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
June 6, 2002
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DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
COMMISSION FILE NUMBER 1-11775
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TIMCO Aviation Services, Inc.
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(Exact Name Of Registrant As Specified In Its Charter)
Delaware 65-0665658
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(State Or Other Jurisdiction (IRS Employer Identification No.)
Of Incorporation Or Organization)
623 Radar Road
Greensboro, N.C. 27410
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(Address Of Principal Executive Offices)
(336) 668-4410 x 3061
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(Registrant's Telephone Number,
Including Area Code)
Aviation Sales Company
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(Former Name Or Former Address,
If Changed Since Last Report)
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
TIMCO Aviation Services, Inc. (the "Company") has elected, effective June 6,
2002, to engage KPMG LLP as its independent auditors to audit the Company's
consolidated financial statements for the year ending December 31, 2002. KPMG
LLP will commence its engagement with the review of TIMCO's financial statements
for the fiscal second quarter ended June 30, 2002. The decision to dismiss
Arthur Andersen LLP ("Arthur Andersen"), the Company's prior independent
auditors, and to retain KPMG as the Company's independent auditor was made by
the Audit Committee of the Board of Directors.
The Company's auditors for the last two years have been Arthur Andersen. Arthur
Andersen's reports on the Company's consolidated financial statements for each
of the years ended December 31, 2001 and 2000 contained a going concern
modification, but did not otherwise contain an adverse opinion or disclaimer of
opinion, nor were they otherwise qualified or modified as to uncertainty, audit
scope or accounting principles.
During the years ended December 31, 2001 and 2000 and through the date of this
Current Report on Form 8-K, there were no disagreements between the Company and
Arthur Andersen on any matter of accounting principle or practice, financial
statement disclosure, or auditing scope or procedure which, if not resolved to
Arthur Andersen's satisfaction, would have caused it to make reference to the
subject matter in connection with its 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.
The Company has provided Arthur Andersen with a copy of the foregoing
disclosures. Attached as Exhibit 16.1 is a copy of Arthur Andersen's letter,
dated June 12, 2002, stating that it has found no basis for disagreement with
such statements.
During the two most recent fiscal years ended December 31, 2001 and 2000 and
through the date of this Current Report on Form 8-K, the Company has not
consulted with KPMG LLP 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 consolidated financial
statements, and neither a written report was provided to the Company or oral
advice was provided that KPMG LLP concluded was an important factor considered
by the Company in reaching a decision as to the accounting, auditing, or
financial reporting issues; or (ii) any matter that was either the subject of a
disagreement, as that term is defined in Item 304(a)(1)(iv) of Regulation S-K
and the related instructions to Item 304 of Regulation S-K, or a reportable
event, as that term is defined in Item 304(a)(1)(v) of Regulation S-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
Exhibit No. Description
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Exhibit 16.1 Letter from Arthur Andersen LLP to the US Securities and Exchange
Commission dated June 12, 2002
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized, this 17th day of June, 2002.
TIMCO AVIATION SERVICES, INC.
/s/ C. Robert Campbell
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C. Robert Campbell
Executive Vice President and CFO
EXHIBIT INDEX
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Exhibit No. Description
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16.1 Letter from Arthur Andersen LLP to the US Securities and Exchange
Commission dated June 12, 2002