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) JANUARY 7, 2003
SENTRY TECHNOLOGY CORPORATION
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(Exact Name of Registrant as specified in charter)
Delaware 1-12727 96-11-3349733
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(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
350 Wireless Boulevard, Hauppauge, New York 11788
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 631-232-2100
N/A
(Former name or former address, if changed since last report.)
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
(a) Previous independent accountants
(i) Effective December 30, 2002, Sentry Technology Corporation ("Sentry" or the
"Company") dismissed its independent accountants. Since 1989, Deloitte &
Touche, LLP ("Deloitte") has served as the Company's independent accountants.
The decision not to retain Deloitte as the company's independent accountants for
the fiscal year 2002 is not a reflection on Deloitte's capabilities or quality
of service to the Company.
(ii) The reports of Deloitte on the company's financial statements for the past
two fiscal years did not contain any adverse opinion, disclaimer of opinion or
any qualifications or modifications related to uncertainty, limitation of audit
scope or application of accounting principles.
(iii) The decision to change the Company's independent accountants was approved
by Sentry's Board of Directors.
(iv) In connection with its audits for the two most recent fiscal years and
through December 30, 2002, there have been no disagreements with Deloitte 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 Deloitte would have caused them to make reference thereto in
their report on the financial statements for such years.
(v) During the two most recent fiscal years and through December 30, 2002, there
have been no reportable events (as defined in Item 304(a)(1)(v) of Regulation
S-K).
(vi) Sentry requested that Deloitte furnish the Company with a letter addressed
to the Securities and Exchange Commission stating whether or not it agrees with
the statements made in this Item 4. A copy of that letter dated January 7, 2003
is filed as Exhibit 16.1 to this Form 8-K.
(b) New independent accountants
(i) Effective December 30, 2002, Sentry engaged Holtz Rubenstein & Company, LLP
("Holtz") as its new independent accountant to audit the Company's financial
statements for the year ended December 31, 2002.
(ii) During the two most recent fiscal years and through December 30, 2002, the
Company has not consulted with Holtz regarding 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 financial
statements; or (ii) any matter that was either the subject of a disagreement or
a reportable event as defined in Item 304(a)(2) of Regulation S-K.
Item 7. Financial Statements and Exhibits
(c) Exhibits
(16)
16.1 Letter of Deloitte & Touche, LLP addressed to the Securities
and Exchange Commission.
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.
SENTRY TECHNOLOGY CORPORATION
By: /s/ Peter J. Mundy
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Vice President and Chief Financial Officer
Date: January 7, 2003
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EXHIBIT INDEX
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16.1 Letter from Deloitte & Touche, LLP to the Securities and Exchange
Commission dated January 7, 2003.
January 7, 2003
Securities and Exchange Commission
Mail Stop 11-3
450 5th Street, N.W.
Washington, D.C. 20549
Dear Sirs/Madams:
We have read Item 4 of Sentry Technology Corporation's Form 8-K dated January 7,
2003, and have the following comments:
- - We agree with the statements contained in paragraphs (a)(i); (a)(ii);
(a)(iv); and (a)(v).
- - We have no basis to agree or disagree with the statements contained in
paragraphs (a) (iii) and (b).
Yours truly,
/s/ Deloitte & Touche, LLP
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