SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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) August 31, 1996
STANLY CAPITAL CORP
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(Exact name of Registrant as specified in its charter)
North Carolina 33-58882 56-1814206
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(State or other jurisdiction (Commission File No.) (IRS Employer Identification
of incorporation) number)
167 North Second Street, Albemarle, North Carolina 28001
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(Address of principal executive offices)
Registrant's telephone number, including area code (704) 983-6181
Not Applicable
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(Former address of principal executive offices)
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Item 4. Changes in Registrant's certifying accountant.
Effective August 31, 1996, Stanly Capital Corp ("Registrant") dismissed its
independent accountant, McGladrey & Pullen, LLP, Charlotte, North Carolina
("McGladrey"). At no time during the three prior years at which time McGladrey
was the principal accountants for the Registrant did their opinions on the
financial statements of the Registrant contain an adverse opinion or a
disclaimer of opinion, nor were any of McGladrey's opinions qualified or
modified as to uncertainty, audit scope or accounting principles. The board of
directors reviewed the decision to terminate McGladrey which was delegated to
the Executive Committee. At no time during the years that McGladrey served as
the Registrant's certified public accountant were there any disagreements
between the Registrant and McGladrey on any matter of accounting principles or
practices, financial statement disclosure or auditing scope or procedure. The
decision to dismiss McGladrey was made by Registrant after learning that certain
personnel, including the managing partner for Registrant's account at McGladrey,
would be leaving McGladrey, thereby causing a disruption in the orderly, timely
and cooperative process necessary to accurately and efficiently perform the
services necessary of an independent certified public accountant.
Effective the same date, Registrant appointed Dixon & Odom, LLP, High Point,
North Carolina as the independent certified public accountants for the
Registrant. Registrant has had no professional relationship with Dixon & Odom at
any time in the past and has not consulted with Dixon & Odom prior to its
appointment as to the application of accounting principles to any particular
transaction or the type of audit opinion that might be rendered on the
Registrant's financial statements.
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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.
STANLY CAPITAL CORP
By: /s/ Roger L. Dick
____________________________________
Roger L. Dick, President
Dated: September 3, 1996
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EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION OF EXHIBIT
16 Letter from McGladrey &
Pullen, LLP dated
August 31, 1996 received
pursuant to Item 304(a)
of Regulation S-K
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(McGladrey and Pullen logo appears here)
McGLADREY & PULLEN, LLP RSM
Certified Public Accountants and Consultants International
Securities and Exchange Commission
Washington, DC 20549
We were previously the independent accountants for Stanly Capital Corp., and on
January 17, 1996 we reported on the consolidated financial statements of Stanly
Capital Corp and subsidiary as of December 31, 1995 and 1994 and for the three
years ended December 31, 1995. On August 31, 1996, we were dismissed as
independent accountants of Stanly Capital Corp. We have read Stanly Capital
Corp.'s statements included under item 4 of its Form 8-K dated August 31, 1996
and we agree with such statements.
(Signature of McGladrey & Pullen, LLP appears here)
McGladrey & Pullen, LLP
Charlotte, North Carolina
August 31, 1996
One Morrocroft Centre, Suite 200 Worldwide
6805 Morrison Boulevard Services
Charlotte, North Carolina 28211-3577 Through
(704) 367-6250 FAX (704) 367-6264 RSM International
