Jinpan International Limited (NASDAQ:JST)

• Net sales for the third quarter were RMB462.6 million (US$72.7 million), a 22.3% increase from RMB 378.3 million (US$59.5 million) in the same period last year.
• Net income for the third quarter decreased 25% to RMB19.6 million (US$3.1 million), or RMB1.21 (US$0.19) per diluted share, compared to RMB26.1 million (US$4.1 million), or RMB1.61 (US$0.25) per diluted share, in the same period last year.  Third quarter net income, as a percentage of net sales, was 4.2% compared to 6.9% in the same period last year.

Mr. Zhiyuan Li, Chairman of the Board, Chief Executive Officer and President of the Company, stated, "Our third quarter sales of RMB 462.6 million (US$72.7 million) exceeded our expectations. The strong sales performance reflects the results of our concerted effort to increase sales volume to offset margin pressure within the industry.  This strategy is enabled by the increased production capacity and competitive cost structure of our Guilin production facility." 

"During the third quarter we experienced the same positive dynamics that we have seen over the past several quarters. Our product sales continued to diversify, driven by a strong increase in sales of switchgear and unit substations.  Sales to our OEM customers increased as our newest OEM, a leading global wind turbine manufacturer, ramped up shipments during the quarter." 

"While our gross margins improved from the second quarter, we continued to experience margin pressure due to rising competition and product mix. We remained focused on managing our working capital and our days sales outstanding."   

"We operate in a cyclical industry closely tied to China's economic environment, which is experiencing decelerating growth.  We are focused on navigating the current industry down-cycle through disciplined execution and fiscal conservatism, with a vision to enter the recovery period in a more dominant competitive position within the market."

"At the end of October 2015, our backlog equaled RMB888 million (US$140 million), up 10.2% from the end of September last year and down 5.2% from the second quarter of 2015." 

Financial Outlook

For the full year 2015, the Company projects revenue growth of approximately 15-20% compared to 2014.  Net sales are expected to be approximately RMB1.70 billion to RMB1.76 billion (US$267 million to US$277 million). Net income is expected to be in a range of approximately RMB89 million to RMB92.2 million (US$14 million to US$14.5 million).  Earnings per share are expected to be RMB5.48 to RMB5.68 (US$0.86 to US$0.89) per share. This earnings guidance excludes expenses associated with the proposed going private transaction.

CARLSTADT, N.J., Oct. 7, 2015 /PRNewswire/ -- Jinpan International Limited (Nasdaq: JST), a leading designer, manufacturer, and distributor of cast resin transformers, today announced that the special committee ("Special Committee") of the Company's Board of Directors has retained Duff & Phelps, LLC as its independent financial advisor, and Gibson, Dunn & Crutcher LLP as its independent legal counsel.

As previously announced, the Company's Board of Directors formed the Special Committee to review and evaluate the preliminary, non-binding proposal letter dated September 15, 2015 from Zhiyuan Li, the Company's Chairman of the Board of Directors, President, and Chief Executive Officer and Forebright Smart Connection Technology Limited (collectively, with Mr. Li, the "Buyer Parties"), to acquire all of the outstanding common shares of the Company not currently owned by the Buyer Parties in a going private transaction.

The Board of Directors cautions the Company's shareholders and others considering trading in its securities that no decisions have been made by the Special Committee with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.  The Company does not undertake any obligation to provide any updates with respect to the proposed transaction, except as required under applicable law.

CARLSTADT, N.J., Sept. 29, 2015 /PRNewswire/ -- Jinpan International Limited (Nasdaq: JST), a leading designer, manufacturer, and distributor of cast resin transformers, today announced that its Board of Directors has established a special committee (the "Independent Committee") to consider the preliminary, non-binding proposal letter dated September 15, 2015 from Zhiyuan Li, the Company's Chairman of the Board of Directors, President, and Chief Executive Officer and Forebright Smart Connection Technology Limited (collectively, with Mr. Li, the "Buyer Parties"), to acquire all of the outstanding common shares of the Company not currently owned by the Buyer Parties in a going private transaction.

The Independent Committee is composed of Dr. Li-Wen Zhang, Dr. Xu Cai and Ms. Jing Zhang, each of whom are independent directors of the Company.  The Board of Directors appointed Dr. Li-Wen Zhang as the Chairperson of the Independent Committee.  The Independent Committee is in the process of engaging a financial advisor and legal counsel to assist it in its work.

The Board of Directors cautions the Company's shareholders and others considering trading in its securities that no decisions have been made by the Independent Committee with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.  The Company does not undertake any obligation to provide any updates with respect to the proposed transaction, except as required under applicable law.

CARLSTADT, N.J., Sept. 15, 2015 /PRNewswire/ -- Jinpan International Limited (Nasdaq: JST), a leading designer, manufacturer, and distributor of cast resin transformers, today announced that its Board of Directors has received a preliminary, non-binding proposal letter dated September 15, 2015 from Li Zhiyuan, the Company's Chairman of the Board of Directors, President, and Chief Executive Officer, and Forebright Smart Connection Technology Limited  (collectively, with Mr. Li, the "Buyer Group"), to acquire all of the outstanding common shares of the Company not currently owned by the Buyer Group in a going private transaction for$4.50 per common share, subject to certain conditions.

According to the proposal letter, an acquisition vehicle will be formed for the purpose of implementing the acquisition, and the acquisition is intended to be financed through a combination of debt and equity capital. Please refer to the enclosed Exhibit A for a copy of the proposal letter.

