Tech Data to restate financials from 3 years
Tech Data to restate financial reports that could wipe out up to $35 million in net income
CLEARWATER, Fla. (AP) -- Tech Data Corp. said Thursday that it will restate some of its financial results from its 2011, 2012 and 2013 fiscal years.
The Clearwater, Fla., company said it needs to correct how its U.K. subsidiary reflected vendor accounting. It expects a restatement could essentially wipe out $25 million to $33 million of its net income over the three fiscal years.
The company said investors should no longer rely on the financial data reported relating to these periods.
It will likely seek a 15-day filing extension for the annual report for its fiscal year that ended in January.
Tech Data said it is still investigating the situation and is in the process of evaluating deficiencies in its internal controls over financial reporting.
The company is one of the world's largest wholesale distributors of technology products.
Tech Data shares fell $4.54, or 9.2 percent, to $45.01 in after-hours trading.
