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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): JUNE 18, 1998
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SUMMIT TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
Commission File Number: 0-16937
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Massachusetts 04-2897945
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(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
21 Hickory Drive, Waltham, Massachusetts 02154
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(Address of principal executive officer) (Zip Code)
(781) 890-1234
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(Registrant's telephone number, including area code)
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Effective June 18, 1998, Summit Technology, Inc. (the "Company") retained
Deloitte & Touche LLP as its independent public accountants and on that same
date, the Company terminated the engagement of KPMG Peat Marwick LLP as its
independent public accountants. The engagement of Deloitte & Touche was
recommended by the audit committee of the Company's Board of Directors and
approved by the Board of Directors.
The audit reports of KPMG Peat Marwick LLP on the Company's financial
statements for each of the past two years ended December 31, 1997 did not
contain an adverse opinion or a disclaimer of opinion and were not qualified or
modified as to uncertainty, audit scope, or accounting principles.
In connection with the audits of the Company's financial statements for
each of the two years ended December 31, 1997 and in the subsequent interim
period through June 18, 1998, there were no disagreements between the Company
and KPMG Peat Marwick LLP on any matters of accounting principles or practices,
financial statement disclosure, or auditing scope and procedures which, if not
resolved to the satisfaction of KPMG Peat Marwick LLP, would have caused it to
make reference to the subject matter of the disagreement in connection with its
report on the audited financial statements.
During the Company's two most recently completed years and through present
date, there have been no reportable events (as defined in Item 304 of Regulation
S-K ) with KPMG Peat Marwick LLP and during such periods the Company has not
consulted Deloitte & Touche LLP regarding the application of accounting
principles to a specified transaction, either completed or proposed, of the type
of audit opinion that might be rendered on the Company's financial statements. A
letter from KPMG Peat Marwick LLP is attached as Exhibit 16.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
Exhibit 16 Letter of KPMG Peat Marwick LLP to the Securities and
Exchange Commission dated June 25, 1998.
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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 thereunto duly authorized.
SUMMIT TECHNOLOGY, INC.
Date: June 25, 1998 By: /s/ Robert J. Palmisano
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Robert J. Palmisano
Chief Executive Officer
Date: June 25, 1998 By: /s/ Robert J. Kelly
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Robert J. Kelly
Executive Vice President, Chief
Financial Officer and Treasurer
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Exhibit 16
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[LETTERHEAD OF KPMG PEAT MARWICK LLP]
June 25, 1998
Securities and Exchange Commission
Washington, DC 20549
Ladies and Gentlemen:
We were previously principal accountants for Summit Technology, Inc. and under
the date of March 6, 1998, except as to Note 10, which is as of March 27, 1998,
we reported on the balance sheets of Summit Technology, Inc. as of December 31,
1997 and 1996, and the related statements of operations, stockholders' equity
and cash flows for the three years ended December 31, 1997. On June 18, 1998 our
appointment as principal accountants was terminated. We have read Summit
Technology, Inc.'s statements included under Item 4 of its Form 8-K dated June
25, 1998 and we agree with such statements except that we are not in a position
to agree or disagree with Summit Technology, Inc.'s statement that the
appointment of Deloitte & Touche LLP was recommended and approved by the audit
committee. We are also not in a position to agree or disagree with Summit
Technology, Inc.'s statement that Deloitte & Touche LLP was not engaged
regarding the application of accounting principles, either completed or
proposed, or the type of opinion that might be rendered on Summit Technology,
Inc.'s financial statements.
Very truly yours,
KPMG PEAT MARWICK LLP
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