Business Context and Reporting Period
This Form 8-K is a current report filed by PNM Resources, Inc. (PNMR) on April 13, 2005, regarding events occurring on April 7, 2005. The filing addresses a change in the independent accountants for two specific benefit plans sponsored by PNMR: the PNMR Retirement Savings Plan (formerly the Master Employee Savings Plan and Trust) and the PNMR Employee Stock Purchase Plan. The filing explicitly states that there has been no change in the independent accountants for PNMR itself.
Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics for PNM Resources, Inc. or its benefit plans. The document is strictly procedural regarding auditor changes.
Material Changes
- Auditor Resignation: Grant Thornton LLP resigned as the independent auditor for the two benefit plans, effective April 7, 2005.
- Decision Authority: The decision to resign was made by Grant Thornton, not the Plans.
- Audit Committee Approval: The change in auditors was approved by the Audit Committee of the Board of Directors of PNMR.
- Historical Opinions: Grant Thornton's reports on the Plans' financial statements for the past two years did not contain adverse opinions, disclaimers, or modifications.
Outlook, Risks, and Contingencies
- Disagreements: There were no disagreements with Grant Thornton regarding accounting principles, financial statement disclosures, or auditing scope/procedures during the past two fiscal years or through April 7, 2005.
- Reportable Events: No reportable events as defined in Regulation S-K Item 304(a)(1)(v) occurred during the Plans' two most recent fiscal years.
- Future Action: The engagement of a new independent accountant for the Plans will be reported separately on a future Form 8-K.
- Auditor Confirmation: Grant Thornton LLP has submitted a letter (Exhibit 16.1) confirming agreement with the statements made in this filing.
Key Facts for Investor Verification
- Verify that the auditor change applies only to the benefit plans and not to PNM Resources, Inc. itself.
- Confirm the absence of any accounting disagreements or reportable events during the tenure of the former auditor.
- Monitor future filings for the appointment of a new independent accountant for the benefit plans.