CARLSTADT, N.J., Nov. 29, 2012 /PRNewswire/ -- Jinpan International Ltd (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 dividends totaling $0.16 per common share. A special dividend of $0.04 per common share will be payable on December 21, 2012 to shareholders of record on December 10, 2012. Quarterly dividends of $0.03 per common share will be paid in March, June, September, and December 2013. In each quarter of 2013, the Company will set and announce the distribution and record dates of that quarter's dividend.
Mr. Zhiyuan Li, Chief Executive Officer of Jinpan, commented:
"We are pleased to continue our cash dividend for the ninth consecutive year. Dividends that will be distributed in December 2012 and in 2013 will total $0.16 per common share, which represents a 14% increase over dividends of $0.14 per common shares that we paid in each of 2010, 2011 and from January to November of 2012. We decided to pay a special dividend in December 2012 so investors can maximize the value of their proceeds prior to any potential tax increase on dividends in 2013. Our decision to begin paying dividends quarterly reflects our confidence in our ability to generate earnings in both prosperous and challenging times, our ongoing commitment to return value to shareholders, and our optimism about the future of Jinpan as we prepare to make operational our fourth China-based manufacturing facility in Guilin."
Future declarations of dividends are subject to Board approval and may be adjusted as business needs or market conditions change.