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
million and 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.
About Jinpan International Ltd
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 is one of the largest manufacturers
of cast resin transformers in China by production capacity. Jinpan's four
manufacturing facilities in China
are located in the cities of Haikou, Wuhan, Shanghai and Guilin. 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 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, 2013 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 Limited