UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORMForm 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

For the Quarter ended MayAugust 31, 2003

 

Commission File No.0-10823

 

 

BCT INTERNATIONAL, INC.

(Exact name of Registrant as specified in its Charter)

 

Delaware 22-2358849
(State of Incorporation) 

(I.R.S.IRS Employer

Identification Number)

 

3000 NE 30th Place, 5th Floor, Fort Lauderdale, FL 33306
(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code:(954) 563-1224

 

 

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  ¨.

 

Number of shares of common stock outstanding as of July 14,

October 15, 2003: 5,121,471

 

BCT INTERNATIONAL, INC.

 

INDEX

 

      PAGE
NUMBER

PART I.

FINANCIAL INFORMATION   
   

ITEM 1—Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS—MayAugust 31, 2003 and February 28, 2003

  2
   CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS—for the three months ended MayAugust 31, 2003 and August 31, 2002 and the six months ended August 31, 2003 and August 31, 2002  3
   CONDENSED CONSOLIDATED STATEMENTSTATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY—for the threesix months ended MayAugust 31, 2003  4
   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—for the threesix months ended MayAugust 31, 2003 and August 31, 2002  

5

   

Notes to Condensed Consolidated Financial Statements

  6-7
   

ITEM 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations

  88-9
PART II.  

ITEM 3—Quantitative and Qualitative Disclosures About Market Risk

8

ITEM 4—Controls and Procedures

8
PART II. OTHER INFORMATION AND SIGNATURES   
   

ITEM 6—Exhibits and Reports on Form 8-KSignatures

  910
   

SignaturesCertifications and Exhibits

  9

Certifications

10-11

Exhibits

12-1311-14

PART I.    FINANCIAL STATEMENTS

 

BCT INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(000’s omitted)

 

   

May 31,

2003

  February 28,
2003
 
   (UNAUDITED)    

ASSETS

         

Current assets:

         

Cash

  $4,893  $4,276 

Accounts and notes receivable, net

   3,089   3,117 

Inventory, net

   2,369   2,735 

Assets held for sale, net

   90   85 

Prepaid expenses and other current assets

   331   314 

Deferred income taxes

   419   406 
   
 

Total current assets

   11,191   10,933 

Accounts and notes receivable, net

   4,568   4,721 

Property and equipment at cost, net

   988   1,034 

Deferred income taxes

   1,067   919 

Deposits and other assets

   43   48 

Trademark and other intangible assets, net

   174   180 
   
 

Total assets

  $18,031  $17,835 
   
 

LIABILITIES AND STOCKHOLDERS’ EQUITY

         

Current liabilities:

         

Accounts payable

  $610  $901 

Notes payable

   113   113 

Accrued liabilities

   671   462 

Deferred revenue

   55   55 
   
 

Total current liabilities

   1,449   1,531 

Notes payable, less current maturities

   390   410 

Deferred revenue

   314   335 
   
 

Total liabilities

   2,153   2,276 
   
 

Minority interest

   25   18 
   
 

Stockholders’ equity:

         

Common stock, $.04 par value, 25,000 shares authorized, 5,828 shares issued

   233   233 

Paid in capital

   12,605   12,605 

Retained earnings

   4,587   4,275 
   
 
    17,425   17,113 

Less: Treasury stock, at cost, 707 shares

   (1,572)  (1,572)
   
 

Total stockholders’ equity

   15,853   15,541 
   
 

Total liabilities and stockholders’ equity

  $18,031  $17,835 
   
 

   August 31, 2003
  February 28, 2003
 
ASSETS         

Current assets:

         

Cash

  $5,663  $4,276 

Accounts and notes receivable, net

   2,627   3,117 

Inventory, net

   2,364   2,735 

Assets held for sale, net

   112   85 

Prepaid expenses and other current assets

   166   314 

Deferred income taxes

   419   406 
   
 

Total current assets

   11,351   10,933 

Accounts and notes receivable, net

   4,723   4,721 

Property and equipment at cost, net

   954   1,034 

Deferred income taxes

   964   919 

Deposits and other assets

   43   48 

Trademark and other intangible assets, net

   168   180 
   
 

