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 July 2000
PEAK INTERNATIONAL LIMITED
(Exact name of Registrant as specified in its charter)
44091 Nobel Drive
P.O. Box 1767
Fremont, CA 94538
(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 July 25, 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/ Calvin L. Reed
--------------------------------------
Name: Calvin L. Reed
Title: President and Chief Executive
Officer
Date: July 26, 2000
-3-
<PAGE>
Exhibit 99
Contact:
Cal Reed, President & CEO
Jack Menache, VP Jerry Mo, CFO
Fremont, CA: Tel: (510) 449-0104 Hong Kong: Tel: (852) 2402 5100
PEAK REPORTS STRONG FIRST QUARTER
-- Carrier tape volume doubles --
FREMONT, California and HONG KONG, July 25, 2000. Peak International
Limited (NASDAQ: PEAKF; AMEX: PTT*) today reported results for its first
fiscal quarter ended June 30, 2000. Peak reported strong fiscal performance
and significant penetration of the market for carrier tape, shipping more
than ten million meters in the quarter to an expanding customer base.
Net sales for the first fiscal quarter ended June 30, 2000 were $22.3 million
compared with $21.5 million in the prior quarter and $18.8 million for the
first fiscal quarter of 1999, an increase of 18.6% from the same period last
year. Net income for the quarter was $4.3 million, or $0.30 per share on a
fully diluted basis, compared with a net loss of ($3.6 million), or ($0.25)
per share on a fully diluted basis, in the prior quarter due primarily to a
write-down resulting from a change in inventory valuation methodology, and
compared to a net income of $3.7 million, or $0.27 per share on a fully
diluted basis for the first fiscal quarter last year.
The increase in net sales is attributable in part to a general increase in
unit volume for the semiconductor industry and to Peak's penetration of the
market for carrier tape. While unit volume for Peak's oldest product line,
shipping tubes, was essentially flat, demand for JEDEC compliant matrix
trays increased by approximately 23% and demand for precision engineered
carrier tape increased by nearly 100% compared with the same period in the
prior year. Net sales from carrier tape exceeded net sales from tubes for
the first time in the company's history with shipments of more than ten
million meters of carrier tape in the quarter. Increased sales for carrier
tape were partially offset by reduced prices.
Cash increased by 36% to $25.3 million from $18.7 million in the prior
quarter. Inventories decreased by approximately 19% to $15.5 million from
$19 million in the prior quarter.
Cal Reed, Peak's President & CEO, said, "We are beginning to see the results
of our efforts at Peak to serve the carrier tape market. We believe we have
recently raised the bar with respect to price/performance and that will
become increasingly obvious to our customers and competitors throughout this
-4-
<PAGE>
fiscal year. We believe we have made important advances in carrier tape
technology and intend to apply for patents to protect this technology. The
market for carrier tape is larger than the market for our other products and
we have only begun to penetrate it. We will continue to invest in
manufacturing capacity and we will expand our sales force."
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 likely 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, the ability of the
company to attract and retain employees, the ability to patent its technology
and to expand its manufacturing capacity and sales force, difficulties
related to working in the PRC, market demand for the company's products,
issues related to costs of manufacturing and raw materials, 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.
-5-
<PAGE>
Consolidated Statements of Income
Three Months Ended June 30
(unaudited) (unaudited)
2000 1999
------------------------------------------------------
(in thousands, except per share data)
Net Sales:
- third parties $ 20,383 $ 16,400
- related companies 1,915 2,395
-------- ---------
22,298 18,795
Cost of Goods Sold 12,601 10,747
-------- ---------
Gross Profit 9,697 8,048
General & Administrative 2,963 2,467
Research & Development 29 82
Selling & Marketing 2,403 1,708
-------- ---------
Operating Income 4,302 3,791
Other Income -net 87 289
Interest Income 276 66
Interest Expenses 0 6
-------- ---------
Profit Before Tax 4,665 4,140
Taxation 400 398
-------- ---------
NET INCOME $ 4,265 $ 3,742
======== =========
EARNINGS PER SHARE $ 0.31 $ 0.28
- Basic
- Diluted $ 0.30 $ 0.27
Weighted Avg #Shares 13,743 13,515
- Basic
- Diluted 14,075 13,740
-6-
<PAGE>
Consolidated Balance Sheets
June 30, March 31,
2000 2000
(unaudited) (unaudited)
-------------------------------------------------------------
(in thousands)
ASSETS
Current assets:
Cash & cash equivalents $ 25,334 $ 18,667
Accounts receivable-net 13,368 13,283
Inventory-net 15,487 19,044
Other receivables, deposits 1,240 860
and prepayments
Amounts due from related Companies 730 633
Total Current Assets 56,159 52,487
--------- ---------
Deposits for acquisition of plant 853 341
and equipment
Property, plant and equipment-net 52,354 51,980
--------- ---------
TOTALS $ 109,366 $ 104,808
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Bank borrowings $ 182 $ 0
Accounts payable:
- trade 2,930 3,749
- property, plant and equipment 1,405 1,187
Accrued special charges 862 862
Accrued other expenses 2,911 2,755
Taxation 4,581 4,232
-7-
<PAGE>
Total Current Liabilities 12,871 12,785
--------- ---------
Deferred income taxes 1,900 1,858
Total Liabilities 14,771 14,643
--------- ---------
Stockholders' Equity:
Share capital 137 137
Additional paid-in capital 35,374 35,209
Retained earnings 60,004 55,739
Cumulative translation adjustment (920) (920)
Total stockholders' equity 94,595 90,165
--------- ---------
TOTALS $ 109,366 $ 104,808
========= =========
-8-
