TIMCO Aviation Services, Inc. Announces Change in Independent Registered Accounting Firm
June 06 2005 - 10:03PM
PR Newswire (US)
TIMCO Aviation Services, Inc. Announces Change in Independent
Registered Accounting Firm GREENSBORO, N.C., June 6
/PRNewswire-FirstCall/ -- TIMCO Aviation Services, Inc. (OTC:TMAS)
(BULLETIN BOARD: TMAS) today announced that the Company has engaged
Grant Thornton LLP to serve as the Company's independent registered
public accounting firm for the 2005 fiscal year. Simultaneously,
the Company dismissed its current independent accounting firm, KPMG
LLP. The decision to change accounting firms was approved by the
Audit Committee of the Company's Board of Directors. Grant Thornton
LLP is a U.S. member firm of Grant Thornton International, one of
the six global accounting, tax and business advisory organizations.
Through member firms in 110 countries, including 49 offices in the
United States, the partners of Grant Thornton member firms provide
personalized attention and the highest quality service to public
and private clients around the globe. KPMG LLP's audit report on
the Company's consolidated financial statements as of and for the
years ended December 31, 2004 and 2003 did not contain an adverse
opinion or disclaimer of opinion and were not qualified or modified
as to uncertainty, audit scope, or accounting principles. Further,
in connection with the audits of the two fiscal years ended
December 31, 2004, and the interim period through the date of the
change, there have been no disagreements between the Company and
KPMG LLP on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedure,
which, if not resolved to KPMG LLP's satisfaction, would have
caused KPMG LLP to make reference to the subject matter of the
disagreement in connection with its opinion on the Company's
consolidated financial statements for such year. TIMCO Aviation
Services, Inc. is among the world's largest providers of aviation
maintenance, repair and overhaul (MR&O) services for major
commercial airlines, regional air carriers, aircraft leasing
companies, government and military units and air cargo carriers.
The Company currently operates four MR&O businesses: Triad
International Maintenance Corporation (known as TIMCO), which, with
its four active locations (Greensboro, NC; Macon, GA; Lake City, FL
and Goodyear, AZ), is one of the largest independent providers of
heavy aircraft maintenance services in the world and also provides
aircraft storage and line maintenance services; Brice Manufacturing
and Aircraft Interior Design, which specialize in the manufacture
and sale of new aircraft seats and aftermarket parts and in the
refurbishment of aircraft interior components; TIMCO Engineered
Systems, which provides engineering services both to our MR&O
operations and our customers; and TIMCO Engine Center, which
refurbishes JT8D engines and performs on-wing repairs for both JT8D
and CFM-56 series engines. Visit TIMCO online at
http://www.timco.aero/. This press release contains forward-looking
statements. Forward-looking statements involve known and unknown
risks and uncertainties, which may cause the Company's actual
results in future periods to differ materially from forecasted
results. A number of factors, including those identified in the
Company's Annual Report on Form 10-K for the year ended December
31, 2004 and its Quarterly Report on Form 10-Q for the quarter
ended March 31, 2005, could adversely affect the Company's ability
to obtain these results. Copies of the Company's filings with the
U.S. Securities and Exchange Commission are available from the SEC
or may be obtained upon request from the Company. The Company does
not undertake any obligation to update the information contained
herein, which speaks only as of this date. DATASOURCE: TIMCO
Aviation Services, Inc. CONTACT: Roy T. Rimmer, Jr., Chairman &
Chief Executive Officer, or Fritz Baumgartner, Vice President
Finance, Chief Accounting Officer, or Kevin Carter, Vice President
Treasurer, Financial Planning and Analysis, all of TIMCO Aviation
Services, Inc., +1-336-668-4410 Web site: http://www.timco.aero/
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