Total assets

  $18,203  $17,835 
   
 

LIABILITIES AND STOCKHOLDERS’ EQUITY

         

Current liabilities:

         

Accounts payable

  $1,013  $901 

Notes payable

   113   113 

Accrued liabilities

   320   462 

Deferred revenue

   55   55 
   
 

Total current liabilities

   1,501   1,531 

Deferred revenue

   299   335 

Notes payable

   352   410 
   
 

Total liabilities

   2,152   2,276 
   
 

Minority interest

   27   18 
   
 

Stockholders’ equity:

         

Common stock, $.04 par value, 25,000 shares authorized, 5,828 shares issued

   233   233 

Paid in capital

   12,605   12,605 

Retained earnings

   4,758   4,275 
   
 
    17,596   17,113 

Less: Treasury stock, at cost, 707 shares

   (1,572)  (1,572)
   
 

Total stockholders’ equity

   16,024   15,541 
   
 

Total liabilities and stockholders’ equity

  $18,203  $17,835 
   
 

 

The accompanying notes are an integral part of thethese condensed consolidated financial statements.

 

2

BCT INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(000’s omitted)

   Three Months Ended
May 31
   2003
  2002

Revenues:

        

Royalties and franchise fees

  $1,389  $1,380

Paper and printing sales

   3,084   3,242

Sales of Franchises

   9   1

Sales Company-owned Franchises

   743   —  

Interest and other

   195   217
   
  
    5,420   4,840
   
  

Expenses:

        

Cost of paper and printing sales

   2,667   2,763

Cost of sales Company-owned Franchises

   166   —  

Selling, general and administrative

   2,008   1,535

Depreciation and amortization

   77   56
   
  
    4,918   4,354
   
  

Income before provision for income taxes

   502   486

Income tax provision

   190   184
   
  

Net income

  $312  $302
   
  

Net income per common share:

        

Basic

  $.06  $.06
   
  

Diluted

  $.06  $.06
   
  

   

Three Months Ended

August 31,

  

Six Months Ended

August 31,

   2003
  2002
  2003
  2002

Revenues:

                

Royalties and franchise fees

  $1,290  $1,241  $2,679  $2,621

Paper and printing sales

   2,871   2,903   5,955   6,145

Company-owned franchise sales

   740   76   1,483   76

Sales of Franchises

   —     1   9   2
   
  
  
  
   

 

4,901

   4,221   10,126   8,844
   
  
  
  

Expenses:

                

Cost of paper and printing sales

   2,545   2,523   5,212   5,286

Cost of Company-owned franchise sales

   159   19   325   19

Selling, general and administrative

   1,985   1,620   3,993   3,155

Depreciation and amortization

   81   55   158   111
   
  
  
  
   

 

4,770

   4,217   9,688   8,571
   
  
  
  

Income before interest and other income and provision for income taxes

   131   4   438   273

Interest and other income

   159   194   354   411
   
  
  
  

Income before provision for income taxes

   290   198   792   684

Provision for income taxes

   119   83   309   267
   
  
  
  

Net income

  $171  $115  $483  $417
   
  
  
  

Earnings per share:

                

Basic

  $.03  $.02  $.09  $.08
   
  
  
  

Diluted

  $.03  $.02  $.09  $.08
   
  
  
  

 

The accompanying notes are an integral part of thethese condensed consolidated financial statements.

 

 

3

BCT INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTSTATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

THREESIX MONTHS ENDED MAYAUGUST 31, 2003

(UNAUDITED)

000’s omitted

 

   Common Stock
  Paid In
Capital
  Retained
Earnings
  Less:
Treasury
Stock
  Total
   Number of
Shares
  Par
Value
       

Balance February 28, 2002

  5,828  $233  $12,605  $4,275  $(1,572) $15,541

Net income

  —     —     —     312   —     312
   
  
  
  
  
 

Balance May 31, 2002

  5,828  $233  $12,605  $4,587  $(1,572) $15,853
   
  
  
  
  
 

   Common Stock
        

Less:

Treasury

Stock

   
   

Number of

Shares

  

Par

Value

  

Paid In

Capital

  

Retained

Earnings

   

Total

Balance February 28, 2003

  5,828  $233  $12,605  $4,275  $(1,572) $15,541

Net income

  —     —     —     483   —     483
   
  
  
  
  
 

Balance August 31, 2003

  5,828  $233  $12,605  $4,758  $(1,572) $16,024
   
  
  
  
  
 

 

The accompanying notes are an integral part of thethese condensed consolidated financial statements.

