It Tech Packaging, Inc 8-K, filed May 3, 2021
It Tech Packaging, Inc. (ITP)
About this 8-K
It Tech Packaging, Inc filed this 8-K on May 3, 2021.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
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): May 3, 2021
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)) |
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, par value $0.001 per share | ITP | NYSE American LLC |
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. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 3, 2021, IT Tech Packaging, Inc. (the “Company”) issued a press release announcing its selected unaudited and preliminary financial results for the first quarter ended March 31, 2021. 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.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed as “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are filed herewith:
| Exhibit Number | Description | |
| 99.1 | Press Release dated May 3, 2021, announcing selected unaudited and preliminary financial results of the Company for the first quarter ended March 31, 2021. |
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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: May 3, 2021 | By: | /s/ Zhenyong Liu | |
| Name: | Zhenyong Liu | ||
| Title: | Chief Executive Officer | ||
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Exhibit 99.1
IT Tech Packaging,
Inc. Anticipates to Announce Financial Results for First
Quarter Fiscal Year 2021 on May 11, 2021
Company to Host Earnings Conference Call on Wednesday, May 12, 2021, at 8:00 am ET
BAODING, China, May 3, 2021 /PRNewswire/ -- IT Tech Packaging, Inc. (NYSE MKT: ITP) (“IT Tech Packaging” or the “Company”), a leading manufacturer and distributor of diversified paper products in North China, today announced that the Company anticipates to file its quarterly report on Form 10-Q for the quarter ended March 31, 2021 with the Securities and Exchange Commission and to release its first quarter earnings after the market closes on Tuesday, May 11, 2021. The Company will host a conference call to discuss its first quarter fiscal year 2021 financial results at 8:00 am US Eastern Time (8:00 PM Beijing/Hong Kong Time) on Wednesday, May 12, 2021.
First Quarter Fiscal Year 2021 Selected Financial Highlights (Unaudited and Preliminary)
| For the Three Months Ended March 31, | |||||||||||||||||
| 2021 | 2020 | % Change | |||||||||||||||
| Total Revenue ($M) | $ | 24.2 | $ | 8.7 | 176.9 | % | |||||||||||
| Paper Products: | |||||||||||||||||
| Sales volume (tonnes) | |||||||||||||||||
| Regular Corrugating Medium Paper (“CMP”)* | 33,626 | 13,788 | 143.9 | % | |||||||||||||
| Light-Weight CMP** | 7,670 | 4,889 | 56.9 | % | |||||||||||||
| Tissue Paper Products*** | 1,120 | 1,185 | -5.5 | % | |||||||||||||
| Offset Printing Paper | 3,142 | 0 | N/A | ||||||||||||||
| Average selling price ($/tonne) | |||||||||||||||||
| Regular Corrugating Medium Paper (“CMP”)* | $ | 504 | $ | 415 | 21.6 | % | |||||||||||
| Light-Weight CMP** | $ | 489 | $ | 412 | 18.6 | % | |||||||||||
| Tissue Paper Products*** | $ | 1,117 | $ | 849 | 31.6 | % | |||||||||||
| Offset Printing Paper | $ | 673 | $ | 0 | N/A | ||||||||||||
| Face Masks: | |||||||||||||||||
| Sales volume (pieces) | 3,836,000 | N/A | N/A | ||||||||||||||
| Average selling price ($/piece) | $ | 0.03 | N/A | N/A | |||||||||||||
| Gross profit ($M) | $ | 1.8 | $ | (0.2 | ) | 1178.8 | % | ||||||||||
| Income (loss) from operations ($M) | $ | (0.7 | ) | $ | (2.9 | ) | 74.7 | % | |||||||||
| Net income (loss) ($M) | $ | (4.3 | ) | $ | (2.4 | ) | -78.1 | % | |||||||||
| Diluted earnings (loss) per share ($) | $ | (0.12 | ) | $ | (0.11 | ) | -8.6 | % | |||||||||
| * | Products from PM6 |
| ** | Products from PM1 |
| *** | Products from PM8 and PM9 |
“Our revenues and profitability continued improving for the first quarter fiscal year 2021. Total revenue were $24.2 million with a 176.9% year-over-year increase, resulted from 129.4% growth of overall sales volume and a 20.7% increase in average selling prices over all categories of products,” said Mr. Zhengyong Liu, Chairman and Chief Executive Officer of IT Tech Packaging Inc. “With 1178.8% growth in overall gross profit, our margins and profitability substantially improved in the first quarter fiscal year 2021 thanks to continued increase in sales volume and average selling prices for all products as well as decreases in operating expenses. The stabilization of order trend in recent months gives us reasons to be optimistic to a stable growth of our earnings in the year 2021. “
Earnings Conference Call
The Company’s management will host a conference call to discuss its first quarter fiscal year 2021 financial results at 8:00 am US Eastern Time (8:00 PM Beijing/Hong Kong Time) on Wednesday, May 12, 2021. To attend the conference call, please use the information below.
Conference Topic: IT Tech Packaging Inc. First Quarter Fiscal Year 2021 Earnings Conference Call and Webcast
Date of call: May 12, 2021
Time of call: 8:00 AM US Eastern Time (8:00 PM Beijing/Hong Kong Time)
Conference ID: 8863957
To attend the conference call, please register in advance of the conference using the link: http://apac.directeventreg.com/registration/event/8863957 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/4vc6vupv. 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 May 12, 2021 to 9:59 am ET on May 20, 2021. 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 8863957 to access the replay.
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About IT Tech Packaging, Inc.
Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products 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.
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: ir@itpackaging.cn
Tel: +86 0312 8698215
Investor Relations:
Janice Wang
EverGreen Consulting Inc.
Email: ir@changqingconsulting.com
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