The Company expects that its Board of Directors will form a special committee consisting of independent directors (the "Independent Committee") to consider this proposal. The Company also expects that the Independent Committee will retain a financial advisor and legal counsel to assist it in its work. The Company cautions its shareholders and others considering trading in its securities that the Board just received the preliminary, non-binding proposal and no decision has been made with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.

• Net sales for the second quarter were RMB483.8 million (US$79.1 million), a 20.2% increase from RMB 402.5 million (US$65.8 million) in the same period last year. 
• Net income for the second quarter increased 6.5% to RMB34.5 million (US$5.6 million), or RMB2.06(US$0.34) per diluted share, compared to RMB32.4 million (US$5.3 million), or RMB1.95 (US$0.32) per diluted share, in the same period last year.  Second quarter net income, as a percentage of net sales, was 7.1% compared to 8.0% in the same period last year.

Mr. Zhiyuan Li, Chief Executive Officer of Jinpan International, stated, "Our second quarter sales ofRMB 438.8 million (US$79.1 million) exceeded our expectations and represented a historical quarterly record.  The strong sales performance reflects the results of our concerted effort to increase sales volume to offset margin pressure within the industry.  This strategy is enabled by the increased production capacity and competitive cost structure of our Guilin production facility." 

"During the second quarter we experienced many of the same positive dynamics that we have seen over the past several quarters. Our product sales continued to diversify, driven by a strong increase in sales of switchgear and unit substations.  Sales to our OEM customers increased as our newest OEM, a leading global wind turbine manufacturer, ramped up shipments during the quarter." 

"While our gross margins improved from the first quarter, we continued to experience margin pressure due to rising materials cost and product mix. Foreign currency exchange rates also negatively impacted our earnings due to fluctuations in the valuation of the Euro during the quarter. We remained focused on managing our working capital and our days sales outstanding demonstrated a slight improvement."   

"Jinpan operates in a cyclical industry closely tied to China's economic environment, which is experiencing decelerating growth.  We are focused on navigating the current industry down-cycle through disciplined execution and fiscal conservatism, with a vision to enter the recovery period in a more dominant competitive position within the market."

"At the end of June 2015, our backlog equaled RMB937 million (US$153 million), up 28.6% from the same period last year and up 7.5% from the first quarter of 2015." 

Financial Outlook

For the full year 2015, the Company projects revenue growth of approximately 9-12% compared to 2014.  Net sales are expected to be approximately RMB1.60 billion to RMB1.65 billion (US$261 million to US$270 million). Net income is expected to be in a range of approximately RMB93.8 million to RMB96.6 million (US$15.3 million to US$15.8 million).  Earnings per share are expected to beRMB5.64 to RMB5.80 (US$0.92 to US$0.95) per share.

CARLSTADT, N.J., May 21, 2015 /PRNewswire/ -- Jinpan International Limited (Nasdaq: JST), a leading designer, manufacturer, and distributor of cast resin transformers, today announced that its cash dividend for 2015, in the amount of $0.03 per common share, will be payable on June 12, 2015 to shareholders of record as of June 1, 2015.

Future declarations of dividends are subject to Board approval and may be adjusted as business needs or market conditions change

First Quarter 2015 Financial Results 

• Net sales for the first quarter were RMB357.0 million (US$58.1 million), a 41.1% increase from RMB 253.0 million (US$41.3 million) in the same period last year.
• Net income for the first quarter decreased 1.4% to RMB9.2 million (US$1.5 million), or RMB0.55 (US$0.09) per diluted share, compared to RMB9.3 million (US$1.5 million), or RMB0.56 (US$0.09) per diluted share, in the same period last year. First quarter net income, as a percentage of net sales, was 2.6% compared to 3.7% in the same period last year.

Mr. Zhiyuan Li, Chief Executive Officer of Jinpan International, stated, "Our 1Q15 results reflect well balanced revenue growth across our product lines and our markets, which drove abnormally strong sales during our typically weakest quarter. We also remained focused on managing our working capital and collecting our accounts receivable. I applaud the entire Jinpan team for their hard work and dedication to achieve these results during the holiday quarter."

"We continue to face a challenging environment within the Chinese market, marked by increasing material costs and pricing pressure which impacted margins. We are addressing this margin pressure by attempts to drive increased sales volume, reflected by the strong sales during the first quarter, as well as through targeted price increases to pass through the rising materials costs on our more recent orders. Additionally, visibility into demand for the second half of 2015 remains limited and we continue to adhere to our cautious approach."

"Our first quarter results reflect continued diversification of our business, by product line and by market. In particular, our sales of integrated products, such as switchgear and substations, increased by more than 60% and now represent more than 25% of our total sales. These products typically carry higher sales prices and provide access to larger, albeit more competitive and therefore lower margin, end markets. We are pleased with our progress with these product lines and expect this trend to continue."

"Our OEM business was a highlight during the quarter, with first quarter revenue more than doubling from the same period last year. This strength was driven by a recovery in shipments to our largest OEM customer and a ramp-up of shipments to our newest OEM customer. Sales forecasts from our OEM partners suggest continued strength during the second quarter, but are less certain for the second half of the year."

"At the end of March 2015, our backlog equaled RMB 872 million (US$142 million), up 20.3% from the same period last year and up 19.3% from the fourth quarter of 2014."

