UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): May 24, 2004
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MICROFINANCIAL INCORPORATED
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(Exact name of registrant as specified in its charter)
MASSACHUSETTS
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(State or other jurisdiction of incorporation)
1-14771 04-2962824
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(Commission file number) (IRS Employer Identification Number)
10-M Commerce Way, Woburn, MA 01801
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 781-994-4800
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N/A
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(Former name or former address, if changed since last report)
Item 4. Change in Registrant's Certifying Accountants.
(a) Previous independent accountants
(i) Effective May 24, 2004, MicroFinancial Incorporated (the
"Registrant") dismissed Deloitte & Touche LLP ("Deloitte") as its
independent accountants.
(ii) The reports of Deloitte on the Registrant's financial statements
for the fiscal years ended December 31, 2003 and 2002 did not contain
an adverse opinion or disclaimer of opinion and were not qualified or
modified as to uncertainty, audit scope or accounting principles.
(iii) The Audit Committee of the Board of Directors of the Registrant
approved the decision to change independent accountants.
(iv) During the fiscal years ended December 31, 2003 and 2002, and
through May 24, 2004, there were no disagreements with Deloitte on any
matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure which, if not resolved to
the satisfaction of Deloitte, would have caused Deloitte to make
reference to the subject matter of the disagreement(s) in its reports
on the financial statements for such years.
(v) During the fiscal years ended December 31, 2003 and 2002, and
through May 24, 2004, there were no reportable events (as defined in
Item 304 (a)(1)(v) of Regulation S-K).
(vi) The Registrant has provided a copy of the foregoing disclosure to
Deloitte and has requested Deloitte furnish the Registrant with a
letter addressed to the Securities and Exchange Commission stating
whether or not it agrees with the above statements. A copy of the
letter from Deloitte dated May 28, 2004 is filed as Exhibit 16.1 to
this Form 8-K.
(b) New independent accountants
Effective May 24, 2004, the Registrant engaged as its new independent
accountants Vitale, Caturano & Co. ("Vitale"). The Registrant has not
consulted Vitale during the fiscal years ending December 31, 2003 and
2002, or through May 24, 2004, with regard to 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 the Registrant's financial statements; or (ii) any matter
that was either the subject of a disagreement (as defined in Item 304
(a)(i)(iv) of Regulation S-K) or a reportable event (as defined in Item
304 (a)(1)(v) of Regulation S-K).
Item 7. Financial Statements and Exhibits
(c) Exhibits
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Exhibit Exhibit Title
Exhibit 16.1 Letter from Deloitte & Touche LLP to the
Securities and Exchange Commission
dated May 28, 2004.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
MICROFINANCIAL INCORPORATED
Registrant
By: /s/ James Jackson
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James Jackson
Vice President and Chief Financial Officer
Dated: May 28, 2004