-fourth-quarter-and-fiscal-year-2022-financial-results","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=17172","title":{"rendered":"IT Tech Packaging, Inc. Announces Fourth Quarter and Fiscal Year 2022 Financial Results"},"content":{"rendered":"
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BAODING, China<\/span><\/span>, March 24, 2023<\/span><\/span> \/PRNewswire\/ — IT Tech Packaging, Inc. (NYSE American: ITP) (“IT Tech Packaging” or the “Company”), a leading manufacturer and distributor of diversified paper products in North China, today announced its unaudited financial results for the fourth quarter and audited financial results for the fiscal year ended December 31, 2022.<\/p>\n

Mr. Zhenyong Liu<\/span>, Chairman and Chief Executive Officer of the Company, commented, “In fiscal year 2022, our business execution was reflected as we generated approximately $100.35 million<\/span> in revenue and approximately $4.75 million<\/span> in gross profit. With the domestic business and markets resumption in an orderly manner as the pandemic is gradually under control in China<\/span>, we expect that the market demand for our products will recover gradually. “<\/p>\n

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Fourth Quarter 2022 Financial Results<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

For the Three Months Ended December 31,<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 ($ millions)<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2021<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2022<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

 % Change<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Revenues<\/span><\/p>\n<\/td>\n

<\/td>\n\n

45.05<\/span><\/p>\n<\/td>\n

<\/td>\n\n

21.37<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-52.6 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Regular Corrugating Medium Paper (“CMP”)*<\/span><\/p>\n<\/td>\n

<\/td>\n\n

32.66<\/span><\/p>\n<\/td>\n

<\/td>\n\n

17.28<\/span><\/p>\n<\/td>\n

<\/td>\n\n

47.1 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Light-Weight CMP**<\/span><\/p>\n<\/td>\n

<\/td>\n\n

7.00<\/span><\/p>\n<\/td>\n

<\/td>\n\n

3.77<\/span><\/p>\n<\/td>\n

<\/td>\n\n

46.1 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Offset Printing Paper<\/span><\/p>\n<\/td>\n

<\/td>\n\n

2.97<\/span><\/p>\n<\/td>\n

<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-100.0 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Tissue Paper Products<\/span><\/p>\n<\/td>\n

<\/td>\n\n

2.28<\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.25<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-88.9 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

  Face Masks<\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.15<\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.06<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-60.7 %<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

 Gross profit<\/span><\/p>\n<\/td>\n

<\/td>\n\n

4.34<\/span><\/p>\n<\/td>\n

<\/td>\n\n

1.03<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-76.3 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Gross profit (loss) margin<\/span><\/p>\n<\/td>\n

<\/td>\n\n

9.6 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

4.8 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-4.8pp****<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Regular Corrugating Medium Paper (“CMP”)*<\/span><\/p>\n<\/td>\n

<\/td>\n\n

9.6 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

8.3 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-1.3 pp****<\/span><\/p>\n<\/td>\n<\/tr>\n

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 Light-Weight CMP**<\/span><\/p>\n<\/td>\n

<\/td>\n\n

12.2 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

10.3 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-1.9 pp****<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Offset Printing Paper<\/span><\/p>\n<\/td>\n

<\/td>\n\n

21.5 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n\n

–<\/span><\/p>\n<\/td>\n<\/tr>\n

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 Tissue Paper Products***<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-13.9 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-315.2 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-301.3 pp****<\/span><\/p>\n<\/td>\n<\/tr>\n

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 Face Masks<\/span><\/p>\n<\/td>\n

<\/td>\n\n

25.2 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

27.5 %<\/span><\/p>\n<\/td>\n

<\/td>\n\n

2.3 pp****<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

 Operating income (loss)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

1.95<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-0.49<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-125.2 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Net income (loss)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

4.16<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-11.91<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-386.6 %<\/span><\/p>\n<\/td>\n<\/tr>\n

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 EBITDA<\/span><\/p>\n<\/td>\n

<\/td>\n\n

8.66<\/span><\/p>\n<\/td>\n

<\/td>\n\n

3.77<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-56.5 %<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

 Basic and Diluted earnings (loss) per share<\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.45<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-1.19<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-364.4 %<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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 * Products from PM6<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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 ** Products from PM1<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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 *** Products from PM8 and PM9<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
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 **** pp represents percentage points<\/i><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n