March 21 Technology distributor Tech Data Corp
said it would restate its results for the last three
years, blaming vendor accounting practice at its U.K.
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