ITP 8-K
It Tech Packaging, Inc. (ITP)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): July 21, 2020
IT TECH PACKAGING, INC.
(Exact name of registrant as specified in its charter)
Nevada
(State or other jurisdiction of incorporation)
| 001-34577 | 20-4158835 | |
| (Commission File Number) | (IRS Employer Identification No.) |
|
Science Park, Juli Road Xushui District, Baoding City Hebei Province, People’s Republic of China |
072550 | |
| (Address of principal executive offices) | (Zip Code) |
(86) 312-8698215
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||
| Common Stock | ITP | NYSE MKT |
| Item 2.02 | Results of Operations and Financial Condition. |
On July 21, 2020, IT Tech Packaging, Inc. (the “Company”) issued a press release announcing its unaudited and preliminary financial results and operational results for the second quarter ended June 30, 2020. A copy of the press release making the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
The following exhibits are filed herewith:
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| IT TECH PACKAGING, INC. | |||
| Date: July 21, 2020 | By: | /s/ Zhenyong Liu | |
| Name: | Zhenyong Liu | ||
| Title: | Chief Executive Officer | ||
2
Exhibit 99.1
IT Tech Packaging, Inc. Announces Unaudited Preliminary Financial Results for Second Quarter Fiscal Year 2020
BAODING, China, July 21, 2020 /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 preliminary results for the quarter ended June 30, 2020. The Company anticipates filing its quarterly report on Form 10-Q with the Securities and Exchange Commission and releasing its earnings after the market closes on Tuesday, August 11, 2020. The Company will host a conference call to discuss its second quarter financial results at 8:00 am Eastern Time (5:00 am Pacific Time/ 8:00 pm Beijing Time) on Wednesday, August 12, 2020.
Selected Second Quarter 2020 Financial Results (Unaudited and Preliminary)
| For the Three Months Ended June 30, | ||||||||||||
| 2020 | 2019 | % Change | ||||||||||
| Total Revenue ($M) | $ | 26.4 | $ | 33.6 | -21.6 | % | ||||||
| Paper Products: | ||||||||||||
| Sales volume (tonnes) | ||||||||||||
| Regular Corrugating Medium Paper ("CMP")* | 46,979 | 47,994 | -2.1 | % | ||||||||
| Light-Weight CMP** | 12,611 | 12,582 | 0.2 | % | ||||||||
| Tissue Paper Products*** | 2,884 | 1,254 | 130.0 | % | ||||||||
| Offset Printing Paper | 2,183 | 8,559 | -74.5 | % | ||||||||
| Average selling price ($/tonne) | ||||||||||||
| Regular Corrugating Medium Paper ("CMP")* | $ | 370 | $ | 435 | -15.0 | % | ||||||
| Light-Weight CMP** | $ | 357 | $ | 422 | -15.4 | % | ||||||
| Tissue Paper Products*** | $ | 825 | $ | 948 | -13.0 | % | ||||||
| Offset Printing Paper | $ | 578 | $ | 729 | -20.7 | % | ||||||
| Face Masks: | ||||||||||||
| Sales volume (pieces) | 6,279,780 | N/A | N/A | |||||||||
| Average selling price ($/piece) | $ | 0.14 | N/A | N/A | ||||||||
| Gross profit ($M) | $ | 2.6 | $ | 2.9 | -12.0 | % | ||||||
| Income (loss) from operations ($M) | ($ | 0.8 | ) | $ | 0.5 | -242.3 | % | |||||
| Net income (loss) ($M) | ($ | 0.9 | ) | $ | 0.5 | -302.2 | % | |||||
| Diluted earnings (loss) per share ($) | ($ | 0.04 | ) | $ | 0.02 | -300.0 | % | |||||
| * Products from PM6 | ||||||
| ** Products from PM1 | ||||||
| *** Products from PM8 and PM9 |
"Our revenues and profits were down a bit from Q2 2019 as a result of a 15%-21% year-over-year decrease in average selling prices combined with flat sales volume from all of our paper products categories," said Mr. Zhenyong Liu, Chairman and Chief Executive Officer of IT Tech Packaging, Inc. "Compared to the results in first quarter 2020, during which our sales and operations were impacted by the COVID-19 pandemic, we made significant improvements in the second quarter and resumed full capacity tissue paper production and CMP production. In particular, our face mask business launched at the end of April and generated revenue of $0.8 million with sales of 6.3 million pieces of non-medical single-use face masks in the quarter. We have seen orders for our products begin to stabilize in recent months as the post-pandemic economy recovery continues in the industry and we expect that this trend to carry over into the remainder of 2020."
Earnings Conference Call
The Company’s management will host a conference call to discuss its second quarter 2020 financial results at 8:00 am US Eastern Time on Wednesday, August 12, 2020. To attend the conference call, please use the information below.
Date/Time: 8:00 am US Eastern Time (5:00 am US Pacific Time/8:00 pm Beijing Time) on Wednesday, August 12, 2020
Conference Title: IT Tech Packaging, Inc. Second Quarter 2020 Earnings Conference Call
Conference ID: 5729875
To attend the conference call, please register in advance of the conference using the link: http://apac.directeventreg.com/registration/event/5729875 to complete the online registration at least 15 minutes prior to the start of the call. Upon registering, the conference access information including participant dial-in numbers, a Direct Event passcode and a registrant ID will be provided to you via an email.
This conference call will be broadcast live on the Internet and can be accessed by all interested parties at https://edge.media-server.com/mmc/p/fnexvsa9 . Please access the link at least 15 minutes prior to the start of the call to register, download, and install any necessary audio software.
A playback will be available through 11:00 am ET on August 12, 2020 to 9:59 am ET on August 19, 2020. To listen, please dial+1-855-452-5696 if calling from the United States, or +61-281-990-299 if calling internationally. Use the conference ID 5729875 to access the replay.
About IT Tech Packaging, Inc.
Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products and single-use face masks in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products), ITP produces and distributes three categories of paper products: corrugating medium paper, offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China's Hebei Province, ITP 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. ITP has been listed on the NYSE American since December 2009. For more information, please visit: http://www.itpackaging.cn/ .
Safe Harbor Statements
This press release may contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company's public filings with the Securities and Exchange Commission, including the Company's latest annual report on Form 10-K. All information provided in this press release speaks as of the date hereof. Except as otherwise required by law, the Company undertakes no obligation to update or revise its forward-looking statements.
For more information, please contact:
At the Company
Email: [email protected]
Tel: +86 0312 8698215
Investor Relations:
EverGreen Consulting Inc.
Janice Wang
+86-13811768559
+1-908-510-2351
Email: [email protected]