FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of November, 1999
Hi-Q Wason, Inc.
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(Translation of registrant's name into English)
4th Floor, 52 Lane 232, Hu Lin Street, Hsin Yi District Taipei,
Taiwan Republic of China
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(Address of 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
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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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[If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b); 82-
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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.
Hi-Q Wason, Inc.
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(Registrant)
Date: November 30, 1999 By: /S/ Tuan-Yuan Hu
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(Signature)*
Tuan-Yuan Hu,
Chief Executive Officer
* Print the name and title of the signing officer under his signature.
Exhibits:
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Exhibit 99.1 November 15, 1999 release reporting financial results for
the three months ended June 30, 1999.
Exhibit 99.2 November 15, 1999 release regarding investor relations.
Exhibit 99.1
Hi-Q Wason Posts Top and Bottom Improvements for the Second Quarter and First
Half of Fiscal 1999
BusinessWire, Monday, November 15, 1999 at 09:19
TAIPEI, Republic of China--(BUSINESS WIRE)--Nov. 15, 1999--Hi-Q Wason Inc.
(NASDAQ: HIQW) today reported favorable financial results for the three and six
month periods ended June 30, 1999.
Sales rose 53% to $297,301 in the second quarter fiscal 1999 from $193,863
in the comparable quarter last year. Gross profit improved 68% to $206,667, or a
69.5% gross profit margin, for the three months ended June 30, 1999 as compared
to a $122,677 gross profit and 63.3% gross profit margin in the second quarter
fiscal 1998. Net income in the second quarter fiscal 1999 was $23,839, or $0.05
per share, up from $15,874, or $0.03 per share, for the same period last year.
Sales for the first half of fiscal 1999 increased 49% to $535,102 from
$358,784 in the same six-month period of fiscal 1998. Gross profit for the six
months ended June 30, 1999 grew 61 % to $352,985, or a 66.0% gross profit
margin, as compared to a $219,854 gross profit and 61.3% gross profit margin in
the first half of fiscal 1998. Net income rose to $49,031, or $0.1 0 per share,
in the first six months of fiscal 1999 from $24,693, or $0.05 per share, for the
comparable period last year.
As of June 30, 1999, the Company had $1,539,865 in total assets and
stockholders'equity of $761,599.
"We are pleased to report the continued improvements in sales, gross profit,
net earnings and EPS, which we have increased every year since the inception of
Hi-Q Wason," stated Company CEO Tuan Yuan Hu.
"By maximizing operating efficiencies at every level, we have achieved a
tremendous corporate history of continuously achieving market expansion on a
profitable basis - and intend to continue doing so by increasing our customer
base and entering new geographic regions," added Yuan Hu.
*T
Condensed Consolidated Balance Sheet
June 30, 1999 December 31, 1998
Unaudited Audited
ASSETS Cash & receivables $261,691 $210,274 Total current assets $812,031
$240,343 Total assets $1,539,865 $962,265 LIABILITIES & STOCKHOLDERS' EQUITY
Total current liabilities $680,081 $193,647 Total liabilities $778,266 $249,698
Total stockholders' equity $761,599 $712,567
Condensed Consolidated Statement of Operations (Unaudited) For the
three For the three For the six For the six months ended months ended
months ended months ended June 30, 1999 June 30, 1998 June 30, 1999
June 30, 1998
Sales $297,301 $193,863 $535,102 $358,784 Cost of sales $90,634 $71,186 $182,117
$138,930 Gross profit $206,667 $122,677 $352,985 $219,854 Net income 23,839
$15,874 $49,031 $24,693
EPS - basic $0.05 $0.03 $0.10 $0.05 Weighted average
common shares
outstanding 471,429 471,429 471,429 471,429
*T
Hi-Q Wason Inc. is one of Taiwan's largest providers of bottled water
delivered directly to residences and businesses. With an existing client base of
6,000 customers and a leading position in Taipei and Hsinchu, the Company is
pursuing internal development and strategic acquisitions to strengthen its
industry positioning and expand its target geographic markets.