 

4

BCT INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(000’s omitted)

 

  

Six months ended

August 31,

 
  Three months ended
May 31
 
  2003
  2002
   2003
  2002
 

Cash flows from operating activities:

          

Net income

  $312  $302   $483  $417 

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

          

Depreciation and amortization

   77   56    158   111 

Provision for doubtful accounts

   225   350    450   700 

Provision for inventory obsolescence

   25   25    50   50 

Other adjustments

   9   —   

Changes in operating assets and liabilities:

          

Accounts and notes receivable

   27   438    38   (143)

Inventory

   341   (847)   321   (788)

Assets held for sale

   (5)  15    (27)  (72)

Prepaid expenses and other assets

   (17)  9    153   (171)

Deferred income taxes

   (161)  (105)   (58)  (219)

Accounts payable and accrued liabilities

   (82)  (86)   (30)  414 

Deferred revenue

   (21)  (93)   (36)  (106)
  
 
  
 

Net cash provided by operating activities

   721   64    1,511   193 
  
 
  
 

Cash flows from investing activities:

          

Capital expenditures

   (84)  (15)   (66)  (69)
  
 
  
 

Net cash (used) in investing activities

   (84)  (15)

Net cash (used in) investing activities

   (66)  (69)
  
 
  
 

Cash flows from financing activities:

          

Principal payments on notes payable

   (20)  (252)   (58)  (256)
  
 
  
 

Net cash (used) in financing activities

   (20)  (252)

Net cash (used in) financing activities

   (58)  (256)
  
 
  
 

Net increase (decrease) in cash

   617   (203)   1,387   (132)

Cash at beginning of period

   4,276   4,819    4,276   4,819 
  
 
  
 

Cash at end of period

  $4,893  $4,616   $5,663  $4,687 
  
 
  
 

 

The accompanying notes are an integral part of thethese condensed consolidated financial statements.

 

 

5

BCT INTERNATIONAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(000’s omitted, except per share data)omitted)

 

MayAugust 31, 2003

 

1.In the opinion of management, the foregoing unaudited condensed consolidated financial statements contain all normal recurring adjustments necessary to present fairly the financial position of the Company as of MayAugust 31, 2003. The balance sheet as of February 28, 2003 was derived from audited financial statements.

 

2.The results for the three and six month periods ended MayAugust 31, 2003 and 2002, are not necessarily indicative of results that may be expected for the fiscal year.

 

3.For the three and six months ended MayAugust 31, 2003 and 2002, basic earnings per common share are calculated by dividing net earnings applicable to common stock by the weighted average number of shares of common stock outstanding. Diluted earnings per common share are calculated by dividing net earnings applicable to common stock by the weighted average number of shares of common stock outstanding and common stock equivalents which consist of stock options.

 

For the three and six months ended MayAugust 31, 2003 and 2002, the number of shares used for both the basic and diluted earnings per share calculations were 5,121. All5,121,000. For the three and six months ended August 31, 2002, all of the stock options outstanding for both periods were excluded from the diluted earnings per share calculation as their impact was anti-dilutive. In fiscal 2003, and 2002, 814885,000 options and 885 options, respectively, were excluded. For the three and six months ended August 31, 2003, the number of shares used to calculate diluted earnings per share were 5,651,000.

 

4.The Company utilizes an asset and liability approach in accounting for income taxes that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax return. In estimating future tax consequences, consideration is given to all expected future events other than enactmentsenactment’s of changes in the tax law or rates.

