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) - May 20, 2002
IEC Electronics Corp.
(Exact name of Registrant as Specified in its Charter)
Delaware
(State or other jurisdiction of Incorporation)
0-6508 13-3458955
(Commission File Number) (IRS Employer Identification No.)
105 Norton Street, Newark, New York 14513
(Address of Principal Executive Offices)
(315) 331-7742
(Registrant's Telephone Number, including Area Code)
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Item 4. Changes in Registrant's Certifying Accountants
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(a) Termination of previous independent accountants.
(i) On May 20, 2002, the Audit Committee of the Board of Directors
of IEC Electronics Corp. (the "Company") approved the dismissal
of the Company's independent public accountants, Arthur
Andersen LLP ("Andersen").
(ii) The reports of Andersen on the financial statements of the
Company for the past two fiscal years contained no adverse
opinion or disclaimer of opinion and were not qualified or
modified as to uncertainty, audit scope or accounting
principle, except that in its report with respect to the
financial statements of the Company for the fiscal year ended
September 30, 2001 and September 30, 2000, Andersen stated:
"The accompanying financial statements have been prepared
assuming that the Company will continue as a going concern. As
discussed in Note 1 to the financial statements, the Company
has suffered recurring losses from operations and its debt is
due on February 15, 2002, which raises substantial doubt about
its ability to continue as a going concern. Management's plans
in regard to these matters are described in Note 1. The
financial statements do not include any adjustments that might
result from the outcome of this uncertainty."
(iii) During the two most recent fiscal years and through February
11, 2002, there have been no disagreements between the Company
and Andersen 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 Andersen, would have caused Andersen to make
reference to the subject matter thereof in its report on the
Company's financial statements for such periods.
(iv) During the two most recent fiscal years and through February
11, 2002, there have been no reportable events (as defined in
Item 304(a)(1)(v) of Regulation S-K).
(v) At the request of the Company, Andersen furnished a letter
addressed to the Securities and Exchange Commission stating
that it agrees with the above statements. A copy of such
letter, dated May 24, 2002, is filed as Exhibit 16.1 to this
Form 8-K.
(b) Engagement of new independent accountants.
As of the date of this current report, the Company has not selected a new
independent public accountant.
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Item 7. Financial Statements and Exhibits
(c) Exhibits
16.1 Arthur Andersen LLP letter dated May 28, 2002.
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.
IEC Electronics Corp.
(Registrant)
Date: May 28, 2002 By: /s/ Bill R. Anderson
__________________________________
Bill R. Anderson
Vice President and General Manager
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