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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): August 25, 1997
SPINNAKER INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 000-09559 06-0544125
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(State of (Commission File (IRS Employer
incorporation) Number) Identification No.)
600 N. PEARL STREET, SUITE 2160
DALLAS, TEXAS 75201
(Address of principal executive offices)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 214-855-0322
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ITEM 4. CHANGES IN REGISTRANTS CERTIFYING ACCOUNTANT.
On August 25, 1997, Spinnaker Industries, Inc. (the "Company") dismissed
Deloitte & Touche LLP, independent accountants ("DT"), as the principal
accountant for Central Products Company, a wholly owned subsidiary of the
Company ("Central Products"), and expanded the auditing responsibility of the
Company's principal accountants, Ernst & Young LLP ("EY"), to include Central
Products operations. EY has served as the Company's principal independent
accountant since 1988. EY referred to DT's audits of Central Products'
financial statements as of December 31, 1996 and 1995 and for the year ended
December 31, 1996 and the three months ended December 31, 1995, in its
reports dated March 12, 1997 and February 29, 1996, except for Note 4, as to
which the date is April 8, 1996, regarding its audits of the financial
statements of the Company.
The Company's Audit Committee recommended the foregoing change in
accountants to the Company's Board of Directors, who approved such action on
August 12, 1997. The Audit Committee's recommendation was based upon its
desire to consolidate its annual audit process under one independent
accounting firm.
The reports of DT on Central Products' financial statements as of
December 31, 1996 and 1995 and for the year ended December 31, 1996 and the
three months ended December 31, 1995, have not contained an adverse opinion
or a disclaimer of an opinion, nor were they qualified or modified as to
uncertainty, audit scope, or accounting principles. There were no
disagreements with DT on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure during those
two periods and in the subsequent interim periods, which, if they had not
been resolved to the satisfaction of DT, would have caused it to make
reference to such disagreement in its report on Central Products' financial
statements.
The Company has requested DT to furnish a letter addressed to the
Commission stating whether it agrees with the above statements. A copy of
that letter, dated August 28, 1997, is filed as Exhibit 16.1 to this Form 8K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(C) EXHIBITS.
16.1 Letter re change in certifying accountant.
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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.
SPINNAKER INDUSTRIES, INC.
Date: August 28, 1997 By: /s/ Craig J. Jennings
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Craig J. Jennings
Vice President and Controller
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INDEX TO EXHIBITS
16.1 Letter re change in certifying accountant.
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EXHIBIT 16.1
August 28, 1997
Securities and Exchange Commission
Mail Stop 9-5
450 5th Street, N.W.
Washington, DC 20549
Dear Sirs/Madams:
We have read and agree with the comments in Item 4 of Form 8-K of Spinnaker
Industries, Inc. dated August 28, 1997.
Yours truly,
Deloitte & Touche LLP
