It Tech Packaging Stock Price, News & Analysis

IT Tech Packaging, Inc. (NYSE American: ITP) has announced a 1-for-10 reverse stock split of its common stock, effective July 7, 2022. This move aims to comply with NYSE American listing standards regarding share price. The authorized shares will decrease from 500 million to 50 million, while the outstanding shares will also reduce correspondingly. Stockholders will see their shares converted automatically, ensuring no fractional shares are issued. The CUSIP number will change to 46527C 209, and trading on a split-adjusted basis will begin on July 8, 2022.

IT Tech Packaging, Inc. (NYSE American: ITP) received a deficiency letter from NYSE American indicating non-compliance with listing standards due to low trading prices per share. The company must execute a reverse stock split or demonstrate sustained price improvement by December 23, 2022, to maintain its listing. Founded in 1996, ITP manufactures diversified paper products and single-use face masks, primarily utilizing recycled paper. The company is strategically located in North China's Hebei Province, an area with high industrial activity and paper product consumption.

IT Tech Packaging (ITP) reported a 36.1% decline in revenues for Q1 2022, totaling approximately $15.48 million, down from $24.21 million in Q1 2021. The decrease was primarily due to reduced sales of regular and lightweight corrugating medium paper. Gross profit fell 83.0% to approximately $0.31 million, with a gross margin of 2.0%. The company recorded a net loss of $2.49 million, an improvement from $4.34 million loss a year prior. However, operating loss surged 308.2% to $2.96 million. EBITDA showed a significant recovery to $1.20 million.

IT Tech Packaging, Inc. (ITP) reported robust fiscal year 2021 results, achieving approximately $160.88 million in revenue, marking a 59% year-over-year increase. The company's gross profit surged 93% to about $11.02 million. For Q4 2021, revenues rose 38.7% to $45.05 million, with a gross profit of $4.34 million, up 481.8%. Notably, the company reduced SG&A expenses by 14.3%. Despite challenges in tissue paper and offset printing paper sales, IT Tech Packaging's operational metrics reflect significant improvement, paving the way for future growth.

IT Tech Packaging (NYSE American: ITP) will announce its fourth quarter and fiscal year 2021 financial results on March 15, 2022, before market opening. The company will also file its annual report on Form 10-K for the fiscal year ended December 31, 2021. A conference call to discuss the results is scheduled for the same day at 8:30 AM ET. Investors can register for the call here, and a playback will be available until March 23, 2022. IT Tech Packaging specializes in manufacturing diversified paper products in North China.

IT Tech Packaging, Inc. (NYSE American: ITP) shares a letter from its Chairman discussing 2021 business achievements and future strategies. The company began surgical mask production with an expected annual capacity of 38 million pieces and a gross profit margin of 35%. A Biomass CHP Project has also commenced, promising significant revenue from industrial gas supply. The upcoming "Plastic Ban" in China is anticipated to boost demand for paper products, as the market for non-degradable substitutes expands. ITP is committed to optimizing production and enhancing brand recognition in 2022.

IT Tech Packaging, Inc. (NYSE American: ITP) has officially commenced production of surgical masks, following a successful trial period. The production aims to meet the rising demand due to the ongoing COVID-19 pandemic, with an expected annual capacity of 38 million masks and a projected gross profit margin of 35%. The masks comply with China's pharmaceutical standards and are being sold to local industries, while also gaining bidding qualifications from hospitals and pharmaceutical companies. Demand for medical masks in Asia-Pacific is anticipated to grow at a CAGR of 9.42% through 2026.

IT Tech Packaging, Inc. (NYSE American: ITP) held its 2021 Annual General Meeting on November 12, 2021, at its production base in Wei County, Hebei Province, China. Shareholders elected Marco Ku Hon Wai and Wenbing Christopher Wang as Class I directors until the 2023 Annual Meeting. Additionally, the appointment of WWC, P.C. as the independent registered public accounting firm for the fiscal year ending December 31, 2021, was ratified. The meeting also resulted in the approval of the 2021 Omnibus Equity Incentive Plan.

IT Tech Packaging, Inc. (ITP) reported Q3 2021 revenue of $45.09 million, a 35.2% increase from $33.36 million in Q3 2020. Gross profit fell by 29.1% to $1.82 million, with a gross margin of 4.04%. The company achieved a net income of $1.54 million, a significant turnaround from a loss of $0.52 million a year ago. EBITDA increased by 49.01% to $5.32 million. For the first nine months of 2021, revenues rose 69.19% to $115.83 million. Despite challenges from market factors and operational costs, the CEO expressed optimism for future performance, citing improved pricing dynamics.