U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): July 22, 2003
CTI INDUSTRIES CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Illinois 0-23115 36-2848943
(State or Other (Commission File Number) (IRS Employer
Jurisdiction Identification No.)
Incorporation)
22160 North Pepper Road, Barrington, Illinois 60010
(Address of Principal Executive Offices) (Zip Code)
(847) - 382-1000
(Registrant's Telephone Number, including Area Code)
Item 4. Changes in Registrant's Certifying Accountant.
Effective July 22, 2003, CTI Industries Corporation (the "Registrant")
engaged Eisner, LLP as the Registrant's principal accountants to audit the
Registrant's financial statements for the year ending December 31, 2003. Eisner,
LLP replaces McGladrey & Pullen, LLP, which had previously been engaged for the
same purpose, and whose dismissal was effective July 22, 2003. The decision to
change the Registrant's principal accountants was approved by the Registrant's
Board of Directors on July 22, 2003.
The reports of McGladrey & Pullen, LLP, on the Registrant's financial
statements for the fiscal year ended December 31, 2002 did not contain an
adverse opinion or disclaimer of opinion, nor were they qualified or modified as
to uncertainty, audit scope, or accounting principles.
Previously, effective July 24, 2002, the Registrant dismissed Grant
Thornton, LLP, which had been engaged as the Registrant's principal accountants
to audit the Registrant's financial statements for the year ended December 31,
2001. The reports of Grant Thornton, LLP on the Registrant's financial
statements for the fiscal year ended December 31, 2001, did not contain an
adverse opinion or disclaimer of opinion, nor were they qualified or modified as
to uncertainty, audit scope or accounting principles.
During the Registrant's last two fiscal years ended December 31, 2001, and
December 31, 2002, and in the subsequent interim periods through July 22, 2003,
there were no disagreements with Grant Thornton, LLP or McGladrey & Pullen, LLP,
respectively, on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which disagreements, if
not resolved to the satisfaction of Grant Thornton, LLP or McGladrey & Pullen,
LLP, would have caused either to make reference to the subject matter of the
disagreements in connection with their respective reports on the financial
statements for such periods.
Neither Grant Thornton, LLP nor McGladrey & Pullen, LLP have informed the
Company of any reportable events during the Registrant's last two fiscal years
ended December 31, 2001 and 2002, respectively, and in subsequent interim
periods through July 22, 2003.
The Registrant has provided McGladrey & Pullen, LLP with a copy of the
disclosures made herein and has requested McGladrey & Pullen, LLP to furnish a
letter addressed to the Securities and Exchange Commission stating whether it
agrees with the above statements. A copy of this proposed letter dated July 22,
2003 is filed as Exhibit 99.1 to this Form 8-K.
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.
CTI Industries Corporation.
(Registrant)
Date: July 28, 2003 By: /s/ Howard W. Schwan
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Howard W. Schwan, President
EXHIBIT INDEX
Sequential Exhibit
Page Number Number Document
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5 99.1 Letter From McGladrey & Pullen, LLP