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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
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 14, 1999
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CutCo Industries, Inc.
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(Exact name of registrant as specified in its charter)
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New York 0-5223 11-1771806
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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6900 Jericho Turnpike, Syosset, New York 11791
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (516) 677-0320
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ITEM 4. Changes in Registrant's Certifying Accountant
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On September 14, 1999 Nussbaum, Yates & Wolpow, P.C. ("Nussbaum Yates") was
terminated as the independent auditors for the Company. Nussbaum Yates had
been appointed on June 10, 1998 to replace Grant Thornton as the Company's
auditors. Nussbaum Yates' report on the financial statements of the
Company for the past year did not contain an adverse opinion or a
disclaimer of opinion nor was such report qualified or modified as to
uncertainty, audit scope or accounting principles. The decision to change
accountants was recommended by the Board of Directors of the Company (the
Company not having an audit or similar committee) and was made solely
because of the Board's decision to relocate the principal operations of the
Company from Syosset, New York to Los Angeles, California.
During the Company's most recent fiscal year and through the date of
termination there were no disagreements with Nussbaum Yates 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 Nussbaum Yates would have caused Nussbaum Yates to make
reference to the subject matter of such disagreements in connection with
its reports.
During the Company's most recent fiscal year and subsequent thereto the
Company was not advised by Nussbaum Yates of any matters required to be
disclosed under this item.
On September 14, 1999 the Company engaged Jay J. Shapiro, C.P.A., P.C.
("Shapiro") to audit the financial statements of the Company for the year
ended June 30, 1999. At no time has the Company consulted Shapiro
regarding any accounting matters.
ITEM 7. Financial Statements and Exhibits
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Exhibit No. Description
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16.1 Letter from Nussbaum Yates & Wolpow, P.C.
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.
DATED: September 21, 1999 CutCo Industries, Inc.
By: /s/ Ron Oren
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Ron Oren, President
CutCo\8-K
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[Letterhead of Nussbaum Yates & Wolpow, P.C.]
September 21, 1999
Securities and Exchange Commission
Washington, D.C. 20549
RE: Cutco Industries, Inc.
File No. 0-5223
Dear Sir or Madam:
We have read Item 4 of the Form 8-K of Cutco Industries, Inc. dated September
14, 1999 and agree with the statements contained therein, except for the
information contained in the fourth paragraph on which we have no basis for
agreeing or disagreeing.
Very truly yours
/s/ Nussbaum Yates & Wolpow, P.C.
NUSSBAUM YATES & WOLPOW, P.C.
