Tech Data 2014 Annual Report Download - page 70
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Table of Contents
NOTE 15 — INTERIM FINANCIAL INFORMATION (UNAUDITED)
Interim financial information for fiscal years 2014 and 2013 is as follows:
62
Quarter ended
April 30
(1)
July 31
(1)
October 31
(1) (2)
January 31
(1)(2)(3)
(In thousands, except per share amounts)
Fiscal year 2014:
Net sales
$
6,147,757
$
6,327,476
$
6,373,564
$
7,973,107
Gross profit
322,414
315,840
326,076
398,016
Operating income
36,031
29,859
63,880
97,743
Consolidated net income
17,760
14,695
37,716
109,761
Net income attributable to shareholders of Tech Data Corporation
$
17,760
$
14,695
$
37,716
$
109,761
Net income per share attributable to shareholders of Tech Data Corporation:
Basic
$
0.47
$
0.39
$
0.99
$
2.88
Diluted
$
0.47
$
0.38
$
0.99
$
2.87
Quarter ended
April 30
July 31
October 31
January 31
(4) (5)
(In thousands, except per share amounts)
Fiscal year 2013:
Net sales
$
5,910,063
$
5,968,419
$
6,037,475
$
7,442,372
Gross profit
323,408
302,593
306,079
370,974
Operating income
82,458
60,311
63,595
57,356
Consolidated net income
56,012
38,527
44,060
44,441
Net income attributable to shareholders of Tech Data Corporation
$
54,178
$
34,699
$
42,937
$
44,441
Net income per share attributable to shareholders of Tech Data Corporation:
Basic
$
1.32
$
0.89
$
1.14
$
1.18
Diluted
$
1.30
$
0.89
$
1.13
$
1.17
(1) During the first, second, third and fourth quarters of fiscal 2014, the Company recorded $3.0 million , $11.0 million , $15.0 million and $24.8 million of restatement-related
expenses, respectively (see further discussion in Note 1 - Business and Summary of Significant Accounting Policies).
(2) During the third and fourth quarters of fiscal 2014, the Company recorded gains of $22.9 million and $12.6 million , respectively, associated with legal settlements (see further
discussion in Note 1 - Business and Summary of Significant Accounting Policies).
(3) During the fourth quarter of fiscal 2014, the Company recorded a $45.3 million
reversal of deferred tax valuation allowances primarily related to certain jurisdictions in Europe
(see further discussion in Note 8 - Income Taxes).
(4) During the fourth quarter of fiscal 2013, the Company recorded a $41.0 million increase in an accrual for various VAT matters in one of the Company’s subsidiaries in Spain
(see further discussion in Note 13 - Commitments and Contingencies).
(5) During the fourth quarter of fiscal 2013, the Company recorded an income tax benefit of $25.1 million for the reversal of deferred tax valuation allowances related to a specific
jurisdiction in Europe (see further discussion in Note 8
- Income Taxes).