<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2000
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______________ to ______________
Commission File No. 0-28582
-------
CHANNELL COMMERCIAL CORPORATION
(Exact name of Registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation or organization)
95-2453261
(I.R.S. Employer Identification No.)
26040 Ynez Road, Temecula, California
(Address of principal executive offices)
92591
(Zip Code)
(909) 719-2600
(Registrant's telephone number, including area code)
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No _____
---
9,084,092 shares of common stock of the Registrant were outstanding at
June 30, 2000.
<PAGE>
CHANNELL COMMERCIAL CORPORATION
CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME (UNAUDITED)
(amounts in thousands, except per share data)
<TABLE>
<CAPTION>
Six months ended Three months ended
June 30, June 30,
-------------------- --------------------
2000 1999 2000 1999
-------- ---------- --------- ---------
<S> <C> <C> <C> <C>
Net sales $ 67,972 $ 56,013 $ 35,722 $ 31,315
Cost of goods sold 42,847 34,073 21,838 18,974
-------- -------- -------- --------
Gross profit 25,125 21,940 13,884 12,341
Operating expenses
Selling 7,871 7,022 3,886 3,687
General and administrative 6,406 4,855 3,250 2,602
Research and development 1,305 1,315 695 688
-------- -------- -------- --------
15,582 13,192 7,831 6,977
-------- -------- -------- --------
Income from operations 9,543 8,748 6,053 5,364
Interest expense, net (1,346) (1,123) (743) (586)
-------- -------- -------- --------
Income before income taxes 8,197 7,625 5,310 4,778
Income taxes 3,454 3,197 2,178 2,060
-------- -------- -------- --------
Net income $ 4,743 $ 4,428 $ 3,132 $ 2,718
======== ======== ======== ========
Net income per share
Basic $ 0.52 $ 0.49 $ 0.34 $ 0.30
======== ======== ======== ========
Diluted $ 0.51 $ 0.49 $ 0.34 $ 0.30
======== ======== ======== ========
Net income $ 4,743 $ 4,428 $ 3,132 $ 2,718
Other comprehensive income, net of tax
Foreign currency translation adjustments (625) 80 147 75
-------- -------- -------- --------
Comprehensive net income $ 4,118 $ 4,508 $ 3,279 $ 2,793
======== ======== ======== ========
</TABLE>
<PAGE>
CHANNELL COMMERCIAL CORPORATION
CONSOLIDATED BALANCE SHEETS (Unaudited)
(amounts in thousands)
<TABLE>
<CAPTION>
June 30, Dec. 31,
2000 1999
---------- ---------
<S> <C> <C>
ASSETS
Current assets
Cash and cash equivalents $ 1,050 $ 2,733
Accounts receivable, net 25,082 23,235
Inventories 18,663 19,449
Deferred income taxes 848 707
Prepaid expenses 2,086 2,294
Income taxes receivable -- 389
--------- ---------
Total current assets 47,729 48,807
Property and equipment at cost, net 52,323 49,452
Deferred income taxes 509 124
Intangible assets, net 14,034 14,450
Other assets 2,260 1,707
--------- ---------
$ 116,855 $ 114,540
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 6,877 $ 11,643
Short term debt (including current maturities of long term debt) 208 4,135
Current maturities of capital lease obligations 2,860 2,608
Accrued expenses 2,182 2,497
Income taxes payable 803 --
--------- ---------
Total current liabilities 12,930 20,883
--------- ---------
Long term debt, less current maturities 33,921 26,240
Capital lease obligations, less current maturities 3,467 5,078
Stockholders' equity
Preferred stock -- --
Common stock, par value $.01 per share, authorized --
19,000 shares; issued - 9,245 shares at June 30, 2000
and 9,237 at December 31, 1999; 9,084 outstanding at
June 30, 2000; 9,076 outstanding at December 31, 1999 92 92
Additional paid-in capital 28,070 27,991
Treasury stock - 161 shares (1,352) (1,352)
Retained earnings 39,995 35,252
Accumulated other comprehensive income -
Foreign currency translation (268) 356
--------- ---------
Total stockholders' equity 66,537 62,339
--------- ---------
Total liabilities and stockholders' equity $ 116,855 $ 114,540
========= =========
</TABLE>
<PAGE>
CHANNELL COMMERCIAL CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(amounts in thousands)
<TABLE>
<CAPTION>
Six months ended
June 30,
-----------------------
2000 1999
