JINPAN INTERNATIONAL LTD

CIK:0001053008|SEC Filings

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2014

19 EARNINGS PER SHARE

Basic earnings per share for the years ended December 31, 2014, 2013 and 2012 was computed by dividing net income of RMB 94.8 million (US$ 15.5 million), RMB 102.6 million (US$ 16.6 million) and RMB 88.5 million (US$ 14.1 million) respectively by the weighted average number of 16,232,381, 16,230,165 and 16,170,107 common shares outstanding, respectively.

Diluted earnings per share for the years ended December 31, 2014, 2013 and 2012 was computed by dividing net income of RMB 94.8 million (US$ 15.5 million), RMB 102.6 million (US$16.6 million) and RMB 88.5 million (US$14.1 million) by the weighted average number of 16,633,683, 16,711,192 and 16,717,277 common shares outstanding, respectively. The weighted average number of shares includes potentially dilutive common shares, which reflect the dilutive effect of stock options, preferred shares and warrants. Reconciliation of the denominator is as follows:

	2014		2013		2012

Denominator for basic earnings per share weighted average shares		16,232,381		16,230,165		16,170,107

Effect of dilutive securities:
Exercisable stock options		401,302		481,027		547,170
Convertible warrants				-		-
Denominator for diluted earnings per share adjusted weighted average shares and assumed conversions		16,633,683		16,711,192		16,717,277

Consolidated Statements of Cash Flows	12 Months Ended
Consolidated Statements of Cash Flows	Dec. 31, 2014 USD ($)	Dec. 31, 2014 CNY	Dec. 31, 2013 CNY	Dec. 31, 2012 CNY
Operating activities
Net income	$ 15,514,000us-gaap_NetIncomeLoss	94,758,000us-gaap_NetIncomeLoss	102,621,000us-gaap_NetIncomeLoss	88,493,000us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
Depreciation and Amortization	7,325,000us-gaap_DepreciationAndAmortization	44,739,000us-gaap_DepreciationAndAmortization	42,499,000us-gaap_DepreciationAndAmortization	35,746,000us-gaap_DepreciationAndAmortization
Deferred income taxes	(429,000)us-gaap_DeferredIncomeTaxExpenseBenefit	(2,622,000)us-gaap_DeferredIncomeTaxExpenseBenefit	(4,499,000)us-gaap_DeferredIncomeTaxExpenseBenefit	(2,053,000)us-gaap_DeferredIncomeTaxExpenseBenefit
Allowance for doubtful accounts	1,723,000us-gaap_ProvisionForDoubtfulAccounts	10,524,000us-gaap_ProvisionForDoubtfulAccounts	26,595,000us-gaap_ProvisionForDoubtfulAccounts	17,198,000us-gaap_ProvisionForDoubtfulAccounts
Loss/(gain) on disposal of property, plant and equipment			(250,000)	(27,000)
Employee stock-based compensation	447,000	2,730,000	1,713,000	2,556,000
Changes in operating assets and liabilities
Restricted cash	133,000	814,000	(2,845,000)	(3,155,000)
Accounts receivable	2,142,000	13,084,000	(125,016,000)	(104,914,000)
Notes receivable	4,195,000	25,623,000	2,470,000	21,627,000
Inventories	(16,540,000)us-gaap_IncreaseDecreaseInInventories	(101,025,000)us-gaap_IncreaseDecreaseInInventories	(19,113,000)us-gaap_IncreaseDecreaseInInventories	45,258,000us-gaap_IncreaseDecreaseInInventories
Prepaid expenses	(16,698,000)	(101,989,000)	(9,741,000)	67,606,000
Other receivables	8,000	46,000	(5,277,000)	(2,680,000)
Accounts payable	10,468,000	63,938,000	7,373,000	9,389,000
