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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/