JST Jinpan International Limited

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________

 

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

Under the Securities Exchange Act of 1934

For the Month of May 2009

_______________________

 

Commission File No. 1-14742

 

JINPAN INTERNATIONAL LIMITED

(Translation of Registrant’s Name into English)

 

c/o Hainan Jinpan Special Transformer Works

Section D-2,

No. 100 Industry Avenue

Jinpan Development Area

Haikou, Hainan PRC

(Address of Principal Executive Office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:       
x  Form 20-F         o  Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Note : Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Note : Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:          o Yes   o No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-______________

 

Attached hereto as Exhibit 1 and incorporated by reference herein is the Registrant’s press release dated May 15, 2009.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Dated: May 18, 2009

 

 

 

 

 

Exhibit 1

 

Jinpan International Reports First Quarter 2009 Financial Results

Released: 05/15/09 07:30 AM EDT

- 1Q09 Net Sales Increases 36.1% to $ 32.4 Million Compared to 1Q08 -

- 1Q09 Gross Margin Increases 483 Basis Points to 36.2% Compared to 1Q08 -

- 1Q09 Net Income increases 94.9% to $ 4.7 Million Compared to 1Q08 -

- 1Q09 Diluted EPS Increases 93.3% to $0.58 Compared to 1Q08 -

- Company Reiterates Comfort with FY09 Financial Forecast -

ENGLEWOOD CLIFFS, N.J., May 15 /PRNewswire-FirstCall/ -- Jinpan International Ltd (Nasdaq: JST),a leading designer, manufacturer and distributor of cast resin transformers for voltage distribution equipment, today announced consolidated financial results for the first quarter ended March 31, 2009.

Net sales for the first quarter were $32.4 million, a 36.1% increase from $23.8 million over the same period last year. Growth in net sales was fueled by both a sizeable increase of international orders, which include wind energy products and non-wind related cast resin transformers as well as from increased domestic cast resin sales orders. In the first quarter, net sales outside of China increased 485% to $8.0 million, or 25% of net sales, compared to $1.65 million, or 6.9% of net sales in the same period last year. First quarter domestic sales increased 10.2% to $24.4 million from $22.2 million in the prior year period.

Cast resin transformers (excluding those for wind power applications), switch gears and unit substations represented $25.9 million, or 80% of net sales in the first quarter, while wind energy products represented $6.5 million, or 20% of net sales in the first quarter.

Gross margin in the first quarter was $11.7 million, a 56% increase from $7.5 million, in the same period last year. First quarter gross margin increased to 36.2% compared to 31.3% in the same period last year. The Company benefited from a lower cost of sales on an absolute basis due to lower raw material prices compared to the same period last year.

Selling, general and administrative expenses in the first quarter were $6.2 million, or 19.2% of net sales, versus $4.5 million, or 18.8% of net sales in the same period last year. Selling, general, and administrative expenses increased primarily due to additional overhead costs at the Company’s Wuhan and Shanghai facilities, which were not operating during the same period last year.

Operating income increased to $5.5 million, or 16.9% of net sales, an 83.5% increase compared to $3.0 million, or 12.6% of net sales in the same period last year.

Net income for the first quarter was $4.7 million, or $0.58 per diluted share, increased 94.9% compared with $2.4 million or $0.30 per diluted share, in the same period last year. First quarter net income as a percentage of net sales was 14.4% as compared to 10.1% in the same period last year.

Mr. Zhiyuan Li, Chief Executive Officer of Jinpan commented, “We are off to a good start in what is traditionally one of our slower quarters of the year. We are pleased to see a substantial increase in orders from our international business segment in the first quarter. Our international customers are placing orders for cast resin transformers for wind power applications as well as transformers for more traditional power generation applications used in urban (trains & subways, hospitals, airports, office buildings), industrial (factories), and commercial developments (processing plants, data centers). We expect a steady rise in international demand in 2009 as we continue to garner attention and receive orders from some of the largest, most prominent electrical equipment OEMs in the industry. We expect international sales to account for a greater portion of our total sales in 2009 than 2008. We are pleased to see that a substantial portion of China’s $585 billion economic stimulus plan will be allocated to the infrastructure development projects. We believe that we are well positioned to benefit from the stimulus package.

As such, we are taking the necessary steps to ensure we have an appropriate level of capacity to meet demand over the next several quarters and well into the future. Our newest operational facility in Wuhan, which currently manufactures our standard cast resin transformers will be outfitted to maximize capacity by the end of 2009 while our Shanghai manufacturing facility is also expected to be completed in the third quarter of 2009. Once completed, this facility will house all of our wind related products.

We are making steady progress in our business. We believe that we are well positioned to capitalize on current challenging market conditions, penetrate new markets, and expand our market share in the electrical equipment market. We have a strong balance sheet, a healthy cash position, manageable debt and the right strategic plan to sustain ably manage our business for growth this year and beyond. We look forward to capitalizing on our opportunities and enhancing value for our shareholders,” concluded Mr. Li.

Financial Outlook

For the full year 2009, the Company currently anticipates net sales of approximately $176 million to $182 million, a 14% to 18% increase over 2008 sales of $154 million. The Company anticipates net income of approximately $22.5 million to $23.3 million, a 14% to 18% increase over 2008 net income of $19.8 million. The Company anticipates diluted earnings per share for 2009 to be $2.75 to $2.85 per share.

Conference Call Information

Jinpan’s management will host an earnings conference call today, May 15, 2009 at 8:30 a.m. U.S. Eastern Standard Time. Listeners may access the call by dialing #1-913-981-5567. A webcast will also be available via the Company’s website at http://www.jstusa.net or at www.viavid.net . A replay of the call will be available through May 29, 2009. Listeners may access the replay by dialing #1-719-457-0820, access code: 7695004.

About Jinpan International Ltd

Jinpan International Ltd. (Nasdaq: JST) designs, manufactures and distributes cast resin transformers for voltage distribution equipment in China and other countries around the world. Jinpan’s cast resin transformers allow high voltage transmissions of electricity to be distributed to various locations at lower, more usable voltage levels. The Company has obtained ISO9001 and ISO1401 certification of its cast resin transformers. Its principal executive offices are located in Hainan, China and its U.S. headquarters is based in Englewood Cliffs, New Jersey.

Safe Harbor Provision

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations and observations and involve known and unknown risks, and uncertainties or other factors not under the Company’s control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, but are not limited to, the following:

Except as required by law, we are not under any obligation, and expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

 

Jinpan International Limited and Subsidiaries

Consolidated Statements of Income (unaudited)

 

 

 

 

Jinpan International Limited and Subsidiaries

Consolidated Balance Sheets (unaudited)

 

 

 

 

 

 

 

SOURCE: Jinpan International Ltd