Hanfeng Evergreen Inc. announced earnings results for the first quarter ended September 30, 2013. For the period, sales decreased to CAD 3.0 million from CAD 35.9 million in the first quarter of fiscal 2013. The decrease in sales is due primarily to no production and sales from its Heilongjiang facility in China during first quarter of 2014 as a result of a shift in the seasonal low time frame, maintenance shut downs, and uncertainty surrounding the completion of the Privatization Proposal.

Jiangsu contributed a relatively small amount of sales due to seasonal trends and reduced production capacity. Adjusted EBITDA decreased during the quarter to negative CAD 5.1 million compared to CAD 3.3 million during first quarter of fiscal 2013. The main reason for the decrease was reduced sales volumes during first quarter of fiscal 2014.

Net loss for first quarter of fiscal 2014 was CAD 13.0 million, or CAD 0.22 per share compared to net income of 1.4 million, or CAD 0.02 per share during first quarter of fiscal 2013. Adjusting for non-cash items, non-IFRS loss per share was CAD 0.06 in first quarter of fiscal 2014 against income per share of CAD 0.03 in first quarter of fiscal 2013.