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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): December 1, 1995
STRIKER INDUSTRIES, INC.
Delaware Commission File No. 1-0096 IRS Employer ID No.: 84-0834953
One Riverway, Suite 2450, Houston, Texas 77056
Registrant's telephone number, including area code: (713) 622-4092
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Item 4. Change in Registrant's Certifying Accountant.
(b) A new independent accountant, KPMG Peat Marwick LLP ("Peat
Marwick"), was engaged as the principal accountant of the Registrant, effective
December 1, 1995, replacing the Registrant's former principal accountant,
Arthur Andersen LLP ("Arthur Andersen"), effective on and as of said date.
(i) In connection with the change in the Registrant's
certifying accountant reported hereby, the Registrant did not consult
Peat Marwick regarding the application of accounting principles to any
specific completed or contemplated transaction, or the type of audit
opinion that might be rendered on the Registrant's financial
statements, and, accordingly, no advice, written or oral, was provided
to the Registrant by Peat Marwick in connection therewith that was an
important factor considered by the Registrant in reaching a decision as
to any such accounting, auditing or financial reporting issue.
(ii) There were and are no disagreements with Arthur
Andersen, either resolved or unresolved, on any matter of accounting
principles or practices, financial statement disclosure, or auditing
scope or procedures, which, if not resolved to its satisfaction, would
have caused it to make reference to the subject matter of the
disagreement(s) in connection with its Report.
The audit Report of Arthur Andersen on the consolidated financial
statements of the Registrant and subsidiaries as of and for the years ended
December 31, 1994 and 1993 did not contain any adverse opinion or disclaimer of
opinion, nor was it qualified or modified as to uncertainty, audit scope or
accounting principles, except as and with respect to matters contained in the
following explanatory paragraph extracted from Arthur Andersen's Report of
Independent Accountants dated March 10, 1995:
"The Company has entered into a series of transactions with
several international investors which are currently shareholders
and creditors of the Company and thus related parties to the
Company. Many of these transactions are conducted through
foreign partnership or corporate-type entities. These
transactions are described in Notes 1,6,7,9,12,13 and 14 to
the accompanying financial statements. The effect of certain of
these transactions was to increase the net income for the year
ending December 31, 1994 by approximately $2,600,000 more than
it would have been had these transactions not occurred.
Additionally, the Company incurred operating losses of
$1,631,000 and $2,425,000 during the years ended 1994 and 1993,
respectively, and the accompanying financial statements have
been prepared based on the assumption that the Company will
continue operations. Management has implemented an operational
realignment as more fully discussed in Note 1 and has obtained
an agreement from an officer/shareholder and an international
investor to provide up to $3,000,000, if necessary, to allow
the Company to continue its normal operations."
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Prior to filing this Report with the Commission, the Registrant
furnished a copy of this Report to Peat Marwick and requested that Peat Marwick
review the disclosure required by this Item 4 contained herein, providing Peat
Marwick thereby the opportunity to furnish the Registrant with a letter
addressed to the Commission containing any new information, requesting
clarification of the Registrant's expression of its views herein or stating the
respects in which it did not agree with the statements made by the Registrant
in this Item 4. The Registrant has received no such letter from Peat Marwick in
response thereto, and the Registrant is advised that none will be received.
The change in the Registrant's certifying accountant reported herein
has been approved by the Registrant's Board of Directors.
Item 7. Financial Statements and Exhibits
(c) Exhibits:
(i) Letter of Registrant to Arthur Andersen regarding change
in certifying accountant.
(ii) Letter of Arthur Andersen to the Securities and Exchange
Commission dated December 6, 1995
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.
STRIKER INDUSTRIES, INC.
DATE: December 6, 1995 By: /s/ MATTHEW D. POND
---------------------------------
Matthew D. Pond
Chief Financial Officer
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EXHIBIT INDEX
16.(i) Letter of Registrant to Arthur Andersen regarding change
in certifying accountant.
16.(ii) Letter of Arthur Andersen to the Securities and Exchange
Commission dated December 6, 1995
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[STRIKER INDUSTRIES, INC. LOGO]
December 5, 1995
Arthur Andersen LLP
711 Louisiana, Suite 1300
Houston, Texas 77002
Attn: Mr. Craig Spencer
Gentlemen:
As you are aware, it has been determined that the undersigned, Striker
Industries, Inc. (the "Registrant"), is changing its certifying accountant and
is engaging as its new independent accountant KPMG Peat Marwick, effective
December 1, 1995. The Registrant's Current Report on Form 8-K, dated December
6, 1995, reporting this event is being filed with the Securities and Exchange
Commission on or about December 6, 1995, and, as required by Item 304(a)(3)
of Regulation S-B, a copy of the Report is enclosed herewith.
Item 4 of the Report deals with the reported change in accountants. In
order to comply with Item 304(a)(3) of Regulation S-B, we are in need of a
letter from you addressed to the Securities and Exchange Commission stating
whether or not you agree with the statements made by us in Item 4 of the
Report. As permitted under this Item of the Regulation, we may file the
enclosed Report without your letter, but with an undertaking to furnish the
letter by Amendment. We therefore request that you furnish the letter to us as
promptly as possible so that we may file it with the Commission no later than
Thursday of this week, December 7, 1995, or within two business days after
receipt of your letter, whichever is earlier.
Thank you for all your assistance to us during your period of service
to Striker Industries. Your prompt attention in furnishing the above
requested letter to us will be sincerely appreciated.
Very truly yours,
STRIKER INDUSTRIES, INC.
MATTHEW D. POND
-----------------------------------------
Matthew D. Pond
Chief Financial Officer
cc: KPMG Peat Marwick
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[ARTHUR ANDERSEN LETTERHEAD]
December 6, 1995
Office of the Chief Accountant
SECPS Letter File
Securities and Exchange Commission
Mail Stop 9-5
450 Fifth Street, N.W.
Washington, D.C. 20549
via facsimile - (202) 942-9656
Dear Sirs:
We have read Item 4 included in the attached Form 8-K dated December 6, 1995 of
Striker Industries, Inc. (Commission File No. 1-0096) filed with the Securities
and Exchange Commission and are in agreement with the statements contained
therein.
Very truly yours,
/s ARTHUR ANDERSEN LLP
- ----------------------------------
Arthur Andersen LLP
Copy to: Mr. Matthew D. Pond
Chief Financial Officer
Striker Industries, Inc.