Notes Payable	4,212,000	25,729,000	26,243,000	(48,002,000)
Income tax	(483,000)	(2,949,000)	3,523,000	(2,899,000)
Value added tax	(2,793,000)jst_IncreaseDecreaseInValueAddedTax	(17,061,000)jst_IncreaseDecreaseInValueAddedTax	3,849,000jst_IncreaseDecreaseInValueAddedTax	2,005,000jst_IncreaseDecreaseInValueAddedTax
Advances from customers	7,421,000	45,327,000	982,000	5,982,000
Commission payable	3,071,000jst_IncreaseDecreaseInCommissionPayable	18,758,000jst_IncreaseDecreaseInCommissionPayable	29,169,000jst_IncreaseDecreaseInCommissionPayable	24,849,000jst_IncreaseDecreaseInCommissionPayable
Accrued employee benefits	158,000	963,000	778,000	(8,505,000)
Government grants	172,000jst_IncreaseDecreaseInGovernmentGrants	1,200,000jst_IncreaseDecreaseInGovernmentGrants	(3,500,000)jst_IncreaseDecreaseInGovernmentGrants	(150,000)jst_IncreaseDecreaseInGovernmentGrants
Other liabilities	620,000	3,639,000	11,211,000	(24,022,000)
Net cash provided by operating activities	20,666,000	126,226,000	88,785,000	124,302,000
Investing activities
Purchases of property, plant and equipment	(1,278,000)	(7,805,000)	(2,289,000)	(55,298,000)
Proceeds from sales of property, plant and equipment			250,000	180,000
Payment for construction-in-progress	(3,303,000)jst_PaymentsForConstructionInProgress	(20,175,000)jst_PaymentsForConstructionInProgress	(78,445,000)jst_PaymentsForConstructionInProgress	(168,352,000)jst_PaymentsForConstructionInProgress
Purchase of short term investment	(74,330,000)	(454,000,000)	(314,090,000)	(150,000,000)
Sales of short term investment	66,062,000	403,500,000	354,090,000	80,000,000
Receipt of government grant for new plant construction	196,000	1,200,000	9,794,000	19,383,000
Sales of investment in Beijing Jinpan Huineng Co.				200,000
Net cash used in investing activities	(12,653,000)	(77,280,000)	(30,690,000)	(273,887,000)
Financing activities
Proceeds from bank loans	9,887,000us-gaap_ProceedsFromBankDebt	60,390,000us-gaap_ProceedsFromBankDebt	261,415,000us-gaap_ProceedsFromBankDebt	397,841,000us-gaap_ProceedsFromBankDebt
Repayment of bank loans	(26,622,000)us-gaap_RepaymentsOfBankDebt	(162,604,000)us-gaap_RepaymentsOfBankDebt	(274,954,000)us-gaap_RepaymentsOfBankDebt	(266,299,000)us-gaap_RepaymentsOfBankDebt
Proceeds from exercise of stock options	16,000	96,000	1,337,000	135,000
Dividends paid	(2,605,000)us-gaap_PaymentsOfDividendsCommonStock	(15,912,000)us-gaap_PaymentsOfDividendsCommonStock	(12,074,000)us-gaap_PaymentsOfDividendsCommonStock	(18,323,000)us-gaap_PaymentsOfDividendsCommonStock
Net cash used in financing activities	(19,324,000)	(118,030,000)	(24,276,000)	113,354,000
Effect of exchange rate changes on cash	(62,000)	36,000	(286,000)	(25,000)
Net increase/(decrease) in cash and cash equivalents	(11,373,000)	(69,048,000)	33,533,000	(36,256,000)
Cash and cash equivalents at beginning of year	24,582,000	149,874,000	116,341,000	152,597,000
Cash and cash equivalents at end of year	13,209,000	80,826,000	149,874,000	116,341,000
Interest paid	1,651,000us-gaap_InterestPaid	10,085,000us-gaap_InterestPaid	16,869,000us-gaap_InterestPaid	10,528,000us-gaap_InterestPaid
Income taxes paid	$ 3,701,000us-gaap_IncomeTaxesPaid	22,605,000us-gaap_IncomeTaxesPaid	15,296,000us-gaap_IncomeTaxesPaid	19,048,000us-gaap_IncomeTaxesPaid