Financial Outlook

For the full year 2015, the Company projects revenue growth of approximately 7-10% compared to 2014. Net sales are expected to be approximately RMB1.57 billion to RMB1.62 billion (US$258 million to US$265 million). Net income is expected to be in a range of approximately RMB90.0 million to RMB94.8 million (US$14.7 million to US$15.5 million). Earnings per share are expected to be RMB5.42 to RMB5.70 (US$0.88 to US$0.93) per share.

Year to date, our sales and orders are tracking slightly ahead of our expectations. However, the margin pressure has been more intense than expected. While we are taking steps to mitigate the impact, it will take several months for this margin recovery to be reflected in our financial results.

CARLSTADT, N.J., March 31, 2015 /PRNewswire/ -- Jinpan International Limited (JST), a leading designer, manufacturer, and distributor of cast resin transformers, today announced that its Board of Directors has adopted a resolution to pay a dividend of $0.03 per common share during 2015.  The $0.03 dividend will be paid in the second quarter and Company will set and announce the distribution and record date for the dividend during the second quarter.

Mr. Zhiyuan Li, Chief Executive Officer of Jinpan, commented, "We continue to experience uncertainty within our end-markets in China. In anticipation of this market volatility, the Company is taking measures to control costs and preserve cash in the near-term. After much deliberation, the Board decided to reduce our dividend until we have visibility into an improvement in market conditions."

Future declarations of dividends are subject to Board approval and may be adjusted as business needs or market conditions change.

Fourth Quarter 2014 Financial Results

• Net sales for the fourth quarter were $72.2 million, a 14.4% increase from $63.1 million in the same period last year.
• Net income for the fourth quarter increased 9.1% to $4.4 million, or $0.27 per diluted share, compared to $4.1 million, or $0.24 per diluted share, in the same period last year.

Mr. Zhiyuan Li, Chief Executive Officer of Jinpan International, stated, "Our 2014 results reflect another year of record sales despite facing a challenging economic environment characterized by uncertainty and a lack of visibility within the Chinese market. Importantly, the year was marked by positive progress with the execution of several of our strategic initiatives."

"Our product diversification was a major highlight during the year, as our additional manufacturing capacity in Guilin provided us with flexibility to increase our production of switchgear and unit substations. These products are integrated systems, incorporating our transformers as well as other components, and carry higher sales prices and provide access to larger addressable markets. While these products typically generate lower gross margins, this impact is largely offset by lower selling expenses. We are very pleased with our success with these product categories and expect continued growth and diversification this year."

"We remained active with our OEM customers during the year. Although 2014 OEM sales declined slightly, we expect a strong rebound during 2015 drive by an increase in sales to our largest OEM customer and a ramp up in sales to our newest OEM customer within the wind power markets."

"We generated strong cash flow during the year, enabling us to strengthen our balance sheet. Cash flow from operations increased to$20.7 million during 2014, a 44.1% increase from $14.3 million during the prior year. This cash flow enabled Jinpan to return to a positive net cash position at year-end."

"China's economic environment remains challenging, particularly within our core cast resin transformer markets, where we are faced with slowing growth and pricing pressure. While we are pleased with our successful expansion into the larger switchgear and unit substation markets, the market is nonetheless volatile. As such, we are approaching 2015 with a disciplined focus on prudent sales growth, cost control, and margin preservation."

"At the end of December 2014, our backlog equaled $119 million, up 19.0% from the same period last year and down 6.3% from the third quarter of 2014."

Financial Outlook

For the full year 2015, the Company projects revenue growth of approximately 3% compared to 2014. Net sales are expected to be approximately $248 million. Net income is expected to be approximately $15.5 million, or $0.93 per share, flat with the prior year. We expect continued growth in sales of our integrated products and sales into the OEM channel to offset slight volume declines and pricing pressure within the cast resin transformer market. Due to the uncertainty within the Chinese economy, we are opting to take a conservative view until visibility improves.

• Net sales for the third quarter were $61.8 million, a 10.2% decrease from $68.7 million in the same period last year.
• Net income for the third quarter decreased 38.8% to $4.3 million, or $0.26 per diluted share, compared to $7.0 million, or $0.42 per diluted share, in the same period last year.  Third quarter net income, as a percentage of net sales, was 6.9% compared to 10.1% in the same period last year.

Mr. Zhiyuan Li, Chief Executive Officer of Jinpan International, stated, "Our third quarter results reflect economic uncertainty within China's economy which caused delays in some of our customers' projects and impacted our shipments during the third quarter.  Sales to our OEM customers also declined during the quarter, reflecting lumpy shipment patterns to our largest wind energy customer." 

"From a product standpoint, our sales continued to diversify.  Sales of our cast resin transformers were impacted most heavily by the customer project delays, while sales of our VPI transformers and reactors increased year-over-year.  Sales of switchgear and unit substations were roughly flat with the second quarter of 2014, but were down compared to very strong sales in the third quarter of last year."

"Likewise, our OEM sales demonstrated diversification during the quarter.  Our OEM sales declined compared to a very strong comparable period in the third quarter of last year.  This decline was due to a decrease in shipments to our largest OEM customer, which operates in the wind energy market.  We expect shipments to this customer will recover in the coming quarters.  Sales to our other OEM customers increased during the third quarter of 2014, as we began to ramp up shipments to one of our newest customers."

