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As Of Filer Filing As/For/On Docs:Pgs Issuer Agent 12/15/03 Asat Holdings Ltd 6-K 12/15/03 1:50 RR Donnelley/FA
Document/Exhibit Description Pages Size 1: 6-K Report of a Foreign Private Issuer HTML 379K
| Form 6-K |
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, 2003
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): .
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, 2003 and 2002, and (iii) other information, and is being made pursuant to Section 4.8 of the Indenture, dated as of October 29, 1999, as supplemented through the date hereof, by and between ASAT (Finance) LLC, ASAT Holdings Limited and its subsidiaries referred to therein as guarantors, and JP Morgan Chase Bank, as trustee.
ii
Part I – FINANCIAL INFORMATION
All financial information in this report on Form 6-K is in United States dollars, which are referred to as “Dollars” and “$”.
iii
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF OCTOBER 31, 2003 AND APRIL 30, 2003
| October 31, 2003 |
April 30, 2003 |
|||||||
| ’000 | ’000 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents |
$ | 22,724 | $ | 25,775 | ||||
| Accounts receivable-trade (net of allowance for doubtful accounts of $149 and $118 at October 31, 2003 and April 30, 2003, respectively) |
25,617 | 18,209 | ||||||
| Restricted cash (Note 4) |
1,478 | 1,504 | ||||||
| Inventories (Note 2) |
13,429 | 10,383 | ||||||
| Prepaid expenses and other current assets |
5,218 | 5,378 | ||||||
| Total current assets |
68,466 | 61,249 | ||||||
| Property, plant and equipment, net of accumulated depreciation |
100,872 | 100,019 | ||||||
| Assets held for disposal, net (Note 5) |
313 | 659 | ||||||
| Deferred charges, net |
2,777 | 3,243 | ||||||
| Total assets |
$ | 172,428 | $ | 165,170 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ | 21,904 | $ | 9,757 | ||||
| Accrued liabilities |
6,356 | 5,940 | ||||||
| Amount due to QPL (Note 3) |
3,313 | 2,669 | ||||||
| Total current liabilities |
31,573 | 18,366 | ||||||
| 12.5% senior notes due 2006 |
98,997 | 98,705 | ||||||
| Total liabilities |
130,570 | 117,071 | ||||||
| Commitments and contingencies (Note 7) |
||||||||
| Shareholders’ equity: |
||||||||
| Common stock |
6,760 | 6,760 | ||||||
| Treasury stock |
(71 | ) | (71 | ) | ||||
| Additional paid-in capital |
228,009 | 228,009 | ||||||
| Accumulated other comprehensive loss |
(57 | ) | (20 | ) | ||||
| Accumulated deficit |
(192,783 | ) | (186,579 | ) | ||||
| Total shareholders’ equity |
41,858 | 48,099 | ||||||
| Total liabilities and shareholders’ equity |
$ | 172,428 | $ | 165,170 | ||||
See accompanying notes to Condensed Consolidated Financial Statements
1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS FOR THE THREE MONTHS AND SIX MONTHS
ENDED OCTOBER 31, 2003 AND 2002
(Unaudited)
| Three months ended |
Six months ended |
|||||||||||||||
| October 31, 2003 |
October 31, 2002 |
October 31, 2003 |
October 31, 2002 |
|||||||||||||
| ’000 | ’000 | ’000 | ’000 | |||||||||||||
| Net sales |
$ | 48,053 | $ | 40,719 | $ | 92,089 | $ | 75,817 | ||||||||
| Total cost of sales (Notes 2 and 3) |
40,690 | 34,753 | 77,506 | 73,431 | ||||||||||||
| Gross profit |
7,363 | 5,966 | 14,583 | 2,386 | ||||||||||||
| Operating expenses: |
||||||||||||||||
| Selling, general and administrative |
5,698 | 5,848 | 11,506 | 12,819 | ||||||||||||