------- -------
<S>
Cash flows from operating activities: <C> <C>
Net income $ 4,743 $ 4,428
Depreciation and amortization 3,869 3,281
Deferred income taxes (560) 2
Change in assets and liabilities:
(Increase) decrease in assets:
Accounts receivable (1,634) (1,939)
Inventories 1,124 (2,211)
Prepaid expenses 237 (542)
Other (553) 276
Increase (decrease) in liabilities:
Accounts payable (5,715) 452
Accrued expenses (315) (2,756)
Income taxes payable 1,191 237
------- -------
Net cash provided by operating activities 2,387 1,228
------- -------
Cash flows from investing activities:
Acquisition of property and equipment (6,324) (5,679)
------- -------
Net cash used in investing activities (6,324) (5,679)
------- -------
Cash flows from financing activities:
Repayment of debt (4,150) (412)
Proceeds from issuance of long term debt 7,772 --
Acquisition (Repayment) of obligations under capital lease (1,353) 796
Exercise of stock options 79 --
------- -------
Net cash provided by financing activities 2,348 384
------- -------
Effect of exchange rates on cash (94) 80
------- -------
Decrease in cash and cash equivalents (1,683) (3,987)
Cash and cash equivalents, beginning of period 2,733 5,828
------- -------
Cash and cash equivalents, end of period $ 1,050 $ 1,841
======= =======
Cash paid during the period for:
Interest $ 1,385 $ 902
======= =======
Income taxes $ 3,810 $ 2,881
======= =======
</TABLE>
<PAGE>
CHANNELL COMMERCIAL CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
June 30, 2000 and 1999
(amounts in thousands, except per share data)
1. Unaudited financial statements: In the opinion of management, all
adjustments, consisting only of normal recurring adjustments necessary for
a fair presentation of (a) the consolidated statements of income for the
six-months ended June 30, 2000 and 1999, (b) the consolidated balance
sheets at June 30, 2000, and (c) the consolidated statements of cash flows
for the six-month periods ended June 30, 2000 and 1999 have been made. The
results for the six-month period ended June 30, 2000, are not necessarily
indicative of the results for the entire year.
2. Inventories: Inventories stated at the lower of cost or market (first-in,
first-out method) are summarized as follows:
June 30,
2000
----------
Raw Materials $ 7,994
Work-in-Process 2,536
Finished Goods 8,133
-------
$18,663
=======
3. Income per share: Basic income per share excludes dilution and is computed
by dividing net income available to common stockholders by the weighted
average number of common shares outstanding for the period. Diluted income
per share reflects the potential dilution that could occur if options to
acquire common stock were exercised. For the quarters ended June 30, 2000
and 1999, the number of shares used in the diluted computation approximated
the basic computations. The following is a reconciliation of the number of
shares (denominator) used in the basic and diluted income per share
computations for the six months ended June 30th:
2000 1999
----------------- -----------------
Per Per
Share Share
Shares Amount Shares Amount
------ ------ ------ ------
Basic income per
Share 9,080 $.52 9,099 $.49
Effect of dilutive
Stock options 150 (.01) - -
------- ----- ------ -----
Diluted income per
Share 9,230 $.51 9,099 $.49
======= ===== ====== =====
<PAGE>
The following options were not included in the computation of diluted
income per share for the six month period ended June 30, 2000, as a result
of the options' exercise price exceeding the average market price of the
common shares:
2000 1999
---- ---------------------
Options to purchase shares of
common stock - 699,600
Exercise price - $9.63 - $13.25
Expiration dates - July 2007 - May 2009
4. Segments: Channell Commercial Corporation (the "Company") operates in one
industry segment as a manufacturer and supplier of telecommunications
equipment. Currently, the Company is organized into four geographic
regions: the United States, Europe/Middle East, Canada and Australia/Asia.
The following tables summarize segment information for the six-month
periods ended June 30, 2000 and 1999.
