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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (Date of earliest event reported): OCTOBER 30, 1998
KANEB SERVICES, INC.
(Exact name of registrant as specified in charter)
DELAWARE 001-05083 74-1191271
(State of Organization) (Commission File No.) (I.R.S. Employer
Identification No.)
2435 NORTH CENTRAL EXPRESSWAY
RICHARDSON, TEXAS 75080
(Address of Principal Executive Offices) (Zip Code)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (972) 699-4000
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
The Registrant is a Delaware corporation of which Kaneb Pipe Line Company,
a Delaware corporation ("KPL") is a wholly owned subsidiary. KPL serves as the
general partner of Kaneb Pipe Line Partners, L.P., a Delaware limited
partnership ("KPP"). The Registrant's Current Report on Form 8-K dated October
30, 1998 (the "Initial 8-K"), is amended to add the following additional
information.
By letter dated November 30, 1998, KPMG Peat Marwick LLP ("KPMG Peat
Marwick") accepted the engagement to audit the consolidated financial statements
of the Registrant and of KPP for the year ending December 31, 1998.
Subsequent to the filing of the Initial 8-K, the Registrant had discussions
with the Staff of the Securities and Exchange Commission regarding the
accounting issue discussed in the Initial 8-K. After discussions with members
of the Staff, the Registrant has determined that the most appropriate
accounting method is to defer any adjustment of the differential in the carrying
value of its units of limited partnership interests in KPP until such time that
such investment is disposed of by the Registrant. The resolution of the issue
had no material effect on the Registrant's consolidated financial statements.
SIGNATURE
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.
KANEB SERVICES, INC.
By: MICHAEL R. BAKKE
Michael R. Bakke, Controller
KSI-1
