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Table of Contents
The following table sets forth certain selected consolidated financial data. The selected financial information as of January 31, 2012 and for the
fiscal years ended January 31, 2012 and 2011 was derived from consolidated financial statements restated as more fully described in Note 2 of
Notes to Consolidated Financial Statements included within Part II, Item 8 of this Form 10
-K. The Company has not issued restated financial
statements for the fiscal years ended January 31, 2010 and 2009 or a restated consolidated balance sheet as of January 31, 2011, but selected
unaudited information about the restatement balances and adjustments for those periods is presented below. This information should be read in
conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and our consolidated financial
statements and notes thereto appearing elsewhere in this Annual Report.
FIVE-YEAR FINANCIAL SUMMARY
(In thousands, except per share data)
17
ITEM 6.
Selected Financial Data.
Year ended January 31,
2013
2012
2011
2010
2009
(As restated)
(1)
(As restated)
(1)
(As restated)
(1)
(As restated)
(1)
Income statement data: (2)
Net sales
$
25,358,329
$
25,647,313
$
23,619,938
$
22,089,258
$
24,076,787
Gross profit
1,303,054
1,377,441
1,278,253
1,163,704
1,164,795
Operating income
(3) (4)
263,720
304,546
321,408
267,968
202,699
Consolidated net income
(4) (5) (6)
183,040
201,202
212,992
192,205
103,304
Net (income) loss attributable to
noncontrolling interest
(7)
(6,785
)
(10,452
)
(4,620
)
(1,045
)
1,822
Net income attributable to shareholders of
Tech Data Corporation
$
176,255
$
190,750
$
208,372
$
191,160
$
105,126
Net income per share attributable to
shareholders of Tech Data Corporation—
basic
$
4.53
$
4.36
$
4.29
$
3.78
$
2.05
Net income per share attributable to
shareholders of Tech Data Corporation—
diluted
$
4.50
$
4.30
$
4.25
$
3.75
$
2.04
Dividends per common share
0
0
0
0
0
Balance sheet data:
(2)
Working capital
(8)
$
1,700,485
$
1,720,564
$
1,899,124
$
2,252,713
$
1,873,107
Total assets
6,830,960
5,796,268
6,524,639
5,748,103
4,834,078
Revolving credit loans and current maturities
of long-term debt, net
167,522
48,490
434,435
70,846
58,888
Long-term debt, net
354,458
57,253
60,076
337,384
329,461
Equity attributable to shareholders of Tech
Data Corporation
1,918,369
1,953,804
2,108,451
2,088,589
1,725,541
(1)
See Note 2 of Notes to Consolidated Financial Statements for discussion of the restatement of the Company's Consolidated Financial Statements.
(2)
See Note 6 of Notes to Consolidated Financial Statements for discussion of the Company’
s acquisitions in fiscal 2013 and 2012.
(3)
During fiscal 2012, the Company incurred a $28.3 million loss on disposal of subsidiaries related to the closure of certain of the Company’s operations in Latin America (see
further discussion in Note 7 of Notes to Consolidated Financial Statements).
(4)
During fiscal 2013, the Company increased an accrual for various VAT matters in one of its subsidiaries in Spain by $41.0 million, including operating expenses of $29.5 million
in relation to the assessment and penalties and $11.5 million for associated interest expense (see further discussion in Note 14 of Notes to Consolidated Financial Statements).
(5)
During fiscal 2013, the Company recorded a $25.1 million reversal of deferred tax valuation allowances related to a specific jurisdiction in Europe.
(6)
During fiscal 2012, the Company recorded a $13.6 million reversal of deferred tax valuation allowances which was substantially offset by the write-off of deferred income tax
assets associated with the closure of Brazil’s commercial operations. See Note 9 of Notes to Consolidated Financial Statements. During fiscal 2010, the Company recorded a $5.4
million decrease in the deferred tax valuation allowance.
(7)
During fiscal 2013, the Company completed the acquisition of Brightstar Corp.’s fifty percent ownership interest in Brightstar Europe Limited, which was a consolidated joint
venture between Tech Data and Brightstar Corp (see further discussion in Note 6 of Notes to Consolidated Financial Statements).
(8)
Working capital represents total current assets less total current liabilities in the Consolidated Balance Sheet.