Tech Data 2014 Annual Report Download - page 40

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Table of Contents
TECH DATA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
(In thousands, except per share amounts)
The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements.
37
Year ended January 31,
2014
2013
2012
Net sales
$
26,821,904
$
25,358,329
$
25,647,313
Cost of products sold
25,459,558
24,055,275
24,269,872
Gross profit
1,362,346
1,303,054
1,377,441
Operating expenses:
Selling, general and administrative expenses
1,116,553
1,009,872
1,044,601
Restatement-related expenses and LCD settlements, net (Note 1)
18,280
0
0
Value added tax assessment (Note 13)
0
29,462
0
Loss on disposal of subsidiaries (Note 6)
0
0
28,294
1,134,833
1,039,334
1,072,895
Operating income
227,513
263,720
304,546
Interest expense
26,606
30,126
31,377
Other (income) expense, net
(3,402
)
4,128
858
Income before income taxes
204,309
229,466
272,311
Provision for income taxes
24,377
46,426
71,109
Consolidated net income
179,932
183,040
201,202
Net income attributable to noncontrolling interest
0
(6,785
)
(10,452
)
Net income attributable to shareholders of Tech Data Corporation
$
179,932
$
176,255
$
190,750
Net income per share attributable to shareholders of Tech Data Corporation
Basic
$
4.73
$
4.53
$
4.36
Diluted
$
4.71
$
4.50
$
4.30
Weighted average common shares outstanding:
Basic
38,020
38,871
43,749
Diluted
38,228
39,180
44,327