Six Months Ended
June 30,
--------------------
2000 1999
---- ----
Revenues from unrelated entities:
United States $ 48,229 $ 37,397
Europe/Middle East 10,842 7,518
Canada 2,944 2,660
Australia/Asia 5,957 8,438
-------- --------
$ 67,972 $ 56,013
======== ========
Income from operations:
United States $ 11,460 $ 7,527
Europe/Middle East (1,774) (1,210)
Canada 384 542
Australia/Asia (527) 1,889
-------- --------
$ 9,543 $ 8,748
======== ========
There has not been any significant change in the total assets of each
reportable segment from the amounts disclosed in the Audited Financial
Statements and Notes thereto for the year ended December 31, 1999.
5. Subsequent event: On July 21, 2000, the Company amended its Revolving
Facility to allow for incremental capital expenditures and working capital
requirements necessitated by revenue growth. The amendment increases the
amount of the facility under the Credit Agreement from $30.0 million to
$40.0 million and includes a $10.0 million term note payable December 31,
2003.
<PAGE>
Part I - Financial Information
Item 2 - Management's Discussion and Analysis of Results of Operations and
Financial Condition
Results of Operations
Comparison of the Six Months Ended June 30, 2000 With the Six Months Ended June
30, 1999
Net Sales. Net sales in the first six months of 2000 were $68.0
million, an increase of $12.0 million or 21.4% compared with the first six
months of 1999. The increase resulted from higher sales in the U.S. of
telecommunications enclosure products and increased sales in Europe / Middle
East of cable television and fiber optic products.
Domestic net sales were $48.2 million in the first six months of 2000,
an increase of $10.8 million or 28.9% compared with the first six months of
1999. The increase is due to: 1) continued sales growth of enclosure products as
a result of construction projects to upgrade cable networks for enhanced voice,
data and video requirements, 2) increased volume to telephone service providers
from contracts awarded during 1999, and, 3) increased sales of the Rhino
product, a metal cabinet enclosure, primarily to telephone service providers.
International net sales were $19.8 million in the first six months of
2000, an increase of $1.2 million or 6.5% compared with the first six months of
1999. Sales in Europe / Middle East increased 44.0% to $10.8 million primarily
due to growth in RF products in Spain, Eastern Europe and Israel and fiber
optics products in the U.K. and continental Europe. Sales in Canada increased
7.4% to $2.9 million due to growth in sales of the Rhino metal enclosure. These
increases were partially offset by decreased sales in Australia / Asia.
Australia / Asia sales declined $2.4 million in the first six months of 2000 to
$6.0 million.
Gross Profit. Gross profit in the first six months of 2000 was $25.1
million, an increase of $3.2 million or 14.6% compared to the first six months
of 1999. Gross profits on domestic sales increased $5.3 million due to increased
volume of the Company's domestic telecommunications enclosures and components in
addition to higher productivity of labor and capital equipment in domestic
operations.
Gross profit decreased $2.1 million on international sales due to the
lower volume in Australia / Asia, moving and rental expenses associated with a
new facility in Australia and higher manufacturing support costs in the U.K.
facility to improve equipment maintenance and throughput capacity.
<PAGE>
As a percentage of net sales, gross margin declined from 39.1% in the
first six months 1999 to 36.9% in the first six months of 2000. The decline is
the result of lower margin contributions on international sales, which decreased
from 30.6% in the first six months of 1999 to 18.2% in the first six months of
2000. The gross margin on domestic products increased from 43.3% to 44.6% during
the same periods. The reasons given above for the changes in gross margin
dollars also apply to these percentage changes.
Selling. Selling expenses were $7.9 million in the first six months of
2000, an increase of $0.9 million or 12.9% from the first six months of 1999.
The increase is the result of additional staffing and support costs to increase
selling activities primarily in Southern and Eastern Europe and the domestic
telephone markets, as well as higher freight costs associated with the
additional sales volume. As a percentage of net sales, selling expense decreased
from 12.5% in the 1999 period to 11.6% in the 2000 period.
