Business Context and Reporting Period
This Form 8-K Current Report is filed by PNM Resources, Inc. and Public Service Company of New Mexico, dated June 10, 2002, reporting events occurring on June 7, 2002. The filing addresses a change in the registrant's certifying accountants.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the administrative change of the independent public accountant.
Material Changes
- Accountant Dismissal: On June 7, 2002, the Board of Directors dismissed Arthur Andersen LLP as the independent public accountant.
- New Appointment: Deloitte and Touche, LLP was selected to serve as the independent public accountant for the fiscal year 2002.
- Audit History: Arthur Andersen's reports for the years ended December 31, 2001 and 2000 did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: There were no disagreements with Arthur Andersen on accounting principles, financial statement disclosure, or auditing scope during the relevant periods.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future performance. No reportable events or disagreements were identified that would have required reference in the prior audit reports. The company is awaiting a letter from Arthur Andersen confirming agreement with the disclosures, which will be filed upon receipt.
Investor Verification Checklist
- Verify the receipt and filing of the letter from Arthur Andersen LLP confirming the absence of disagreements.
- Monitor the transition process to Deloitte and Touche, LLP for the 2002 fiscal year.
- Review subsequent filings for any impact on audit timelines or financial statement releases due to the change in auditors.