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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 10 or 15(d) of the
Securities Exchange Act of 1934
October 3, 1995
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Date of Report (date of earliest event reported)
MARGATE INDUSTRIES, INC.
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(Exact Name of Registrant as Specified in its Charter)
DELAWARE 0-13817 84-8963939
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(State or Other (Commission (IRS Employer Iden-
Jurisdiction of File Number) tification Number)
Incorporation)
129 N. MAIN STREET
YALE, MICHIGAN 48097
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(Address of Principal Executive Offices
Including Zip Code)
(313) 387-4300
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(Registrant's telephone number,
including area code)
NOT APPLICABLE
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(Former name or former address, if changed since last report)
This report, with exhibits, consists of 4 Sequentially numbered pages. Exhibit
Index appears at sequential page number 3.
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
(a)(1) Dismissal of Former Accountant
(i) By phone conversation on October 2, 1995 Margate Industries, Inc. (the
"Company") advised Arthur Andersen LLP, its independent auditors, that
they were dismissed as the Company's independent auditors for the 1995
fiscal year.
(ii) The report of Arthur Andersen LLP dated March 22, 1995 on the
Company's consolidated financial statements as of December 31, 1994
and 1993 and for the three years in the period ended December 31, 1994
included an explanatory paragraph calling attention to an uncertainty
at the Company's 45%-owned equity investee, New Haven Foundry. The
report also included an explanatory paragraph calling attention to a
change in accounting.
(iii) The change of accountants was approved by the Company's Board of
Directors.
(iv) In connection with Arthur Andersen's audit of the 1994 consolidated
financial statements of the Company, the Board of Directors of Margate
Industries disagreed with Arthur Andersen regarding the necessity of
including the explanatory paragraph calling attention to the
uncertainty referred to in Item 4.(a)(i)(ii) above in their Auditors'
Report. The disagreement was ultimately resolved to Arthur Andersen's
satisfaction.
(v) There have been no Reportable Events under (a)(i)(v) of this Item.
(a)(2) Retention of New Accountant
On October 2, 1995 the Company engaged Perrin Fordree & Company,
P.C. as the independent auditors to audit the Company's financial
statements for the 1995 fiscal year.
(a)(3) Copy Provided to Former Accountants
On October 4, 1995, the Company provided Arthur Andersen LLP with
a copy of the disclosures made in response to this Item in this
Form 8-K. Arthur Andersen LLP's letter addressed to the
Commission, stating that it agrees with the statements made by
the Company herein, will be filed as Exhibit 16.1 to this Report.
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ITEM 7. EXHIBITS. The following exhibits are filed herewith:
16.1 Letter of Arthur Andersen LLP concerning statements made herein.
To be filed by amendment.
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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.
MARGATE INDUSTRIES, INC.
Dated: October 4, 1995 By: /s/ William H. Hopton
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William H. Hopton, President
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