IT Tech Packaging, Inc. (ITP), a global producer and distributor of distinctive paper products in North China, announced that the Company has officially obtained compliance for surgical mask products from the local Food and Drug Administration (FDA) in China Hebei province. ITP stock price increased significantly adjacent to the news.
IT Tech Packaging Inc. (ITP) shares were rising 13.52% to trade at $0.52. Shares of the company fluctuated between $0.45 and $0.47 throughout the day. ITP shares have fallen by -4.63% over the last 12 months, and they have moved down by -0.84% in the past week. Moreover, the stock is currently trading at an RSI of 36.89.
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First Quarter unaudited financial results
Revenue saw an increment of 176.9% to $24.21 million, primarily due to a higher sale volume of CMP and offset printing paper, as well as an increment in Average Selling Prices of CMP and tissue paper products.
Gross profit was $1.83 million, in comparison to a gross loss of $0.17 million for the same quarter of the prior year. Gross margin was 7.5%, versus a gross loss margin of 1.9% for the same period of the previous year.
Loss from operations was $0.72 million, in comparison to a loss from operations of $2.87 million for the same quarter of the previous year
Net loss was $4.34 million, or loss per share of $0.12, from a net loss of $2.44 million, or loss per share of $0.11, for the same period of the prior year.
Earnings before interest, taxes, depreciation, and amortization was negative $0.07 million, in comparison to $1.04 million for the same first quarter of the previous year.
Net accounts receivable was $5.21 million as of March 31, 2021, versus $2.39 million in the previous quarter. Net inventory was $7.43 million as of March 31, 2021, in comparison to $1.23 million the prior quarter.
As of March 31, 2021, ITP had current assets worth $61.14 million and current liabilities of $20.21 million, producing working capital of $40.93 million, in comparison to current assets worth $14.91 million and current liabilities of $18.34 million, generating working capital deficit of $3.43 million in the previous quarter.
Approval for surgical masks products by FDA combined with a strong financial report has induced investors in interest substantially with ITP stock price rising immensely.