<PAGE> 1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------------
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
OF
THE SECURITIES EXCHANGE ACT OF 1934
DATED AUGUST 12, 1997
PEAK INTERNATIONAL LIMITED
UNITS 4, 5 AND 7, 37TH FLOOR
WHARF CABLE TOWER
9 HOI SHING ROAD
TSUEN WAN
N.T., HONG KONG
(852) 2402-5100
---------------------
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F:
<TABLE>
<S> Form 20-F [X] <C> Form 40-F [ ]
</TABLE>
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
<TABLE>
<S> Yes [ ] <C> No [X]
</TABLE>
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<PAGE> 2
To Our Stockholders:
FOR THE FIRST QUARTER 1998, the Company reported net income of $4,107,000, up
35% from $3,044,000 in the first quarter 1997. Earnings per share grew to
$0.38 compared with $0.29 last year resulting in a 31% increase. For the same
period net sales grew 21% to $16,070,000 from $13,306,000.
These strong results reflect our position as a leading supplier to the
semiconductor and electronics industry and the continuation of our efforts to
create additional growth through the introduction of new products and new
services to our expanding customer base.
During the first quarter Peak continued to broaden its global customer base and
increase its product offerings. We have been successful in bringing on several
key additional customers in Taiwan, Japan and other parts of the world. During
the same period we are very happy to report that the Company saw expanding
sales of our new carrier tape product line. We are pleased at the market's
acceptance of this product group.
A key factor that has enabled us to grow our new carrier tape business has been
our development of technically innovative solutions for the automated handling
of semiconductor. This has been a significant driver accelerating sales of
our tape products. Patent applications are in-process for several of these
innovative designs in an effort to protect this intellectual property. Our
engineering efforts in partnership with semiconductor imaging equipment
suppliers continue to provide additional market opportunities.
The process of expanding our distribution network by adding additional
Just-in-Time (JIT) warehouses in close proximity to strategic customers around
the world continued during the first quarter, bringing the total number
of JIT warehouses to 17 at the end of June, 1997. We feel strongly that this
approach enhances customer relationships and generates a higher level of
commitment from our customers. We will continue this expansion in the coming
quarters.
I am excited to report that work is progressing well on our new manufacturing
facility in the PRC. Construction is on track for completion in 1998. This
added manufacturing space, when fully facilitized, will give us enough space to
triple our current capacity. We feel that this will allow us to fully
capitalize on the opportunities that we see before us in the rapidly growing
semiconductor and electronics markets.
Richard Brook
President and
Chief Operating Officer
July 31, 1997
RESULTS AT A GLANCE...
<TABLE>
<CAPTION>
FIRST QUARTER ENDED JUNE 30,
1997 1996
- - ---------------------------------------------------------------------
(in thousands, except per share data)
<S> <C> <C>
Net sales $16,070 $13,306
Net income 4,107 3,044
Per share $ 0.38 $ 0.29
</TABLE>
<TABLE>
<CAPTION>
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED JUNE 30
(UNAUDITED)
1997 1996
- - ------------------------------------------------------------------
(in thousands, except per share data)
<S> <C> <C>
Net sales $16,070 $13,306
Cost of Goods Sold (9,325) (7,943)
------- -------
Gross Profit 6,745 5,363
General & Administrative
and Research & Development (1,176) (1,070)
Selling & marketing (1,291) (757)
------- -------
Operating Income 4,278 3,536
Other Income 387 55
Interest Expense-net (225) (186)
------- -------
Profit Before Tax 4,440 3,405
Taxation (333) (361)
------- -------
Net Income $ 4,107 $ 3,044
======= =======
Earnings Per Share $ 0.38 $ 0.29
======= =======
Weighted Average Number
of Shares 10,824 10,462
</TABLE>
<PAGE> 3
Consolidated Balance Sheets
(Unaudited)
<TABLE>
<CAPTION>
June 30, 1997 June 30, 1996
- - --------------------------------------------------------------------
(in thousands)
<S> <C> <C>
ASSETS
Current assets:
Cash & cash equivalents $16,887 $ 1,781
Marketable securities 295 -
Accounts receivable-net 9,584 6,646
Inventory-net 24,205 18,497
Other current assets 3,531 1,999
------- -------
TOTAL CURRENT ASSETS 54,502 28,923
------- -------
Property, plant and equipment-net 17,810 12,867
------- -------
TOTALS $72,312 41,790
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Bank borrowings 1,355 12,806
Accounts payable 5,925 5,873
Taxation 2,798 1,597
Due to shareholder - 3,975
------- -------
TOTAL CURRENT LIABILITIES 10,078 24,251
------- -------
Deferred income taxes 448 442
------- -------
TOTAL LIABILITIES 10,526 24,693
------- -------
Stockholders' Equity:
Share capital 135 105
Additional paid-in-capital 34,034 2,564
Retained earnings 27,630 14,421
Cumulative translation
adjustment 17 7
Unrealized loss on
marketable securities (30) -
------- -------
Total stockholders' 61,786 17,097
equity
------- -------
TOTALS $72,312 $41,790
======= =======
</TABLE>
[PEAK LOGO]
1
FIRST QUARTER REPORT
for the three months
ended June 30, 1997
[PHOTO OF FILM CANNISTER]
Peak International Limited
<PAGE> 4
Peak International Limited Reports Financial Results for First Qtr 1998
First Quarter 1998 EPS Increases 31% to $0.38
HONG KONG, and AUSTIN, Texas, July 31 /PRNewswire/ -- Peak
International Limited (Nasdaq: PITLf) reported record first quarter earnings
and revenues for the first quarter of 1998 ending June 30, 1997.