| Research and development |
1,150 | 1,314 | 2,302 | 2,814 | ||||||||||||
| Impairment of property, plant and equipment |
— | — | — | 59,189 | ||||||||||||
| Reorganization charge |
— | — | — | 128 | ||||||||||||
| Facilities charge (Note 6) |
— | — | 306 | — | ||||||||||||
| Total operating expenses |
6,848 | 7,162 | 14,114 | 74,950 | ||||||||||||
| Profit (Loss) from operations |
515 | (1,196 | ) | 469 | (72,564 | ) | ||||||||||
| Other income, net |
133 | 551 | 381 | 902 | ||||||||||||
| Interest expense: |
||||||||||||||||
| — amortization of deferred charges |
(233 | ) | (233 | ) | (466 | ) | (466 | ) | ||||||||
| — third parties |
(3,294 | ) | (3,293 | ) | (6,588 | ) | (6,144 | ) | ||||||||
| Loss before income taxes |
(2,879 | ) | (4,171 | ) | (6,204 | ) | (78,272 | ) | ||||||||
| Income tax benefit |
— | 294 | — | 11,965 | ||||||||||||
| Net loss |
(2,879 | ) | (3,877 | ) | (6,204 | ) | (66,307 | ) | ||||||||
| Other comprehensive (loss) income: |
||||||||||||||||
| Foreign currency translation |
(21 | ) | 3 | (37 | ) | 2 | ||||||||||
| Comprehensive loss |
$ | (2,900 | ) | $ | (3,874 | ) | $ | (6,241 | ) | $ | (66,305 | ) | ||||
| Net loss per ordinary share: |
||||||||||||||||
| Basic and diluted |
||||||||||||||||
| Net loss per ordinary share |
$ | (0.00 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.10 | ) | ||||
| Basic and diluted weighted average number of ordinary shares outstanding |
668,947,000 | 668,947,000 | 668,947,000 | 668,947,000 | ||||||||||||
| Net loss per ADS: |
||||||||||||||||
| Basic and diluted |
||||||||||||||||
| Net loss per ADS |
$ | (0.02 | ) | $ | (0.03 | ) | $ | (0.05 | ) | $ | (0.50 | ) | ||||
| Basic and diluted weighted average number of ADSs outstanding |
133,789,400 | 133,789,400 | 133,789,400 | 133,789,400 | ||||||||||||
See accompanying notes to Condensed Consolidated Financial Statements
2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS AND SIX MONTHS ENDED OCTOBER 31, 2003 AND 2002
(Unaudited)
| Three months ended | Six months ended | |||||||||||||||
| October 31, 2003 |
October 31, 2002 |
October 31, 2003 |
October 31, 2002 |
|||||||||||||
| ’000 | ’000 | ’000 | ’000 | |||||||||||||
| Operating activities: |
||||||||||||||||
| Net loss |
$ | (2,879 | ) | $ | (3,877 | ) | $ | (6,204 | ) | $ | (66,307 | ) | ||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
||||||||||||||||
| Depreciation and amortization: |
||||||||||||||||
| Property, plant and equipment |
6,143 | 6,635 | 11,961 | 16,483 | ||||||||||||
| Deferred charges and debt discount |
379 | 377 | 758 | 753 | ||||||||||||
| Deferred income taxes |
— | (294 | ) | — | (11,968 | ) | ||||||||||
| Gain on disposal of property, plant and equipment, net |
(30 | ) | (52 | ) | (69 | ) | (52 | ) | ||||||||
| Impairment of property, plant and equipment |
— | — | — | 59,189 | ||||||||||||
| Changes in operating assets and liabilities: |
||||||||||||||||
| Accounts receivable-trade, net |
(768 | ) | (5,717 | ) | (7,408 | ) | (8,439 | ) | ||||||||
| Restricted cash |
(1,197 | ) | (1,504 | ) | 26 | (1,504 | ) | |||||||||
| Inventories |
(1,326 | ) | (1,680 | ) | (3,046 | ) | 1,406 | |||||||||
| Prepaid expenses and other current assets |
905 | (655 | ) | 160 | 444 | |||||||||||
| Accounts payable |
2,399 | 4,456 | 7,633 | 3,709 | ||||||||||||
| Accrued liabilities |
(2,883 | ) | (3,173 | ) | 416 | (235 | ) | |||||||||