"China's current economic environment presents some challenges, but it is one that we have anticipated and we believe our product quality, technology leadership, production capability, and sales reach position us to compete favorably. Customer orders for the third quarter and year-to-date reflect double-digit growth compared to the comparable periods in 2013.  We expect our shipment cycle will normalize as economic uncertainty diminishes and our customers regain confidence to proceed with their projects."

"At the end of September, our backlog equaled $127 million, up 21.0% from the same period last year and up 6.7% from the second quarter of 2014."  

Financial Outlook

For the full year 2014, the Company projects revenue and earnings growth of approximately 0% to 3% compared to 2013.   Net sales are expected to be in the range of $226 million and $233 million and net income is expected to be in the range of $16.5 million and $17.0 million, or $0.99 to $1.02 per share.  This earnings guidance excludes expenses associated with the proposed going private transaction. 

CARLSTADT, N.J., Nov. 10, 2014 /PRNewswire/ -- Jinpan International Limited (Nasdaq: JST), a leading designer, manufacturer, and distributor of cast resin transformers, today announced that its special committee of the Company's Board of Directors (the "Special Committee") has retained Duff & Phelps, LLC ("Duff & Phelps") as its independent financial advisor. 

As previously announced, the Company's Board of Directors formed the Special Committee to review and evaluate the preliminary, non-binding proposal letter dated September 21, 2014 from Zhiyuan Li, the Company's Chairman of the Board of Directors, President, and Chief Executive Officer and FNOF E&M Investment Limited (collectively, with Mr. Li, the "Buyer Parties"), to acquire all of the outstanding common shares of the Company not currently owned by the Buyer Parties in a going private transaction (the "Proposal"). 

The Board of Directors cautions the Company's shareholders and others considering trading in its securities that no decisions have been made by the Special Committee with respect to the Company's response to the proposal. No assurance can be given that the Proposal, or any other transaction, will be consummated.  The Company does not intend to disclose developments regarding these matters unless and until its Board of Directors determines there is a need to update the market. 

CARLSTADT, N.J., Oct. 22, 2014 /PRNewswire/ -- Jinpan International Limited (Nasdaq: JST), a leading designer, manufacturer, and distributor of cast resin transformers, today announced that its special committee of the Company's Board of Directors (the "Special Committee") has retained Gibson, Dunn & Crutcher LLP as its legal counsel. 

As previously announced, the Company's Board of Directors formed the Special Committee to review and evaluate the preliminary, non-binding proposal letter dated September 21, 2014 from Zhiyuan Li, the Company's Chairman of the Board of Directors, President, and Chief Executive Officer and FNOF E&M Investment Limited (collectively, with Mr. Li, the "Buyer Parties"), to acquire all of the outstanding common shares of the Company not currently owned by the Buyer Parties in a going private transaction. 

The Board of Directors cautions the Company's shareholders and others considering trading in its securities that no decisions have been made by the Special Committee with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.  The Company does not undertake any obligation to provide any updates with respect to the proposed transaction, except as required under applicable law.

CARLSTADT, N.J., Oct. 13, 2014 /PRNewswire/ -- Jinpan International Limited (Nasdaq: JST), a leading designer, manufacturer, and distributor of cast resin transformers, today announced preliminary financial results for the third quarter ending September 30, 2014, and updated its guidance for the full year 2014.

For the third quarter, revenue is expected to be approximately $62 million and net income is expected to be approximately $3.8 million, or $0.23 per share. 

For the full year 2014, revenue is now expected to increase 0% to 3% from the previous year to a range of $226 million and $233 millionand net income is expected to increase 0% to 3% to a range of $16.5 million and $17.0 million, or $0.99 to $1.02 per share. This earnings guidance excludes expenses associated with the proposed going private transaction. Previous full year guidance was for revenue between $248 million and $260 million and net income between $18.2 million and $19.1 million, or $1.09 and $1.14 per share.

This guidance revision is due to a general slow-down in China's economy, which has caused delays in some of our customers' projects. These delays were pronounced in August and September, which impacted shipments during the third quarter. 

Mr. Zhiyuan Li, Chief Executive Officer of Jinpan International, stated, "While we have positioned our business to effectively compete within China's slower growth environment, near-term uncertainty within the economy has delayed some of our customers' projects. We will continue to execute on our strategy by maintaining our focus on quality, diversifying our product line, and targeting growth segments.  We believe our technology and quality advantages will allow us to strengthen our competitive position during these market fluctuations."

The Company will host a conference call in the middle of November 2014, coincident with the release of its financial results for the third quarter ending September 30, 2014. 

CARLSTADT, N.J., Sept. 26, 2014 /PRNewswire/ -- Jinpan International Limited (Nasdaq: JST), a leading designer, manufacturer, and distributor of cast resin transformers, today announced that its Board of Directors has established a special committee (the "Independent Committee") to consider the preliminary, non-binding proposal letter dated September 21, 2014 from Zhiyuan Li, the Company's Chairman of the Board of Directors, President, and Chief Executive Officer and FNOF E&M Investment Limited (collectively, with Mr. Li, the "Buyer Parties"), to acquire all of the outstanding common shares of the Company not currently owned by the Buyer Parties in a going private transaction. 

The Independent Committee is composed of Mr. Donald S. Burris and Dr. Li-Wen Zhang, both of whom are independent directors of the Company.  The Board of Directors appointed Mr. Burris as the Chairperson of the Independent Committee.  The Independent Committee is in the process of engaging a financial advisor and legal counsel to assist it in its work. 

