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FORM 8-K
CURRENT REPORT
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PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: May 21, 1999
(DATE OF EARLIEST EVENT REPORTED)
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RAMSAY YOUTH SERVICES, INC.
(Exact name of Registrant as specified in its Charter)
DELAWARE 0-13849 63-0857352
(State or other juris- (Commission File (I.R.S. Employer
diction of incorporation) Number) Identification No.)
COLUMBUS CENTER
ONE ALHAMBRA PLAZA, SUITE 750
CORAL GABLES, FLORIDA 33134
(305) 569-6993
(Registrant's Telephone Number, including area code)
ITEM 4. Changes in Registrant's Certifying Accountant
The Board of Directors of Ramsay Youth Services, Inc. ("the Company"),
with the approval of the Company's Audit Committee, appointed Deloitte & Touche
LLP ("Deloitte & Touche") as the Company's independent accountants. Effective
May 21, 1999, Deloitte & Touche replaces Ernst & Young LLP ("Ernst & Young"),
which previously served as the Company's auditor.
Ernst & Young's reports on the Company's financial statements for the
Company's two most recent fiscal years ending June 30, 1998 and the transition
period from July 1, 1998 to December 31, 1998 contained no adverse opinion or
disclaimer of opinion, nor were they qualified or modified as to uncertainty,
audit scope, or accounting principles.
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During the Company's two most recent fiscal years ending June 30,
1998, the transition period consisting of the six months ended December 31,
1998 and through May 21, 1999, there were no disagreements with Ernst & Young
on any matter of accounting principles or practices, financial statement
disclosure, auditing scope or procedure which disagreements, if not resolved to
the satisfaction of Ernst & Young, would have caused it to make reference to
the subject matter of the disagreement in connection with its reports.
During the Company's two most recent fiscal years ending June 30,
1998, the transition period consisting of the six months ended December 31,
1998 and through May 21, 1999, there have been no reportable events with Ernst
& Young required to be disclosed by Item 304(a)(1)(v) of Regulation S-K.
The Company has requested Ernst & Young to furnish it with a letter
addressed to the Securities and Exchange Commission stating whether Ernst &
Young agrees with the statements contained in the second, third and fourth
paragraphs above. A copy of the letter from Ernst & Young to the Securities and
Exchange Commission is filed as an exhibit to this report.
ITEM 7. Financial Statements and Exhibits
99.5 Letter from Ernst & Young to the Securities and Exchange
Commission dated May 25, 1999.
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.
RAMSAY YOUTH SERVICES, INC.
(Registrant)
Dated: May 27, 1999 /s/ Marcio C. Cabrera
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Marcio C. Cabrera
Executive V.P. and
Chief Financial Officer
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ERNST & YOUNG LLP Certified Public Accountants Phone: 305 358 4111
(LOGO) Suite 3900
200 South Biscayne Boulevard
Miami, Florida 33131-5313
EXHIBIT 1 TO FORM 8-K
May 25, 1999
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20459
Gentlemen:
We have read Item 4 of Form 8-K dated May 27, 1999, of Ramsay Youth Services,
Inc. and are in agreement with the statements contained in the second, third,
and fourth paragraphs on pages 1 and 2 therein. We have no basis to agree or
disagree with other statements of the registrant contained therein.
Ernst & Young LLP
/s/ Ernst & Young LLP
Ernst & Young LLP is a member of Ernst & Young International, Ltd.
