ENGLEWOOD CLIFFS, N.J., Nov. 16 /PRNewswire-FirstCall/ -- JINPAN INTERNATIONAL LIMITED (AMEX:JST) announced its consolidated financial results for the third quarter ended September 30, 2006 today. Comparison data with prior periods is not available as the company has not announced its quarterly results prior to this year.
Total Sales for the third quarter were RMB 185.0 million ($23.4 million) and Cost of Goods Sold accounted for 72.5% of sales at RMB 133.8 million ($16.9 Million), generating a gross profit margin of 27.5% or a Gross Profit of RMB 50.9 million ($ 6.4 million). Raw material costs were stable in the third quarter, but still remain at the high end of historical prices.
Selling and administrative expenses for the third quarter were RMB 27.1 million ($3.4 Million), or approximately 15% of sales. Net Income for the same period was RMB 16.7 million ($2.1 million).
Basic earnings per share were RMB 2.54 ($0.32) and diluted earning per shares were RMB 2.51 ($0.32) for the third quarter.
The company had cash and cash equivalents of RMB 24.1 million ($3.0 Million) on the balance sheet with working capital of RMB 252.5 million ($31.9 million). The company does not currently hold any long-term debt and has Total Shareholders Equity of RMB 286.6 million ($36.3 million).
Jinpan International Limited and Subsidiaries
Consolidated Balance Sheets (Unaudited)
As of September 30, 2006
September 30,
(In thousands, except number of shares 2006 2006
and per share data) US$ RMB Assets Current assets: Cash and cash equivalents 3,047 24,086
Accounts receivable, net 28,001 221,324
Inventories 18,319 144,795
Prepaid expenses 4,186 33,089
Other receivables 2,227 17,600 Total current assets 55,780 440,894 Property, plant and equipment, net 4,121 32,570 Construction in progress 1,124 8,886 Deferred tax assets 106 834 Total assets 61,131 483,184 Liabilities and Shareholders' Equity Current liabilities: Short term bank loans 4,328 34,207
Accounts payable 4,203 33,222
Advance from customers 5,453 43,101
Other Payable 9,855 77,895
Total current liabilities 23,839 188,425 Minority interest 1,030 8,145 Commitments - - Shareholders' equity:
Authorized shares - 20,000,000 Issued and
outstanding shares - 6,825,246 in 2006 61 515 Convertible preferred stock, US$0.009
par value: Authorized shares - 1,000,000
Issued and outstanding shares - 6,111
in 2006, 6% p.a. - 2
Additional paid-in capital 10,881 89,979
Reserves 2,652 21,908
Retained earnings 22,822 181,386
Accumulated other comprehensive income 669 (397)
37,085 293,393
Less: Treasure shares at cost, common stock-
208,470 shares (823) (6,779)
Total shareholders' equity 36,262 286,614 Total liabilities and shareholders'
equity 61,131 483,184 Jinpan International Limited and Subsidiaries
Consolidated Statements of Income (Unaudited)
For the three months ended September 30, 2006 Three months ended Nine months ended
September 30 September 30
2006 2006 2006 2006
(In thousands, except US$ RMB US$ RMB
per share data) Net sales 23,324 184,722 57,905 462,514
Other income 33 262 41 331
23,357 184,984 57,946 462,845
Costs and expenses:
Cost of products sold (16,899) (133,843) (41,780) (333,715)
Selling and administrative (3,424) (27,085) (9,128) (72,914)
Interest expenses (86) (679) (242) (1,933)
(20,409) (161,607) (51,150) (408,562)
Income before income taxes 2,948 23,377 6,796 54,283 Income taxes (455) (3,609) (1,075) (8,587) Income before minority
interest 2,493 19,768 5,721 45,696 Minority interest (387) (3,070) (923) (7,375)
Net income 2,106 16,698 4,798 38,321 Earnings per share
- Basic US$0.32 RMB2.54 US$0.73 RMB5.84
- Diluted US$0.32 RMB2.51 US$0.72 RMB5.76 Weighted average number
of shares
- Basic 6,570,755 6,570,755 6,570,755 6,570,755
- Diluted 6,662,141 6,662,141 6,662,141 6,662,141
STATEMENTS IN THIS PRESS RELEASE WHICH ARE NOT HISTORICAL DATA ARE FORWARD-LOOKING STATEMENTS WHICH INVOLVE KNOWN AND UNKNOWN RISKS, 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 INCLUDE, BUT ARE NOT LIMITED TO, THOSE DETAILED IN THE COMPANY'S PERIODIC FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION. DATASOURCE: Jinpan International Limited CONTACT: Mr. Mark Du, +1-201-227-0680 Web site: http://www.jstusa.net/
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