The Board of Directors cautions the Company's shareholders and others considering trading in its securities that no decisions have been made by the Independent Committee with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.  The Company does not undertake any obligation to provide any updates with respect to the proposed transaction, except as required under applicable law.

CARLSTADT, N.J., Sept. 22, 2014 /PRNewswire/ -- Jinpan International Limited (Nasdaq: JST), a leading designer, manufacturer, and distributor of cast resin transformers, today announced that its Board of Directors has received a preliminary, non-binding proposal letter dated September 21, 2014 from Li Zhiyuan, the Company's Chairman of the Board of Directors, President, and Chief Executive Officer and FNOF E&M Investment Limited (collectively, with Mr. Li, the "Buyer Parties"), to acquire all of the outstanding common shares of the Company not currently owned by the Buyer Parties in a going private transaction for $8.80 per common share, subject to certain conditions.

According to the proposal letter, an acquisition vehicle will be formed for the purpose of completing the acquisition, and the acquisition is intended to be financed through a combination of debt and equity capital. Equity financing will be provided by the Buyer Parties in the form of cash. Debt financing will be primarily provided by third party financial institutions.  Please refer to the enclosed Exhibit A for a copy of the proposal letter.

The Company expects that its board of directors will form a special committee consisting of independent directors (the "Independent Committee") to consider this proposal. The Company also expects that the Independent Committee will retain a financial advisor and legal counsel to assist it in its work. The Company cautions its shareholders and others considering trading in its securities that the board just received the non-binding proposal and no decision has been made with respect to the Company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.

Second Quarter 2014 Financial Results

• Net sales for the second quarter were $65.7 million, a 12.0% increase from $58.7 million in the same period last year.
• Earnings per share Diluted was US$0.32 vs last years same quarter of US$0.27.

Mr. Zhiyuan Li, Chief Executive Officer of Jinpan International, stated, "We are pleased with our second quarter results, which reflected a continuation of the positive trends we have seen in previous quarters. Our team continued the strong execution of our strategic plan and produced encouraging results. Our expanded production capacity and productivity improvements drove double-digit revenue growth for the fourth consecutive quarter, with quarterly operating margins approaching double-digits.

"We made excellent progress with our product diversification strategy. Sales of switchgear and unit substations increased 86% year-over-year and constituted 18% of our total sales. These products provide Jinpan with access to substantially larger addressable markets relative to our core dry-type transformer market.

"Sales to our OEM customers continued to increase and diversify. During the quarter, we supplied dry type transformers to our OEM customers for wide range of applications. Our strategy remains focused on expanding our business with the six OEM customers with whom we have qualified.

"Within China, we generated double-digit sales growth, despite mixed end markets. We remain well-positioned within key market segments, benefitting from strong growth in renewable energy and rail transportation and stable demand from the industrial sector, which offset weakness within the residential construction markets. We believe our product quality, manufacturing capacity, and cost structure enable us to compete in a slower-growth environment and capture market share over time. At the end of June, our backlog equaled $119 million, up 0.8% from the first quarter of 2014."

Financial Outlook

The Company reiterates its guidance for the full year 2014, projecting revenue and earnings growth of approximately 10% to 15% compared to 2013. Net sales are expected to be in the range of $248 million to $260 million and net income is expected to be in the range of $18.2 million to $19.1 million, or $1.09 to $1.14 per share.

CARLSTADT, N.J., June 4, 2014 /PRNewswire/ -- Jinpan International Limited (NASDAQ: JST), a leading designer, manufacturer, and distributor of cast resin transformers, today announced that its second quarterly cash dividend of 2014, in the amount of $0.04 per common share, will be payable on June 26, 2014 to shareholders of record as of June 16, 2014.

First Quarter 2014 Financial Results

• Net sales for the first quarter were $41.3 million, a 17.5% increase from $35.2 million in the same period last year.
• Net income for the first quarter increased 32.8% to $1.5 million, or $0.09 per diluted share, compared to $1.1 million, or $0.07per diluted share, in the same period last year. First quarter net income, as a percentage of net sales, was 3.7% compared to 3.2% in the same period last year.

Mr. Zhiyuan Li, Chief Executive Officer of Jinpan International, stated, "We are pleased with our strong start to 2014, which builds on the positive momentum from last year. We posted double-digit sales growth for the third consecutive quarter. Our Guilin facility has enabled us to enhance our position in the cast resin transformer market and to further penetrate new and larger markets for switchgears and unit substations.

Demand for our products remains healthy, driving a strong increase in orders during the first quarter of 2014, which led to a recovery in our backlog. We remain focused on serving our core markets, with railroad, subway, wind power, and utility-scale solar continuing to drive robust growth. Our switchgear and unit substation products are gaining traction, as we seek to penetrate these markets in China. Finally, having qualified with six international OEM customers, we have shifted our focus from expanding our OEM customer base to deepening our relationships with these customers to increase our sales.

At the end of March, our backlog equaled $118 million, down 16.9% from the prior year period and up 18.0% from the fourth quarter of 2013. Our year-over-year backlog decline reflects the increased production of standardized cast resin transformers from our Guilin facility, which has accelerated our average cycle time and enabled us to convert orders into revenue more quickly. We expect our backlog will gradually increase as our business expands."

