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 April 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 April 19, 2000, issued by
Peak International Limited
2
<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/ Jack Menache
-------------------------------------------
Name: Jack Menache
Title: Vice President--Administration,
General Counsel & Secretary
Date: April 26, 2000
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<PAGE>
Exhibit 99
Contact:
Cal Reed, President & CEO
Jack Menache, VP
(510) 449-0100
PEAK INTERNATIONAL REPORTS STRONG REVENUES IN FY2000
-- Revenues increase 26 % over prior year --
-- Company adopts new inventory valuation methods --
FREMONT, California and HONG KONG, April 19, 2000 -- Peak International
Limited (NASDAQ: PEAKF) (AMEX: PTT) today reported results for its fourth
fiscal quarter and year ended March 31, 2000. Peak's revenues and
balance sheet reflected continued momentum in the semiconductor industry
with a 26% increase in revenue and a 76% increase in cash over the prior
year.
Peak had net sales of $21.5 million in the fourth fiscal quarter ended
March 31, 2000 compared to $17.7 million in the fourth quarter of FY
1999. Peak had a net loss for the period of $3.6 million, or $-0.25 per
share fully diluted, due primarily to the change in inventory valuation
methods that resulted in a $7.3 million write down, compared to a net
loss of $5.3 million, or $-.39 per share fully diluted in the
fourth quarter of FY 1999.
For the full fiscal year ended March 31, 2000, Peak had net sales of
$83.5 million compared to $66.2 million in the prior year. Net income
for FY 2000 was $8.8 million, or $0.62 per share fully diluted compared
to $2.8 million or $0.21 per share fully diluted in the prior year.
Cal Reed, Peak's President & CEO, said, "I am pleased with Peak's growth
in sales over the past year. Also, we reviewed the basis of calculating
the provision for slow-moving inventory based on inventory levels,
material composition and expected usage at that date, resulting in the
adoption of inventory valuation methods similar to those frequently used
in the semiconductor industry. These methods typically value only
inventories that the company expects to use within one year. The company
accumulated large quantities of used trays believing that plastic doesn't
spoil and may be ground and remolded into useful products. However, some
inventory could not be used in a reasonable time. The adoption of this
new standard will assist management in the control of its inventories."
"We are working hard to manage our inventories and improve our yields in
the factory," said Reed. "The semiconductor industry is very competitive
and Peak is striving to be the lowest cost, highest quality supplier."
Peak also announced advances in its tape & reel business. "We are making
significant progress," said Cal Reed. "We have improved many aspects of
our processes, from raw material to finished product. We have achieved
meaningful increases in unit volume at price points attractive to our
customers."
<PAGE>
About Peak International Limited (NASDAQ: PEAKF)
Peak International Limited is a low cost leading supplier of
precision-engineered transport products for storage, transportation and
automated handling of semiconductor devices and other electronic
components. Peak employs approximately 2200 people worldwide, directly
and through its Shenzhen, China operating partner. Peak operates
warehouses throughout the world and offers JIT services to leading
semiconductor manufacturers and assemblers. Peak is a leading recycler
of used plastic matrix trays operating worldwide under its SemiCycle
tradename.
About Peak TrENDS Trust (AMEX: PTT)
Each share of PTT is entitled to a quarterly distribution of
approximately $0.354 and, subject to a cash settlement feature, will be
exchanged for between .8696 and 1 share of PEAKF on May 15, 2001. Peak
International Limited will lose its status as a foreign filer if and when
the TrENDS are converted. Peak International Limited is not affiliated
with the Trust and has no obligations with respect to the TrENDS.
Information regarding the TrENDS may be obtained from the trust, 850
Library Avenue, Newark, DE 19715, Attn: Donald Puglisi (302) 738-6680.
This press release contains forward-looking statements that are subject
to certain risks and uncertainties, including among others, difficulties
in retaining and motivating expatriates in China, issues related to the
company's ability to influence indirect manufacturing arrangements in
China, labor laws, import-export limitations on raw materials, finished
products and equipment, intellectual property rights of third parties,
litigation, and other matters that could cause actual results to differ
materially from the projections made herein. The words "believes",
"expects", "anticipates", "intends", "plans", "estimates" and similar
expressions identify such forward looking statements.
