CARLSTADT, N.J., March 31, 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 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.
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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/jinpan-international-announces-change-from-quarterly-to-annual-dividend-300058667.html
SOURCE Jinpan International Limited