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 -- March 18, 2002
COMMISSION FILE NUMBER 1-6780
RAYONIER INC.
Incorporated in the State of North Carolina
I.R.S. Employer Identification Number 13-2607329
50 North Laura Street, Jacksonville, Florida 32202
(Principal Executive Office)
Telephone Number: (904) 357-9100
RAYONIER INC.
TABLE OF CONTENTS
PAGE
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Item 4. Changes in Registrant's Certifying Accountant 1
Item 7. Financial Statements and Exhibits 2
Signature 2
Exhibit Index 3
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
On March 15, 2002, the Board of Directors of Rayonier Inc., upon the
recommendation of the Audit Committee, rescinded the appointment of Arthur
Andersen LLP ("Andersen") as independent auditors for 2002, given the current
circumstances surrounding Andersen. The Audit Committee is currently evaluating
the appointment of an independent auditor for 2002 and will act expeditiously in
making a recommendation to the Board of Directors. In the interim, the Board of
Directors has authorized management to engage Andersen as needed on a special
appointment basis to continue to provide independent auditing services.
Andersen's reports on the Company's consolidated financial statements for each
of the years ended 2000 and 1999 did not contain an adverse opinion or
disclaimer of opinion, nor were they qualified or modified as to uncertainty,
audit scope or accounting principles. Andersen's report on the Company's
consolidated financial statements for the year ended 2001 has not yet been
issued, but is expected to be issued on an unqualified basis in March 2002 in
connection with the filing of the Company's Annual Report on Form 10-K for the
year ended December 31, 2001.
During the years ended December 31, 2001, 2000, 1999 and through the date of
this filing, there were no disagreements with Andersen on any matter of
accounting principles or practices, financial statement disclosure, or auditing
scope or procedure, which disagreement(s), if not resolved to the satisfaction
of Andersen, would have caused them to make reference to the subject matter of
the disagreement(s) in connection with their report.
None of the reportable events described under Item 304 (a) (1) (v) of Regulation
S-K occurred within Rayonier's three most recent fiscal years and the subsequent
interim period through March 18, 2002.
The Company provided Andersen with a copy of the above disclosures. Attached as
Exhibit 16 is a copy of Andersen's letter, dated March 18, 2002, stating its
agreement with such statements.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
( c ) Exhibits
Exhibit 16 Letter from Arthur Andersen LLP to the Securities Filed herewith
and Exchange Commission dated March 18, 2002.
SIGNATURE
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.
RAYONIER INC. (Registrant)
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BY: HANS E. VANDEN NOORT
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Hans E. Vanden Noort
Vice President and
Corporate Controller
March 18, 2002
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION LOCATION
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Letter from Arthur Andersen LLP to the Securities
16 and Exchange Commission dated March 18, 2002. Filed herewith
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