# # #
<PAGE>
Consolidated Statements of Income
<TABLE>
<CAPTION>
Three Months Ended March 31
(Unaudited)
2000 1999
(in thousands, except per share data)
<S> <C> <C>
Net Sales . . . . . . . . . . . . . . . . . $21,543 $17,673
Cost of Goods Sold . . . . . . . . . . . . 19,430 10,391
(including a special inventory write down
of $7,286 in respect of FY2000) . . . . . . ------- -------
Gross Profit . . . . . . . . . . . . . . . 2,113 7,282
General & Administrative, and Research &
Development . . . . . . . . . . . . . . . . 3,688 2,085
Selling & Marketing . . . . . . . . . . . . 2,412 1,459
Asset Impairment . . . . . . . . . . . . . 9,000
------- -------
Operating Income/(loss) . . . . . . . . . . (3,987) (5,262)
Other Income/(loss) -- net . . . . . . . . (96) 240
Interest Income -- net . . . . . . . . . . 183 82
------- -------
Profit Before Tax/(loss) . . . . . . . . . (3,900) (4,940)
Taxation . . . . . . . . . . . . . . . . . (267) 340
------- -------
NET INCOME $(3,633) $(5,280)
======= =======
EARNINGS PER SHARE
- - Basic . . . . . . . . . . . . . . . . . . $(0.27) $ (0.39)
- - Diluted . . . . . . . . . . . . . . . . . $(0.25) $(0.39)
Weighted Avg #Shares-Diluted . . . . . . . 14,317 13,509
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Year Ended March 31
(Unaudited)
2000 1999
(in thousands, except per share data)
<S> <C> <C>
Net Sales . . . . . . . . . . . . . . . . . $83,529 $66,235
Cost of Goods Sold . . . . . . . . . . . . 54,441 39,487
(including a special inventory write down
of $7,286 in respect of FY2000) . . . . . . ------- -------
Gross Profit . . . . . . . . . . . . . . . 29,088 26,748
General & Administrative, and Research &
Development . . . . . . . . . . . . . . . . 11,761 7,264
Selling & Marketing . . . . . . . . . . . . 8,379 5,801
Asset Impairment . . . . . . . . . . . . . 9,000
Special Charge . . . . . . . . . . . . . . 2,000
------- -------
Operating Income . . . . . . . . . . . . . 8,948 2,683
Other Income -- net . . . . . . . . . . . . 273 812
Interest Income -- net . . . . . . . . . . 534 680
------- -------
Profit Before Tax . . . . . . . . . . . . . 9,755 4,175
Taxation . . . . . . . . . . . . . . . . . 970 1,338
------- -------
NET INCOME $8,785 $2,837
======= =======
EARNINGS PER SHARE
- - Basic . . . . . . . . . . . . . . . . . . $0.65 $0.21
- - Diluted . . . . . . . . . . . . . . . . . $0.62 $0.21
Weighted Avg #Shares-Diluted . . . . . . . 14,114 13,550
</TABLE>
-4-
<PAGE>
Consolidated Balance Sheets
<TABLE>
<CAPTION>
March 31, 2000
(unaudited) March 31, 1999
(in thousands)
<S> <C> <C>
ASSETS
Current assets:
Cash & cash equivalents. . . . . . . . $18,667 $10,598
Accounts receivable-net. . . . . . . . 13,916 11,828
Inventory-net. . . . . . . . . . . . . 19,044 26,469
Other current assets . . . . . . . . . 860 1,241
Total Current Assets . . . . . . . 52,487 50,136
-------- -------
Property, plant and equipment-net. . . 52,321 43,517
-------- -------
TOTALS. . . . . . . . . . . . . . . . . . . $104,808 $93,653
======== =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable . . . . . . . . . . . 8,553 6,624
Taxation . . . . . . . . . . . . . . . 4,232 3,805
Total Current Liabilities. . . . . 12,785 10,429
------- -------
LT Provision . . . . . . . . . . . . . 0 647
Deferred income taxes. . . . . . . . . 1,858 1,607
Total Liabilities. . . . . . . . . 14,643 12,683
------- -------
Stockholders' Equity:
Share capital. . . . . . . . . . . 137 135
Additional paid-in capital . . . . 35,209 34,620
Retained earnings. . . . . . . . . 55,739 46,954
Cumulative translation adjustment. (920) (739)
Total stockholders' equity . . . 90,165 80,970
-------- -------
TOTALS . . . . . . . . . . . . . . . . . . $104,808 $93,653
======== =======
</TABLE>
