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 earliest event reported) June 4, 1998
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Eastco Industrial Safety Corp.
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(Exact name of registrant as specified in charter)
New York 0-8027 11-1874010
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification
Number)
130 West 10th Street, Huntington Station, New York
11746
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(Address of principal executive offices)
Registrant's telephone number, including area code (516) 428-1802
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(Former name or former address, if changed since last report.)
Item 4. Changes in Registrant's Certifying Accountant.
(a) Effective June 4, 1998 the Company replaced
Cornick, Garber & Sandler, LLP ("Cornick") as its
independent public accountants. Cornick had
served as the Company's independent public
accountants for the Company during the last two
fiscal years ended June 30, 1997. During such
periods, the reports prepared by Cornick did not
contain any adverse opinions or disclaimer of
opinions nor were they qualified or modified as to
audit scope or accounting principles. Their
report on the financial statements for the year
ended June 30, 1996 contained an emphasis of a
matter paragraph relating to various lawsuits
pending against the Company.
The decision to change accountants was recommended
and approved by the Company's audit committee.
The Company made the change because its strategic
expansion both domestically and internationally
required the services of an international
accounting firm that offers greater breadth of
management services. During the audit for the
year ended June 30, 1997, certain errors in the
Company's inventories were discovered by Cornick
which were discussed with the Company and the
audit committee of the Board of Directors. As a
result, Cornick extended their audit procedures
enabling them to complete the audit. The Company
and its audit committee have implemented the
necessary controls to insure that this does not
recur. There were no disagreements with Cornick
on any matter of accounting principles or
practices, financial statement disclosure or
auditing scope or procedures while Cornick served
as the Company's independent public accountants.
(b) Effective June 4, 1998 Arthur Andersen LLP
("Andersen") was named as the Company's
independent public accountants. Andersen was not
previously consulted by the Company with respect
to any matter preceding the date of their
appointment.
Item 7. Financial Statements and Exhibits.
(c) Exhibit 16 Letter from Cornick Garber &
Sandler, LLP dated June 4,
1998.
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.
Dated: June 4, 1998
EASTCO INDUSTRIAL SAFETY CORP.
By: /s/ ARTHUR WASSERSPRING
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ARTHUR WASSERSPRING
Vice-President Finance
Chief Financial Officer