CARLSTADT, N.J., Feb. 26, 2014 /PRNewswire/ -- Jinpan International Limited (Nasdaq: JST), a leading designer, manufacturer, and distributor of cast resin transformers, today announced that its Board of Directors has approved a quarterly cash dividend of $0.04 per common share for the year 2014.
The quarterly dividend rate increased 33% from $0.03 per common share in 2013 to $0.04 per common share in 2014 for a new annual dividend rate of $0.16 per common share.
Mr. Zhiyuan Li, Chairman of the Board of Directors and Chief Executive Officer of Jinpan International Limited, stated, "We have increased the dividend because of our Board's belief in our long-term outlook for sustained growth and cash flow. We continue to focus on the disciplined execution of our growth strategy as we benefit from the investments we have made over the past several years. Our objective is to both grow Jinpan and increase return to investors."
The first quarterly cash dividend of 2014 will be payable March 28, 2014 to shareholders of record at the close of business on March 12, 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's four manufacturing facilities in China are located in the cities of Haikou, Wuhan, Shanghai and Guilin. The Company's manufacturing facilities in China comprise the largest cast resin transformer production capacity in that country. 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, 2012 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.