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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13
or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported): JULY 2, 1997
MARGO NURSERY FARMS, INC.
(Exact name of registrant as specified in this charter)
FLORIDA 0-15336 59-2807561
(State or other jurisdiction of (Commission File No.) (IRS Employer
incorporation) Identification No.)
ROAD 690, KILOMETER 5.8 VEGA ALTA, PUERTO RICO 00692
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (787) 883-2570
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
On July 2, 1997, the Board of Directors of the Company voted to appoint
Deloitte & Touche LLP to act as the Company's independent certified public
accountants with respect to the fiscal year ending December 31, 1997 and chose
not to renew the engagement of Kaufman, Rossin & Co., which had served as the
Company's independent public accountants since 1991. The decision to change
independent auditors, which was taken by the full Board of Directors without a
recommendation of the Audit Committee, was based on the Board's conclusion that
it was in the best interests of the Company to select an accounting firm with an
office in Puerto Rico, where the Company's principal operations are located.
Neither management nor anyone on its behalf has consulted with
Deloitte & Touche LLP regarding the application of accounting principles to a
specified transaction, either completed or proposed, or the type of audit
opinion that might be rendered on the Company's financial statements. Neither a
written report or oral advice provided by Deloitte & Touche LLP was considered
by the Company as an important factor in reaching a decision as to the
accounting, auditing or financial reporting issue during the Company's two most
recent fiscal years or the subsequent interim period prior to the appointment of
Deloitte & Touche LLP.
The reports of Kaufman, Rossin & Co. on the Company's financial statements
for the years ended December 31, 1995 and December 31, 1996 did not contain an
adverse opinion or disclaimer of opinion and were not qualified or modified as
to uncertainty, audit scope or accounting principles. Since January 1, 1995, the
Company has not had any disagreements with Kaufman, Rossin & Co. on any matter
of accounting principles or practices, financial statement disclosure or
auditing scope or procedures that would require disclosure pursuant to the rules
and regulations of the Securities and Exchange Commission.
Kaufman, Rossin & Co. has furnished to the Company a letter addressed to
the SEC stating that it agrees with the statements in the immediately preceding
paragraph. A copy of such letter, dated July 7, 1997 is filed as an exhibit to
the this Current Report on Form 8-K.
ITEM 7. FINANCIAL STATEMENTS, PRO FORM, FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
16 Letter pursuant to Item 304(a)(3) of the Regulation S-K
addressed to the Securities and Exchange Commission from
Kaufman, Rossin & Co.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant had duly caused this report to be signed on its behalf of the
undersigned thereunto duly authorized.
MARGO NURSERY FARMS, INC.
By: /s/ Alfonso Ortega
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Alfonso Ortega
Vice President and Chief
Financial Officer
Date: July 7, 1997
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EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION PAGE
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16 Letter pursuant to Item 304(a)(3)
of Regulation S-K addressed to the Securities
and Exchange Commission from Kaufman, Rossin &
Co.
KAUFMAN
ROSSIN &
CO.
A PROFESSIONAL ASSOCIATION
2699 South Bayshore Drive
Miami, Florida 33133-5486
July 7, 1997
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Gentlemen:
We have read Item 4 of Form 8-K dated July 2, 1997, of Margo Nursery Farms, Inc.
and are in agreement with the statement contained in the third paragraph
thereof. We have no basis to agree or disagree with other statements of the
registrant contained therein.
Kaufman, Rossin & Co.
/s/ KAUFMAN, ROSSIN & CO.
