China New Borun Corporation announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported revenues of RMB 610,013,951 against RMB 657,782,689 a year ago, the decrease in revenue was mainly due to the decrease in the average selling price and lower sales volume in edible alcohol and its by-products. Operating income was RMB 44,345,290 against RMB 65,562,604 a year ago, primarily due to lower gross profit earned. Income before income taxes was RMB 17,430,439 against RMB 40,613,396 a year ago. Net income was RMB 13,072,830 against RMB 30,457,043 a year ago. Basic and diluted earnings per share were RMB 0.51 against RMB 1.18 a year ago.

For the year, the company reported revenues of RMB 2,433,820,369 against RMB 2,254,970,152 a year ago. Operating income was RMB 212,136,582 against RMB 198,934,724 a year ago. Income before income taxes was RMB 105,614,198 against RMB 106,678,342 a year ago. Net income was RMB 79,210,649 against RMB 79,528,309 a year ago. Basic and diluted earnings per share were RMB 3.08 against RMB 3.09 a year ago.

The company estimates that its revenue for the first quarter of 2015 will be in the range of RMB 510 million to RMB 550 million, a decrease of approximately 18.5% to a decrease of 12.1% over the same quarter of 2014.