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Asat Holdings Ltd · 6-K · For 12/20/04

Filed On 12/20/04 5:04pm ET   ·   SEC File 0-30842   ·   Accession Number 1193125-4-216624

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  As Of               Filer                 Filing     As/For/On Docs:Pgs              Issuer               Agent

12/20/04  Asat Holdings Ltd                 6-K        12/20/04    1:97                                     1193125

Report of a Foreign Private Issuer   ·   Form 6-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 6-K         Report of a Foreign Private Issuer                  HTML    691K

Document Table of Contents

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11st Page
"Table of Contents
"Condensed Consolidated Balance Sheets as of October 31, 2004 and April 30, 2004
"Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months and six months ended October 31, 2004 and 2003
"Condensed Consolidated Statements of Cash Flows for the three months and six months ended October 31, 2004 and 2003
"Notes to Condensed Consolidated Financial Statements
"Management s Discussion and Analysis of Financial Condition and Results of Operations for the Three Months and Six Months Ended October 31, 2004 and 2003
"Quantitative and Qualitative Disclosures About Market Risk
"Controls and Procedures
"Part Ii -- Other Information
"Legal Proceedings
"Submission of Matters to a Vote of Security Holders
"Signature

This is an EDGAR HTML document rendered as filed.  [ Alternative Formats ]

  Form 6-K  
Table of Contents

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 Quarter Ended October 31, 2004

 

 

ASAT Holdings Limited

(Exact name of Registrant as specified in its Charter)

 

 

14th Floor

138 Texaco Road

Tsuen Wan, New Territories

Hong Kong

(Address of Principal Executive Office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of 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):            .

 

Table of Contents

This report consists of (i) Condensed Consolidated Financial Statements, (ii) a Management’s Discussion and Analysis of Financial Condition and Results of Operations for the three months and six months ended October 31, 2004 and 2003, and (iii) other information, and is being made pursuant to the Indenture, dated as of January 26, 2004, by and among New ASAT (Finance) Limited, ASAT Holdings Limited and its subsidiaries referred to therein as Guarantors, and The Bank of New York, as trustee.

 

ii

Table of Contents

 TABLE OF CONTENTS

 

PART I - FINANCIAL INFORMATION
Item 1.   Financial Statements     
    Condensed Consolidated Balance Sheets as of October 31, 2004 and April 30, 2004    1
    Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months and six months ended October 31, 2004 and 2003    2
    Condensed Consolidated Statements of Cash Flows for the three months and six months ended October 31, 2004 and 2003    3
    Notes to Condensed Consolidated Financial Statements    4
Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Three Months and Six Months Ended October 31, 2004 and 2003    19
Item 3.   Quantitative and Qualitative Disclosures About Market Risk    31
Item 4.   Controls and Procedures    32
PART II - OTHER INFORMATION
Item 5.   Legal Proceedings    32
Item 6.   Submission of Matters to a Vote of Security Holders    33
Signature    34

 

All financial information in this report on Form 6-K is in United States dollars, which are referred to as “Dollars” and “$”.

 

iii

Table of Contents

 ASAT HOLDINGS LIMITED

 

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF OCTOBER 31, 2004 AND APRIL 30, 2004

 

     October 31,
2004
     April 30,
2004
  
     $’000     $’000  
     (Unaudited)        

ASSETS

             

Current assets:

             

Cash and cash equivalents

    45,245     62,610  

Accounts receivable-trade (net of allowance for doubtful accounts of $157 and $127 at October 31, 2004 and April 30, 2004, respectively)

    19,931     26,424  

Inventories (Note 2)

    18,119     21,311  

Prepaid expenses and other current assets (Note 5)

    6,498     5,698  
    
 

Total current assets

    89,793     116,043  

Property, plant and equipment, net

    109,844     104,848  

Deferred charges, net

    5,762     6,128  

Other non-current asset (Note 5)

    1,659     —    
    
 

Total assets

    207,058     227,019  
    
 

LIABILITIES AND SHAREHOLDERS’ EQUITY

             

Current liabilities:

             

Accounts payable

    21,806     25,938  

Accrued liabilities

    12,891     12,040  

Amount due to QPL

    2,913     5,259  
    
 

Total current liabilities

    37,610     43,237  

9.25% senior notes due 2011

    150,000     150,000  
    
 

Total liabilities

    187,610     193,237  
    
 

Commitments and contingencies (Note 5)

             

Shareholders’ equity:

             

Common stock

    6,849     6,840  

Less: Repurchase of shares at par

    (71 )   (71 )

Additional paid-in capital

    231,278     231,118  

Deferred stock-based compensation

    (617 )   (754 )

Accumulated other comprehensive loss

    (163 )   (55 )

Accumulated deficit

    (217,828 )   (203,296 )
    
 

Total shareholders’ equity

    19,448     33,782  
    
 

Total liabilities and shareholders’ equity

    207,058     227,019  
    
 

 

The accompanying footnotes are an integral part of these condensed consolidated financial statements

 

1

Table of Contents

 ASAT HOLDINGS LIMITED

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE LOSS FOR THE THREE MONTHS AND SIX MONTHS