For the first quarter 1998, the Company reported net income of $4.1
million, up 35% from $3.0 million in the first quarter 1997. Earnings per share
grew to $0.38 compared with $0.29 last year resulting in a 31% increase. For
the same period net sales grew 21% to $16.1 million from $13.3 million.
"Results for this quarter demonstrate our continued penetration into
our global markets and our ongoing focus on finding new customers as well as
adding new, high margin offerings to our product portfolio," commented Richard
Brook, President and Chief Operating Officer. "We continue to deliver
innovative solutions for the automated manufacturing, handling and transport of
semiconductor devices. Our goal is to couple this innovation with a focus on
delivery to fulfill our growth commitments to shareholders, employees and
customers."
Company Description
Peak International Limited (Nasdaq: PITLf) is global leader in
delivering precision engineered packaging solutions for the manufacturing,
handling and transport of semiconductor devices.
Peak International Limited
Consolidated Income Statements
(all amounts in thousands except per share data)
(unaudited)
<TABLE>
<CAPTION>
Three Months Ended June 30,
1997 1996
<S> <C> <C>
Net Sales $16,070 $13,306
Cost of Goods Sold (9,325) (7,943)
Gross Profit 6,745 5,363
General & Administrative and
Research & Development (1,176) (1,070)
Selling & Marketing (1,291) (757)
Operating Income 4,278 3,536
Other Income 387 55
Interest Expense-net (225) (186)
Profit Before Tax 4,440 3,405
Taxation (333) (361)
NET INCOME $ 4,107 $ 3,044
EARNINGS PER SHARE $ 0.38 $ 0.29
Weighted Average Number of Shares 10,824 10,462
</TABLE>
Consolidated Balance Sheets
(Unaudited)
<TABLE>
<CAPTION>
(in thousands)
ASSETS June 30, 1997 June 30, 1996
<S> <C> <C>
Current assets:
Cash & cash equivalents $16,887 $ 1,781
Marketable securities 295 -
Accounts receivable-net 9,584 6,646
Inventory-net 24,205 18,497
Other current assets 3,531 1,999
Total Current Assets 54,502 28,923
Property, plant and
equipment-net 17,810 12,867
TOTALS $72,312 $41,790
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current Liabilities:
Bank borrowings 1,355 12,806
Accounts payable 5,925 5,873
Taxation 2,798 1,597
Due to shareholder - 3,975
Total Current Liabilities 10,078 24,251
Deferred income taxes 448 442
Total Liabilities 10,526 24,693
Stockholders' Equity:
Share capital 135 105
Additional paid-in capital 34,034 2,564
Retained earnings 27,630 14,421
Cumulative translation
adjustment 17 7
Unrealized loss on
marketable securities (30) -
Total stockholders'
equity 61,786 17,097
TOTALS $72,312 $41,790
</TABLE>
SOURCE Peak International Limited
<PAGE> 5
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.
PEAK INTERNATIONAL LIMITED
By: /s/ Jerry Mo
-------------------------
Jerry Mo
Chief Financial Officer
and Director
August 12, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM UNAUDITED
MANAGEMENT ACCOUNTS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH 1ST
QUARTER 6-K
</LEGEND>
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> JUN-30-1997
<EXCHANGE-RATE> 1
<CASH> 16,887
<SECURITIES> 295
<RECEIVABLES> 9,584
<ALLOWANCES> 0
<INVENTORY> 24,205
<CURRENT-ASSETS> 54,502
<PP&E> 29,413
<DEPRECIATION> 11,603
<TOTAL-ASSETS> 72,312
<CURRENT-LIABILITIES> 10,078
<BONDS> 0
0
0
<COMMON> 135
<OTHER-SE> 61,651
<TOTAL-LIABILITY-AND-EQUITY> 72,312
<SALES> 16,070
<TOTAL-REVENUES> 16,070
<CGS> 9,325
<TOTAL-COSTS> 9,325
<OTHER-EXPENSES> 2,467
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 225
<INCOME-PRETAX> 4,440
<INCOME-TAX> 333
<INCOME-CONTINUING> 4,107
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,107
<EPS-PRIMARY> 0.38
<EPS-DILUTED> 0.38
</TABLE>
