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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report : September 15, 1997
TELOS CORPORATION
(Exact name of registrant as specified in charter)
Maryland 1-8443 52-0880974
(State of (Commission (IRS Employer
Incorporation) File Number) Identification No.)
19886 Ashburn Road, Ashburn, Virginia 20147
(Address of principle executive offices) (Zip Code)
Registrant's telephone number, including area code
(703) 724-3800
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Item 4. Change in Registrant's Certifying Accountants
(a) Previous independent accountants
(i) On September 15, 1997, Telos Corporation dismissed Coopers & Lybrand
L.L.P. as its independent accountants.
(ii) The reports of Coopers & Lybrand L.L.P. on the consolidated financial
statements of Telos Corporation and subsidiaries for the past two fiscal
years contained no adverse opinion or disclaimer of opinion, and were not
qualified or modified as to uncertainty, audit scope, or accounting
principle.
(iii) The Registrant's Audit Committee of its Board of Directors approved the
decision to change independent accountants.
(iv) In connection with its audits for the two most recent fiscal years and
through September 15, 1997, there have been no disagreements with Coopers
& Lybrand L.L.P. on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure, which
disagreements if not resolved to their satisfaction would have caused them
to make reference thereto in their report on the financial statements for
such years.
(v) During the two most recent fiscal years and through September 15, 1997,
there have been no reportable events (as defined in Regulation S-K Item
304 (a)(1)(v)) with Coopers & Lybrand L.L.P.
(vi) The Registrant has requested Coopers & Lybrand L.L.P. furnish it with a
letter addressed to the SEC stating whether or not it agrees with the
above statements. A copy of such letter, dated September 17, 1997 is filed
as Exhibit 16.1 to this Form 8-K.
(b) New independent accountants
(i) The Registrant engaged Price Waterhouse L.L.P. as its new independent
accountant as of September 15, 1997. During the two most recent fiscal
years and through September 15, 1997, the Registrant has not consulted
with Price Waterhouse L.L.P. regarding either: (1) the application
of accounting principles to a specified transaction, either completed or
proposed; or the type of audit opinion that might be rendered on the
Registrant's financial statements; or (2) any matter that was either the
subject of a disagreement (as defined in Item 304 (a)(1)(iv) of Regulation
S-K and the related instructions to Item 304 of Regulation S-K) or
reportable event (as defined in Item 304 (a)(1)(v) of Regulation S-K).
Item 7. Financial Statements and Exhibits
(a) Exhibits
16.1 Letter from Coopers & Lybrand L.L.P. regarding change in certifying
accountants.
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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.
Telos Corporation
Date: September 18, 1997 By: /s/ Lorenzo Tellez
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Lorenzo Tellez
Chief Financial Officer
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Coopers & Lybrand L.L.P.
September 17, 1997
Securities and Exchange Commission
450 5th Street, N.W.
Washington, DC 20549
Gentlemen:
We have read the statements made by Telos Corporation (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 September 1997. We agree
with the statements concerning our Firm in such Form 8-K.
Very truly yours,
Coopers & Lybrand L.L.P.
