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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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): September 23, 1999
ANWORTH MORTGAGE ASSET CORPORATION
(Exact name of registrant as specified in its charter)
MARYLAND 001-13709 53-2059785
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation or organization)
1299 Ocean Avenue, #200 Santa Monica, CA 90401
(Address of principal executive officer) (Zip Code)
(310) 394-0115
(Registrant's telephone number)
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(Former name or former address, if changed since last report.)
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Form 8-K
CURRENT REPORT DATED SEPTEMBER 24, 1999
ANWORTH MORTGAGE ASSET CORPORATION
Item 4. Change in Registrant's Certifying Accountant.
On September 23, 1999, McGladrey & Pullen, LLP (McGladrey) resigned as
independent auditors of the Company. McGladrey resigned pursuant to their
agreement to sell their investment management practice to PricewaterhouseCoopers
LLP (PwC). Three partners and twenty-two professionals, including the partner
and staff previously serving the Company, have joined PwC.
The report of McGladrey on the financial statements of the Company for the past
fiscal year did not contain an adverse opinion or a disclaimer of opinion, and
was not qualified or modified as to uncertainty, audit scope or accounting
principles. The Company's past fiscal period ended December 31, 1998 was the
Company's initial period of operation.
During the Company's most recent fiscal year and subsequent interim period
preceding the termination of McGladrey, there were no disagreements with
McGladrey on any matter of accounting principle or practices, financial
statement disclosure, or auditing scope or procedure, which disagreements, if
not resolved to the satisfaction of McGladrey would have caused it to make
reference to the subject matter of disagreement in connection with its report.
None of the reportable events listed in Item 304 (a) (1) (v) of Regulation S-K
occurred with respect to the Company during the Company's most recent fiscal
year and the subsequent interim period preceding the termination of McGladrey.
On September 20, 1999, the Company, with the approval of its Board of Directors
and its Audit Committee, engaged PwC as its independent auditors.
During the Company's most recent fiscal year and the subsequent interim period
preceding the engagement of PwC, neither the Company nor anyone on its behalf
consulted PwC regarding the application of accounting principles to a specified
completed or contemplated transaction or the type of audit opinion that might be
rendered on the Company's financial statements, and no written or oral advice
concerning same was provided to the Company that was an important factor
considered by the Company in reaching a decision as to any accounting, auditing
or financial reporting issue.
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
( c ) Exhibits
1. Letter of McGladrey & Pullen, LLP, dated, September 23,
1999, to the Securities and Exchange Commission.
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(McGladrey & Pullen, LLP letterhead and logo)
Securities and Exchange Commission
Washington, D.C. 20549
Gentlemen:
We were previously the independent accountants for Anworth Mortgage Asset
Corporation, and on January 9, 1999 we reported on the financial statements of
Anworth Mortgage Asset Corporation as of December 31, 1998 and for the period
March 17, 1998 (commencement of operations) through December 31, 1998. On
September 23, 1999 we resigned as independent accountants of Anworth Mortgage
Asset Corporation. We have read Anworth Mortgage Asset Corporation's statements
included in Item 4 of its Form 8-K for September 24, 1999 and we agree with such
statements.
New York, New York McGladrey & Pullen, LLP
September 24, 1999
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ANWORTH MORTGAGE ASSET CORPORATION
CURRENT REPORT DATED SEPTEMBER 24, 1999
SIGNATURES
Pursuant to the requirement 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.
ANWORTH MORTGAGE ASSET CORPORATION
(Registrant)
Date: September 24, 1999 /s/ Pamela J. Watson
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Pamela J. Watson
Chief Financial Officer and Treasurer
(principal accounting officer)
