SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) APRIL 17,2002
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TEAM, INC.
(Exact name of registrant as specified in its charter)
TEXAS
(State of incorporation)
0-9950 74-1765729
(Commission File Number) (I.R.S. Employer
Identification No.)
200 HERMANN DRIVE, ALVIN, TEXAS 77511
(Address of principal executive offices) (Zip Code)
281-331-6154
(Registrant's Telephone Number, Including Area Code)
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Effective April 17, 2002, the Company rescinded the appointment of Arthur
Andersen LLP as its independent auditor for the year ended May 31, 2002. Arthur
Andersen LLP was initially appointed as the Company's auditor effective as of
August 31, 2001 but has not yet performed an audit of the Company's financial
statements for any fiscal year. Deloitte & Touche LLP audited the financial
statements for the fiscal years 2001 and 2000 and expressed unqualified opinions
thereon. The termination of Deloitte & Touche LLP and the appointment of Arthur
Andersen LLP were previously reported on a Form 8-K/A that was filed on October
3, 2001. The decision to now rescind the appointment of Arthur Andersen LLP has
been approved by the Audit Committee and the Board of Directors.
There have been no disagreements with Arthur Andersen LLP on any matter of
accounting principles or practices, financial statement disclosure or auditing
scope or procedure since the date of their appointment on August 31, 2001,
through the rescission of their appointment on April 17, 2002. Additionally,
there have been no reportable events, as defined by item 304 (a)(1)(v) of
Regulation S-K during the same period.
A letter from Arthur Andersen LLP, addressed to the Securities and
Exchange Commission, expressing agreement with the above statement is filed as
an exhibit to this Form 8-K.
The Company is in the process of selecting a new auditor for the fiscal
year ended May 31, 2002 and will file an 8-K when the new auditor is formally
engaged.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit # Description
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(16) Letter dated April 18, 2002 to SEC from Arthur Andersen LLP
re: change in accountant.
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.
TEAM, INC.
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(Registrant)
/s/ Ted W. Owen
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Ted W. Owen
Vice President and CFO
(Principal Accounting Officer)
Date: April 23, 2002