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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended June 30, 2000
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission File Number _________
PEAK INTERNATIONAL LIMITED
(Exact name of registrant as specified in its charter)
Incorporated in Bermuda with limited liability None
------------------------------------------------ ----
(State or other jurisdiction of incorporation or (I.R.S. Employer
organization) Identification Number)
44091 Nobel Drive, P.O. Box 1767, Fremont, California, 94538 (510) 449-0100
------------------------------------------------------------ --------------
(Address of principal executive offices, including zip code) (Registrant's
telephone number)
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [x] No [_]
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of June 30, 2000.
Class Outstanding at June 30, 2000
----- ----------------------------
Common Stock, $0.01 Par Value 13,763,059
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PEAK INTERNATIONAL LIMITED
For the quarter ended June 30, 2000
INDEX
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<CAPTION>
PART I. FINANCIAL INFORMATION Page
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Item 1. Financial Statements
Condensed Consolidated Balance Sheets (Unaudited)
June 30, 2000 and March 31, 2000 3
Condensed Consolidated Statements of Income (Unaudited)
Three months ended June 30, 2000 and June 30, 1999 4
Condensed Consolidated Statements of Cash Flows (Unaudited)
Three months ended June 30, 2000 and June 30, 1999 5
Notes to Condensed Consolidated Financial Statements (Unaudited) 6
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 8
Item 3. Quantitative and Qualitative Disclosures About Market Risk 9
PART II. OTHER INFORMATION
Item 1. Legal Proceedings 9
Item 2. Changes in Securities and Use of Proceeds 10
Item 3. Defaults Upon Senior Securities 10
Item 4. Submission of Matters to a Vote of Security Holders 10
Item 5. Other Information 10
Item 6. Exhibits and Reports on Form 8-K 10
Signatures 12
</TABLE>
2
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PART I
FINANCIAL INFORMATION
Item. 1. Financial Statements
PEAK INTERNATIONAL LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
<TABLE>
<CAPTION>
June 30, 2000 March 31, 2000
(Unaudited)
ASSETS
Current assets:
<S> <C> <C>
Cash and cash equivalents $ 25,334 $ 18,667
Accounts receivable, net of allowance for doubtful accounts of
$274 at June 30, 2000 and $292 at March 31, 2000 13,368 13,283
Inventory, net 15,487 19,044
Other receivables, deposits and prepayments 1,104 860
Income taxes receivable 136 -
Amounts due from related companies 730 633
-------- --------
Total current assets 56,159 52,487
Deposits for acquisition of plant and equipment 853 341
Property, plant and equipment, net 52,354 51,980
-------- --------
Total assets $109,366 $104,808
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Bank borrowings $ 182 $ -
Accounts payable:
-- trade 2,930 3,749
-- property, plant and equipment 1,405 1,187
Accrued other expense 2,911 2,755
Income taxes payable 4,581 4,232
-------- --------
Total current liabilities 12,009 11,923
Deferred income taxes 1,900 1,858
-------- --------
Total liabilities 13,909 13,781
-------- --------
Stockholders' equity:
Share capital 137 137
Additional paid-in capital 35,374 35,209
Retained earnings 60,866 56,601
Cumulative translation adjustment (920) (920)
-------- --------
Total stockholders' equity 95,457 91,027
-------- --------
Total liabilities and stockholders' equity $109,366 $104,808
======== ========
</TABLE>
See accompanying notes to condensed consolidated financial statements.
3
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PEAK INTERNATIONAL LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data )
<TABLE>
<S> <C> <C>
Three months ended June 30,
2000 1999
(Unaudited)
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 and administrative 2,963 2,467
Research and development 29 82
Selling and marketing 2,403 1,708
------- -------
Operating income 4,302 3,791
Other income, net 87 289
Interest income 276 66
Interest expense 0 6
------- -------
Income before taxation 4,665 4,140
Taxation 400 398
------- -------
Net income $ 4,265 $ 3,742
======= =======
Earnings per share
-- Basic $0.31 $0.28
-- Diluted $0.30 $0.27
Weighted average number of shares
-- Basic 13,743 13,515
-- Diluted 14,075 13,740
</TABLE>
See accompanying notes to condensed unaudited consolidated financial statements.
