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 March 2014
_______________________
 
Commission File No. 1-14742
 
JINPAN INTERNATIONAL LIMITED
(Translation of Registrant’s Name into English)
 
c/o Hainan Jinpan Electric Company, Ltd
No. 168 Nanhai Avenue (Building No. 7),
Haikou Free Trade Zone
Haikou, Hainan, People’s Republic of China
(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     x No
 
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  ______________
 
 
 
 

 
 
Attached hereto as Exhibit 1 and incorporated by reference herein is the Registrant’s press release, dated March 10, 2014.
 
 
 
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.
 
 
   
JINPAN INTERNATIONAL LIMITED
   
  
   
         
   
  
   
   
By:
/s/ Mark Du
 
   
Name:
Mark Du
 
   
Title:
Chief Financial Officer
 
 
 
Dated:  March 13, 2014
 
 
 
 

 
 
 
Exhibit No. Description  
     
1. Press Release dated March 10, 2014  
 
 
 
 

 
Exhibit 1



 
Jinpan International Reports Fourth Quarter and Full Year 2013 Financial Results
 
* Fourth quarter revenue increased 18.2% year-over-year to $63.1 million; Full year 2013 revenue increased 7.2% to a record $225.7 million
 
* Fourth quarter net income increased 6.2% year-over-year to $4.1 million, or $0.24 per share; Full year 2013 net income increased 17.8% to $16.6 million, or $0.99 per share
 
* Fiscal 2014 earnings outlook; net income expected to be in the range of $18.2 million to $19.1 million, or $1.09 to $1.14 per share, reflecting 10-15% growth
 
* In February 2014, Jinpan’s Board of Directors approved an increase in the Company’s quarterly dividend to $0.04 per common share
 
 
Carlstadt, N.J., March 10, 2014 - Jinpan International Limited. (Nasdaq: JST), a leading designer, manufacturer, and distributor of cast resin transformers, today reported unaudited consolidated financial results for the fourth quarter and full year ending December 31, 2013. 
 
Fourth Quarter 2013 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.  The increase was driven by robust growth in the Chinese market and a strong recovery in international sales.  In the fourth quarter, China sales increased 18.7% year-over-year to $57.5 million, or 91.1% of net sales, compared to $48.5 million, or 90.8% of net sales in the same period last year. Net sales outside of China for the quarter increased 14.3% year-over-year to $5.6 million, or 8.9% of net sales, compared to $4.9 million, or 9.2% of net sales for the same period last year.
 
The sales of cast resin and VPI transformers (excluding those for wind power applications), switchgears and unit substations increased 17.2% year-over-year to $58.5 million, or 92.7% of net sales in the fourth quarter, while wind energy products (cast resin transformers and VPI reactors for wind power applications) represented $4.6 million, or 7.3% of net sales during this quarter.
 
Gross profit in the fourth quarter increased 27.2% year over year to $20.7 million from $16.3 million in the same period last year.  Fourth quarter 2013 gross profit margin was 32.9%, compared to 30.5% in the prior year period. Gross margin in the fourth quarter increased compared to the same period last year due to a stabilized pricing environment and favorable raw material costs.
 
Selling and administrative expenses in the fourth quarter were $18.5 million, or 29.3% of net sales, compared to $14.0 million, or 26.2% of net sales in the same period last year.  Selling and administrative expenses increased from the same period last year due to higher sales volume and increased research and development expenses, which were abnormally low in the prior year period.
 
Operating income for the fourth quarter decreased 4.8% to $2.2 million, or 3.5% of net sales, from $2.3 million, or 4.4% of net sales, 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.  Fourth quarter net income, as a percentage of net sales, was 6.4% compared to 7.2% in the same period last year.
 

 
 

 

Full Year 2013 Results
 
Net sales for the full year 2013 were $225.7 million, a 7.2% increase from $210.5 million last year.  Gross profit in 2013 increased 5.3% to $72.4 million and gross profit margin decreased to 32.1%, compared to 32.7% during 2012.  Selling and administrative expenses were $55.7 million, compared to $53.9 million last year. The Company reclassified installation service fees of $4.4 million from selling expense to cost of goods sold for the year 2013.  Operating profit in 2013 increased 12.1% to $16.7 million, or 7.4% of net sales, compared to $14.9 million, or 7.1% of net sales, last year.  Net income in 2013 increased 17.8% to $16.6 million, or $0.99 per share, compared to $14.1 million, or $0.84 per share, in the prior 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.”
 
Balance Sheet
 
As of December 31, 2013, the Company had $30.8 million in cash and cash equivalents, restricted cash, and short term investments, compared to $30.5 million as of December 31, 2012. The Company’s accounts receivable on December 31, 2013 totaled $144.6 million, compared to $124.6 million as of December 31, 2012.   Total bank loans outstanding at December 31, 2013 were $43.1 million, compared to $43.9 million at December 31, 2012.
 