Financial Outlook

The Company reiterates its guidance for the full year 2014, projecting revenue and earnings growth of approximately 10% to 15% compared to 2013. Net sales are expected to be in the range of $248 million to $260 million and net income is expected to be in the range of $18.2 million to $19.1 million, or $1.09 to $1.14 per share.

Fourth Quarter 2013 Financial Results

• Net sales for the fourth quarter were $63.1 million, an 18.2% increase from $53.4 million in the same period last year.
• Net income for the fourth quarter increased 6.2% to $4.1 million, or $0.24 per diluted share, compared to $3.8 million, or $0.23 per diluted share, in the same period last year.

Mr. Zhiyuan Li, Chief Executive Officer of Jinpan International, stated, "We are pleased with our accomplishments during 2013, which translated into a return to growth and operating margin expansion for the year. Our team's exceptional execution on the ramp-up of production at our new Guilin facility enabled us to achieve record annual sales and has put us on a path for continued revenue and earnings growth."

"We remain focused on the disciplined execution of our growth strategy. We believe the key factors are in place to drive sustainable demand for our products within our core electrical infrastructure sector as well as within renewable energy sectors such as wind power and utility-scale solar. Looking ahead, we anticipate steady demand from the domestic market and are making good progress with our international OEM customers. Our optimism about our growth outlook is reflected by the Board of Directors' recent decision to increase our quarterly dividend."

"At the end of December, our backlog equaled $100 million, down 27.5% from the prior year period and down 4.8% from the third quarter of 2013. The increased production of standardized cast resin transformers from our Guilin facility has accelerated our average cycle time and enabled us to convert orders into revenue more quickly. This is reflected by our record level of inventory turnover for 2013. We are comfortable with our backlog and expect it to gradually increase from these levels as our business expands."

Financial Outlook

For the full year 2014, the Company projects revenue and earnings growth of approximately 10% to 15% compared to 2013. Net sales are expected to be in the range of $248 million to $260 million and net income is expected to be in the range of $18.2 million to $19.1 million, or $1.09 to $1.14 per share.

CARLSTADT, N.J., Nov. 25, 2013 /PRNewswire/ -- Jinpan International Limited (Nasdaq: JST), a leading designer, manufacturer, and distributor of cast resin transformers, today announced that its fourth quarterly cash dividend of 2013, in the amount of $0.03per common share, will be payable on December 20, 2013 to shareholders of record as of December 10, 2013.

Third Quarter 2013 Financial Results

• Net sales for the third quarter were $68.7 million, a 16.8% increase from $58.8 million in the same period last year.
• Net income for the third quarter increased 78.7% to $7.0 million, or $0.42 per diluted share, compared to $3.9 million, or $0.23 per diluted share, in the same period last year.

Mr. Zhiyuan Li, Chief Executive Officer of Jinpan International, stated, "We are pleased with our operating and financial results for the third quarter, during which we generated a record level of revenue and achieved double-digit operating margins. We continue to focus on the disciplined execution of our growth strategy as we ramp up our Guilin facility, develop new products, expand our international OEM business, and increase our penetration of the domestic market.

"Production of cast resin transformers and switchgear at our new facility in Guilin is ramping up nicely. We are well on track to achieve our cast resin transformer production target of 2 million to 3 million KVA from the Guilin facility during 2013. This additional capacity enabled us to achieve a historical high in revenue during the quarter. We will continue to expand production from Guilin in a measured manner over the next several quarters and anticipate steady margin expansion as capacity utilization increases.

"Our international OEM business continued its positive momentum during the third quarter, driven primarily by shipments to our largest OEM customer. We anticipate continued demand within the wind power sector well into 2014, but expect order volume could be lumpy. We made progress with our efforts to qualify with additional OEMs and remain focused on building on these partnerships to expand global reach.

"Within China, the economy is transitioning to a slower pace of growth and the government's infrastructure investments are measured and targeted. We believe Jinpan is aligned with sectors that are poised to experience growth over the next several years, including subway projects and solar power generation projects. We are confident that our brand recognition, scale, and cost structure position us to compete favorably within the domestic market.

"At the end of September, our backlog equaled $105 million, up 1% from the prior year period and down 27.6% from the second quarter of 2013. Product shipments for several large projects were accelerated into the third quarter, which generated record revenue while also reducing our backlog. We anticipate backlog will recover over the coming quarters."

Financial Outlook

The company is adjusting its guidance for full year fiscal 2013, projecting net sales of $219 million to $222 million and net income in the range of $16.0 million to $16.5 million, or $0.96 to $0.99 per share, which represents earnings growth of approximately 14% to 17% compared to 2012.

CARLSTADT, N.J., Sept. 5, 2013 /PRNewswire/ -- Jinpan International Limited (Nasdaq: JST), a leading designer, manufacturer, and distributor of cast resin transformers, today announced that its third quarterly cash dividend of 2013, in the amount of $0.03 per common share, will be payable on September 26, 2013 to shareholders of record as of September 16, 2013.

Second Quarter 2013 Financial Results

• Net sales for the second quarter were $58.7 million, a 5.6% increase from $55.5 million in the same period last year
• Gross profit in the second quarter increased 19.2% year over year to $20.4 million from $17.1 million in the same period last year.
• Net income for the second quarter increased 85.8% to $4.4 million, or $0.26 per diluted share, compared to $2.4 million, or $0.14per diluted share, in the same period last year. Second quarter net income, as a percentage of net sales, was 7.5% compared to 4.2% in the same period last year.

