China New Borun Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company's revenues were RMB 668,887,775 compared to RMB 628,493,979 a year ago. Operating income was RMB 55,301,089 compared to RMB 59,982,980 a year ago. Income before income taxes was RMB 27,969,819 compared to RMB 34,659,730 a year ago. Net income was RMB 20,977,364 or RMB 0.82 per basic and diluted share against RMB 25,517,355 or RMB 0.99 per basic and diluted share a year ago. Cash flows provided by operating activities were RMB 77.3 million ($12.6 million), compared with operating cash outflow of $148.1 million in the second quarter of 2013. The decrease in operating income is primarily due to lower gross profit earned. The increase in revenue was mainly attributable to higher sales volume of edible alcohol, partially offset by lower average selling prices, as well as incremental revenue contribution from the company's CPE and foam insulation businesses that were introduced in the fourth quarter of 2013.

For the six months, the company's revenues were RMB 1,294,618,856 compared to RMB 1,079,186,038 a year ago. Operating income was RMB 134,078,412 compared to RMB 96,215,456 a year ago. Income before income taxes was RMB 80,391,949 compared to RMB 51,664,574 a year ago. Net income was RMB 60,293,961 or RMB 2.34 per basic and diluted share against RMB 38,270,988 or RMB 1.49 per basic and diluted share a year ago.

For the third quarter, the company estimates that its revenue will be in the range of RMB 520 million ($84.5 million) to RMB 540 million ($87.8 million), an increase of approximately 0.4% to 4.2% over the same quarter of 2013.