![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Monday, September 26, 2011 8:58:14 AM
BAODING, Hebei, China, Sept. 26, 2011 /PRNewswire-Asia/ -- Orient Paper, Inc. (AMEX:ONP - News) ("Orient Paper" or the "Company"), a leading manufacturer and distributor of diversified paper products in northern China, today announced that the Company's registered independent public accounting firm, BDO Limited ("BDO"), a Hong Kong member of BDO International Ltd., has completed the re-audit of Orient Paper's 2008 financial statements that were originally audited by Davis Accounting Group P.C.. The reissued financial statements, including the report of BDO, will be filed with the Securities and Exchange Commission on September 26, 2011.
As previously announced, the Company learned earlier in 2011 that the licenses of Davis Accounting Group P.C. and its principal Mr. Edwin Reese Davis Jr. (collectively, "Davis") had lapsed on September 30, 2008. During the time when Davis was retained by the Company, the Company had no knowledge that Davis's license in Utah had lapsed, and Davis represented that it was in good standing. Since Davis's license had lapsed at the time it issued its opinion regarding the Company's financial results for the fiscal year ended December 31, 2008, those results are not considered to be audited. Accordingly, the Company engaged BDO for the re-audit of its financial statements for the fiscal year ended December 31, 2008. The re-audit of FY 2008 financial results resulted in the following adjustments:
Changes were made to the cash flow statement to incorporate the correct method for translating cash flow activities and calculate the effect of currency exchange rate changes on cash and cash equivalents. Such change does not affect the Company's cash balances at the end of FY 2008.
A FY 2008 stock compensation expense of $0.5 million was reclassified from an item of other comprehensive income to general and administrative expenses.
As a result of the change in recognition of the $0.5 million stock compensation expense and a recalculation of weighted average number of shares, the basic and diluted earnings per share for the twelve months ended December 31, 2008 declined by 4.9%, from $0.81 per share to $0.77. The Company believes such change in FY 2008 earnings per share is immaterial.
Notwithstanding the $0.5 million reclassification, the re-audit of FY 2008 does not change the total comprehensive income for that year. None of the changes as a result of the 2008 re-audit affects the audited financial statements of FY 2009, which were audited by BDO and filed with the Securities and Exchange Commission on Form 10-K on March 29, 2010.
Orient Paper will file the Form 10-K/A for the fiscal year ended December 31, 2009 on September 26, 2011.
About Orient Paper, Inc.
Orient Paper, Inc., through its wholly owned subsidiary, Shengde Holdings, Inc., controls and operates Baoding Shengde Paper Co., Ltd. ("Baoding Shengde"), and Hebei Baoding Orient Paper Milling Co., Ltd ("HBOP"). Founded in 1996, HBOP is engaged in the production and distribution of products such as corrugating medium paper, offset printing paper, and other paper and packaging-related products in China. The Company uses recycled paper as its primary raw material. Baoding Shengde, founded in June 2009 located in Baoding, is engaged in the production and distribution of digital photo paper. As one of the largest paper producers in Hebei Province, China, HBOP is strategically located in Baoding, a city in close proximity to Beijing where the majority of publishing houses are based. Orient Paper is led by an experienced management team committed to diversifying the Company's product offering and delivering tailored services to its customers. For more information, please visit http://www.orientpaperinc.com.
http://finance.yahoo.com/news/Orient-Paper-Announces-prnews-666733326.html?x=0&.v=1
Recent ITP News
- Form 8-K - Current report • Edgar (US Regulatory) • 05/13/2024 08:30:18 PM
- IT Tech Packaging, Inc. Announces First Quarter 2024 Unaudited Financial Results • PR Newswire (US) • 05/11/2024 02:22:00 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/10/2024 09:16:40 PM
- IT Tech Packaging, Inc. Announces Fourth Quarter and Fiscal Year 2023 Financial Results • PR Newswire (US) • 03/27/2024 08:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/04/2024 10:22:30 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/13/2023 11:06:17 AM
- IT Tech Packaging, Inc. Announces third Quarter 2023 Unaudited Financial Results • PR Newswire (US) • 11/09/2023 08:40:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/01/2023 10:05:29 AM
- IT Tech Packaging, Inc. Announces Results of 2023 Annual General Meeting of Stockholders • PR Newswire (US) • 11/01/2023 12:40:00 AM
- IT Tech Packaging, Inc. to Hold Annual Meeting of Stockholders on October 31, 2023 • PR Newswire (US) • 09/07/2023 01:30:00 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 09/07/2023 01:18:16 PM
- Form PRE 14A - Other preliminary proxy statements • Edgar (US Regulatory) • 08/24/2023 11:00:02 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/10/2023 08:31:20 PM
- IT Tech Packaging, Inc. Announces Second Quarter 2023 Unaudited Financial Results • PR Newswire (US) • 08/10/2023 08:30:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/10/2023 08:15:54 PM
FEATURED Freedom Holdings Corporate Update; Announces Management Has Signed Letter of Intent • Jul 3, 2024 9:00 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM
BNCM and DELEX Healthcare Group Announce Strategic Merger to Drive Expansion and Growth • BNCM • Jul 2, 2024 7:19 AM
NUBURU Announces Upcoming TV Interview Featuring CEO Brian Knaley on Fox Business, Bloomberg TV, and Newsmax TV as Sponsored Programming • BURU • Jul 1, 2024 1:57 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM
VAYK Exited Caribbean Investments for $320,000 Profit • VAYK • Jun 27, 2024 9:00 AM