SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Filed Pursuant to Section 13 or 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
August 1, 1996
De Tomaso Industries, Inc.
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(Exact name of registrant as specified in its charter)
Maryland 0-2642 52-0466460
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
P.O. Box 856 107 Monmouth Street, Red Bank, New Jersey 07701
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(Address of principal executive offices)
Registrant's telephone number, including area code: (908)842-7200
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ITEM 4. Changes in Registrant's Certifying Accountants
On August 1, 1996, the Audit Committee of the Board of Directors of De
Tomaso Industries, Inc. ("DTI") approved the dismissal of Reconta Ernst & Young
S.p.A. ("RE&Y") as DTI's independent auditors and the retention of Arthur
Andersen LLP as DTI's new principal independent auditors. The change was
implemented due to budgetary considerations.
Neither of RE&Y's reports on DTI's financial statements for the past two
fiscal years contained an adverse opinion or a disclaimer of opinion, or was
qualified or modified as to uncertainty, audit scope or accounting principles.
In connection with the audits of DTI's financial statements for each of the two
fiscal years ended December 31, 1995 and December 31, 1994, and in the
subsequent interim period, there were no disagreements with RE&Y on any matters
of accounting principles or practices, financial statement disclosure, or
auditing scope and procedures which, if not resolved to the satisfaction of
RE&Y, would have caused RE&Y to make reference to the matter in their report.
The Company has requested RE&Y to furnish it with a letter, addressed to
the Commission, to that effect. A copy of that letter is annexed as an Exhibit
to this Form 8-K.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION AND EXHIBITS
(a) Exhibits. Exhibit 16.1 Letter, dated August 7, 1996, from Reconta
Ernst & Young S.p.A. regarding its concurrence with the statements made by the
Registrant in this report concerning the dismissal of Reconta Ernst & Young
S.p.A. as the Registrant's principal independent auditors.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: August 8, 1996 DE TOMASO INDUSTRIES, INC.
By: /S/ HOWARD E. CHASE
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Name: Howard E. Chase
Title: Director and President
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[LETTERHEAD OF RECONTA ERNST & YOUNG]
August 8, 1996
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read Item 4 of the Form 8-K dated August 7, 1996 of De Tomaso Industries
Inc. and are in agreement with the statements contained in the second paragraph
therein. We have no basis to agree or disagree with other statements of the
registrant contained therein.
/S/ Reconta Ernst & Young