BCT INTERNATIONAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Continued …

(UNAUDITED) (000’s omitted)

August 31, 2003

 

5.The Company has four reporting segments (1) FranchisorFranchiser Operations, (2) Pelican Paper Products, (3) Other OperationsCompany-owned Franchises and (4) Company-owned Franchises.Other Operations. The Company evaluates the performance of its segments based on earnings before income taxes. The Company is organized on the basis of business activity units. The table below presents information about reported segments for the three and six months ended August 31:

 

The Company is organized on the basis of business activity units. The table below presents information about reported segments for the three months ended May 31:
   Franchiser
  

Pelican

Paper

  

Company owned

Franchises

  Other
  Total
 

For the Three Months Ended August 31,

                     

2003

                     

Revenues

  $1,290  $2,871  $740  $159  $5,060 

Cost of sales

   —     2,545   159   —     2,704 

Operating expenses

   1,248   184   634   —     2,066 
   
 
  
 
  

Income (loss) before income taxes

  $42  $142  $(53) $159  $290 
   
 
  
 
  

Depreciation and amortization

  $31  $22  $28  $—    $81 
   
 
  
 
  

Income tax (benefit) provision

  $17  $58  $(21) $65  $119 
   
 
  
 
  

Capital expenditures

  $—    $—    $(18) $—    $(18)
   
 
  
 
  

2002

                     

Revenues

  $1,242  $2,903  $76  $194  $4,415 

Cost of sales

   —     2,523   19   —     2,542 

Operating expenses

   1,415   154   106   —     1,675 
   
 
  
 
  

Income (loss) before income taxes

  $(173) $226  $(49) $194  $198 
   
 
  
 
  

Depreciation and amortization

  $30  $25  $—    $—    $55 
   
 
  
 
  

Income tax (benefit) provision

  $(73) $95  $(20) $81  $83 
   
 
  
 
  

Capital expenditures

  $15  $12  $258  $—    $285 
   
 
  
 
  
   Franchiser
  

Pelican

Paper

  

Company owned

Franchises

  Other
  Total
 

For the Six Months Ended August 31,

                     

2003

                     

Revenues

  $2,688  $5,955  $1,483  $354  $10,480 

Cost of sales

   —     5,212   325   —     5,537 

Operating expenses

   2,515   339   1,297   —     4,151 
   
 
  
 
  

Income (loss) before income taxes

  $173  $404  $(139) $354  $792 
   
 
  
 
  

Depreciation and amortization

  $62  $44  $52  $—    $158 
   
 
  
 
  

Income tax (benefit) provision

  $67  $158  $(54) $138  $309 
   
 
  
 
  

Capital expenditures

  $8  $2  $56  $—    $66 
   
 
  
 
  

2002

                     

Revenues

  $2,623  $6,145  $76  $411  $9,255 

Cost of sales

   —     5,286   19   —     5,305 

Operating expenses

   2,851   309   106   —     3,266 
   
 
  
 
  

Income (loss) before income taxes

  $(228) $550  $(49) $411  $684 
   
 
  
 
  

Depreciation and amortization

  $62  $49  $—    $—    $111 
   
 
  
 
  

Income tax (benefit) provision

  $(89) $215  $(19) $160  $267 
   
 
  
 
  

Capital expenditures

  $26  $16  $258  $—    $300 
   
 
  
 
  

2003

  Franchisor
  Pelican
Paper
  Other
  Company
Owned
Franchises
  Total

Revenues

  $1,398  $3,084  $195  $743  $5,420

Cost of sales

   —     2,667   —     166   2,833

Operating expenses

   1,267   155   —     663   2,085
   
 
  
  
 

Income (loss) before income taxes

  $131  $262  $195  $(86) $502
   
 
  
  
 

Depreciation and amortization

  $31  $22  $—    $24  $77
   
 
  
  
 

Income tax provision (benefit)

  $50  $99  $74  $(33) $190
   
 
  
  
 

Capital expenditures

  $8  $2  $—    $74  $84
   
 
  
  
 

2002

                    

Revenues

  $1,381  $3,242  $217  $—    $4,840

Cost of sales

   —     2,763   —     —     2,763

Operating expenses

   1,436   155   —     —     1,591
   
 
  
  
 

Income before income taxes

  $(55) $324  $217  $—    $486
   
 
  
  
 

