Welcome to our dedicated page for It Tech Packaging news (Ticker: ITP), a resource for investors and traders seeking the latest updates and insights on It Tech Packaging stock.
IT Tech Packaging, Inc. (NYSE American: ITP) is a manufacturer and distributor of diversified paper products in North China, with production based in Baoding and Xingtai in Hebei Province. Company news releases and SEC-referenced announcements focus on its corrugating medium paper (regular and light-weight), offset printing paper, tissue paper products, and, in some periods, single-use face masks.
News about IT Tech Packaging often covers unaudited quarterly financial results, where the company reports revenue, gross profit, operating income or loss, net income or loss, and EBITDA, along with detailed breakdowns by product category and explanations related to sales volumes, average selling prices, production suspensions, and unit material costs. These updates provide insight into how corrugating medium paper and other product lines contribute to overall performance.
Another recurring theme in ITP’s news flow is corporate governance and stockholder meetings. The company issues announcements about its annual general meetings of stockholders, including the filing of definitive proxy statements, meeting dates and locations in Wei County, Hebei Province, and the proposals to be voted on. These proposals have included the election of directors, ratification of the independent registered public accounting firm, advisory votes on executive compensation, and approval of an omnibus equity incentive plan.
IT Tech Packaging also publishes capital markets updates, such as the pricing of public offerings of common stock under an effective shelf registration statement, and occasional notices related to trading activity in its shares on the NYSE American, including responses to unusual market action where the company states whether there have been undisclosed material developments.
For investors and observers following ITP, this news page aggregates these categories of information in one place, making it easier to review financial performance disclosures, governance developments, and capital markets activities associated with IT Tech Packaging, Inc.
IT Tech Packaging, Inc. (NYSE American: ITP) reported unaudited financial results for Q2 and H1 2022, showing significant revenue declines. Q2 revenues fell 31.7% to $31.79 million, driven by decreased sales in corrugated medium paper and tissue products. Gross profit plummeted 79.1% to $0.63 million, with a gross margin of 2.0%. Operating loss was $1.24 million compared to a profit of $0.43 million last year. Net loss narrowed to $0.29 million from $0.45 million. EBITDA decreased to $3.55 million, down 60.7%. The company maintained a positive outlook despite challenges from the COVID-19 pandemic.
IT Tech Packaging, Inc. (NYSE American: ITP) announced that its 1-for-10 reverse stock split took effect on July 7, 2022, at 5:00 PM EST. This split reduces the authorized shares from 500 million to 50 million and proportionately adjusts the outstanding shares. Shareholders will automatically have their share counts adjusted in their brokerage accounts, and no fractional shares will be issued. Founded in 1996, IT Tech Packaging manufactures diversified paper products in North China and has been listed on NYSE American since December 2009.
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.
FAQ
What is the current stock price of It Tech Packaging (ITP)?
What is the market cap of It Tech Packaging (ITP)?
