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Tech Data Corporation Announces Completion Of Investigation

Files Fiscal Year 2013 Form 10-K With SEC

Filing Includes Restated Financial Statements

CLEARWATER, Fla., Feb. 5, 2014 (GLOBE NEWSWIRE) -- Tech Data Corporation (Nasdaq:TECD) (the "Company") today announced the conclusion of an independent investigation by the Audit Committee of the Board of Directors into certain accounting practices within the Company and also filed with the U.S. Securities and Exchange Commission (the "SEC") its Annual Report on Form 10-K for the fiscal year ended January 31, 2013 (the "Annual Report"). Prior to February 28, 2014, the Company expects to file its Quarterly Reports on Form 10-Q for the quarters ended April 30, 2013, July 31, 2013 and October 31, 2013 (the "Quarterly Reports") and to hold a conference call to discuss its filings. The Company does not plan to comment further on the information in its Annual Report until the conference call.

"The Audit Committee, its independent counsel and forensic accountants performed a thorough investigation of the Company's accounting practices," said Charles E. Adair, chairman of Tech Data's Audit Committee. "The Board of Directors is confident the Company is addressing the problems that led to the restatement and has complete confidence in Tech Data's executive management team."

The Company engaged significant internal and external resources to perform supplemental procedures to assist in reviewing its financial statements and accounting practices (the "Supplemental Procedures"). The Annual Report presents the restatement of the Company's consolidated financial statements and other financial information for certain periods and as of certain dates, as follows (collectively, the "Restated Periods"):

  • Consolidated balance sheet as of January 31, 2012;
  • Consolidated statements of income, consolidated statements of comprehensive income, consolidated statements of shareholders' equity and consolidated statements of cash flows for the fiscal years ended January 31, 2012 and 2011;
  • Selected financial data as of and for the fiscal years ended January 31, 2012, 2011, 2010 and 2009; and
  • Interim financial information for the fiscal 2013 quarters ended October 31, 2012, July 31, 2012 and April 30, 2012 and for each fiscal quarter of the year ended January 31, 2012.

Investors should not rely on the Company's previously filed reports, earnings releases or similar communications relating to the Restated Periods, or on the unaudited financial results for the fourth quarter and fiscal year ended January 31, 2013 previously announced and filed in a Current Report on Form 8-K on March 4, 2013. The Company has not amended any previously filed reports.

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