Forward-looking statements in this release are made pursuant to the
"safe harbor' provisions
<PAGE>
Schwab Trading4
Page 2 of 2
of the Private Securities Litigation Reform Act of 1995. Investors are
cautioned that such forwardlooking statements involve risks and
uncertainties, including, without limitation, continued acceptance of the
Company's products, increased levels of competition, new products
introduced by competitors, changes in the rates of subscriber acquisition
and retention, and other risks detailed from time to time in the Company's
periodic reports filed with the Securities and Exchange Commission.
CONTACT: Hi-Q Wason
Andrew Chu, 310/288-1808
www.nfnonline.com/hiqw
or
National Financial Network
Geoffrey Eiten, 800/458-1799 ext. 13
[email protected]
KEYWORD: INTERNATIONAL ASIA PACIFIC
INDUSTRY KEYWORD: FOODS/BEVERAGES EARNINGS
Exhibit 99.2
Hi-Q Wason Retains National Financial Network for Comprehensive Investor
Awareness Campaign
BusinessWire, Monday, November 15, 1999 at 09:24
TAIPEI, Republic of China--(BUSINESS WIRE)--Nov. 15, 1999--Hi-Q Wason Inc.
(NASDAQ:HIQW) today reported that it initiated a proactive shareholder and
investor relations program through National Financial Network, a division of
National Financial Communications Corp.
"Hi-Q Wason is a profitable, high-growth company with a flawless track
record of dramatically increasing sales, gross profit margins, and earnings
every year since inception," commented Geoffrey Eiten, president of National
Financial Communications.
"The Company's proven ability to balance rapid expansion with improved
earnings, coupled with its leading position in Taiwan's rapidly growing bottled
water industry and an aggressive growth through acquisition strategy, make Hi-Q
Wason a truly exciting success story to communicate to the investment
community," Eiten added.
The Company explained that it intends to substantially accelerate its top
and bottom line growth rate by acquiring its competition in existing markets
while purchasing regional leaders and fill-in acquisitions in new territories
throughout Taiwan. Hi-Q Wason also plans to pursue internal development in order
to provide the industry's highest customer service levels, increase its client
base, further improve delivery route density and maximize operating
efficiencies.
"Having recently gone public on Nasdaq, we feel it is prudent to launch a
comprehensive investor awareness campaign in order to best inform Wall Street of
Hi-Q Wason's competitive advantages and expansion strategy," explained Tuan Yuan
Hu, chief executive officer of Hi-Q Wason. "We are pleased to report our new
partnership with National Financial Network, and expect that this relationship
will further improve our shareholder value."
National Financial Network, a division of National Financial Communications
Corp. of Needham, Mass., is a full-service financial communications and investor
relations firm specializing in the representation of small-cap companies.
Hi-Q Wason Inc. is one of Taiwan's largest providers of bottled water
delivered directly to residences and businesses. With an existing client base of
6,000 customers and a leading position in Taipei and Hsinchu, the Company is
pursuing internal development and strategic acquisitions to strengthen its
industry positioning and expand its target geographic markets.
Forward-looking statements in this release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forwardlooking statements involve risks and
uncertainties, including, without limitation, continued acceptance of the
Company's products, increased levels of competition, new products introduced by
competitors, changes in the rates of subscriber acquisition and retention, and
other risks detailed from time to time in the Company's periodic reports filed
with the Securities and Exchange Commission.
CONTACT: Hi-Q Wason
Andrew Chu, 310/288-1808
www.nfnonline.com/hiqw
or
National Financial Network
Geoffrey Eiten, 800/458-1799 ext. 13
[email protected]
KEYWORD: MASSACHUSETTS INTERNATIONAL ASIA PACIFIC
INDUSTRY KEYWORD: FOODS/BEVERAGES MARKETING AGREEMENTS
