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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 30, 1998
APPLIED ANALYTICAL INDUSTRIES, INC.
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(Exact Name of Registrant as Specified in its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation or Organization)
0-21185 04-2687849
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(Commission File Number) (I.R.S. Employer Identification Number)
5051 New Centre Drive
Wilmington, North Carolina 28403
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(Address of Principal Executive Offices) (Zip Code)
(910) 392-1606
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(Registrant's Telephone Number, Including Area Code)
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APPLIED ANALYTICAL INDUSTRIES, INC.
FORM 8-K
(Any item which is not applicable or to which
the answer is negative has been omitted.)
Item 4. Changes in Registrant's Certifying Accountant.
(a) Previous independent accountants
On April 30, 1998, the Audit Committee and the Board of Directors of Applied
Analytical Industries, Inc. (the "Company") dismissed Price Waterhouse LLP
("Price Waterhouse") as its independent public accountants.
The reports of Price Waterhouse on the consolidated financial statements of the
Company for the years ended December 31, 1997 and 1996 contained no adverse
opinion or disclaimer of opinion and were not qualified or modified as to
uncertainty, audit scope or accounting principle.
In connection with the audits of the Company's consolidated financial statements
for the years ended December 31, 1997 and 1996 and during the subsequent interim
period from January 1, 1998 through April 30, 1998, there were no disagreements
with Price Waterhouse on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure, which
disagreements if not resolved to the satisfaction of Price Waterhouse would
have caused them to make reference thereto in their report on the consolidated
financial statements of the Company for the years ended December 31, 1997 and
1996.
During the years ended December 31, 1997 and 1996 and during the subsequent
interim period from January 1, 1998 through April 30, 1998, there have been no
reportable events (as defined in Regulation S-K Item 304(a)(1)(v)).
The Company has requested that Price Waterhouse furnish it with a letter
addressed to the Securities and Exchange Commission stating whether or not it
agrees with the statements included in this Item 4(a). A copy of that letter,
dated May 5, 1998, is filed as Exhibit 16.1 to this Form 8-K.
(b) New independent accountants
Ernst & Young LLP ("Ernst & Young") was notified on April 30, 1998 of their
engagement as the Company's new independent public accountants. During the last
two fiscal years and the subsequent interim period preceding April 30, 1998, the
Company has not consulted with Ernst & Young regarding any of the matters or
events set forth in Regulation S-K, Item 304(a)(i) or (ii).
Item 7. Financial Statements and Exhibits.
Exhibits:
Exhibit No. Description
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16.1 Letter of Price Waterhouse LLP
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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.
APPLIED ANALYTICAL INDUSTRIES, INC.
Date: May 7, 1998 By: /s/ Frederick D. Sancilio
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Frederick D. Sancilio, Ph.D.
President and Chief Executive Officer
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APPLIED ANALYTICAL INDUSTRIES, INC.
EXHIBIT INDEX
Exhibit No. Description
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16.1 Letter of Price Waterhouse LLP
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EXHIBIT 16.1
LETTER OF PRICE WATERHOUSE LLP
[Price Waterhouse LLP Letterhead]
May 5, 1998
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Ladies and Gentlemen:
Applied Analytical Industries, Inc.
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We have read Item 4 of Applied Analytical Industries, Inc.'s Form 8-K dated
April 30, 1998 and are in agreement with the statements contained in paragraph
4(a) therein.
Yours very truly,
/s/ Price Waterhouse LLP
