Business Context and Reporting Period
Company: Universal Display Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: July 30, 2002
Reporting Period: Event date only; no financial period covered.
Key Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margins, debt, or liquidity data. The filing text does not provide a clear value for any financial metric.
Material Changes
The primary material change reported is the replacement of the Company's independent public accountants:
- Dismissed: Arthur Andersen LLP (effective July 30, 2002).
- Engaged: KPMG LLP (to serve as independent public accountants for 2002).
- Reasoning: The change was made upon the recommendation of the Audit Committee.
Guidance, Outlook, and Risks
Accountant Transition Details:
- Prior Opinions: Arthur Andersen's reports for the years ended December 31, 2001 and 2000 contained no 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 disclosures, or auditing scope/procedures during the relevant periods.
- Reportable Events: No reportable events occurred during the years ended December 31, 2001 and 2000, or through the date of this filing.
- Consultation with New Accountant: The Company did not consult KPMG regarding accounting principles, proposed transactions, or audit opinions prior to engagement.
- Confirmation Status: The Company was unable to obtain a confirmation letter from Arthur Andersen agreeing with the above statements because the personnel primarily responsible for the account (including the engagement partner and manager) had left the firm.
Investor Verification Checklist
- Verify the status of the transition from Arthur Andersen to KPMG and any potential impact on the 2002 audit timeline.
- Confirm that no undisclosed disagreements or reportable events existed with the former auditor.
- Review the attached press release (Exhibit 99) for additional context on the auditor change.
- Monitor future filings for the first financial statements audited by KPMG.