ENDED OCTOBER 31, 2004 AND 2003

(Unaudited)

 

     Three months ended
     Six months ended
  
     October 31,
2004
     October 31,
2003
     October 31,
2004
     October 31,
2003
  
     $’000     $’000     $’000     $’000  

Net sales

      47,527       48,053       103,076       92,089  

Cost of sales (Notes 2 and 3)

      45,237       40,690       94,022       77,506  
    
 
 
 

Gross profit

      2,290       7,363       9,054       14,583  
    
 
 
 

Operating expenses:

                                 

Selling, general and administrative

      6,646       5,698       13,365       11,506  

Research and development

      1,128       1,150       2,332       2,302  

Reorganization expenses (Note 4)

      713       —         713       —    

Facilities charge

      —         —         —         306  
    
 
 
 

Total operating expenses

      8,487       6,848       16,410       14,114  
    
 
 
 

(Loss) Profit from operations

      (6,197 )     515       (7,356 )     469  

Other income, net

      181       133       232       381  

Interest expense:

                                 

- amortization of deferred charges

      (231 )     (233 )     (466 )     (466 )

- third parties

      (3,468 )     (3,294 )     (6,937 )     (6,588 )
    
 
 
 

Loss before income taxes

      (9,715 )     (2,879 )     (14,527 )     (6,204 )

Income tax expense

      —         —         (5 )     —    
    
 
 
 

Net loss

      (9,715 )     (2,879 )     (14,532 )     (6,204 )

Other comprehensive loss:

                                 

Foreign currency translation

      (82 )     (21 )     (108 )     (37 )
    
 
 
 

Comprehensive loss

      (9,797 )     (2,900 )     (14,640 )     (6,241 )
    
 
 
 

Net loss per ordinary share:

                                 

Basic and diluted

                                 

Net loss per ordinary share

    $ (0.01 )   $ (0.00 )   $ (0.02 )   $ (0.01 )
    
 
 
 

Basic and diluted weighted average number of ordinary shares outstanding

      677,892,610       668,947,000       677,706,325       668,947,000  
    
 
 
 

Net loss per ADS:

                                 

Basic and diluted

                                 

Net loss per ADS

    $ (0.07 )   $ (0.02 )   $ (0.11 )   $ (0.05 )
    
 
 
 

Basic and diluted weighted average number of ADSs outstanding

      135,578,522       133,789,400       135,541,265       133,789,400  
    
 
 
 

 

The accompanying footnotes are an integral part of these condensed consolidated financial statements

 

2

Table of Contents

 ASAT HOLDINGS LIMITED

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS AND SIX MONTHS ENDED OCTOBER 31, 2004 AND 2003

(Unaudited)

 

     Three months ended
     Six months ended
  
     October 31,
2004
     October 31,
2003
     October 31,
2004
     October 31,
2003
  
     $’000     $’000     $’000     $’000  

Operating activities:

                         

Net loss

    (9,715 )   (2,879 )   (14,532 )   (6,204 )

Adjustments to reconcile net loss to net cash provided by operating activities:

                         

Depreciation and amortization:

                         

Property, plant and equipment

    7,543     6,143     14,571     11,961  

Deferred charge and debt discount

    231     379     466     758  

Loss (gain) on disposal of property, plant and equipment, net

    2     (30 )   122     (69 )

Stock-based employee compensation expense

    64     —       126     —    

Changes in operating assets and liabilities:

                         

Accounts receivable-trade, net

    4,679     (768 )   6,493     (7,408 )

Restricted cash

    —       (1,197 )   —       26  

Inventories

    1,937     (1,326 )   3,192     (3,046 )

Prepaid expenses and other current assets

    455     905     (800 )   160  

Other non-current asset

    (1,659 )   —       (1,659 )   —    

Accounts payable

    (1,906 )   2,399     (3,788 )   7,633  

Accrued liabilities

    4,588     (2,883 )   851     416  

Amount due to QPL

    (1,293 )   (436 )   (2,346 )   644  
    
 
 
 

Net cash provided by operating activities

    4,926     307     2,696     4,871  
    
 
 
 

Investing activities:

                         

Acquisition of property, plant and equipment

    (14,720 )   (6,260 )   (20,033 )   (8,020 )

Proceeds from sale of property, plant and equipment

    —       96     —       135  
    
 
 
 

Net cash used in investing activities

    (14,720 )   (6,164 )   (20,033 )   (7,885 )
    
 
 
 

Financing activities:

                         

Proceeds from stock options exercised

    3     —       180     —    

Payment of debt issuance cost

    (5 )   —       (100 )   —    
    
 
 
 

Net cash (used in) provided by financing activities

    (2 )   —       80     —    
    
 
 
 

Net decrease in cash and cash equivalents

    (9,796 )   (5,857 )   (17,257 )   (3,014 )

Cash and cash equivalents at beginning of period

    55,123     28,602     62,610     25,775  

Effects of foreign exchange rates change

    (82 )   (21 )   (108 )   (37 )
    
 
 
 

Cash and cash equivalents at end of period

    45,245     22,724     45,245     22,724  
    
 
 
 

Supplemental disclosure of cash flow information:

                         

Cash paid during the period for:

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