Depreciation and amortization

  $32  $24  $—    $—    $56
   
 
  
  
 

Income tax provision

  $(21) $123  $82  $—    $184
   
 
  
  
 

Capital expenditures

  $11  $4  $—    $—    $15
   
 
  
  
 

6

BCT INTERNATIONAL, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

(000’s omitted, except per share data)

May 31, 2003

6.On March 31, 2003, BCT Enterprises of Tampa, Inc., wholly owned by the Company, acquired certain assets of TBDS, Inc., the entity that operates the Company’s 56% Company-owned franchise in Tampa, Florida. Those assets, consisting primarily of receivables, inventory and equipment, were acquired in exchange for the assumption of certain of TBDS, Inc.’s liabilities in the amount of $345 and the Company’s assignment to TBDS, Inc. of a receivable due the Company from the minority shareholder of TBDS, Inc. in the amount of $181. The results of operations of BCT Enterprises of Tampa, Inc. since March 31, 2003 (a loss of $4) have been included in the condensed statement of operations for the period ended May 31, 2003. On June 2, 2003 the minority shareholder exercised his right of dissent and sold his remaining 44% interest in TBDS, Inc. to the Company for $1.

7.On May 28, 2003, the Company’s Board of Directors approved a Definitive Merger Agreement dated May 29, 2003 between the Company and Phoenix Acquisition Group of Florida (Phoenix), a Company owned by the Company’s Chairman and Chief Executive Officer, whereby Phoenix has agreed to acquire all the shares of the Company’s common stock not currently held by Phoenix or the Chairman, in exchange for the payment of $2.00 per share. The Company’s preliminary proxy statement relating to the merger has been submitted to the Securities and Exchange Commission (the SEC) for its review. Closing of the merger is conditional upon, among other things, SEC clearance for dissemination of the definitive proxy statement and approval by holders of a majority of the Company’s shares not owned by the acquisition group.

7

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

August 31, 2003

Results of Operations

 

Total revenues increased $580,000$680,000, or 12%16.1% for the quarterthree months ended MayAugust 31, 2003 as compared to the corresponding period in the prior fiscal year. RoyaltyThe increase in revenue is attributable primarily to increases in (i) royalty revenue ($49,000 or 3.9%) and (ii) Company-owned Franchise sales of $664,000 or 874%. These increases were partially offset by a decrease in Paper and Printing Sales of $32,000 or 1% The increase in Company-owned Franchise Sales is the result of the Company acquiring two franchises in fiscal 2003, one in July and the other in September.

Total revenues increased $9,000$1,282,000, or 1% due14.5% for the six months ended August 31, 2003 as compared to the corresponding period in the prior fiscal year. The increase in revenue is attributable to an increase in sales by the BCT network of franchises.Company-owned Franchise Sales of Company-owned Franchises increased $743,000$1,407,000 or 100% as there were no Company-owned Franchises1851% and an increase in the first quarterroyalty revenue of the prior fiscal year.$58,000 or 2.2%. These increases were partially offset by decreases in paper and printing sales of $158,000 or 5% and interest and other revenue of $22,000 or 10% as a result of a decrease in interest income due to the maturingPaper and Printing Sales of the notes receivable portfolio.$190,000 or 3.1%.

 

Cost of paper and printing sales as a percentage of paper and printing sales was 86%89% and 85%88%, respectively, for the quartersthree and six months ended MayAugust 31, 2003 as compared to 87% and 2002. Fluctuations86%, respectively, for the corresponding periods in this percentage result primarily from changes in the sales mix.fiscal 2003.

 

Selling general and administrative expenses represented 37%40.5% and 32%38.4% of gross revenues for the quartersthree and six months ended MayAugust 31, 2003 as compared to 39.4% and 2002, respectively. These expenses were higher35.7% for the corresponding periods in fiscal 2003. The selling and administrative expense percentage is higher for the three and six months ended August 31, 2003 primarily as a result ofdue to an additional selling and administrative expenses related toassociated with the Company-owned Franchises which amounted to $663,000$634,000 and $1,297,000, respectively, for the three month period indeed Mayand six months ended August 31, 2003. This increase wasThese increases were partially offset by a decrease in the provision for bad debts of $125,000.$250,000 for the six months ended August 31, 2003 as compared to the same period in the prior year.

