SEC Filing Summary: Express-1 Expedited Solutions, Inc.
Business Context and Reporting Period
This Form 8-K was filed by Express-1 Expedited Solutions, Inc. (not XPO, Inc.) on June 22, 2011, reporting events occurring on June 20, 2011. The filing addresses a change in the company's independent registered public accounting firm.
Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report is strictly procedural regarding the audit firm transition.
Material Changes
- Dismissal of Prior Auditor: The Audit Committee approved the dismissal of Pender Newkirk & Company LLP as the independent registered public accounting firm.
- Engagement of New Auditor: The Audit Committee approved the engagement of KPMG LLP as the new independent registered public accounting firm for the fiscal year ending December 31, 2011, and to perform audits for the years ended December 31, 2010 and 2009.
- Audit History: Pender's reports for 2009 and 2010 contained no adverse opinions, disclaimers, or qualifications. There were no disagreements or reportable events with Pender during the two most recent fiscal years or the interim period preceding dismissal.
- Consultation with New Auditor: The company did not consult KPMG regarding accounting principles or reportable events prior to engagement.
Outlook, Risks, and Management Commentary
Management concluded that services previously provided by KPMG would not adversely affect its independence. The filing includes a letter from Pender Newkirk & Company LLP agreeing with the statements made in the report regarding the dismissal.
Key Facts for Investor Verification
- Verify the effective date of the transition from Pender Newkirk & Company LLP to KPMG LLP.
- Confirm that no undisclosed disagreements or reportable events existed with the prior auditor.
- Review the attached Exhibit 16.1 (Letter from Pender) for any additional context on the dismissal.
- Note that the company name in the filing is Express-1 Expedited Solutions, Inc., distinct from XPO, Inc.