Sign in Subscribe
Securities Exchange Act

Todd Shipyards Corporation Changes Independent Registered Public Accounting Firm

Strategic Insights

— 1 min read

Todd Shipyards Corporation has announced the dismissal of Ernst & Young LLP, its independent registered public accounting firm, and the engagement of Grant Thornton, LLP as its new independent registered public accounting firm for the fiscal year ending April 2, 2006. This decision was made by the Audit Committee of the Board of Directors, and Ernst & Young was notified of their dismissal on September 9, 2005.

Grant Thornton has accepted the engagement, and Todd has requested a letter from Ernst & Young confirming their agreement with the statements made in the Form 8-K. A copy of this letter, dated September 14, 2005, is filed as Exhibit 16.1 to this Form 8-K. Ernst & Young agrees with the statements made in the first and fifth sentence of paragraph 1, paragraph 2, paragraph 3, and the first sentence of paragraph four on page 2 in the Form 8-K.

Key Takeaways:

  • Todd Shipyards Corporation has dismissed Ernst & Young LLP as its independent registered public accounting firm and engaged Grant Thornton, LLP as its new independent registered public accounting firm for the fiscal year ending April 2, 2006.
  • The decision was made by the Audit Committee of the Board of Directors, and Ernst & Young was notified of their dismissal on September 9, 2005.
  • Grant Thornton has accepted the engagement, and Todd has requested a letter from Ernst & Young confirming their agreement with the statements made in the Form 8-K.
  • Ernst & Young agrees with the statements made in the first and fifth sentence of paragraph 1, paragraph 2, paragraph 3, and the first sentence of paragraph four on page 2 in the Form 8-K.
  • The dismissal and engagement of new accountants occurred on September 9, 2005, and September 14, 2005, respectively.
  • The audit committee of Todd's Board of Directors made the decision to dismiss Ernst & Young and engage Grant Thornton.
  • Grant Thornton has not been involved in any reportable events as defined in Item 304(a)(1)(v) of Regulation S-K.

Statistics:

  • Date of Form 8-K filing: September 9, 2005
  • Date of letter from Ernst & Young: September 14, 2005
  • Fiscal year end date: April 2, 2006
  • Price of stock on September 9, 2005: $18.50

Sources:

  • Form 8-K of Todd Shipyards Corporation dated September 9, 2005
  • Letter from Ernst & Young LLP dated September 14, 2005
  • Comtex SmarTrend(SM) Alert dated September 11, 2005

Read more