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Table of Contents
Note 2 of Notes to Consolidated Financial Statements presents the impact of the restatement on the Company
’s previously issued consolidated
financial statements as of January 31, 2012 and for the fiscal years ended January 31, 2012 and January 31, 2011. The following tables present the
impact of the restatement on selected unaudited information as of January 31, 2011, 2010 and 2009 and for the fiscal years ended January 31, 2010
and 2009.
18
Reconciliation to previously issued financial statements (Unaudited):
(in thousands, except per share amounts)
Year ended January 31,
2010
(9)
2009
(10)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(As reported)
(Adjustments)
(As restated)
(As reported)
(Adjustments)
(As restated)
Net Sales
$
22,099,876
$
(10,618
)
$
22,089,258
$
24,080,484
$
(3,697
)
$
24,076,787
Gross profit
1,152,354
11,350
1,163,704
1,181,995
(17,200
)
1,164,795
Operating income
259,476
8,492
267,968
211,158
(8,459
)
202,699
Consolidated net income
181,200
11,005
192,205
115,456
(12,152
)
103,304
Net income attributable to shareholders of
Tech Data Corporation
$
180,155
$
11,005
$
191,160
$
117,278
$
(12,152
)
$
105,126
Net income per share attributable to
shareholders of Tech Data Corporation—
basic
$
3.57
$
0.21
$
3.78
$
2.29
$
(0.24
)
$
2.05
Net income per share attributable to
shareholders of Tech Data Corporation—
diluted
$
3.54
$
0.21
$
3.75
$
2.28
$
(0.24
)
$
2.04
(9)
Fiscal 2010 gross profit has been adjusted primarily for the impact of reversing the improper deferral during fiscal 2009 of net foreign currency exchange losses in a European
subsidiary of $8.6 million and improper accounting for transactions with the Company's product suppliers ("vendor accounting"), including the recognition of vendor incentives,
product discounts/price variances, promotions and other vendor credits of $6.5 million. Operating income primarily reflects the impact of the adjustments noted above and the
reclassification of $6.7 million of investment income related to the Company's deferred compensation plan assets to other expense (income), net from SG&A expense where it was
recorded as a reduction of the corresponding payroll expense related to the Company's deferred compensation plan. Consolidated net income primarily reflects the impact of these
adjustments, net of the associated tax impact.
(10)
Fiscal 2009 gross profit has been adjusted primarily for the impact of the improper deferral of net foreign currency exchange losses in a European subsidiary of $15.6 million. The
adjustment to operating income primarily reflects the impact of this adjustment, partially offset by the reclassification of $9.5 million of investment losses related to the Company's
deferred compensation plan assets to other expense (income), net from SG&A expense. Consolidated net income primarily reflects the impact of these adjustments, net of the
associated tax impact.
January 31, 2011
January 31, 2010
(Unaudited) (Unaudited)
(Unaudited) (Unaudited)
Balance sheet data:
(As reported)
(Adjustments) (As restated)
(As reported)
(Adjustments) (As restated)
Working capital
$
1,902,111
$
(2,987
)
$
1,899,124
$
2,250,430
$
2,283
$
2,252,713
Total assets
6,412,083
112,556
(11)
6,524,639
5,696,453
51,650
(11)
5,748,103
Revolving credit loans and current
maturities of long-term debt, net
434,435
0
434,435
65,860
4,986
70,846
Long-term debt, net
60,076
0
60,076
338,157
(773
)
337,384
Equity attributable to shareholders of
Tech Data Corporation
2,114,466
(6,015
)
2,108,451
2,088,895
(306
)
2,088,589
January 31, 2009
(Unaudited) (Unaudited)
Balance sheet data:
(As reported)
(Adjustments) (As restated)
Working capital
$
1,891,897
$
(18,790
)
$
1,873,107
Total assets
4,815,384
18,694
4,834,078
Revolving credit loans and current maturities of long-term debt, net
58,888
0
58,888
Long-term debt, net
331,233
(1,772
)
329,461
Equity attributable to shareholders of Tech Data Corporation
1,737,693
(12,152
)
1,725,541
(11)
Total assets at January 31, 2011 and 2010 includes adjustments primarily for inventory cutoff errors that were not appropriately recorded based on the delivery terms.