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.
 
Conference Call Information
 
Jinpan’s management will host a conference call and webcast on Monday, March 10, 2014, at 4:30 p.m. Eastern Time.  Listeners may access the call by dialing 1-888-230-5498 (toll free) or 1-913-905-3226 (international).  A webcast will also be available via http://public.viavid.com, with event ID: 108065.  A replay of the call will be available through March 24, 2014, by dialing 1-877-870-5176, access code 9355802.
 

 

 
 

 

ABOUT JINPAN INTERNATIONAL
 
Jinpan International Limited (NASDAQ: JST) designs, manufactures, and markets electrical control and distribution equipment used in demanding industrial applications, utility projects, renewable energy installations, and infrastructure projects.  Major products include cast resin transformers, VPI transformers and reactors, switchgears, and unit substations.  Jinpan serves a wide range of customers in China and reaches international markets as a qualified supplier to leading global industrial electrical equipment manufacturers. Jinpan’s four manufacturing facilities in China are located in the cities of Haikou, Wuhan, Shanghai and Guilin.  The Company’s manufacturing facilities in China comprise the largest cast resin transformer production capacity in that country. The Company was founded in 1993.  Its principal executive offices are located in Haikou, Hainan, China and its United States office is based in Carlstadt, New Jersey.  For more information, visit www.jinpaninternational.com.
 

 
Safe Harbor Regarding Forward Looking Statements
 
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, 2012 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.
 

 

Investor Contact Information :
 
At Jinpan International Ltd.:
Mark Du
Chief Financial Officer
(201) 460-8778
 
At Tobin Tao & Company, Inc.:
Mark Tobin
(949) 870-9778
jinpan@tobintao.com


FINANCIAL STATEMENTS FOLLOW:


 
 

 

Jinpan International Limited and Subsidiaries
Consolidated Statements of Comprehensive Income (unaudited)
For the Three and Twelve Month Periods Ended December 31, 2013


   
Three months ended
Twelve months ended
   
December 31
December 31
           
   
2013
2012
2013
2012
(In thousands, except per share data)
 
US$
US$
US$
US$
           
Net sales
 
               63,148
               53,422
            225,727
          210,537
Cost of Goods Sold
 
              (42,399)
             (37,112)
             (153,325)
        (141,747)
Gross Margin
 
               20,749
               16,310
              72,402
            68,790
           
Operating Expenses
         
Selling and administrative
 
              (18,531)
             (13,981)
             (55,718)
          (53,903)
Operating income
 
                 2,218
                 2,329
              16,684
            14,887
           
Interest Expenses
 
                   (731)
                  (325)
               (2,072)
            (1,766)
Other Income
 
                 2,781
                 2,287
                4,636
              3,223
Income before income taxes
 
                 4,268
                 4,291
              19,248
            16,344
           
Income taxes
 
                   (195)
                  (456)
               (2,677)
            (2,282)
Net income after taxes
 
                 4,073
                 3,835
              16,571
            14,062
           
Other comprehensive income (loss)
         
   Foreign currency translation adjustment
 
                     (14)
                    (20)
                    (27)
                 (73)
Total comprehensive income
 
                 4,059
                 3,815
              16,544
            13,989
           
Earnings per share
         
           
-Basic
 
US$ 0.25
US$ 0.24
US$ 1.02
US$ 0.87
           
-Diluted
 
US$ 0.24
US$ 0.23
US$ 0.99
US$ 0.84
           
Weighted average number of shares
         
           
-Basic
 
        16,230,165
16,170,107
       16,230,165
16,170,107
           
-Diluted
 
        16,631,378
16,701,657
       16,711,192
     16,717,277


 
 

 

Jinpan International Limited and Subsidiaries
Consolidated Balance Sheet

   
(Unaudited)
   
(Audited)
 
   
December 31, 2013
   
December 31, 2012
 
(In thousands, except number of shares and per share data)
 
US$
   
US$
 
Assets
           
Current assets:
           
     Cash and cash equivalents
    24,582       18,510  
     Restricted cash
    1,316       824  
     Short-term investment
    4,920       11,137  
     Notes receivable
    15,802       15,720  
     Accounts receivable, net
    144,606       124,608  
     Inventories, net
    33,614       29,565  
     Prepaid expenses
    4,204       2,528  
     Land use right
    367       366  
     Deferred tax assets
    2,119       1,339  
     Other receivables
    6,891       5,900  
     Total current assets
    238,421       210,497  
                 