4
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PEAK INTERNATIONAL LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
<TABLE>
<S> <C> <C>
Three months ended June 30,
2000 1999
(Unaudited)
Operating activities:
Net income $ 4,265 $ 3,742
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 1,362 1,167
Deferred income taxes 42 (21)
(Gain) loss on disposal/write-off of property, plant and
equipment (20) 1
Provision for slow moving inventory - 432
Amount released from doubtful debt reserve (18) -
Changes in operating assets and liabilities:
Accounts receivable (67) (639)
Inventories 3,557 641
Other receivables, deposits and prepayments (244) 320
Accounts payable, trade (819) 1,141
Special charge - (458)
Accrued liabilities and deposits 156 826
Amounts due from/to related companies (97) 489
Income taxes payable 349 266
Income taxes receivable (136) -
------- -------
Net cash provided by operating activities 8,330 7,907
------- -------
Investing activities:
Proceeds on sale of property, plant and equipment 112 1
Acquisition of property, plant and equipment (1,610) (4,526)
Deposits for acquisition of property, plant and Equipment (512) (9)
------- -------
Net cash used in investing activities (2,010) (4,534)
------- -------
Financing activities:
Increase in bank borrowings 182 261
Proceeds from issue of common stock under employee stock
purchase plan 165 25
------- -------
Net cash provided by financing activities 347 286
------- -------
Net increase in cash and cash equivalents 6,667 3,659
Cash and cash equivalents at beginning of period 18,667 10,597
Effects of exchange rate changes on cash - (11)
------- -------
Cash and cash equivalents at end of period $25,334 $14,245
------- -------
Supplemental cash flow information:
Cash paid during period
Interest $ - $ 6
Income taxes 145 153
======= =======
</TABLE>
See accompanying notes to condensed unaudited consolidated financial statements.
5
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PEAK INTERNATIONAL LIMITED
Notes to Condensed Consolidated Financial Statements
(In thousands, except share and per share amounts)
1. ORGANIZATION AND BASIS OF PRESENTATION
Peak International Limited (the "Company") was incorporated as an exempted
company with limited liability in Bermuda under the Companies Act 1981 of
Bermuda (as amended) on January 3, 1998. The subsidiaries of the Company are
principally engaged in the manufacture and sale of precision engineered
packaging products, such as matrix trays, shipping tubes, reels and carrier
tape, leadframe boxes and interleaves used in the storage and transportation of
semiconductor devices and other electronic components. The Company's principal
production facilities are located in the People's Republic of China and the
Company maintains sales offices in Hong Kong, the United States of America,
Singapore and Malaysia.
The consolidated financial statements include the accounts of the Company and
its subsidiaries. All significant intra-group balances and transactions have
been eliminated on consolidation.
The preparation of financial statements in conformity with generally accepted
accounting principles requires the use of estimates and assumptions that affect
reported amounts of certain assets, liabilities, revenues and expenses as of and
for the reporting periods. Actual results could differ from those estimates.
Differences from those estimates are reported in the period they become known.
The unaudited condensed financial statements reflect all adjustments
consisting only of normal recurring adjustments which in the opinion of
management are required for a fair presentation of the Company's interim
results. The results for interim periods are not necessarily indicative of the
results that may be achieved in the entire year.
In June 1998, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards (SFAS) No. 133, "Accounting for
Derivative Instruments and Hedging Activities." SFAS No. 133 is effective for
all fiscal quarters of all fiscal years beginning after June 14, 2000. SFAS No.
133 requires that all derivatives instruments be recorded on the balance sheet
at their fair value. Changes in the fair value of derivatives are recorded each
period in current earnings or other comprehensive income, depending on whether a
derivative is designed as part of a hedge transaction and, if it is, the type of
hedge transaction. The Company has not yet determined the impact, if any, of the
adoption of SFAS No. 133 on its consolidated financial statements or business
practices.
