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We'll miss SEC financials deadline, says accounts-blundering Tech Data
Fails to tally beans within 45 days, books still being probed
Tech Data has warned it will fail to report its fiscal first-quarter financial numbers to the US Securities and Exchange Commission on time due to a continuing investigation into its accounting errors.
The channel biz has 45 days from the end of April to file the paperwork, but says it will sail through that deadline.
The world's second largest tech distributor revealed in March that it found irregularities in vendor rebate accounting, primarily in its UK arm Computer 2000, that would prove costly to fix.
It expects to restate results for fiscal '11, '12 and some or all of the quarters for the last financial year ended 31 January, which will collectively cut up to $33m from net profits for those periods.
Tech Data was due to report results for the fiscal first quarter ended 30 April by 10 June, and had a five day extension it could use if necessary.
But this was not possible "within the prescribed time period because it [the company] requires additional time to complete the required financial statement and restatement", the distributor said in an SEC filing.
Under SEC rules, publicly traded companies must file a form 10-Q quarterly report no later than 40 days after the close of a fiscal quarter, for large stock market players, and 45 days for all other entrants.
The form 10-Q compares the quarter-on-quarter results as well as the year-on-year numbers, giving investors a handle on the trading situation.
The investigation continues at UK HQ in Basingstoke, with a bunch of bean counters poring over the books, trying to make sense of what happened at a seemingly tightly run outfit.
Senior finance people from Tech Data's European operation have taken a hands-on role in the UK, with some of the local team leaving and others being suspended amid the probe.
Tech Data said last night in the SEC filing that it is still "unable to present a reasonable estimate" to size of the restatement. ®