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Table of Contents
The following tables present the impact of the restatement and a subsequent event, unrelated to the restatement, that occurred prior to the issuance
of the fiscal 2013 financial statements in relation to a loss contingency that existed as of January 31, 2013, on the unaudited financial results as of
and for the fiscal year ended January 31, 2013 previously announced and filed in a Current Report on Form 8-K on March 4, 2013. For a
description of the restatement, see Note 2 and Note 16 of Notes to Consolidated Financial Statements and for a description of the subsequent event
see Note 14 of Notes to Consolidated Financial Statements.
Reconciliation to Unaudited Financial Information previously reported in Current Report on Form 8-K filed on March 4, 2013:
19
Consolidated Statement of Income
Year Ended January 31, 2013
(Unaudited)
(Unaudited)
(As Reported)
(Adjustments)
(As Adjusted)
(In thousands, except per share amounts)
Net sales $
25,361,017
$
(2,688
)
$
25,358,3
Cost of products sold
24,051,415
3,860
24,055,2
Gross profit
1,309,602
(6,548
)
1,303,0
Operating expenses:
Selling, general and administrative expenses
1,006,377
3,495
1,009,8
Value added tax assessment
(a)
0
29,462
29,4
1,006,377
32,957
1,039,3
Operating income
303,225
(39,505
)
263,7
Interest expense
(a)
18,541
11,585
30,1
Other expense (income), net
7,069
(2,941
)
4,1
Income before income taxes
277,615
(48,149
)
229,4
Provision for income taxes
56,240
(9,814
)
46,4
Consolidated net income
221,375
(38,335
)
183,0
Net income attributable to noncontrolling interest
(6,785
)
0
(6,7
Net income attributable to shareholders of Tech Data Corporation $
214,590
$
(38,335
)
$
176,2
Net income per share attributable to shareholders of Tech Data Corporation:
Basic
$
5.52
$
(0.99
)
$
4.
Diluted
$
5.48
$
(0.98
)
$
4.
Balance sheet data:
January 31, 2013
(Unaudited)
(Unaudited)
(As reported)
(Adjustments)
(As Adjusted)
(in thousands)
Working capital
$
1,774,923
$
(74,438
)
$
1,700,485
Total assets
6,806,253
24,707
6,830,960
Revolving credit loans and current maturities of long-term debt, net
164,341
3,181
167,522
Long-term debt, net
354,458
0
354,458
Equity attributable to shareholders of Tech Data Corporation
1,977,630
(59,261
)
1,918,369
(a)
As a result of a subsequent event, unrelated to the restatement, that occurred prior to the issuance of the fiscal 2013 financial statements in relation to a loss contingency that existed
as of January 31, 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).