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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) JUNE 7, 1995
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RULE INDUSTRIES, INC.
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(Exact name of issuer as specified in charter)
MASSACHUSETTS 0-8740 04-2384630
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(Sate or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
70 BLANCHARD ROAD, BURLINGTON, MASSACHUSETTS 01803
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 272-7400
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
(a) On June 7, 1995, the Registrant dismissed Deloitte & Touche LLP
("Deloitte") as its principal accountant and engaged KPMG Peat Marwick LLP
("KPMG") as its principal accountant. The decision to change accountants
has not yet been approved by the Registrant's Board of Directors or The
Audit Committee.
(b) Other than the following, Deloitte's report on the Registrant's financial
statements for either of the past two years has not contained an adverse
opinion or a disclaimer of opinion, and has not been qualified or modified
as to uncertainty, audit scope, or accounting principles.
Deloitte's report on the Registrant's financial statements for year ended
August 31, 1993 states: "The Company is involved in certain antitrust
litigation. In a unanimous decision dated November 23, 1993, the U.S. Court
of Appeals reversed a previous jury verdict against the Company, and
entered a judgement in favor of the Company. This decision may be appealed
by the Plaintiff".
As anticipated, the Plaintiff's application for review to the U.S. Supreme
Court was denied on June 20, 1994.
In addition, during the Registrant's two most recent fiscal years and the
subsequent interim period preceding its dismissal (i) there have been no
disagreements with Deloitte on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or procedure,
which have not been resolved to Deloitte's satisfaction. (ii) There has
been one reportable event (as described in Item 304 of Regulation S-K). In
it's letter to the Board of Directors, dated December 12, 1994 relating to
the Company's fiscal year ended August 31, 1994, Deloitte reported a
material weakness in the Company's internal control structure relating to
inventory accounting and control procedures and the physical inventory
compilations at the Company's Deerfield, Ma. Facility. Any material
adjustments were made and no material misstatement existed.
The Company has subsequently adjusted its procedures for physical inventory
valuation to take into account the recommendations of Deloitte. Management
believes the inventory values presented in its financial statements are
fairly stated for all periods reported.
(c) The Registrant has not consulted with KPMG regarding any accounting or
audit matters during its two most recent fiscal years or the subsequent
interim period prior to engaging KPMG.
(d) The Registrant has provided Deloitte with a copy of this report no later
than the date this report is filed with the Securities and Exchange
Commission and has requested that Deloitte furnish it with the letter
described in Item 304 of Regulation S-K.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Letter of Deloitte & Touch LLP (to be filed by amendment within ten
business days of the filing of this report).
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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.
RULE INDUSTRIES, INC.
Date: June 12, 1995 By: /s/ William N. Anastos
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William N. Anastos, President
