Net income decreased by $1.7 million, or 50%, to $1.7 million for the 3Q 2015 from $3.4 million for the same period of last year. Basic and diluted earnings per share for the 3Q 2015 were $0.08, compared to $0.18 for same period of last year.
Earnings before interest, taxes, depreciation and amortization ("EBITDA") increased by $0.8 million, or 11.7%, to $7.8 million for the 3Q 2015 from $7.0 million for the same period of last year.
Mr. Zhenyong Liu, Chairman and CEO of Orient Paper, commented, "The change in our 3Q revenue largely reflected the negative impact of the temporary production suspension from August 20 to September 4, 2015 mandated by the Baoding City government in connection with the International Association of Athletics Federations World Championship Games and the military parade commemorating the 70th anniversary of the end of World War II held in Beijing. Production of affected production lines was resumed on September 5, 2015 and has returned to its normal levels."
For the nine months ended September 30, 2015, total revenue decreased by $4.1 million, or 4%, to $100.2 million from $104.3 million for the same period of last year.
Net income decreased by $0.1 million, or 1%, to $9.4 million for the nine months ended September 30, 2015 from $9.5 million for the same period of last year. Basic and diluted earnings per share for the nine months ended September 30, 2015 were $0.46, compared to $0.50 for same period of last year.
EBITDA increased by $5.4 million, or 27.1%, to $25.1 million for the nine months ended September 30, 2015 from $19.8 million for the same period of last year.
Orient Paper, Inc. is a leading paper manufacturer in North China. Using recycled paper as its primary raw material (with the exception of its digital paper and tissue paper products), Orient Paper produces and distributes three categories of paper products: corrugating medium paper, offset printing paper, and other paper products, including digital photo paper and tissue paper products.