General and Administrative. General and administrative expenses
increased $1.5 million or 30.6% from $4.9 million in the first six months of
1999 to $6.4 million in the first six months of 2000. The increase resulted
primarily from higher telecommunications and operating costs for information
systems projects implemented in 1999, including Oracle ERP and i2 Rhythm Factory
Planner. As a percentage of net sales, general and administrative expenses
increased from 8.8% in the 1999 period to 9.4% in the 2000 period.
Research and Development. Research and development expenses of $1.3
million in the first six months of 2000 were unchanged compared to first six
months of 1999. As a percentage of net sales, research and development expenses
declined from 2.3% in the first six months of 1999 to 1.9% in 2000.
Income from Operations. As a result of the items discussed above,
income from operations increased $0.8 million or 9.2% from $8.7 million in the
first six months of 1999 to $9.5 million in the first six months of 2000, while
operating margin decreased from 15.5% to 14.0%.
Interest Expense, Net. Net interest expense in the first half of 2000
was $1.3 million, an increase of $0.2 million from the first six months of 1999.
The increase was attributable to a higher average borrowing level to finance
working capital and capital projects and a higher interest rate during the
period.
Income Taxes. The effective income tax rate of 42.7% in the first six
months of 2000 was an increase from 42.1% in the first six months of 1999. The
higher effective tax rate is due to an increase in the proportion of income
derived from the domestic operations, which has a higher tax rate than
international operations.
<PAGE>
Comparison of the Three Months Ended June 30, 2000 With the Three Months Ended
June 30, 1999
Net Sales. Net sales in the second quarter of 2000 were $35.7 million,
an increase of $4.4 million or 14.1% compared with the second quarter of 1999.
The increase resulted from higher sales in the U.S. of telecommunications
enclosure products and increased sales in Europe / Middle East of cable
television and fiber optic products.
Domestic net sales were $25.7 million in the second quarter of 2000,
an increase of $4.6 million or 21.8% compared with the second quarter of 1999.
The increase is due to continued growth in enclosure products used to upgrade
cable and telephone networks for enhanced voice, data and video requirements.
International net sales were $10.0 million in the second quarter of
2000, a decrease of $0.2 million compared to the second quarter of 1999. Sales
in Europe / Middle East increased 28.2% to $5.0 million primarily due to growth
in RF products in Spain, Eastern Europe and Israel, and fiber optics products in
the U.K. and continental Europe. These increases were offset by decreased sales
in Australia / Asia. Australia / Asia sales decreased $1.3 million or 28.9% from
the second quarter of 1999 to $3.2 million in the second quarter of 2000.
Gross Profit. Gross profit in the second quarter of 2000 was $13.9
million, an increase of $1.6 million or 13.0% compared to the second quarter of
1999. Of this improvement, $2.7 million was attributable to increased sales
volume of the Company's domestic telecommunications products and higher labor
and capital equipment productivity in domestic operations. Gross profit on
international sales decreased by $1.1 million, primarily due to the lower sales
volume in Australia.
As a percentage of net sales, gross margin declined from 39.3% in the
second quarter of 1999 to 38.9% in the second quarter of 2000. The decline is
the result of lower margin percentages on international sales, which decreased
from 30.4% in the second quarter of 1999 to 20.0% in the second quarter of 2000.
The gross margin on domestic sales increased from 43.6% to 46.3% during the same
periods primarily due to the higher labor and capital equipment productivity.
Selling. Selling expenses were $3.9 million in the second quarter of
2000, an increase of $0.2 million or 5.4% from the second quarter of 1999. The
increase is the result of additional staffing and support costs in Europe /
Middle East to support increased selling activities in Southern and Eastern
Europe. As a percentage of net sales, selling expense decreased from 11.8% in
the 1999 period to 10.9% in the 2000 period.
<PAGE>
General and Administrative. General and administrative expenses
increased $0.7 million or 26.9% from $2.6 million in the second quarter of 1999
to $3.3 million in the second quarter of 2000. The increase resulted primarily
from higher telecommunications and operating costs for information systems
projects implemented in 1999, including Oracle ERP and i2 Rhythm Factory
Planner. Severance and recruitment costs in Europe / Middle East to restructure
administrative duties also contributed to the increase. As a percentage of net
sales, general and administrative expenses increased from 8.3% in the 1999
period to 9.2% in the 2000 period.
