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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
December 2, 1998
Date of Report (Date of earliest event reported)
TAITRON COMPONENTS INCORPORATED
(Exact name of registrant as specified in its charter)
California 0-25844 95-4249240
(State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer
Incorporation or Organization) Identification No.)
25202 Anza Drive, Santa Clarita, California 91355
(Address of Principal Executive Offices) (Zip Code)
(805) 257-6060
Registrant's Telephone Number,
including Area Code
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Item 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
KPMG Peat Marwick LLP was previously the principal accountants for
Taitron Components Incorporated (the "Company"). On December 2, 1998, KPMG
Peat Marwick LLP was dismissed by the Company as principal accountants and
Grant Thornton LLP was engaged as principal accountants to audit the accounts
of the company for the year ending December 31, 1998. The decision to change
accountants was approved by the Registrant's Audit Committee and the Board of
Directors.
During the fiscal years ended December 31, 1997 and 1996 and through the
date of this report, there were no disagreements with KPMG Peat Marwick LLP
on any matter of accounting principles or practices, financial statement
disclosure or audit scope or procedure which disagreement, if not resolved to
the satisfaction of KPMG Peat Marwick LLP, would have caused them to make
reference to the matter of such disagreement in connection with this report.
The accountant's report for the fiscal years ended December 31, 1997 and
1996 did not contain an adverse opinion or a disclaimer of opinion, nor were
such reports qualified or modified as to uncertainty, audit scope, or
accounting principles.
During the Registrant's two most recent fiscal years and through the
date of this report, the Registrant has had no reportable events as defined
in Item 304 (a) (1) (v) of Regulation S-K.
The Registrant has requested that KPMG Peat Marwick LLP furnish it with
a letter addressed to the Securities and Exchange Commission stating whether
it agrees with the above statements. A copy of that letter is filed as
Exhibit 16 to this report.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
16. Letter from KPMG Peat Marwick LLP dated December 8, 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.
TAITRON COMPONENTS INCORPORATED
(Registrant)
Date: December 8, 1998 By: /s/ David M. Batt
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David M. Batt
Chief Financial Officer
(Principal Financial Officer)
(Chief Accounting Officer)
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[LETTERHEAD]
December 8, 1998
Securities and Exchange Commission
Washington, D.C. 20549
Ladies and Gentlemen:
We were previously principal accountants for Taitron Components Incorporated
and under the date of February 11, 1998 we reported on the financial statements
of Taitron Components Incorporated as of December 31, 1997 and 1996, and for
the years then ended. On December 2, 1998, our appointment as principal
accountants was terminated. We have read Taitron Components Incorporated's
statements included under Item 4 of its Form 8-K dated December 2, 1998, and
we agree with such statements, except that we are not in a position to agree
or disagree with Taitron Components Incorporated's comments in the first
paragraph concerning the engagement of new principal accountants or the
participation of the audit committee or Board of Directors in the decision to
change accountants.
Very truly yours,
/s/ KPMG Peat Marwick LLP
