UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 15(d)
of the Securities Exchange Act of 1934
June 11, 2002
(Date of earliest reported)
Cannon Express, Inc..
(Exact name of registrant as specified in its chapter)
Delaware 1-13917 71-0650141
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1457 East Robinson Avenue
Springdale, Arkansas 72764
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
479-751-9209
ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
Based on the recommendation of the Audit Committee, the Board of Directors of
Cannon Express, Inc. ("Cannon") dismissed its independent auditors Arthur
Andersen LLP on June 11, 2002. The Board engaged Tullius, Taylor, Sartain &
Sartain ("Tullius Taylor") headquartered in Tulsa, Oklahoma with offices in
Fayetteville, Arkansas, as its new independent auditors for the fiscal year
ended June 30, 2002, on June 11, 2002.
The reports of Arthur Andersen on the consolidated financial statements of
Cannon for its fiscal years ending June 30, 2000 and June 30, 2001 did not
contain an adverse opinion or a disclaimer of opinion or was not qualified
or modified as to uncertainty, audit scope or accounting principles; however,
its report did indicate that the net losses the Company has incurred and its
working capital deficit raised substantial doubt concerning the ability of
the Company to continue as a going concern. During Cannon's two most recent
fiscal years and the subsequent interim period through March 31, 2002,
(i) there were no disagreements between Cannon and Arthur Andersen on any
matter of accounting principles or practices, financial statement disclosure
or auditing scope or procedure which, if not resolved to the satisfaction of
Arthur Andersen, would have caused them to make reference to the subject
matter of the disagreement in connection with its report.
Cannon has not during the Company's two most recent fiscal years or the
subsequent interim period through March 31, 2002, consulted with Tullius
Taylor regarding either: (i) the application of accounting principles to a
specified transaction, either completed or proposed or the type of audit
opinion that might be rendered on Cannon's financial statements, or (ii) any
matter that was the subject of a "disagreement" (as defined in Regulation S-K
Item 304 (a)(1)(iv)) with Arthur Andersen or a "reportable event" (as defined
in Regulation S-K Item 304 (a)(1)(v)).
Cannon has informed its former accountants Arthur Andersen and provided them
with a copy of the disclosures Cannon made in response to this Item. Attached
as Exhibit 16 is Arthur Andersen's letter addressed to the Commission stating
that it agrees with the statements made by Cannon.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit 16 Letter Re: Change in certifying accountants
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CANNON EXPRESS, INC.
Date: June 17, 2002 By: /s/ Dean G. Cannon
--------------------------------
Chairman
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EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
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16 Letter Re: Change in certifying accountants
[LETTERHEAD OF ARTHUR ANDERSEN LLP]
June 13, 2002
Office of the Chief Accountant
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Dear Sir/Madam:
We have read Item 4 included in the Form 8-K dated June 11, 2002 of Cannon
Express, Inc. to be filed on June 17, 2002 with the Securities and Exchange
Commission and are in agreement with the statements contained therein insofar
as the statements relate to Arthur Andersen LLP.
Very truly yours,
/s/ ARTHUR ANDERSEN LLP
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ARTHUR ANDERSEN LLP