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Table of Contents
NOTE 16 — INTERIM FINANCIAL INFORMATION (UNAUDITED)
As discussed in greater detail in Note 2 - Restatement of Consolidated Financial Statements, the Company determined that it needed to restate its
previously issued consolidated financial information for the quarterly periods ended April 30, 2012, July 31, 2012, October 31, 2012 and each of
the quarterly periods in the fiscal year ended January 31, 2012 and the unaudited financial results for the quarterly period ended January 31, 2013
previously announced and filed in a Current Report on Form 8-K on March 4, 2013. The following tables summarize the effects of the restatement,
a subsequent event unrelated to the restatement as discussed further in Note 14 - Commitments and Contingencies, and presentation
reclassifications on our previously issued unaudited condensed consolidated financial statements:
Quarter ended
AS RESTATED April 30
July 31
October 31
January 31
(1)(2)(3)
(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
Quarter ended
AS RESTATED April 30
July 31
October 31
January 31
(4)
(In thousands, except per share amounts)
Fiscal year 2012:
Net sales
$
6,154,033
$
6,214,304
$
6,404,585
$
6,874,391
Gross profit
337,315
336,085
337,778
366,263
Operating income
77,552
73,138
83,252
70,604
Consolidated net income
51,585
46,995
53,506
49,116
Net income attributable to shareholders of Tech Data Corporation
$
51,566
$
45,346
$
49,862
$
43,976
Net income per share attributable to shareholders of Tech Data Corporation:
Basic
$
1.10
$
1.01
$
1.18
$
1.07
Diluted
$
1.09
$
0.99
$
1.17
$
1.05
(1) Amounts presented for the fourth quarter of fiscal 2013 are not restated, however the amounts presented herein include adjustments to previously reported amounts furnished in a
Current Report on Form 8-K filed on March 4, 2013.
(2) During the fourth quarter of fiscal 2013, the Company recorded a $41.0 million increase in an accrual for various value added tax matters in one of the Company’s subsidiaries in
Spain, which decreased earnings per diluted share by $0.89 for the quarter ended January 31, 2013 (see Note 14 - Commitments and Contingencies for further discussion).
(3) 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 which had been recorded in prior fiscal years, which increased earnings per diluted share by
$0.66 for the quarter ended January 31, 2013 (see further
discussion in Note 9 - Income Taxes).
(4) During the fourth quarter of fiscal 2012, the Company recorded a $28.3 million loss on disposal of subsidiaries related to the closure of the commercial operations in Brazil and
Colombia, which decreased earnings per diluted share by $0.46 for the quarter ended January 31, 2012 (see also Note 7 - Loss on Disposal of Subsidiaries).