China New Borun Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported revenues of RMB 450,692,059 against RMB 625,731,081 a year ago. Income from operations was RMB 36,232,476 against RMB 78,777,323 a year ago. Income before income taxes was RMB 17,004,844 against RMB 52,422,130 a year ago. Net income was RMB 12,753,633 or RMB 0.50 per basic and diluted share against RMB 39,316,597 or RMB 1.53 per basic and diluted share a year ago. For the first quarter of 2014, total revenue increased by 38.8% year-over-year to RMB 625.7 million from RMB 450.7 million in the same period of 2013. The increase in total revenue was mainly attributable to higher sales volumes for all of products.

The Company estimates that its revenue for the second quarter of 2014 will be in the range of RMB 640 million to RMB 670 million, an increase of approximately 1.8% to 6.6% over the same quarter of 2013.