China New Borun Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2011. For the quarter, the company reported revenues of RMB 762,037,367 against RMB 475,004,064 a year ago. Operating income was RMB 104,868,484 against RMB 100,144,068 a year ago. Income before income taxes was RMB 96,225,646 against RMB 93,634,504 a year ago. Net income attributable to ordinary shareholders was RMB 72,149,146 or RMB 2.80 per basic and diluted share against RMB 69,636,872 or RMB 2.71 per basic and diluted share a year ago. Operating income increased by 4.7%, driven by the company's strong revenue growth and offset by increased cost of goods sold. Cash flows provided by operating activities for the quarter ended December 31, 2011 were approximately RMB 82.4 million ($13.1 million), reflecting the company's strong net income and receivables collection during the quarter, partly offset by the deposits paid to local granaries for corn sourcing arrangements. For the year, the company reported revenues of RMB 2,685,223,409 against RMB 1,713,924,878 a year ago. Operating income was RMB 451,102,011 against RMB 359,905,669 a year ago. Income before income taxes was RMB 418,189,154 against RMB 347,689,069 a year ago. Net income attributable to ordinary shareholders was RMB 312,994,474 or RMB 12.17 per basic and diluted share against RMB 231,679,709 or RMB 11.07 per basic and diluted share a year ago. The company estimates that its revenue for the first quarter of 2012 will be in the range of RMB 680.0 million ($107.9 million) to RMB 705.0 million ($111.9 million), an increase of approximately 18.9% to 23.3% over the same quarter in 2011. This forecast reflects the company's current and preliminary view, which is subject to change.