In March 2000, FASB issued FASB Interpretation No. 44 "Accounting for Certain
Transactions involving Stock Compensation-an interpretation of APB Opinion No.
25" ("FIN 44"), FIN 44 is effective July 1, 2000 and provides guidance on
certain issues raised in applying APB Opinion No. 25. The Company has not yet
determined the impact, if any, of the adoption of FIN 44 on its consolidated
financial statements or business practices.
These condensed consolidated financial statements should be read in
conjunction with the audited consolidated financial statements and notes thereto
contained in the Company's Annual Report on Form 20F for the year ended March
31, 2000.
Deloitte Touche Tohmatsu, the Company's independent accountants, have
performed a limited review of the financial information included herein. Their
report on such review accompanies this filing.
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2. Comprehensive income
The components of comprehensive income for the periods presented are as
follows:
Three months ended June 30,
2000 1999
(unaudited)
Net income $ 4,265 $ 3,742
Change in cumulative translation adjustment - (11)
------- -------
Comprehensive income 4,265 3,731
======= =======
3. Inventories
June 30, March 31,
2000 2000
(unaudited)
Raw materials $ 9,073 $12,064
Finished goods 6,414 6,980
------- -------
15,487 19,044
======= =======
4. Commitments and contingencies
As of June 30, 2000 we had commitments for capital expenditures of $9.3
million and outstanding foreign currency exchange contracts that represented a
commitment to buy renminbi of approximately RMB 25 million over a period of five
months at a weighted average exchange of U.S. $0.119 to RMB1.
5. Stock options
Option activity to the Company's stock option plan is summarized as follows:
Number of shares Weighted average exercise
price per share of
outstanding options
Outstanding at April 1, 2000 1,792,596 $ 7.89
Granted 618,250 8.19
Forfeited (132,623) 8.89
----------
Outstanding at June 30, 2000 2,278,223 $ 7.91
==========
6. Earnings per share
The following is a reconciliation of the numerator and denominators of the
basic and diluted earnings per share:
Three months ended June 30,
2000 1999
(in thousands)
Net income - basic and diluted (numerator) $ 4,265 $ 3,742
========== =======
Shares - weighted average (denominator)
Basic 13,743 13,515
Options 332 225
---------- -------
Diluted 14,075 13,740
========== =======
7
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For the three months ended June 30, 2000 and 1999, the Company had
securities outstanding which could potentially dilute basic earnings per share
in the future, but were excluded in the computation of diluted earnings per
share in such periods, as their effect would have been anti-dilutive because
their exercise prices, which ranged from $8.0625 to $19.375 during the three
months ended June 30, 2000 and $12.0 to $19.375 during the three months ended
June 30, 1999, were higher than the average share price.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
General
-------
The following discussion and analysis of financial condition and results of
operations is based upon and should be read in conjunction with the consolidated
financial statements of the Company and notes thereto included in this Report
and the Registrant's Annual Report on Form 20-F for the year ended March 31,
2000.
Forward-Looking Statements
--------------------------
Management's discussion and analysis of financial condition and results of
operations and other sections of this Report contain "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. We intend for the forward-
looking statements to be covered by the safe harbor provisions for forward-
looking statements in these sections. All statements regarding the Company's
expected financial position, business and financing plans are forward-looking
statements. Such forward-looking statements are identified by use of forward-
looking words such as "anticipates," "believes," "plans," "estimates,"
"expects," and "intends" or words or phrases of similar expression. These
forward-looking statements are subject to various assumptions, risks and
uncertainties, including but not limited to, changes in political and economic
conditions, demand for the Company's products, acceptance of new products,
technology developments affecting the Company's products and to those discussed
in the Company's filings with the Securities and Exchange Commission.
Accordingly, actual results could differ materially from those contemplated by
the forward-looking statements.
