Tech Data Corporation
Restating jumal Statements
Submitted To: Prof…………..
Date: May 1, 2013
Tech Data Corporation (TECD) headquartered in Clearwater, FL, is one of the world’s largest wholesale distributors of technology products. Its supreme logistics capabilities and value added services enable 120,000 resellers in more than 100 countries to efficiently and cost effectively support the diverse technology needs of end users. The company is ranked 109th on the Fortune 500. Tech Data Corporation was founded by Edward C. Raymund in 1974 and its initial charter was to market data processing supplies directly to end users of mini and mainframe computers. Later in 1983 Tech Data Corporation enlarge its goal and started servicing microcomputers resellers as a wholesale distributor. Today the company sold about $24 billion of IT products to more than 125,000 technology resellers in over 100 countries. On March 21, 2013 Tech Data Corporation announced that company will restate some or all of its previously issued quarterly and audited annual financial statements for the fiscal year 2011, 20012 and 2013 including its recently released earnings from March 4, 2013.. Tech Data Corporation announced to restate in the recommendation of management, audit committee of its Board of Directors and after discussion with the Company’s independent accountants, Ernst & Young LLP. Tech Data Corporation will look for a 15 day filing extension for its Annual Report on Form 10-k of the fiscal year ended January 31, 2013. The prime reasons to restate reference to the company’s U.K. subsidiary and should decrease the company’s net income by $25 million to $33 million over the three fiscal year period. The company also foresees that the restatement is necessary to correct improprieties primarily related to how the Company’s U.K. subsidiary reflected vendor accounting. The estimates in the reduction of the net income are based...
Cited: Crum, R. (2013, March 21). Fox Business | Business News & Stock Quotes – Saving & Investing. Fox Business | Business News & Stock Quotes – Saving & Investing. Retrieved May 1, 2013 from http://www.foxbusiness.com
Woodburn, D. (2013, March 22). Technology News, Insights, and Analysis from Channelnomics. UK ’Improprieties’ Force Tech Data Numbers Fix. Retrieved May 1, 2013, from http://www.channelnomics.com
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