SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
CURRENT REPORT
Date of Report: June 30, 2002
IWI HOLDING LIMITED
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(Exact name of registrant as specified in its charter)
Oakmont Centre, 1010 Executive Court, #300, Westmont, IL 60559
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (630) 887-2388
BVI 0-25108 None
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
(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
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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- .)
IWI HOLDING LIMITED
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(Unaudited)
June December 31
ASSETS 2002 2001
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Current Assets:
Cash $ 12 $ 200
Accounts Receivable, Less Allowances for Doubtful
Accounts of $553 in 2002 and $546 in 2001 3,690 4,440
Inventories 6,526 6,188
Deferred Income Taxes 120 120
Prepaid Expenses 224 189
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Total Current Assets 10,572 11,137
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Property and Equipment 2,901 2,891
Less Accumulated Depreciation (2,495) (2,403)
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Property and Equipment - Net 406 488
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Total Assets $ 10,978 $11,625
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Line of Credit $ 3,198 $ 4,066
Notes Payable 10 10
Accounts Payable, Trade 3,444 2,390
Accounts Payable to Affiliated Company 673 588
Accrued Advertising 376 693
Accrued Liabilities 624 821
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Total Current Liabilities 8,325 8,568
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Stockholders' Equity:
Preferred Stock, $1 Par Value; 5,000,000 Shares
Authorized; 3,644,880 Shares Issued and Outstanding 3,645 3,645
Common Stock, No Par Value; 10,000,000 Shares
Authorized; 2,554,700 Shares Issued and
Outstanding - -
Additional Paid in Capital 12,446 12,446
Retained Earnings (Deficit) (13,438) (13,034)
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Total Stockholders' Equity 2,653 3,057
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Total Liabilities and Stockholders' Equity $ 10,978 $11,625
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IWI HOLDING LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30 June 30
2002 2001 2002 2001
------ ------ ------ ------
Net Sales $ 5,320 $ 5,803 $ 9,076 $ 11,033
Cost of Sales 4,180 4,525 7,219 8,502
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Gross Profit (Loss) 1,140 1,278 1,857 2,531
Selling, general and administrative expenses 1,171 1,227 2,159 2,460
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Income (Loss) from Operations (31) 51 (302) 71
Interest Expense 52 82 102 169
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Income (Loss) before Income Taxes (83) (31) (404) (98)
Income taxes (benefit) - - - -
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Net Income (Loss) $ (83) $ (31) $ (404) $ (98)
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Net Income (Loss) per Common Share $ (0.03) $ (0.01) $ (0.16) $ (0.04)
======== ======== ======== =========
Weighted Average Number of
Common Shares Outstanding 2,554,700 2,554,700 2,554,700 2,554,700
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IWI HOLDING, LTD
Consolidated Statement of Cash Flows
(In Thousands)
(Unaudited)
Six Months Twelve Months
Ended Ended
June 30, 2002 December 31, 2001
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Cash Flows From Operating Activities:
Net Income (Loss) $ (404) $ 1,473
Adjustment to reconcile net income loss to net
cash used on operating activities:
Depreciation and amortization 92 191
Provision for doubtful accounts 7 120
Changes in operating assets and liabilities:
Accounts receivable 743 (890)
Inventories (338) (123)
Deferred income taxes - (120)
Prepaid expenses (35) (64)
Accounts payable trade 1,054 50
Accounts payable trade affiliated companies 85 (1,826)
Accrued liabilities (514) 213
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Net cash provided by (used in) operating activities: 690 (976)
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Investing activities:
Purchases of property and equipment (10) (10)
Proceeds from sale of equipment - -
Proceeds from sale of assets held for disposal - -
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Net cash generated (used in) investing activities (10) (10)
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Cash Flows from Financing Activities
Borrowings from (payments on) notes payable to employees - (150)
Proceeds from (payments on) lines of credit, net (868) 1,195
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Net cash provided by (used in) financing activities (868) 1,045
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Net increase (decrease) in cash (188) 59
Cash at beginning of year/period 200 141
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Cash at End of Period $ 12 $ 200
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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 hereunto duly authorized.
IWI HOLDINGS LIMITED
/s/ Joseph K. Lau
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Joseph K. Lau
President & Chief Executive Officer
Date: September 19, 2002