Property, plant and equipment, net
    75,601       41,361  
Construction-in-progress
    3,787       29,196  
Land use right
    14,850       14,760  
Goodwill
    13,818       13,403  
Other assets
    90       32  
Deferred tax assets
    34       34  
                 
Total assets
    346,601       309,283  
                 
Liabilities and shareholders' equity
               
                 
Current liabilities:
               
                 
     Short-term bank loans
    11,101       17,644  
     Accounts payable
    27,013       25,029  
     Notes Payable
    10,498       6,008  
     Income tax payable
    2,516       1,880  
     Advances from customers
    14,207       13,624  
     Other liabilities
    30,339       22,844  
     Total current liabilities
    95,674       87,029  
Commitments and contingencies
               
Long term liability:
               
     Deferred Income
    4,785       3,080  
     Long Term bank loans
    31,998       26,315  
Total Liabilities
    132,457       116,424  
                 
Shareholders' equity:
               
Convertible preferred stock, US$0.0045 par value:
               
      Authorized shares - 2,000,000
               
      Issued and outstanding shares – none in 2012 and     2011
    -       -  
Common stock, US$0.0045 par value:
               
Authorized shares – 40,000,000
               
Issued and outstanding shares –16,415,456 in 2013 and 16,395,456 in 2012
    74       74  
Common stock-warrants
    -       -  
Additional paid-in capital
    37,726       37,374  
Reserves
    12,849       12,023  
Retained earnings
    136,874       123,065  
Accumulated other comprehensive income
    26,937       20,781  
      214,460       193,317  
Less: Treasury shares at cost,
               
Common stock –135,306 in 2013 and 215,306 in  2012
    (316 )     (458 )
Total shareholders' equity
    214,144       192,859  
                 
Total liabilities and shareholders' equity
    346,601       309,283  


 
 

 

Jinpan International Limited and Subsidiaries
Consolidated Statement of Cash Flows
For the Twelve Months Ended December 31, 2013 (unaudited)

   
For the Twelve Months Ended
 
   
December 31
 
   
2013
   
2012
 
   
US$
   
US$
 
(In thousands)
           
             
Operating Activities
           
      Net Income
    16,571       14,062  
      Adjustments to reconcile net income to
               
           Net Cash provided by (used in ) operating activities:
               
           Depreciation
    6,491       5,246  
           Amortization of prepaid lease
    372          
           Deferred Income Tax
    (727 )     (326 )
           Provision for doubtful debts
    4,295       2,733  
           Loss/(gain) on disposal of fixed assets
    (40 )     (4 )
           Stock-based compensation Cost
    277       406  
 
 Changes in operating assets and liabilities
               
           Restricted Cash
    (459 )     (501 )
           Accounts Receivable
    (20,188 )     (16,671 )
           Notes Receivable
    399       3,437  
           Inventories
    (3,086 )     7,192  
           Prepaid Expenses
    (1,573 )     10,743  
           Other Receivable
    (852 )     (426 )
           Accounts Payable
    1,191       1,492  
           Notes Payable
    4,238       (7,628 )
           Income Tax
    569       (461 )
           Advance From customers
    159       951  
           Other liabilities
    6,700       (928 )
Net Cash provided by ( used in ) operating activities
    14,337       19,317  
Investing activities
               
     Purchases of property, plant and equipment
    (370 )     (8,787 )
     Proceeds from sales of property, plant and equipment
    40       29  
     Payment for construction in progress
    (12,667 )     (26,751 )
     Purchase of Land use right
    -       434  
     Sale of short term investment
    57,179       12,711  
     Increase in short term investment
    (50,719 )     (23,834 )
     Receipt of government grant for new plant construction
    1,582       3,080  
     Decrease in investment in Beijing Jinpan Huineng Co.
    -       32  
Net Cash provided by ( used in ) investing activities
    (4,955 )     (43,086 )
Financing activities
               
     Proceeds from bank loan
    42,213       63,218  
     Repayment of bank loan
    (44,400 )     (42,315 )
     Proceeds from exercised stock option
    216       21  
     Dividend paid
    (1,950 )     (2,912 )
Net Cash provided by ( used in ) financing activities
    (3,921 )     18,012  
Effect of exchange rate changes on cash
    611       49  
Net increase/(decrease) in cash and cash equivalents
    6,072       (5,708 )
Cash and Cash equivalents at beginning of year
    18,510       24,218  
Cash and Cash equivalents at end of year
    24,582       18,510  
                 
Interest paid
    2,724       1,673  
Income Tax paid
    2,470       3,027  

Jinpan International Limited (NASDAQ:JST)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Jinpan International Limited Charts.
Jinpan International Limited (NASDAQ:JST)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Jinpan International Limited Charts.