Jinpan International Declares Special Dividend and Announces Change
from Semi-Annual to Quarterly Dividends
CARLSTADT, N.J., Nov. 29, 2012 /PRNewswire/ -- Jinpan
International Ltd (Nasdaq: JST), a leading designer, manufacturer,
and distributor of cast resin transformers, today announced that
its Board of Directors has adopted a resolution to pay dividends
totaling $0.16 per common
share. A special dividend of $0.04 per common share will be payable on
December 21, 2012 to shareholders of
record on December 10, 2012.
Quarterly dividends of $0.03 per
common share will be paid in March, June, September, and December
2013. In each quarter of 2013, the Company will set and
announce the distribution and record dates of that quarter's
dividend.
Mr. Zhiyuan Li, Chief Executive
Officer of Jinpan, commented:
"We are pleased to continue our cash dividend for the ninth
consecutive year. Dividends that will be distributed in
December 2012 and in 2013 will total
$0.16 per common share, which
represents a 14% increase over dividends of $0.14 per common shares that we paid in each of
2010, 2011 and from January to November of 2012. We decided
to pay a special dividend in December
2012 so investors can maximize the value of their proceeds
prior to any potential tax increase on dividends in 2013. Our
decision to begin paying dividends quarterly reflects our
confidence in our ability to generate earnings in both prosperous
and challenging times, our ongoing commitment to return value to
shareholders, and our optimism about the future of Jinpan as we
prepare to make operational our fourth China-based manufacturing facility in
Guilin."
Future declarations of dividends are subject to Board approval
and may be adjusted as business needs or market conditions
change.
About Jinpan International Ltd
Jinpan International Ltd. (NASDAQ: JST) designs, manufactures,
and markets cast resin transformers for power distribution and wind
energy products. Jinpan's cast resin transformers allow high
voltage transmissions of electricity to be distributed to various
locations in lower, more usable voltages. The Company has obtained
ISO9001 and ISO14001 certifications for its cast resin
transformers. Its principal executive offices are located in
Hainan, China and its United States office is based in Carlstadt, 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 are
listed from time-to-time in our filings with the Securities and
Exchange Commission, including, without limitation, our Annual
Report on Form 20-F for the period ended December 31, 2011 and our subsequent reports on
Form 6-K.
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.
SOURCE Jinpan International Ltd.