Tech Data to restate results for last three years
March 21 (Reuters) - Technology distributor Tech Data Corp said it would restate its results for the last three years, blaming vendor accounting practice at its U.K. subsidiary.
The company expects the restatement to reduce its net consolidated income by $25 million to $33 million during the length of the restated period. Tech Data reported net income of more than $200 million in each of its last three fiscal years.
"We are working diligently to resolve this matter as soon as possible. We do not plan to comment further during the course of the investigation unless any material developments arise," Chief Executive Robert Dutkowsky said.
The company expects the restatement to affect the previously reported results for fiscal 2011, 2012 and 2013.
Tech Data shares fell 9 percent in extended trading after the announcement. They closed at $49.55 on the Nasdaq on Thursday.