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 January 2000
PEAK INTERNATIONAL LIMITED
(Exact name of Registrant as specified in its charter)
Units 3, 4, 5 and 7, 37th Floor,
Cable TV Tower
9 Hoi Shing Road,
Tsuen Wan
N.T., Hong Kong
(Address of registrant's principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F
Form 20-F x Form 40-F
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
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): ______
<PAGE>
Peak International Limited files the following exhibit as part
of this Report, which is incorporated by reference into this Report:
Exhibit 99 Copy of Press Release, dated January 19, 2000,
issued by Peak International Limited
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<PAGE>
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/ Calvin L Reed
Name: Cal Reed
Title: President & Chief Executive Officer
Date: January 20, 2000
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Exhibit 99
Contact: Robert D. Siegfried/Jessica Barist Contact: Calvin L. Reed, CEO
Kekst and Company Peak International Ltd.
(212) 521-4800 (858) 385-0308
PEAK INTERNATIONAL ACHIEVES RECORD SALES
FOR THIRD FISCAL QUARTER
- -- Third Fiscal Quarter Sales Increase Approximately 29% to $22.6 Million
from $17.5 Million in the Same Period of the Prior Year --
HONG KONG and FREMONT, California, January 19, 2000 -- Peak International
Limited (NASDAQ: PEAKF) (AMEX: PTT) today announced record sales for its
third fiscal quarter ended December 31, 1999. Revenues exceeded those in
the comparable quarter for the prior year as well as this year's second
fiscal quarter.
Peak achieved net sales of $22.6 million for its third fiscal quarter, a
29% increase over the third fiscal quarter one year ago and a 10%
increase over this year's second fiscal quarter. Gross profit for this
year's third fiscal quarter was $10.2 million, or 45.3% of sales,
compared to $7.2 million, or 41%, of sales for the same period last year.
This compares favorably to the 42.2% gross profit margin for this year's
second fiscal quarter. The improvements are largely the result of
economies of scale derived from increases in unit volume.
Peak's net income for this year's third fiscal quarter reached $4.5
million, compared to $1.9 million for the same period last year and $4.2
million for this year's second fiscal quarter ended September 30, 1999.
For this year's fiscal third quarter, basic and fully diluted earnings
per share were $0.33 and $0.32, respectively. Operating income of $4.6
million for this year's fiscal third quarter was up 140% over the $1.9
million for the fiscal third quarter one year ago (which included a
special $2 million provision) and comparable to the strong September 30,
1999 second fiscal quarter.
Calvin L. Reed, Peak's Chief Executive Officer, said, "We are gratified
by Peak's progress and the strength of our performance. This was
achieved despite higher expenses related to legal matters and the
reorganization and relocation of our U.S. facilities. Reflecting the
continuing momentum of the semiconductor industry, Peak experienced a 40%
increase in unit volume for its major product segment, IC shipping trays,
<PAGE>
compared to the same period of last year and an 8% increase over this
year's second fiscal quarter.
"During the quarter, management focused on manufacturing efficiencies.
These efficiencies helped offset increased legal costs, which are
expected to continue over the near-term in light of the class action
lawsuit and litigation with former management. We are pleased to
announce that we settled our litigation with the SemiCycle Foundation.
"We have focused substantial attention to penetrating the tape & reel
business. The learning curve is more difficult than we had predicted.
While we suffered some initial setbacks, we believe our entrance in this
segment will be successful.
"Inventory levels remain high and we are continuing to seek ways to
reduce them. Our large inventories around the world provide a
substantial advantage to Peak as they enable us to respond very promptly
to our customer's demands for product on short lead time. Our challenge
is to find way to continue to provide this high level of service and at
the same time reduce our inventories around the world.
Peak International, Limited is a leading supplier of precision-engineered
transport products for the storage, transportation and automated handling
of semiconductor devices and other electronic components.
This press release contains forward-looking statements that are subject
to certain risks and uncertainties, including among others, the
resolution of class action shareholder litigation, intellectual property
rights of third parties, issues relating to its operations in China, and
other matters that could cause actual results to differ materially from
the projections made herein.
-- Table Follows --
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Consolidated Statements of Income
Three Months Ended December 31
(Unaudited)
1999 1998
(in thousands, except per share data)
- --------------------------------------------------------------------------
Net Sales $22,611 $17,488
Cost of Goods Sold 12,377 10,322
Gross Profit 10,234 7,166
General & Administrative, and
Research & Development 3,285 1,791
Selling & Marketing 2,307 1,440
G&A -special charge 2,000
Operating Income 4,642 1,935
Other Income -net 91 201
Interest Income -net 156 131
Profit Before Tax 4,889 2,267
Taxation 437 384
NET INCOME $4,452 $ 1,883
EARNINGS PER SHARE
- Basic $ 0.33 $0.14
- Diluted $ 0.32 $0.14
Weighted Avg # Shares-Diluted 14,118 13,509
Nine Months Ended December 31
(Unaudited)
1999 1998
- --------------------------------------------------------------------------
(in thousands, except per share data)
Net Sales $61,986 $48,561
Cost of Goods Sold 35,012 29,096
Gross Profit 26,974 19,465
General & Administrative, and
Research & Development 8,074 5,253
Selling & Marketing 5,966 4,342
G&A -special charge 2,000
Operating Income 12,934 7,870
Other Income -net 369 647
Interest Income -net 352 598
Profit Before Tax 13,655 9,115
Taxation 1,237 998
NET INCOME $ 12,418 $8,117
EARNINGS PER SHARE
- Basic $0.91 $0.60
- Diluted $0.89 $0.60
Weighted Avg #Shares-Diluted 13,987 13,523
Consolidated Balance Sheets
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December 31, 1999 March 31,1999
(unaudited)
- --------------------------------------------------------------------------
(in thousands)
ASSETS
Current assets:
Cash & cash equivalents $15,841 $10,598
Accounts receivable-net 14,856 11,828
Inventory-net 25,453 26,469
Other current assets 1,059 1,241
Total Current Assets 57,209 50,136
Property, plant and
equipment-net 52,535 43,517
TOTALS $109,744 $93,653
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current Liabilities:
Bank borrowings 34 0
Accounts payable 8,992 6,624
Taxation 4,782 3,805
Total Current Liabilities 13,808 10,429
LT Provision 647 647
Deferred income taxes 1,614 1,607
Total Liabilities 16,069 12,683
Stockholders' Equity:
Share capital 137 135
Additional paid-in capital 35,084 34,620
Retained earnings 59,372 46,954
Cumulative translation adjustment (918) (739)
Total stockholders' Equity 3,675 80,970
TOTALS $109,744 $93,653
# # #
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