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Table of Contents
(1) Net sales and cost of products sold adjustments primarily reflect the impact to appropriately present sales of vendor warranty services and certain fulfillment
contracts on an agency basis as net fees of $833.2 million , consistent with fiscal year 2013.
(2) Gross profit adjustments primarily reflect the impact of vendor accounting errors in the Company's primary operating subsidiary in the UK and two other
European subsidiaries of $17.8 million and various other immaterial errors.
(3) Selling, general and administrative expenses adjustments primarily reflect the impact of errors in the Company's primary operating subsidiary in the UK and
two
other European subsidiaries of $6.7 million , which includes adjustments for uncollectible accounts receivable of $2.6 million and various other immaterial
errors.
(4) The provision for income taxes has been adjusted primarily to reduce tax expense as a result of the reduction of profit resulting from the restatement adjustments
described herein.
54
Consolidated Statement of Income
Fiscal Year Ended January 31, 2012
As Previously
Reported
Adjustments
As Restated
(In thousands, except per share amounts)
Net sales $
26,488,124
$
(840,811
)
(1)
$
25,647,313
Cost of products sold
25,094,133
(824,261
)
(1)
24,269,872
Gross profit
1,393,991
(16,550
)
(2)
1,377,441
Operating expenses:
Selling, general and administrative expenses
1,037,839
6,762
(3)
1,044,601
Loss on disposal of subsidiaries
28,294
0
28,294
1,066,133
6,762
1,072,895
Operating income
327,858
(23,312
)
304,546
Interest expense
31,343
34
31,377
Other expense (income), net
1,193
(335
)
858
Income before income taxes
295,322
(23,011
)
272,311
Provision for income taxes
78,474
(7,365
)
(4)
71,109
Consolidated net income
216,848
(15,646
)
201,202
Net income attributable to noncontrolling interest
(10,452
)
0
(10,452
)
Net income attributable to shareholders of Tech Data Corporation $
206,396
$
(15,646
)
$
190,750
Net income per share attributable to shareholders of Tech Data
Corporation:
Basic
$
4.72
$
(0.36
)
$
4.36
Diluted
$
4.66
$
(0.36
)
$
4.30