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 10, 1996
SOURCE SCIENTIFIC, INC.
(Exact name of registrant as specified in its charter)
California 1-8311 95-2943936
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
7390 Lincoln Way, Garden Grove, California 92641
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 714-898-9001
(Former name or former address, if changed since last report.)
<PAGE>
ITEM 4. Change in Registrant's Certifying Accountant.
On June 10, 1996, Source Scientific, Inc., a California corporation
Corbin & Wertz, Certified Public Accountants, of Irvine, California, as the
principal accountant to audit the registrant's financial statements for the
fiscal year ending June 30, 1996. The decision to change accountants was
recommended by the Board's Audit and Ethics Committee after consideration of
proposals by several accountancy firms, including the Company's previous
principal accountant, Coopers & Lybrand L.L.P. ("Coopers"), who was terminated
on June 10, 1996. The appointment of Corbin & Wertz was approved by the
Company's Board of Directors.
During the Registrant's two most recent years and during the subsequent
interim periods preceding the termination of Coopers, there have been no
disagreements between the Registrant and Coopers on any matter of accounting
principle or practices, financial statement disclosure or auditing scope or
procedures, and there have been no reportable events within the meaning of Item
304 (a) (1) (v) of Regulation S-K.
The reports of Coopers, as previously issued, on the financial state-
ments for the Registrant's most recent two fiscal years did not contain an
adverse opinion or disclaimer of opinion and were not qualified or modified as
to uncertainty, audit scope or accounting principles, except that the reports
both contained an uncertainty paragraph regarding the ability of the Registrant
to continue as a going concern.
Prior to the engagement of Corbin and Wertz, the Registrant did not
consult with Corbin & Wertz regarding (i) the application of accounting
procedures to a specified transaction or the type of audit opinion that might be
rendered on the Registrant's financial statements, or (ii) any matter that was
the subject of a disagreement with or a reportable event regarding the
Registrant's former independent public accountants.
The Registrant has provided Coopers with a copy of the disclosure set
forth in this Current Report on Form 8-K prior to the filing hereof. The
Registrant has requested that Coopers furnish it with a letter addressed to the
Securities and Exchange Commission, which is attached as Exhibit 16, stating
that Coopers agree with the statements herein, and if not, stating the respects
in which it does not agree.
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.
SOURCE SCIENTIFIC, INC.
Date: June 14, 1996 By: /S/ CATHERINE CURTIS
Catherine Curtis, Secretary
[logo, Coopers & Lybrand]
4675 MacArthur Court, Suite 1600
Newport Beach, California 92680-9861
telephone (714) 251-7200
facsimile (714) 474-4382
June 14, 1996
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read the statements made by Source Scientific, Inc. (copy attached),
which we understand will be filed with the Commission, pursuant to Item 4 of
Form 8-K, as part of the Company's Form 8-K report for the month of June 1996.
We agree with the statements concerning our Firm in such Form 8-K.
Very truly yours,
/s/Coopers & Lybrand L.L.P.
[caption at bottom of letterhead:
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand International, a
limited liability association incorporated in Switzerland.]
