Tech Data 2013 Annual Report Download - page 59
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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 $740.6 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 $5.7 million , partially offset by the impact of reversing the improper deferral of net foreign currency exchange losses in a European
subsidiary of $2.9 million .
(3) Selling, general and administrative expenses include an adjustment to reclassify investment income of $4.8 million related to the Company’s deferred
compensation plan assets from selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to
the plan to other expense (income), net and various other adjustments to correct immaterial errors.
(4) Other expense (income), net has been adjusted to reclassify investment income of $4.8 million related to the Company’s deferred compensation plan assets from
selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to the plan.
(5) 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.
55
Fiscal Year Ended January 31, 2011
As Previously
Reported
Adjustments
As Restated
(In thousands, except per share amounts)
Net sales
$
24,375,973
$
(756,035
)
(1)
$
23,619,938
Cost of products sold
23,092,685
(751,000
)
(1)
22,341,685
Gross profit
1,283,288
(5,035
)
(2)
1,278,253
Selling, general and administrative expenses
949,303
7,542
(3)
956,845
Operating income
333,985
(12,577
)
321,408
Interest expense
29,926
0
29,926
Other expense (income), net
444
(4,794
)
(4)
(4,350
)
Income before income taxes
303,615
(7,783
)
295,832
Provision for income taxes
84,752
(1,912
)
(5)
82,840
Consolidated net income
218,863
(5,871
)
212,992
Net income attributable to noncontrolling interest
(4,620
)
0
(4,620
)
Net income attributable to shareholders of Tech Data Corporation
$
214,243
$
(5,871
)
$
208,372
Net income per share attributable to shareholders of Tech Data Corporation:
Basic
$
4.41
$
(0.12
)
$
4.29
Diluted
$
4.36
$
(0.11
)
$
4.25