Consolidated Balance Sheets In Thousands, unless otherwise specified	Dec. 31, 2014 USD ($)	Dec. 31, 2014 CNY	Dec. 31, 2013 CNY
Current assets:
Cash and cash equivalents	$ 13,209	80,826	149,874
Restricted cash	1,178	7,210	8,024
Short-term investment	13,156us-gaap_ShortTermInvestments	80,500us-gaap_ShortTermInvestments	30,000us-gaap_ShortTermInvestments
Notes receivable	11,557	70,718	96,341
Accounts receivable, net	140,225us-gaap_AccountsReceivableNetCurrent	858,037us-gaap_AccountsReceivableNetCurrent	881,646us-gaap_AccountsReceivableNetCurrent
Inventories	50,003us-gaap_InventoryNet	305,967us-gaap_InventoryNet	204,942us-gaap_InventoryNet
Prepaid expenses	20,856us-gaap_PrepaidExpenseCurrent	127,619us-gaap_PrepaidExpenseCurrent	25,630us-gaap_PrepaidExpenseCurrent
Deferred tax assets	2,515us-gaap_DeferredTaxAssetsNetCurrent	15,388us-gaap_DeferredTaxAssetsNetCurrent	12,920us-gaap_DeferredTaxAssetsNetCurrent
Other receivables	6,901us-gaap_OtherReceivablesNetCurrent	42,229us-gaap_OtherReceivablesNetCurrent	42,013us-gaap_OtherReceivablesNetCurrent
Total current assets	259,600us-gaap_AssetsCurrent	1,588,494us-gaap_AssetsCurrent	1,451,390us-gaap_AssetsCurrent
Property, plant and equipment, net	73,976us-gaap_PropertyPlantAndEquipmentNet	452,659us-gaap_PropertyPlantAndEquipmentNet	460,932us-gaap_PropertyPlantAndEquipmentNet
Construction-in-progress	2,693us-gaap_ConstructionInProgressGross	16,481us-gaap_ConstructionInProgressGross	23,092us-gaap_ConstructionInProgressGross
Land use right	14,856jst_LandUseRightNoncurrent	90,902jst_LandUseRightNoncurrent	92,777jst_LandUseRightNoncurrent
Goodwill	13,768us-gaap_Goodwill	84,246us-gaap_Goodwill	84,246us-gaap_Goodwill
Other assets	106us-gaap_OtherAssetsNoncurrent	649us-gaap_OtherAssetsNoncurrent	757us-gaap_OtherAssetsNoncurrent
Total assets	364,999us-gaap_Assets	2,233,431us-gaap_Assets	2,113,194us-gaap_Assets
Current liabilities:
Short-term bank loans			67,681us-gaap_ShortTermBorrowings
Accounts payable	37,364us-gaap_AccountsPayableCurrent	228,633us-gaap_AccountsPayableCurrent	164,695us-gaap_AccountsPayableCurrent
Notes Payable	14,665us-gaap_NotesPayableCurrent	89,733us-gaap_NotesPayableCurrent	64,004us-gaap_NotesPayableCurrent
Income tax payable	2,025us-gaap_AccruedIncomeTaxesCurrent	12,389us-gaap_AccruedIncomeTaxesCurrent	15,338us-gaap_AccruedIncomeTaxesCurrent
Value added tax payable	1,457us-gaap_SalesAndExciseTaxPayableCurrent	8,917us-gaap_SalesAndExciseTaxPayableCurrent	25,978us-gaap_SalesAndExciseTaxPayableCurrent
Advances from customers	21,563us-gaap_CustomerAdvancesCurrent	131,946us-gaap_CustomerAdvancesCurrent	86,619us-gaap_CustomerAdvancesCurrent
Commission payable	22,046us-gaap_AccruedSalesCommissionCurrent	134,899us-gaap_AccruedSalesCommissionCurrent	116,141us-gaap_AccruedSalesCommissionCurrent
Accrued employee benefits	2,028	12,411	11,448
Other liabilities	5,959us-gaap_OtherLiabilitiesCurrent	36,460us-gaap_OtherLiabilitiesCurrent	31,411us-gaap_OtherLiabilitiesCurrent
Total current liabilities	107,107us-gaap_LiabilitiesCurrent	655,388us-gaap_LiabilitiesCurrent	583,315us-gaap_LiabilitiesCurrent
Commitments and contingencies
Long term liability:
Deferred Income	4,964us-gaap_DeferredRevenueNoncurrent	30,377us-gaap_DeferredRevenueNoncurrent	29,176us-gaap_DeferredRevenueNoncurrent
Long Term bank loans	26,239us-gaap_LongTermLoansFromBank	160,553us-gaap_LongTermLoansFromBank	195,087us-gaap_LongTermLoansFromBank
Total Liabilities	138,310us-gaap_Liabilities	846,318us-gaap_Liabilities	807,578us-gaap_Liabilities
Shareholders' equity:
Convertible preferred stock, US$0.0045 par value: Authorized shares - 2,000,000 Issued and outstanding shares - none in 2014 and 2013
Common stock, US$0.0045 par value: Authorized shares - 40,000,000 Issued and outstanding shares -16,418,456 in 2014 and 2013	74us-gaap_CommonStockValue	606us-gaap_CommonStockValue	606us-gaap_CommonStockValue
Additional paid-in capital	38,138	298,418	295,688
Reserves	13,442	93,985	90,356
Retained earnings	149,197	1,001,054	925,837
Accumulated other comprehensive income	26,106	(3,848)	(3,673)
Stockholders' Equity before Treasury Stock	226,957	1,390,215	1,308,814
Less: Treasury shares at cost, Common stock -135,488 in 2014 and 138,306 in 2013	(268)us-gaap_TreasuryStockValue	(3,102)us-gaap_TreasuryStockValue	(3,198)us-gaap_TreasuryStockValue
Total shareholders' equity	226,689us-gaap_StockholdersEquity	1,387,113us-gaap_StockholdersEquity	1,305,616us-gaap_StockholdersEquity
Total liabilities and shareholders' equity	$ 364,999	2,233,431	2,113,194