Current
Report
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
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): November
14, 2005
Raytech
Corporation
(Exact
name of registrant as specified in its charter)
|
Delaware
|
1-9298
|
06-1182033
|
|
(State
or other jurisdiction
|
(Commission
|
(IRS
Employer
|
|
of
incorporation)
|
File
Number)
|
Identification
No.)
|
|
711
Tech Drive, Crawfordsville IN
|
47933
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
765-359-2818
Registrant's
telephone number, including area code
____________________________________________________
(Former
name or former address, if changed since last report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement
communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
2.02 Results of Operations and Financial Condition
On
November 16, 2005, Raytech Corporation (“Raytech”) issued a press release
announcing that it was filing a notification of late filing relating to its
quarterly report on Form 10-Q, and announcing estimated results of operations
for the fiscal quarter ended October 2, 2005. The text of the press release
is
included as Exhibit 99.01 to this report.
Item
4.02 (a) Non-Reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review
On
November 14, 2005, the management and Audit Committee of Raytech concluded
that the previously issued financial statements for the second quarter ended
July 3, 2005 included in its Quarterly Report on Form 10-Q
should
no longer be relied upon because of an error in such financial
statements.
Raytech
established a fresh start income tax reserve of $1.6 million in 2001 when
it
emerged from Chapter 11 bankruptcy. This reserve was no longer necessary
as a
result of a settlement with the Internal Revenue Service during the quarter
ended July 3, 2005. The financial statements of Raytech included in its Form
10-Q for the quarter ended July 3, 2005 reflected the elimination of this
tax
reserve as a reduction in the provision for income taxes. Upon further
consideration by Raytech, the elimination of this tax reserve should have
been
treated as a reduction of goodwill. As a result, the net loss for the 13
weeks
and 26 weeks ended July 3, 2005 will be $5.0 million or $0.12 per share and
$3.3
million or $0.08 per share, respectively.
The
Company believes a potential material weakness exists in the financial reporting
process because there was a misinterpretation of generally accepted accounting
principles related to the accounting for the tax reserves discussed above.
The
Audit
Committee discussed with Raytech’s independent registered public accounting firm
the matters disclosed in this report.
Item
9.01 Financial Statements and Exhibits.
(c)
Exhibits
| Exhibit
99. |
Press
Release of Raytech Corporation dated November 16,
2005.
|
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.
Raytech
Corporation
(Registrant)
Date
November 18, 2005
(Signature)*
/s/
Richard P.
McCook
Richard
P. McCook, Executive Vice President and Chief Financial Officer
*Print
name and title of the signing officer under his signature.