Research and Development. Research and development expenses of $0.7
million in the second quarter of 2000 were unchanged compared to second quarter
of 1999. As a percentage of net sales, research and development expenses
decreased from 2.2% in the second quarter of 1999 to 2.0% in the second quarter
of 2000.
Income from Operations. As a result of the items discussed above,
income from operations increased $0.7 million or 13.0% from $5.4 million in the
second quarter of 1999 to $6.1 million in the second quarter of 2000. Operating
margins decreased from 17.3% to 17.1%.
Interest Expense, Net. Net interest expense in the second quarter of
2000 was $0.7 million, an increase of $0.1 million from the second quarter of
1999. The increase was attributable to a higher average borrowing levels to
finance working capital and capital projects and a higher interest rate during
the period.
Income Taxes. The effective income tax rate of 41.5% in the second
quarter of 2000 was a decrease from 43.8% in the second quarter of 1999. The
lower tax rate is due to a projection of higher taxable income in lower tax
jurisdictions.
Liquidity and Capital Resources
Net cash provided by operating activities was $1.2 million and $2.4
million for the six months ended June 30, 1999 and 2000, respectively. Net cash
provided by financing activities was $0.4 million for the six months ended June
30, 1999 and net cash provided by financing activities was $2.3 million for the
six months ended June 30, 2000. Net cash used in investing activities was $5.7
million and $6.3 million for the periods ending June 30, 1999 and 2000,
respectively.
Accounts receivable increased from $23.2 million at December 31, 1999,
to $25.1 million at June 30, 2000, as a result of increased sales in the second
quarter of 2000 as compared to the fourth quarter of 1999. Inventories decreased
from $19.4 million at December 31, 1999, to $18.7 million at June 30, 2000,
primarily as a result of increased sales in the second quarter of 2000 versus
the fourth quarter of 1999, as well
<PAGE>
as improved inventory management from the Oracle information system. Accounts
payable decreased from $11.6 million at December 31, 1999 to $6.9 million at
June 30, 2000 due to payment of outstanding trade payables and reduced inventory
purchases in the second quarter of 2000.
The Company made capital expenditures of $6.3 million in the first six
months of 2000 compared to $5.7 million in the same period of 1999.
The Company has a Senior Revolving Loan Agreement ("Revolving
Facility") with a bank which provided funds for the Egerton acquisition, as well
as for working capital and equipment acquisition purposes. As of June 30, 2000,
the Revolving Facility was in the amount of $30.0 million, of which $28.3
million had been drawn down. The outstanding balance bears interest payable
monthly, at a variable rate based on either the bank's base rate or the
applicable LIBOR rate depending on the nature of the borrowing. The weighted
average interest rate was 7.64% for the second quarter of 2000. The loan is
collateralized by substantially all of the Company's tangible and intangible
assets and up to 65% of the capital stock of the Company's subsidiaries and is
due April 30, 2003.
The Revolving Facility contains various financial and operating covenants which,
among other things, imposes limitations on the Company's ability to incur
additional indebtedness, merge or consolidate, sell assets except in the
ordinary course of business, make certain investments, enter into leases and pay
dividends. The Company is also required to comply with covenants related to
minimum net worth and other financial ratios.
In view of the substantial increase in the Company's revenue in the first half
of 2000, the Company amended its Revolving Facility to allow for incremental
capital expenditures and working capital requirements necessitated by revenue
growth. The amendment increases the amount of the facility under the Credit
Agreement from $30.0 million to $40.0 million and includes a $10.0 million term
note payable December 31, 2003.
The Company believes that cash flow from operations, coupled with borrowings
under the increased Credit Facility will be sufficient to fund the Company's
capital expenditure and working capital requirements through 2000.
Forward-looking statements contained within this 10-Q are subject to
many uncertainties in the Company's operations and business environments.
Examples of such uncertainties include customer demand, low material costs,
integration of acquired businesses and worldwide economic conditions among
others. Such uncertainties are discussed further in the Company's annual report
and S-1 filed with the Securities and Exchange Commission.
