China Sunergy Co. Ltd. announced unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the first quarter of 2014, total revenue was USD 62.7 million, an increase of 1.6% from USD 61.7 million in the first quarter of 2013, and a decrease of 50.0% from USD 125.5 million in the fourth quarter of 2013. Revenue from the Company's self-brand modules and cells business, accounting for 91.7% of the total revenue, was USD 57.5 million, and, revenue from the modules and cells processed under OEM arrangements, accounting for 8.3%, was USD 5.2 million. Loss from operations was USD 7.8 million in the first quarter of 2014, compared with USD 15.0 million in the first quarter of 2013, and USD 7.3 million in the fourth quarter of 2013. Correspondingly, net loss attributable to ordinary shareholders was USD 14.7 million in the first quarter of 2014. Loss before income tax was USD 14,613,000 against 22,469,000 a year ago. Net loss attributable to ordinary shareholders per ADC was USD 0.99 against USD 1.71 a year ago. Non-GAAP Net loss attributable to ordinary shareholders was USD 14,550,000 or USD 0.98 per diluted share against USD 22,343,000 or USD 1.67 per diluted share a year ago. Non-GAAP gross profits totaled USD 2.9 million and non-GAAP gross margin of 4.6% for the quarter. Total OpEx decreased by USD 5.1 million year-over-year to USD 10.1 million. Operating cash outflow was USD 35.1 million compared with USD 41.7 million in the same period last year, and 3 point -- and USD 6.3 million in the previous quarter. CapEx was USD 6.3 million, a decrease from USD 18.7 million USD 9.6 million from the same period of last year and the previous quarter.

The company remains committed in executing its key initiatives for 2014 and further lowering the cost structure. The company sees solid progress in its efforts to upgrade its OEM customer base, integrate its supply chains, enhance its manufacturing processes, and obtain additional overseas financing. The company anticipates that these efforts will significantly lower costs and drive meaningful improvements to profitability in the second half of 2014.

The company estimates that the total shipment for the second quarter of 2014 will range from 150MW to 160MW, including 40MW to 50MW of cell and module shipments under OEM arrangements. Gross margin for the second quarter of 2014 is expected to remain stable from that of the first quarter of 2014.