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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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) OCTOBER 6, 1995
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MET-COIL SYSTEMS CORPORATION
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(Exact Name of Registrant as Specified in Charter)
DELAWARE 0-14057 42-1027215
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(State or Other (Commission File No.) (I.R.S. Employer No.)
Jurisdiction of
Incorporation)
5486 SIXTH STREET SW, CEDAR RAPIDS, IOWA 52404
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(Address or Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (319) 363-6566
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ITEM 4. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT.
At a meeting held on October 5, 1995, the Board of Directors
of the Company approved the engagement of Deloitte & Touche LLP
as its independent auditors for the fiscal year ending May 31, 1996
to replace the firm of Ernst & Young LLP, who declined to stand for
reelection as auditors of the Company effective October 6, 1995.
The audit committee of the Board of Directors approved the change in
auditors on October 5, 1995. The Company's decision was
necessitated by certain contractual obligations undertaken by Ernst
& Young LLP in relation to the closure of its Cedar Rapids, Iowa
office.
Ernst & Young LLP's reports on the financial statements of the
Company for the past two years did not contain any adverse
opinion or disclaimer of opinion, nor were they qualified as to
audit scope, or accounting principles. Ernst & Young LLP's report
on the financial statements as of and for the year ended May 31,
1995 was modified as to uncertainty with regard to the Company's
ability to continue as a going concern.
During the Company's two most recent fiscal years, and any
subsequent interim period, there were no disagreements between
Ernst & Young LLP and the Company regarding any matter of
accounting principles or practices, financial statement disclosure,
or auditing scope and procedures, which if not resolved to the
satisfaction of Ernst & Young LLP would have caused Ernst & Young
LLP to make reference to the matter in their report.
Attached hereto as Exhibit 16 is a letter addressed to the
Commission from Ernst & Young LLP, stating that it agrees with the
above statements.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
C. Exhibits.
16. Ernst & Young, LLP concurrence letter dated October 11, 1995
as to statements made by the registrant herein.
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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.
Date: October 11, 1995 Met-Coil Systems Corporation
By: /s/Joseph H. Ceryanec
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Name: Joseph H. Ceryanec
Title: Vice President-Finance and
Chief Financial Officer
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EXHIBIT 16
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Gentlemen:
We have read Item 4 of Form 8-K dated October 6, 1995, of Met-Coil Systems
Corporation and are in agreement with the statements contained in the first and
third sentences in the first paragraph and the statements in the second and
third paragraphs on page two therein. We have no basis to agree or disagree
with other statements of the registrant contained therein.
Very truly yours,
/s/Ernst & Young LLP
Des Moines, Iowa
October 11, 1995