Mr. Zhiyuan Li, Chief Executive Officer of Jinpan International, stated, "We are pleased with our second quarter results, which reflect a return to revenue and earnings growth as we are seeing contribution from the strategies we have implemented and investments we have made over the past several years. With this major investment phase largely complete, we now intensify our focus on the disciplined execution of our growth strategy as we ramp up our Guilin facility, develop new products, expand our international OEM business, and increase our penetration of the domestic market. At the end of June, our backlog increased to $145 million, up 26% from the prior year period and up 2% from the first quarter of 2013.

"The ramp-up of our Guilin facility is progressing as planned and we made our first shipments of cast resin transformers from this facility during the second quarter. Jinpan's total production capacity for cast resin transformers is now 17 million KVA, which we believe positions us as the largest manufacturer of cast resin transformers in China. We plan to expand production from this facility in a measured and efficient manner over the next several quarters.

"Jinpan had several positive developments with its OEM business. As expected, during the second quarter we resumed volume shipments to our largest OEM customer, supplying a newly designed cast resin transformer for its next generation wind turbine platform. Wind energy sales more than doubled from the first quarter of 2013 and we anticipate continued growth through the end of the year. We continued shipments to our two other OEM customers. We are also pleased to report that we have successfully passed qualification with a Europe-based wind turbine manufacturer and have received initial orders. Finally, we made progress with qualification with two additional OEMs.

"Within the Chinese market, the government continues to invest in infrastructure; however, the spending is more targeted and measured than in previous years. We believe our technical capabilities and the scale and improved efficiency of our Guilin facility position us to capture market share and drive productivity within this slower-growth environment."

Financial Outlook

The Company reiterates its guidance for 2013, projecting net sales of $231 million to $241 million, an increase of 10% to 15% over 2012, and net income of $14.0 million to $14.5 million, or $0.84 to $0.87 per share, which represents an increase of 0% to 3% compared to 2012

Second Quarter 2012 Results

• Net sales for the second quarter were $55.5 million, a 4.7% decrease from $58.3 million in the same period last year.
• Gross profit in the second quarter decreased 23.0% year over year to $17.1 million from $22.2 million in the same period last year. 
• Second quarter 2012 gross profit margin was 30.8%, compared to 38.1% in the prior year period, and 36.9% in the 2012 first quarter.
• Diluted EPS was $0.14 for the second quarter vs. $0.44 for 2011.

Mr. Zhiyuan Li, Chief Executive Officer of Jinpan, commented, "Our results were generally in line with our preliminary results announced in the first half of July. As reported earlier, our business in the second quarter was negatively impacted by a change in the design of wind power products by our primary OEM customer, resulting in decreased international sales. We were also impacted by weaker than expected domestic orders in China due to a softer economic environment."

"In our international business, we continue to work closely with our major OEM customer on new product specifications and design so they can be integrated into the new wind power cast resin transformer products we will manufacture for this customer. We expect a portion of our export sales shortfall to be offset by increased orders from our two other OEM customers in the second half of the year resulting in international sales to be equal or slightly less than last year."

"In our domestic business, despite the softer economic environment, we continue to manufacture our cast resin transformer products for many sizeable infrastructure projects and continue to receive a steady flow of new orders. At the end of July, we had a backlog of approximately $115 million, of which we expect approximately 70% to 80% of this backlog to be shipped in 2012, setting us up for an improved second half. While we are adjusting our full year forecast to reflect reduced domestic order activity in July, we remain confident in our long term growth trajectory and will continue towards the goal of developing Jinpan into a leading, world class cast resin transformer manufacturer."

Financial Outlook

For the full year 2012, the Company currently anticipates net sales of $208-$219 million, a decrease of 0% to 5% compared to 2011, net income of $15.5-$16.5 million, a decrease of 30% to 35% compared to 2011, and gross profit margin of approximately 33% to 34% of net sales.

Third Quarter 2011 Results

• Net sales for the third quarter were $66.6 million, a 49.3% increase from $44.6 million in the same period last year
• Net income for the third quarter increased to $8.4 million, or $0.51 per diluted share, from $4.4 million, or $0.27 per diluted share, in the same period last year.

Mr. Zhiyuan Li, Chief Executive Officer of Jinpan, commented, "We are pleased to announce solid third quarter financial results which reflect continued strong core performance across both our domestic and international segments. Our effort to increase overall sales of higher margin, customized products has been a major initiative for Jinpan in recent quarters and is reflected in our strong results for this quarter. Our domestic business was driven by the continuing trend of higher volume of customized transformer orders. Demand for our products increased, because many state-owned enterprises and private businesses in China expanded their operations resulting in greater demand for cast resin transformers and related products. Our international business enjoyed steady demand in the third quarter fueled in part by rising wind transformer orders from both the U.S. and Europe."

"As of September 30th of this year, our backlog increased to approximately $100 million compared to $91 million at the end of June. Based on current order trends, we expect both domestic and international order flow to remain healthy in the fourth quarter. Consequently, we are raising our full year guidance."

"Our improved outlook for both top line and bottom line financials reflects strong demand for our products and provides us with greater confidence as we progressively execute our expansion initiatives going forward. We continue to leverage our strong research, design and engineering capabilities to increase our market share of high-end customized products, which in turn can generate higher gross profit margins and strengthen our foundation for future growth."

