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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
For the month of November 1999
PEAK INTERNATIONAL LIMITED
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(Exact Name of Registrant)
Units 3, 4, 5 and 7, 37th Floor, Cable
TV Tower, 9 Hoi Shing Road, Tsuen
Wan N.T., Hong Kong
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(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F)
Form 20-F X Form 40-F
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(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.)
Yes No X
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On October 29, 1999, Peak International Limited, a Bermuda
corporation, ("We" or the "Company"), filed a Form 6-K covering the second
quarter of its fiscal year 2000, the quarter ended September 30, 1999. The Form
6-K reported, among other things, an unaudited consolidated statements of income
for the three months ended September 30, 1999, and the six months ended
September 30, 1999, as well as an unaudited consolidated balance sheet for the
quarter ended September 30, 1999, which also included March 31, 1999 balance
sheet figures for comparison purposes. It has come to our attention that the
figures stated for the item entitled "General & Administrative, and Research and
Development" for the three months ended September 30, 1999, and the figures
stated for the item entitled "Gross Profit" for the six months ended September
30, 1999, were erroneously reported in the Form 6-K, and that the consolidated
balance sheet did not indicate that the March 31, 1999 balance sheet reflects
audited figures. Attached as Exhibit 99.1 to this filing is a revised
consolidated statements of income for the three months ended September 30, 1999,
and the six months ended September 30, 1999, which replaces the statements of
income for the same periods filed as an exhibit to the Form 6-K filing on
October 29, 1999. Attached as Exhibit 99.2 to this filing is a revised
consolidated balance sheet for September 30, 1999, which replaces the balance
sheet for the same date filed as an exhibit to the Form 6-K filing on October
29, 1999.
The Company files the following exhibit as part of this Report:
Exhibit 99.1 Copy of a revised consolidated statements of income for
the three months ended September 30, 1999, and the six
months ended September 30, 1999.
Exhibit 99.2 Copy of a revised consolidated balance sheet for
September 30, 1999.
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Pursuant to the requirements of the Securities and 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
Date: November 2, 1999 By: /s/ Calvin L. Reed
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Calvin L. Reed
President and Chief Executive Officer
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Exhibit 99.1
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended September 30
(Unaudited)
1999 1998
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(in thousands, except per share data)
Net Sales $20,580 $15,305
Cost of Goods Sold 11,888 9,328
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Gross Profit 8,692 5,977
General & Administrative, and
Research & Development 2,240 1,707
Selling & Marketing 1,951 1,375
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Operating Income 4,501 2,895
Other Income - net (12) 352
Interest Income - net 136 218
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Profit Before Tax 4,625 3,465
Taxation 402 311
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NET INCOME $ 4,223 $ 3,154
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EARNINGS PER SHARE
- - Basic $0.31 $0.23
- - Diluted $0.31 $0.23
Weighted Avg # Shares-Diluted 13,817 13,509
Six Months Ended September 30
(Unaudited)
1999 1998
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(in thousands, except per share data)
Net Sales $39,375 $31,074
Cost of Goods Sold 22,634 18,774
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Gross Profit 16,741 12,300
General & Administrative, and
Research & Development 4,789 3,462
Selling & Marketing 3,659 2,902
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Operating Income 8,293 5,936
Other Income - net 277 446
Interest Income - net 195 467
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Profit Before Tax 8,765 6,849
Taxation 800 615
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NET INCOME $ 7,965 $ 6,234
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EARNINGS PER SHARE
- - Basic $0.59 $0.46
- - Diluted $0.58 $0.46
Weighted Avg #Shares-Diluted 13,768 13,596
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Exhibit 99.2
CONSOLIDATED BALANCE SHEETS
September 30, 1999 March 31, 1999
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(unaudited) (audited)
(in thousands)
ASSETS
Current assets:
Cash & cash equivalents $ 17,483 $10,598
Accounts receivable-net 12,694 11,828
Inventory-net 24,737 26,469
Other current assets 923 1,241
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Total Current Assets 55,837 50,136
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Property, plant and
Equipment-net 49,145 43,517
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TOTALS $104,982 $93,653
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LIABILITIES AND
STOCKHOLDERS' EQUITY
Current Liabilities:
Bank borrowings 121 0
Accounts payable 9,609 6,624
Taxation 4,268 3,805
Total Current Liabilities 13,998 10,429
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LT Provision 647 647
Deferred income taxes 1,597 1,607
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Total Liabilities 16,242 12,683
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Stockholders' Equity:
Share capital 135 135
Additional paid-in capital 34,645 34,620
Retained earnings 54,919 46,954
Cumulative translation adjustment (959) (739)
Total stockholders' Equity 88,740 80,970
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TOTALS $104,982 $93,653
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