UNITED STATES
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): July 16, 2003.
TVI CORPORATION
(Exact name of registrant as specified in its chapter)
Maryland 0-10449 52-1085536
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
7100 Holladay Tyler Road,
Glenn Dale, MD 20769
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 301-352-8800
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(Former name or former address, if changed since last report)
Item 4. Changes in Registrant's Certifying Accountant.
Upon the recommendation of the Audit Committee of the Board of Directors of TVI
Corporation ("TVI" or "Registrant"), TVI's Board of Directors decided to dismiss
the Registrant's independent public accountant as of July 16, 2003.
Stegman & Company is the new independent public accountant, succeeding Aronson &
Company. Aronson & Company's reports on the Registrant's financial statements
for the past fiscal year ending December 31, 2002 did not contain an adverse
opinion or disclaimer of opinion, nor were they qualified or modified as to
uncertainty, audit scope or accounting principles.
Except as set forth in the following paragraph, in connection with the audit for
the most recent fiscal year ending December 31, 2002 and the subsequent period
through the date of cessation of the relationship with Aronson & Company, there
have been no disagreements with Aronson & Company on any matters of accounting
principles or practices, financial statement disclosure or auditing scope or
procedure, which disagreement(s), if not resolved to the satisfaction of Aronson
& Company, would have caused Aronson & Company to make reference to the subject
matter of the disagreement(s) in connection with its report on the Registrant's
financial statements.
In its initial filing of the Registrant's annual report for 2002 on SEC Form
10-KSB filed on March 31, 2003, the Registrant reported a deferred tax asset in
the amount of $1,358,000 against which a valuation allowance was provided for
the entire asset amount. Subsequent to this filing, the Registrant's former
accountant informed Registrant management that it believed that information was
available at the time of the filing of the annual report that should have been
considered in the Registrant's evaluation of the realizability of this deferred
tax asset.
The above issue was resolved to the former accountant's satisfaction by the
restatement of the Registrant's 2002 financial statements to recognize the
deferred tax asset of $1,358,000 and a deferred tax benefit in its statement of
income for 2002 of $1,358,000. This restatement was previously reported under
cover of Amendment Number One to the Registrant's annual report on SEC Form
10-KSB, filed on May 15, 2003. In connection with the forgoing, the Registrant's
audit committee discussed the issue with the former accountant. The Registrant
has authorized the former accountant to respond fully to the inquiries of the
successor accountant concerning the subject matter of such issue without
limitation or qualification.
The Registrant provided Aronson & Company with a copy of this Form 8-K prior to
its filing with the Securities and Exchange Commission and requested that
Aronson & Company furnish Registrant with a letter to the Securities and
Exchange Commission stating whether they agree with the statements in this Item
4. A letter from Aronson & Company, indicating its concurrence with the above
disclosures is attached hereto as Exhibit 16.
Stegman & Company was engaged on July 16, 2003 as the Registrant's independent
public accountant for the fiscal year ending December 31, 2003. The decision to
retain Stegman & Company was recommended by the Registrant's Audit Committee and
approved by the Board of Directors.
Item 7. Financial Statements and Exhibits
(c) Exhibits
16 Letter of Aronson & Company regarding change in certifying
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.
TVI CORPORATION
(Registrant)
Date: July 23, 2003 /s/ RICHARD V. PRIDDY
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(Signature)
Richard V. Priddy
EXHIBIT INDEX
Exhibit No. Title
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16 Letter of Aronson & Company regarding change
in certifying accountant