Financial Outlook

As of September 30th, 2011, the Company had a backlog of approximately $100 million, compared to $91 million as of June 30th, 2011, $79 million as of April 30, 2011 and $60 million as of December 31, 2010.

As a result of the Company's third quarter performance coupled with current favorable domestic and international order trends, the Company is raising its financial forecast for the year. For full year 2011, the company anticipates net sales growth of 48%-50% to $213 million-$216 million and net income growth to approximately 75%-80% to $23.4-$24.1 million. The Company maintains its gross profit margin estimate of 36-38% and believes that international sales will account for approximately 12%-14% of full year sales.

CARLSTADT, N.J., April 25, 2011 /PRNewswire/ -- Jinpan International Ltd today announced it has acquired all of the equity interests in Guilin Jun Tai Fu Construction and Development Co. Ltd. ("JTF"), a P.R.C, corporation, from JTF's parent company, Guilin Jin Fu Investment Co. Ltd.

JTF currently holds the property rights to thirty-eight (38) acres of land in the city of Guilin, Guangxi Province.  JTF's primary asset is this acreage, which it acquired through a public auction process.  JTF is also in the process of acquiring an adjacent lot consisting of forty-four (44) acres, the acquisition of which is not yet complete. The cost of acquiring JTF's equity interests is RMB 15 million (approximately $2.3 million U.S. Dollars at an exchange rate of US$1 = RMB 6.53). The Company also assumed RMB 44.2 million (approximately US$ 6.7 million) of debt that JTF owes to its parent company.

The Company intends to build a large scale manufacturing and research and development facility on the site of the acquired land in several phases over the course of the next five years.  The new facility, once fully completed, is expected to have a cast resin transformer manufacturing capacity of approximately 12 million KVA and substantial capacity for manufacturing other electrical distribution products for renewable energy and smart grid applications.

The Company's goal for this new facility over the next five years is to add additional manufacturing capacity for existing product lines, primarily comprised of cast resin transformers, high and low voltage switchgears, and transformer substations.   In addition, the Company also plans to develop and manufacture other power distribution equipment for renewable energy and smart grid applications.   The Company expects to introduce new renewable energy and smart grid products to the market gradually as the Company continues to expand its research and development, manufacturing capabilities and sales networks.  At this time, the Company plans to finance the cost of land acquisition and construction of the new facility using a combination of cash generated from operations and debt financing in China.

Mr. Zhiyuan Li, Chief Executive Officer of Jinpan, commented on the acquisition as follows: "Given the long-term demand and investment in smart grids and electrical equipment in China and around the world, it is important for us to address our manufacturing capacity in the coming years in order to capitalize on future growth trends.  Based on estimated demand for our transformer products over the next several years, we believe that it is critical to expand our production capacity to support our growth.

Fourth Quarter Highlights from March 14th, 2011

• Net sales for the fourth quarter were $43.2 million, a 3.6% increase from $41.7 million in the same period last year.
• Gross profit in the fourth quarter decreased 1.8% year over year to $16.9 million from $17.2 million.
• Net income for the fourth quarter decreased 7% to $5.8 million, or $0.35 per diluted share, from $6.2 million, or $0.39 per diluted share, in the same period last year.

Mr. Zhiyuan Li, Chief Executive Officer of Jinpan, commented, "Overall we had a solid fourth quarter and believe our growth trends will continue in 2011.  We were pleased to see a sizeable sequential improvement to our gross profit margin due to improved customized orders and international sales shipments.  While the price for silicon steel remains at historic lows, we increased our volume for cast resin transformers at a healthy pace in the fourth quarter.  Our engineering capabilities and high quality transformer products give us an edge over our competitors and allows us to maintain pricing discipline.  International purchase orders have climbed at a steady rate in recent months and we finished the month of February with our highest level of international orders since August 2009. We are hopeful that our international and domestic product demand will continue to rise throughout 2011."

• For the first quarter of 2011, the Company currently anticipates net sales in the range of $25-$27 million, net income of approximately $1.5-$1.7 million and diluted EPS of approximately $0.10.
• For the full year 2011, the Company currently anticipates net sales growth of 20-25% to $173-$180 million, gross profit margin of 36%-38%, net income growth of approximately 43-50% to $19.0-$20.0 million.

CARLSTADT, N.J., Feb. 2, 2011 /PRNewswire/ -- Jinpan International Ltd.today announced that it secured five large domestic China orders inJanuary 2011. Each order is between RMB 6.4 million (approximately US$ 0.95 million ) and RMB 10.7 million (approximatelyUS$ 1.6 million), totaling RMB 40.20 million (approximately US$ 6.0 million).   The orders are all scheduled for delivery between March and June of 2011.  

Three of the five orders, totaling RMB 26.0 million (approximately US$3.9 million), are for transformers and switchgears customized for plants manufacturing polysilicon for solar panels.  The remaining two orders, totaling RMB 14.2 million(approximately US$ 2.1 million), are for customized transformers for other industrial and infrastructure applications.

Mr. Zhiyuan Li, Chief Executive Officer of Jinpan, commented, "We are glad to see strong demand in China for our products in January.  Jinpan has consistently outperformed its competitors in supplying cast resin transformers to polysilicon manufacturers in China.  We intend to grow domestic sales this year by selling new higher value products and extending the application of our core cast resin transformer and switchgear product lines into new sectors."