Fiscal First Quarter 2001 Compared to Fiscal First Quarter 2000
Net Sales. Net sales increased by 18.6% to $22.3 million in fiscal first
quarter 2001 from $18.8 million in fiscal first quarter 2000. Net sales of
trays increased by 11.7% over the period reflecting a 23.1% increase in sales
volume, slightly offset by a 9.2% drop in average realized sales price. Net
sales of carrier tape increased by 74.0% over the period, driven by a 99.3%
increase in sales volume, and a 12.7% drop in average realized sales price. Net
sales for tubes decreased by 3.2% over the year. While sales volume for tubes
decreased by 1.1% the average realized sales price of tubes dropped 2.1% over
the same period. The increase in revenue reflected the improvement in the
business environment of the semiconductor industry.
Gross Profit. Gross profit increased by 20.5% to $9.7 million in fiscal first
quarter 2001 from $8.0 million in fiscal first quarter 2000. Our gross margin
improved to 43.5% in fiscal first quarter 2001 from 42.8% in fiscal first
quarter 2000, primarily as a result of the change in product mix.
Income from Operations. Operating income increased by 13.5% to $4.3 million in
fiscal first quarter 2001 from $3.8 million in fiscal first quarter 2000. Our
operating margin dropped slightly to 19.3% in fiscal first quarter 2001 from
20.2% in 2000.
General and Administrative Expenses. General and administrative expenses
increased by 20.1% to $3.0 million in fiscal first quarter 2001 from $2.5
million in fiscal first quarter 2000, primarily due to an increase in legal and
professional charges, and additional costs incurred in connection with the
expansion of our US operations in California.
Selling and Marketing Expenses. Selling and marketing expenses increased by
40.7% to $2.4 million in fiscal first quarter 2001 from $1.7 million in fiscal
first quarter 2000, primarily as a result of the expansion of our sales network.
Net Income. Net income increased by 14.0% to $4.3 million in fiscal first
quarter 2001 from $3.7 million in fiscal first quarter 2000. This increase
primarily reflected the effects of the foregoing factors.
Liquidity and Capital Resources
-------------------------------
Our net cash provided by operating activities was $8.3 million in fiscal first
quarter 2001, compared to $7.9 million in fiscal first quarter 2000. We incurred
a capital expenditure of $1.6 million for the acquisition of new equipment in
our current facility during the current quarter, compared with $0.7 million for
new equipment and $3.3 million for the construction of an
8
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additional facility in Shenzhen, China for the same period last year. As of June
30, 2000, we had commitments for capital expenditures of $9.3 million. As of
June 30, 2000, we had no outstanding indebtedness.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
PVC Resin Price. PVC resin, the principal raw material used in the manufacture
of tubes, together with additives used in the manufacture of tubes accounted for
8.3% of our total raw material costs in fiscal first quarter 2001. While we
believe, principally as a result of increased production capacity by suppliers,
that a severe shortage in the supply of PVC resin is unlikely to occur in the
foreseeable future, there can be no assurance that such shortage will not occur.
Any price increases would result in higher costs, which could have a material
adverse effect on our results of operations and financial condition. We
currently maintain approximately two to three months stock of PVC resin and
other raw materials used in our production process, and increase such stock when
we believe prices are favorable. We do not, and do not intend to, enter into
future contracts or use any financial instruments to hedge our exposure to
fluctuations in the price of PVC resin or other raw materials used in our
production processes.
Currency Exchange Rate Fluctuations. Our sales are denominated primarily in
U.S. dollars while our costs of goods sold are generally incurred in U.S.
dollars, Hong Kong dollars and renminbi, and our operating expenses are
generally denominated in renminbi, Hong Kong dollars and U.S. dollars. In
addition, a substantial portion of our capital expenditures, primarily for the
purchase of equipment, has been and is expected to continue to be denominated in
U.S. dollars and Japanese yen. Consequently, a portion of our costs and
operating margins may be affected by fluctuations in exchange rates, primarily
between the U.S. dollar and other currencies. Our results of operations and
financial condition could be adversely affected by fluctuations in currency
exchange rates or the imposition of new or additional currency controls in the
jurisdictions in which we operate. Primarily in response to recent developments
in the Southeast Asian currency markets, we from time to time engage in
derivatives trading activities, such as entering into forward contracts, to
hedge our currency exchange exposure. The Company does not utilize market-risk
sensitive instruments for speculative purposes.
