Jinpan International Receives New Purchase Order From Siemens Corp.
~ Company Reiterates Comfort with Full Year 2011 Financial Forecast ~
CARLSTADT, N.J., Sept. 27, 2011 /PRNewswire/ -- Jinpan International Ltd. (Nasdaq: JST), a leading designer, manufacturer, and distributor of cast resin transformers for voltage distribution equipment, today announced that it has received a purchase order for 46 units cast resin transformer from Siemens Corp. The size of the order is approximately US$3 million. The cast resin transformers are expected to be shipped to Siemens in the U.S. and recorded as revenue in 2012.
Mr. Zhiyuan Li, Chief Executive Officer of Jinpan, commented, "We are pleased to have received this new order from Siemens which will help expand our sales in 2012. This new order demonstrates our ongoing ability to secure orders from leading global power distribution OEM's and helps solidify our position as a cast resin manufacturer and distributor in the U.S. market. We plan to continue to develop our international sales opportunities with the aim to increase our overall market share of cast resin transformers for power distribution and wind energy products in the international market."
"For the remainder of 2011, we expect steady order flow both domestically and internationally. We are benefitting from sales generated from existing customers as well as new ones. We are reiterating comfort with our 2011 full year forecast of net sales growth of 28-32% to $184-$190 million, gross profit margin in the 36-38% range, net income growth of approximately 53-57% to $20.5-$21.0 million and that 12-14% of our 2011 full year sales will be derived from international sales."
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 U.S. headquarters 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, 2010 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
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