<PAGE>
Part II - Other Information
Item 1. Legal Proceedings
The Company is from time to time involved in ordinary routine
litigation incidental to the conduct of its business. The Company regularly
reviews all pending litigation matters in which it is involved and establishes
reserves deemed appropriate for such litigation matters. Management believes
that no presently pending litigation matters will have a material adverse effect
on the Company's financial statements taken as a whole or on its results of
operations.
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Security Holders
At the Annual Meeting of Shareholders of the Company held on
May 8, 2000 in Temecula, California, 8,378,242 shares of the
Company's Common Stock were present either in person or by
proxies solicited by management to Regulation 14A under the
Securities Exchange Act of 1934.
The Shareholders voted on the following matters:
To elect two directors to serve on the Company's Board of
Directors:
<TABLE>
<CAPTION>
Number of Shares For Number of Shares Withheld
-------------------- -------------------------
<S> <C> <C>
William H. Channell, Jr. 8,371,907 6,335
Richard A. Cude 8,371,907 6,335
</TABLE>
Selection of Grant Thornton LLP as the Company's independent
accountants for the year ending December 31, 2000:
<TABLE>
<CAPTION>
Number of Shares For Number of Shares Against Number of Shares Withheld
-------------------- ------------------------ -------------------------
<S> <C> <C>
8,375,596 1,520 1,126
</TABLE>
Item 5. Other Information
None
Item 6. Exhibits and Reports on Form 8-K
None
Exhibit
Number Description
------ -----------
3.1 Restated Certificate of Incorporation of the Company (1)
3.2 Bylaws of the Company (1)
4 Form of Common Stock Certificate (1)
10.1 Tax Agreement between the Company and the Existing Stockholders (1)
10.2 Channell Commercial Corporation 1996 Incentive Stock Plan (including
form of Stock Option Agreements and Restricted Stock Agreement) (1)
10.3 Senior Revolving Loan Agreement dated as of May 1, 1998, between the
Company and Fleet National Bank (3)
<PAGE>
10.8 Employment Agreement between the Company and William H. Channell,
Sr. (1)
10.9 Employment Agreement between the Company and William H. Channell,
Jr. (1)
10.10 Channell Commercial Corporation 1996 Performance-Based Annual
Incentive Compensation Plan (1)
10.11 Lease dated December 22, 1989 between the Company and William H.
Channell, Sr., as amended (1)
10.12 Lease dated May 29, 1996 between the Company and the Channell
Family Trust (1)
10.14 Lease dated September 24, 1997 between the Company and SCI North
Carolina Limited Partnership (4)
10.15 Lease dated November 2, 1989 between the Company and Meadowvale
Court Property Management Ltd., as amended (1)
10.16 Lease Agreement dated as of March 1, 1996 between Winthrop Resources
Corp. and the Company (1)
10.17 Form of Indemnity Agreement (1)
10.18 Form of Agreement Regarding Intellectual Property (1)
10.19 401(k) Plan of the Company (5)
10.20 Letter Agreement regarding employment, Andrew M. Zogby (2)
10.21 Letter Agreement regarding employment, John B. Kaiser (2)
10.22 A.C. Egerton (Holdings) PLC Share Purchase Agreement (3)
10.23 Amendment to Employment Agreement, William H. Channell Jr., dated
December 31, 1998 (5)
11 Computation of Proforma Income per Share (2)
27 Financial Data Schedule (6)
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the quarter ended June 30,
2000.
_______
(1) Incorporated by reference to the indicated exhibits filed in connection with
the Company's Registration Statement on Form S-1 (File No. 333-3621).
(2) Incorporated by reference to the indicated exhibits filed in connection with
the Company's Form 10-K on March 31, 1997.
(3) Incorporated by reference to the indicated exhibits filed in connection with
the Company's Form 8-K on May 18, 1998.
(4) Incorporated by reference to the indicated exhibits filed in connection with
the Company's Form 10-Q on May 6, 1998.
(5) Incorporated by reference to the indicated exhibits filed in connection with
the Company's Form 10-K on March 31, 1999.
(6) Filed herewith.
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CHANNELL COMMERCIAL CORPORATION
(Registrant)
Dated: August 10, 2000 By: /s/ Thomas Liguori
---------------------------
Thomas Liguori
Chief Financial Officer
