SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): December 28, 1995
PRESSTEK, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-17541 02-0415170
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
8 Commercial Street, Hudson, New Hampshire 03051-3907
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (603) 595-7000
____________________________________________________________
Former name or former address, if changed since last report
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Item 4. Changes in Registrant's Certifying Accountant.
(a)(1)
(i) On December 28, 1995, Presstek, Inc. (the "Company") dismissed Deloitte
& Touche LLP ("Deloitte & Touche") as its principal independent accountant.
(ii) Neither of Deloitte & Touche's reports on the financial statements of
the Company for the fiscal years ended December 31, 1994 or December 31, 1993
contained an adverse opinion or a disclaimer of opinion, nor was qualified or
modified as to uncertainty, audit scope or accounting principles (except for the
change in the method of accounting for debt and equity securities effected
January 1, 1994, to conform to SFAS No. 115).
(iii) The decision to change accountants was recommended by the Audit
Committee of the Company's Board of Directors and approved by the Company's
Board of Directors.
(iv) A. It is the Company's opinion that during the fiscal years ended
December 31, 1994 and December 31, 1993 and during the period from January 1,
1995 through December 28, 1995, there were no disagreements with Deloitte &
Touche on any matter of accounting principles or practices, financial statement
disclosure or auditing scope or procedure or any reportable event. Deloitte &
Touche, however, has advised the Company that it considers the following item to
be a disagreement:
During the course of its audit of the Company's financial statements for
the fiscal year ended December 31, 1994 the Company notified Deloitte & Touche
that:
The Company has been advised that the Securities and Exchange
Commission (the "Commission") has entered a formal order of
private investigation with respect to certain activities by
certain unnamed persons and entities in connection with the
securities of the Company. In that connection, the Company has
received a subpoena duces tecum requesting it to produce certain
documents and has complied with the request. The Company has not
been advised by the Staff of the Commission that the Staff
intends to recommend to the Commission that it initiate a
proceeding against the Company in connection with the foregoing
investigation.
Management of the Company initially proposed to include disclosure of this
matter under Item 5, Market for the Registrant's Common Equity and Related
Stockholder Matters, in the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 1994 (the "1994 10-K"), while declining to include
parallel disclosure in the notes to the Company's financial statements included
in the 1994 10-K.
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Deloitte & Touche advised the Company that "Because of the potential
significance of such an investigation to the readers of the Company's financial
statements we [Deloitte & Touche] concluded that generally accepted accounting
principles and Rule 4- 01 of Securities and Exchange Commission Regulation S-X
require that disclosure of this matter be included in the notes to the Company's
financial statements. The disclosure was included as Note 11, Other Information,
to the financial statements."
As noted above, the disclosure of the investigation was included in the
notes to the Company's financial statements included in the 1994 10-K.
B. The issue of the disclosure of the SEC investigation in the Company's
financial statements was discussed with the engagement partner of Deloitte &
Touche and certain members of the Company's Board of Directors and the Company's
Chief Financial Officer.
C. The Company has authorized Deloitte & Touche to respond fully to any
inquiries the successor accountant to be engaged by the Company may have
concerning the above matters.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c). Exhibits.
16. Letter from Deloitte & Touche LLP regarding change in certifying
accountant (to be filed by amendment).
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<PAGE>
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.
PRESSTEK, INC.
By: /s/ RICHARD A. WILLIAMS
Richard A. Williams
Executive Vice-President
(Duly authorized officer)
Date: January 3, 1996
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