U.S. 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): July 9, 2002
NAPCO SECURITY SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-10004 11-2277818
(State of other jurisdiction (Commission (I.R.S.
of incorporation File Number) Employer
Identification No.)
333 BAYVIEW AVE.
AMITYVILLE, NY 11701
(Address of principal executive offices, including Zip Code)
Registrant's telephone number, including area code: (631) 842-9400
NOT APPLICABLE
(Former name or former address, if changed since last report.)
ITEM 4. Changes in Registrant's Certifying Accountant
On July 9, 2002 the Board of Directors of Napco Security Systems, Inc. (the
"Company") dismissed Arthur Andersen LLP ("Andersen") as its independent public
accountants and appointed KPMG, LLP ("KPMG") to serve as its independent public
accountants. These actions were taken at the recommendation of the Company's
Audit Committee.
Andersen had served as the Company's independent public accountants since 1993.
None of Andersen's reports on the Company's consolidated financial statements
for the fiscal years ended June 30, 2001 and 2000 contained an adverse opinion
or disclaimer of opinion, nor was any such report qualified or modified as to
uncertainty, audit scope or accounting principles.
During the fiscal years ended June 30, 2001, 2000 and 1999 and through the date
hereof, there were no disagreements between the Company and Andersen on any
matter of accounting principles or practices, financial statement disclosure, or
auditing scope or procedure which, if not resolved to Andersen's satisfaction,
would have caused them to make reference to the subject matter in connection
with their report on the Company's consolidated financial statements for such
years; and there were no reportable events as defined in Item 304(a)(1)(v) of
Regulation S-K.
During the fiscal years ended June 30, 2001 and 2000 and through the date
hereof, the Company did not consult KPMG with respect to either (i) the
application of accounting principles to a specified transaction, either
completed or proposed, or the type of audit opinion that might be rendered on
the Company's consolidated financial statements, or (ii) any matter that was
either the subject of a disagreement, within the meaning of Item 304(a)(1)(iv)
of Regulation S-K, or any "reportable event," as that term is defined in Item
304(a)(1)(v) of Regulation S-K.
We provided Andersen with a copy of this report and requested that Andersen
furnish us with a letter addressed to the Securities and Exchange Commission
stating whether it agrees with the statements made by us in this report, and if
not, stating the respects in which it does not agree. Andersen has indicated to
the Company that Andersen no longer issues such letters.
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.
NAPCO SECURITY SYSTEMS, INC.
Date: July 10, 2002 By: /s/ RICHARD SOLOWAY
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Richard Soloway
Chairman, President and Chief Executive Officer