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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
Date of Report (Date of earliest event reported): September 22, 1998
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NORLAND MEDICAL SYSTEMS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 0-26206 06-1387931
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
106 Corporate Park Drive, Suite 106, White Plains, NY 10604
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(Address of principal executive offices (Zip Code)
Registrant's telephone number, including area code: (914) 694-2285
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ITEM 4. Changes in Registrant's Certifying Accountant.
On September 22, 1998, PricewaterhouseCoopers LLP (formerly Coopers &
Lybrand LLP ("PwC"), resigned as the Registrant's independent accountant. The
Registrant will file a subsequent Current Report on Form 8-K when a new
independent accountant is appointed.
No report by PwC on the Registrant's financial statements for either of the
past two fiscal years contained an adverse opinion or a disclaimer of opinion,
or was qualified or modified as to uncertainty, audit scope, or accounting
principles. During the Registrant's two most recent fiscal years and the
interim period preceding the date of resignation, there were no disagreements
with PwC on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which disagreements, if
not resolved to the satisfaction of PwC, would have caused PwC to make a
reference thereto in PwC's report on the consolidated financial statements for
such years. Except for the items set forth in the following paragraph, PwC has
not advised the Registrant of any reportable event as defined in paragraphs (A)
through (D) of Regulations S-K Item 304 (a) (i) (v).
Following the completion of its audit of the Registrant's financial
statements for the year ended December 31, 1997, PwC advised the Audit Committee
of the Registrant's Board of Directors that, during the course of such audit,
PwC noted certain deficiencies in the design and operation of the Registrant's
internal controls over the sales order processing, revenue recognition, customer
credit and customer collection functions, and that such deficiencies constitute
material weaknesses as defined by the American Institute of Certified Public
Accountants.
ITEM 7. Financial Statements and Exhibits.
Exhibit 16. Letter from PricewaterhouseCoopers LLP.
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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.
NORLAND MEDICAL SYSTEMS, INC.
Date: September 29, 1998 By:/s/ Kurt W. Streams
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Kurt W. Streams
Vice President, Finance and Secretary
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EXHIBIT 16
PricewaterhouseCoopers LLP letterhead
September 29, 1998
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read the statements made by Norland Medical Systems, Inc. (copy
attached), which we understand will be filed with the Commission, pursuant to
Item 4 of Form 8-K, as part of the Company's Form 8-K report for September 29,
1998. We agree with the statement's concerning our firm in such Form 8-K.
/s/ PricewaterhouseCoopers LLP