 

Liquidity and Capital Resources

 

Cash resources increased $617,000$1,387,000 during the first quarter of fiscal 2004.six months ended August 31, 2003. The Company generated $721,000$1,511,000 from operations. Theoperations during the six months ended August 31, 2003. During the first six months of fiscal 2003, the Company made debt payments totaling $20,000.$58,000 and made capital expenditures of $66,000.

 

The Company believes current cash reserves and internally generated funds will be sufficient to satisfy the Company’s working capital and capital expenditure requirements for the foreseeable future; however, there can be no assurance that external financing will not be needed. The Company has available aCompany’s $2 million line of credit with a bank.bank expired on September 19, 2003. No advances have beenwere ever made on the line.

 

Certain information contained in this report, particularly information regarding future economic performance and finances, plans and objectives of management, constitutes “forward-looking statements” within the meaning of the federal securities laws. In some cases, information regarding certain important factors that could cause actual results to differ materially from any forward-looking statement appear together with such statement. In addition, the following factors, in addition to other possible factors not listed, could affect the Company’s actual results and cause such results to differ materially from those expressed in forward-looking statements. These factors include competition within the wholesale printing industry, which is intense; changes in general economic conditions; technological changes; changes in customer tastes; legal claims; the continued ability of the Company and its franchisees to obtain suitable locations and financing for new Franchises as well as expansion of existing Franchises; governmental initiatives, in particular those relating to franchise regulation and taxation; and risk factors detailed from time to time in the Company’s filings with the Securities and Exchange Commission.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Item  3.Quantitative and Qualitative Disclosures About Market Risk

 

The Company had no outstanding balances subject to market risk during the period covered by this report. The Company hashad a $2 million line of credit with a bank which bears interest at LIBOR + 2.35%. which expired September 19, 2003.

 

Item  4.Controls and Procedures.

Item 4. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

Our Chief Executive Officer and Chief Financial Officer have evaluated our disclosure controls and procedures as of July 14,October 15, 2003 and believe that they are effective.

 

Change in Internal Controls

 

Not applicable.

 

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Part II OTHER INFORMATION AND SIGNATURES

Item 6. Exhibits and Reports on Form 8-K

 

Item  6.(a)Exhibits:

 Exhibits and Reports31.1Certification of Chief Executive Officer
31.2Certification of Chief Financial Officer
32.1Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(b)No reports on Form 8-K were filed by the Company during the three month period ended August 31, 2003

(a) No exhibits

(b) No reports on Form 8-K were filed by the Company during the period ended May 31, 2003.

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.

 

    

BCT INTERNATIONAL, INC.INTERNATIONAL, INC.

(Registrant)

Date: October 15, 2003

July 14, 2003William Wilkerson

   By:

/s/    WILLIAM WILKERSON

        

William Wilkerson

        

Chairman, President & Chief Executive Officer

Date: October 15, 2003

July 14, 2003Michael R. Hull

   By:

/s/    MICHAEL R. HULL

        

Michael R. Hull

        

Vice President & Chief Financial Officer

9

Certification of Chief Executive Officer

I, William Wilkerson, Chief Executive Officer of BCT International, Inc., certify that:

(1)I have reviewed this quarterly report on Form 10-Q of BCT International, Inc;

(2)Based on my knowledge, this quarterly report dos not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the periods covered by this quarterly report; and

(3)Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this quarterly report.

July 14, 2002

/s/    WILLIAM A. WILKERSON        

Date

William A. Wilkerson
Chief Executive Officer

 

10

Certification of Chief Financial Officer

I, Michael R. Hull, Chief Financial Officer of BCT International, Inc., certify that:

(1)I have reviewed this quarterly report on Form 10-Q of BCT International, Inc;

(2)Based on my knowledge, this quarterly report dos not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the periods covered by this quarterly report; and

(3)Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this quarterly report.

July 14, 2002

/s/    MICHAEL R. HULL

Date

Michael R. Hull
Chief Financial Officer

11