CLEARWATER, Fla., April 1, 2013 (GLOBE NEWSWIRE) -- Tech Data Corporation (Nasdaq:TECD) (the Company) today notified the Securities and Exchange Commission (SEC) that it is unable to file its Annual Report on Form 10-K (the "Form 10-K") for the year ended January 31, 2013 within the prescribed time period because it requires additional time to complete the required financial statements and restatement described below. The Company cannot predict when it will complete the restatement, but expects that it will do so beyond the permitted 15-day extension of the prescribed due date of April 1, 2013.
In accordance with standard NASDAQ procedure, the Company expects to receive a notice of deficiency from the NASDAQ Listing Qualifications Department, indicating that the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1) which requires timely filing of reports required by rules of the SEC. The Company intends to submit a plan to regain compliance as quickly as possible. During this process, the Company expects that its common stock will continue to be listed and traded on The NASDAQ Stock Market.
On March 21, 2013, the Company reported that the Audit Committee of its Board of Directors, on the recommendation of management, and after consultation with the Company's independent accountants, Ernst & Young, LLP, concluded that the Company would be required to restate some or all of its previously issued quarterly and audited annual financial statements for the fiscal years 2011 and 2012 and some or all of the quarters of fiscal year 2013, including the financial statements in the Company's fourth quarter and fiscal year 2013 earnings release dated March 4, 2013. The Company anticipates that the restatement will be made to correct improprieties primarily related to how the Company's U.K. subsidiary reflected vendor accounting. As a result, investors should no longer rely upon the Company's previously released financial statements and other financial data relating to these periods.