Business News

Orient Paper Inc. Provides Fourth Quarter Fiscal Year 2010 Guidance

Wednesday 17. November 2010 - Orient Paper, Inc. (AMEX: ONP) ("Orient Paper" or the "Company"), a leading manufacturer and distributor of diversified paper products in Hebei, China, today provided updated financial guidance for the fourth quarter of fiscal year 2010

Based on Orient Paper’s operating results in October, 2010, the Company expects to generate revenues of approximately $33.0 million and adjusted net income of at least $5.0 million in the fourth quarter of fiscal year 2010.
“We expect the new boilers to be placed in service in the fourth quarter after the installation and government inspection are complete. Due to increasing demands in the market and the tight paper product supplies as a result of government-mandated regional paper mill closures, average selling prices for paper products in the domestic market have risen in the last few months. We feel confident that our sales in the fourth quarter of 2010 will bounce back to a much higher level as compared to the third quarter of 2010. We believe this market trend will continue into 2011 and expect our new 360,000 tons per annum corrugating medium paper production line, which is scheduled to be launched in the first quarter of 2011, to more than double our corrugating medium paper capacity to meet the future market opportunities,” stated Mr. Zhenyong Liu, Chief Executive Officer of Orient Paper, Inc.