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Tech Data Corporation Reports Fourth-Quarter And Fiscal Year 2013 Results

Stocks in this article: TECD

CLEARWATER, Fla., March 4, 2013 (GLOBE NEWSWIRE) -- Tech Data Corporation (Nasdaq:TECD), a leading distributor of IT products, today announced results for the fourth quarter and fiscal year ended January 31, 2013.

 
Results At A Glance (1)
($ in millions, except per share amounts) Three months ended January 31, 2013 Three months ended  January 31, 2012 Fiscal year ended January 31, 2013 Fiscal year ended January 31, 2012
Net sales $7,463.4 $7,112.6  $25,361.0  $26,488.1
         
Operating income (GAAP) $93.5 $83.8  $303.2  $327.9
Operating income (Non-GAAP)  $93.5  $112.1 $303.2 $356.2
         
Operating income margin (GAAP) 1.25%  1.18% 1.20% 1.24%
Operating income margin (Non-GAAP)  1.25% 1.58%  1.20%  1.34%
         
Net income attributable to shareholders of Tech Data Corporation (GAAP)  $82.5  $54.1 $214.6 $206.4
         
Net income attributable to shareholders of Tech Data Corporation (Non-GAAP) $56.6 $73.3 $188.6 $225.6
         
Net income per diluted share attributable to shareholders of Tech Data Corporation (GAAP)  $2.17  $1.29 $5.48 $4.66
Net income per diluted share attributable to shareholders of Tech Data Corporation (Non-GAAP)   $1.48 $1.75  $4.81  $5.09
(1) Please refer to the GAAP to Non-GAAP Reconciliation that is contained in the attached financial summary.
This information is also available on the Investor Relations section of Tech Data's website at www.techdata.com .

Net sales for the fourth quarter ended January 31, 2013, were $7.5 billion, an increase of 5 percent from $7.1 billion in the prior-year fourth quarter. The translation of foreign currencies against the U.S. dollar had a minimal impact on the year-over-year net sales comparison. In the first quarter of fiscal 2013, the company prospectively revised its presentation of sales of vendor warranty services and certain fulfillment contracts such that they are now reflected on an agency basis as net fees as opposed to net sales and cost of products sold. These items would have contributed approximately $240 million of net sales in the fourth quarter, which negatively impacted the year-over-year net sales comparison by approximately 3 percentage points. This change had no impact on gross profit dollars, operating income dollars, net income dollars or earnings per share for any period reported, but positively impacted the gross margin and operating margin percentages in the fourth quarter of fiscal 2013 by approximately 16 and 4 basis points, respectively. In addition, the SDG acquisition, which closed November 1, 2012, contributed approximately $623 million to fourth quarter fiscal 2013 sales. Also included in prior year net sales is approximately $20 million related to the in-country operations of Brazil and Colombia, which the company exited at the end of fiscal 2012. Excluding the impact of the above factors, net sales were flat year-over-year.

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