


Consolidated Statement of Income

	Three months ended April 30, 2012
	As Previously Reported			Adjustments				As Restated
	(In thousands, except per share amounts)

Net sales	$	5,895,561		$	14,502		⁽¹⁾	$	5,910,063
Cost of products sold	5,575,344			11,311			⁽¹⁾	5,586,655
Gross profit	320,217			3,191			⁽²⁾	323,408
Selling, general and administrative expenses	239,324			1,626			⁽³⁾	240,950
Operating income	80,893			1,565				82,458
Interest expense	3,069			0				3,069
Other expense (income), net	1,344			(1,109		)	⁽⁴⁾	235
Income before income taxes	76,480			2,674				79,154
Provision for income taxes	22,954			188			⁽⁵⁾	23,142
Consolidated net income	53,526			2,486				56,012
Net income attributable to noncontrolling interest	(1,834		)	0				(1,834		)
Net income attributable to shareholders of Tech Data Corporation	$	51,692		$	2,486			$	54,178

Net income per share attributable to shareholders of Tech Data Corporation:
Basic	$	1.26		$	0.06			$	1.32
Diluted	$	1.24		$	0.06			$	1.30

(1) Net sales and cost of products sold adjustments primarily reflect the impact of sales cutoff errors that were not appropriately recorded based on the delivery terms.

(2) Gross profit adjustments primarily reflect the impact of both vendor accounting errors in the Company's primary operating subsidiary in the UK and two other European subsidiaries of $3.7 million, and the reversal of an improper deferral of net foreign currency exchange losses in a European subsidiary of $0.4 million, partially offset by various other immaterial errors.

(3) Selling, general and administrative expenses include an adjustment to reclassify investment income of $1.1 million related to the Company’s deferred compensation plan assets from selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to the plan to other expense (income), net and various other adjustments to correct immaterial errors.

(4) Other expense (income), net has been adjusted to reclassify investment income of $1.1 million related to the Company’s deferred compensation plan assets from selling, general and administrative expenses where it was recorded as a reduction of the corresponding payroll expense related to the plan.

(5) The provision for income taxes has been adjusted primarily to increase tax expense as a result of the increase in profit resulting from the restatement adjustments described herein.



Consolidated Statement of Comprehensive Income
	Three months ended April 30, 2012
	As Previously Reported			Adjustments			As Restated
	(In thousands)

Consolidated net income	$	53,526		$	2,486		$	56,012
Other comprehensive income:
Foreign currency translation adjustment	27,996			(825		)	27,171
Total comprehensive income	81,522			1,661			83,183
Comprehensive income attributable to noncontrolling interest	(2,184		)	0			(2,184		)
Comprehensive income attributable to shareholders of Tech Data Corporation	$	79,338		$	1,661		$	80,999



Consolidated Statement of Cash Flows
	Three Months Ended April 30, 2012
	As Previously Reported			Adjustments			As Restated
	(In thousands)
Cash flows from operating activities:
Cash received from customers	$	6,148,879		$	274,770		$	6,423,649
Cash paid to vendors and employees	(6,104,721		)	(290,191		)	(6,394,912		)
Interest paid	(2,970		)	0			(2,970		)
Income taxes paid	(33,118		)	0			(33,118		)
Net cash used provided by (used in) operating activities	8,070			(15,421		)	(7,351		)
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	(8,782		)	0			(8,782		)
Expenditures for property and equipment	(4,295		)	(847		)	(5,142		)
Software development costs	(7,842		)	(1,274		)	(9,116		)
Net cash used in investing activities	(20,919		)	(2,121		)	(23,040		)
Cash flows from financing activities:
Proceeds from the reissuance of treasury stock	2,714			0			2,714
Cash paid for purchase of treasury stock	(37,553		)	0			(37,553		)
Return of capital to joint venture partner	(4,646		)	0			(4,646		)
Net repayments on revolving credit loans	(17,369		)	0			(17,369		)
Principal payments on long-term debt	(127		)	0			(127		)
Excess tax benefit from stock-based compensation	4,497			0			4,497
Net cash used in financing activities	(52,484		)	0			(52,484		)
Effect of exchange rate changes on cash and cash equivalents	7,193			(1,051		)	6,142
Net decrease in cash and cash equivalents	(58,140		)	(18,593		)	(76,733		)
Cash and cash equivalents at beginning of year	505,178			(18,916		)	486,262
Cash and cash equivalents at end of year	$	447,038		$	(37,509	)	$	409,529
Reconciliation of net income to net cash provided by (used in) operating activities:
Net income attributable to shareholders of Tech Data Corporation	$	51,692		$	2,486		$	54,178
Net income attributable to noncontrolling interest	1,834			0			1,834
Consolidated net income	53,526			2,486			56,012
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	13,397			0			13,397
Provision for losses on accounts receivable	356			50			406
Stock-based compensation expense	2,780			161			2,941
Excess tax benefit from stock-based compensation	(4,497		)	0			(4,497		)
Changes in operating assets and liabilities:
Accounts receivable	251,247			(32,498		)	218,749
Inventories	(129,323		)	11,463			(117,860		)
Prepaid expenses and other assets	34,257			(2,430		)	31,827
Accounts payable	(125,626		)	(2,727		)	(128,353		)
Accrued expenses and other liabilities	(88,047		)	8,074			(79,973		)
Total adjustments	(45,456		)	(17,907		)	(63,363		)
Net cash used provided by (used in) operating activities	$	8,070		$	(15,421	)	$	(7,351	)