Jinpan International Limited Reports Annual Results

Apr 27, 2001, 01:00 ET from Jinpan International Limited

    HAINAN, China, April 27 /PRNewswire/ --
 Jinpan International Limited (Amex:   JST) Today announced results for the year
 ended December 31,2000.
     The Company reported net income for the year ended December 31,2000 of
 $2,021,000 or $0.62 per share compared to a net income of  $1,713,000 or $0.55
 per share for the comparable period 1999, net income increased  17% from
 calendar year 1999.  Net sale for the year ended December 31,2000 were
 $17,063,000 up 32% from calendar year 1999 net sales of $12,900,000.
     The CEO of Jinpan International Limited, Mr Li Zhi Yuan commented: "We are
 pleased with the achievement of last year, company met the sales goal of year
 2000, the 32% increase in net sales reflects our expansion and leadership of
 the market in China, it also reflects our proper and flexible marketing
 strategy used in the high competition of the transformer industry in China, we
 further expect the same growth in sales for this year, our net sale increased
 by almost 33% for the first quarter this year compared to same period last
 year, we are very happy to announce that the sales from the United States
 contributed a big portion of the total for the first quarter, we are very
 optimistic of US market and  we are looking  forward for the new  Achievement
 in year 2001"
     "Good progress continues to be made in development of Jinpan's emerging
 presence and acceptance in the US and North American cast coil transformer
 markets.  Mr. Bill Nagel, Director of the Board and Director of  Marketing of
 US office stated as follows: "Jinpan through its US partners, have
 significantly broadened exposure to many more cast coil transformer customers,
 resulting in clear recognition of Jinpan's quality, a key factor to success in
 this high performance market segment.  Along with broadening exposure, are
 more product approvals and several million dollars of quotations in recent
 months, many of which will turn into 2001 orders and sales.
     Shipments in 2001 will include transformers serving large data storage
 centers and other large and medium size installations on the industrial,
 commercial and utility market segments.  Factors which may effect near-term
 potential includes a slowing economy delaying some customer projects, and a
 misperception by some potential customers that product from China may not meet
 their delivery or performance requirements.  As customer recognition of Jinpan
 and its US partner's excellent product, service and value performance grows,
 and with UL certification, the concerns are being overcome.  We are
 optimistic about Jinpan's continued penetration and growth in the US and North
 American markets."
     Contributing to Jinpan's exposure and image development is a new web site,
 jstusa.net, specifically targeted to the American market.  This will be
 quickly followed by a brochure now in printing, also focusing on the American
 customers and applications, and highlights Jinpan's superior transformer which
 new customers can see later in the year at several industry shows.
     Jinpan International Limited, through its joint venture interest in Jinpan
 JV, designs, manufacturers and distributes cast coil transformers for power
 distribution equipment in the People's Republic of China.  The company is one
 of the largest manufacturer and distributor of cast coil transformer in China
 and North America through its joint venture with Federal Pacific Transformers.
 Jinpan obtained International Standardizing Organization (ISO) 9001
 certification of its transformers in April 1997, making it one of the only
 few transformer manufacturer to obtain this certification.  In February 1998,
 Jinpan become the first transformer manufacturer to effect a public offering
 of its shares in the US market.
 
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SOURCE Jinpan International Limited
    HAINAN, China, April 27 /PRNewswire/ --
 Jinpan International Limited (Amex:   JST) Today announced results for the year
 ended December 31,2000.
     The Company reported net income for the year ended December 31,2000 of
 $2,021,000 or $0.62 per share compared to a net income of  $1,713,000 or $0.55
 per share for the comparable period 1999, net income increased  17% from
 calendar year 1999.  Net sale for the year ended December 31,2000 were
 $17,063,000 up 32% from calendar year 1999 net sales of $12,900,000.
     The CEO of Jinpan International Limited, Mr Li Zhi Yuan commented: "We are
 pleased with the achievement of last year, company met the sales goal of year
 2000, the 32% increase in net sales reflects our expansion and leadership of
 the market in China, it also reflects our proper and flexible marketing
 strategy used in the high competition of the transformer industry in China, we
 further expect the same growth in sales for this year, our net sale increased
 by almost 33% for the first quarter this year compared to same period last
 year, we are very happy to announce that the sales from the United States
 contributed a big portion of the total for the first quarter, we are very
 optimistic of US market and  we are looking  forward for the new  Achievement
 in year 2001"
     "Good progress continues to be made in development of Jinpan's emerging
 presence and acceptance in the US and North American cast coil transformer
 markets.  Mr. Bill Nagel, Director of the Board and Director of  Marketing of
 US office stated as follows: "Jinpan through its US partners, have
 significantly broadened exposure to many more cast coil transformer customers,
 resulting in clear recognition of Jinpan's quality, a key factor to success in
 this high performance market segment.  Along with broadening exposure, are
 more product approvals and several million dollars of quotations in recent
 months, many of which will turn into 2001 orders and sales.
     Shipments in 2001 will include transformers serving large data storage
 centers and other large and medium size installations on the industrial,
 commercial and utility market segments.  Factors which may effect near-term
 potential includes a slowing economy delaying some customer projects, and a
 misperception by some potential customers that product from China may not meet
 their delivery or performance requirements.  As customer recognition of Jinpan
 and its US partner's excellent product, service and value performance grows,
 and with UL certification, the concerns are being overcome.  We are
 optimistic about Jinpan's continued penetration and growth in the US and North
 American markets."
     Contributing to Jinpan's exposure and image development is a new web site,
 jstusa.net, specifically targeted to the American market.  This will be
 quickly followed by a brochure now in printing, also focusing on the American
 customers and applications, and highlights Jinpan's superior transformer which
 new customers can see later in the year at several industry shows.
     Jinpan International Limited, through its joint venture interest in Jinpan
 JV, designs, manufacturers and distributes cast coil transformers for power
 distribution equipment in the People's Republic of China.  The company is one
 of the largest manufacturer and distributor of cast coil transformer in China
 and North America through its joint venture with Federal Pacific Transformers.
 Jinpan obtained International Standardizing Organization (ISO) 9001
 certification of its transformers in April 1997, making it one of the only
 few transformer manufacturer to obtain this certification.  In February 1998,
 Jinpan become the first transformer manufacturer to effect a public offering
 of its shares in the US market.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X02550068
 
 SOURCE  Jinpan International Limited