At June 30, 2000, we had outstanding foreign currency exchange contracts that
represented a commitment to buy renminbi of approximately RMB 25 million over a
period of five months at a weighted average exchange rate of U.S. $0.119 to
RMB1.
PART II
OTHER INFORMATION
Item 1. Legal Proceedings
On June 29, 1999, plaintiff Dorchester Investors commenced a purported
securities class action suit in the United States District Court for the
Southern District of New York on behalf of all initial TrENDS purchasers against
the Company, the Peak Trends Trust ("the Trust"), Mr. T.L. Li, Mr. Jerry Mo,
Luckygold 18A Limited ("Luckygold") and Donaldson, Lufkin & Jenrette Securities
Corporation ("DLJ"). The complaint seeks compensatory damages from all
defendants pursuant to the federal securities laws, based on alleged
misrepresentations and omissions of material fact in various documents filed
with the Securities Exchange Commission in connection with the offering for sale
to the public of shares in the Trust. On January 27, 2000, plaintiff filed an
amended complaint. On March 20, 2000, all defendants moved to dismiss the
amended complaint. While those motions were pending, plaintiff and defendants
stipulated to the dismissal with prejudice from the action of the Company and
Mr. Mo. Pursuant to the stipulation, the court dismissed the Company and Mr. Mo
from the action with prejudice on June 5, 2000. The motions to dismiss of the
remaining defendants have been fully submitted to the court and are awaiting
decision. Additionally, the Company, Mr. Li and Luckygold entered into certain
indemnification agreements with the Trust and DLJ in connection with the TrENDS
offering. Certain of these indemnification agreements may require that under
certain circumstances the Company, Luckygold and/or Mr. Li indemnify the Trust
and/or DLJ from certain liabilities that the Trust and/or DLJ may incur to
plaintiff or to the purported plaintiff class. Mr. T.L. Li and Luckygold have,
in turn, provided a deed of indemnity to the Company pursuant to which Mr. Li
and Luckygold have agreed to indemnify the Company from liabilities related to
the TrENDS offering. We cannot predict the outcome of this action against the
remaining defendants. However, a judgment against one of the remaining
defendants (to the extent that the Company is required to indemnify the
defendant and insurance proceeds are not applicable to satisfy such a judgment)
could have a material and
9
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adverse effect on the Company's results of operations. Further, even if the
remaining defendants prevail in this litigation, the Company may be required to
pay some or all of their legal expenses pursuant to its various indemnification
obligations, and this may also have a material and adverse effect on the
Company's results of operations.
On or about July 2, 1999, the Company received an Amended and Restated Demand
for Arbitration filed on behalf of the Company's former Chief Executive Officer,
Richard Brook. Mr. Brook sought payment of US$32,400 per month or a lump sum
payment of US$1,036,800 pursuant to his employment agreement with the Company,
which was terminated on or about December 1, 1998. Mr. Brook also asserted
various tort claims for damages against the Company. The Company opposed Mr.
Brook's claim and asserted counterclaims against Mr. Brook for breach of
contract, libel and breach of fiduciary duty. Mr. Brook's claims against the
Company were tried before an arbitrator in June, 2000. On August 4, 2000 a
decision was rendered in the arbitration. The arbitrator denied the bulk of Mr.
Brooks breach of contract claim, finding that the Company was justified in
terminating him for cause. However, the arbitrator found that Mr. Brook's
termination for cause was not effective until May, 1999 and that Mr. Brook was
entitled to certain additional compensation of approximately $70,000. The
arbitrator denied all of Mr. Brook's tort claims. On Peak's breach of contract
counterclaim, the arbitrator found Mr. Brook liable for over $400,000 in actual
damages and $100,000 in exemplary damages. The award of exemplary damages was
based on a finding that Brook acted with malice toward Peak. The arbitrator
denied Peak's defamation claim and did not specifically address Peak's breach of
fiduciary duty claim, which had previously been bifurcated. The arbitrator then
awarded certain attorney's fees to each party. The net result of the arbitration
was a judgment in the amount of approximately $520,000 in favor of Peak and
against Mr. Brook.
Item 2. Changes in Securities and Use of Proceeds
Not applicable.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 5. Other Information
Not applicable.
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits
3.1 Memorandum of Association and Bye-Laws of the Registrant
(incorporated by reference to Exhibit 3.1 to the Company's
Registration Statement on Form F-1, Registration No. 333-6652, filed
on March 19, 1997 and declared effective by the Commission on June 20,
1997 (the "Company's Initial Public Offering Registration Statement on
Form F-1"))
4.1 Specimen of Share Certificate for the Shares of the Registrant
(incorporated by reference to Exhibit 4.1 to the Company's Amendment
No.1 to the Company's Initial Public Offering Registration Statement
on Form F-1)
10.1 Processing Agreement dated May 28, 1987 and renewed and amended on May
24, 1994 and December 12, 1996 (incorporated by reference to Exhibit
10.1 to the Company's Initial Public Offering Registration Statement
on Form F-1)
10.2 Processing Agreement dated October 8, 1995 (incorporated by
reference to Exhibit 10.2 to the Company's Initial Public Offering
Registration Statement on Form F-1)
10.3 Land Use Certificate relating to the Company's existing production
facilities (incorporated by reference to Exhibit 10.3 to the Company's
Initial Public Offering Registration Statement on Form F-1)
10.4 Land Use Certificate relating to the Company's planned additional
production facilities (incorporated by reference to Exhibit 10.4 to
the Company's Initial Public Offering Registration Statement on Form
F-1)
10.5 Land Use Right Granting Contract relating to the Company's existing
production facilities (incorporated by reference to Exhibit 10.5 to
the Company's Initial Public Offering Registration Statement on Form
F-1)
10.6 Land Use Right Granting Contract relating to the Company's planned
additional production facilities (incorporated by reference to Exhibit
10.6 to the Company's Initial Public Offering Registration Statement
10
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on Form F-1)
10.7 Lease between Warden and Peak (HK) relating to the Company's existing
production facilities incorporated by reference to Exhibit 10.7 to the
Company's Initial Public Offering Registration Statement on Form F-1)
10.8 Form of Share Option Plan (incorporated by reference to Exhibit 10.8
to the Company's Initial Public Offering Registration Statement on
Form F-1)
10.9 Deed of Undertaking by T.L. Li dated May 29, 1997 relating to non-
competition and referral incorporated by reference to Exhibit 10.9 to
the Company's Initial Public Offering Registration Statement on Form
F-1)
10.10 Option Agreement dated February 17, 1997 relating to the non-voting
deferred shares of Peak (HK) (incorporated by reference to Exhibit
10.10 to the Company's Initial Public Offering Registration Statement
on Form F-1)
10.11 Restructuring Agreement dated February 28, 1997 for the acquisition of
the entire issued share capital of Peakgold and Success Gold
(incorporated by reference to Exhibit 10.11 to the Company's Initial
Public Offering Registration Statement on Form F-1)
15.1 Independent Accountants' letter regarding unaudited financial
information (filed herewith)
27.1 Financial Data Schedule (filed herewith)
b. Reports on Form 8-K: No reports on Form 8-K have been filed during the
quarter ended June 30, 2000.
11
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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
Date: August 14, 2000 By /s/ Calvin Reed
-------------------------------------
Calvin Reed
President and Chief Executive Officer
Date: August 14, 2000 By /s/ Jerry Mo
-------------------------------------
Jerry Mo
Chief Financial Officer
12
