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Tech Data Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 31, 2012 05:38AM

Tech Data Corp. (TECD) filed Quarterly Report for the period ended 2012-04-30. Tech Data Corp has a market cap of $1.97 billion; its shares were traded at around $48 with a P/E ratio of 8.9 and P/S ratio of 0.1. Tech Data Corp had an annual average earning growth of 6.7% over the past 10 years.



Highlight of Business Operations:

Our consolidated net sales were $5.9 billion in the first quarter of fiscal 2013, a decrease of 6.9% when compared to the first quarter of fiscal 2012. The weakening of certain foreign currencies against the U.S. dollar negatively impacted our year-over-year net sales comparison by approximately four percentage points. On a regional basis, during the first quarter of fiscal 2013, net sales in the Americas decreased by 6.2% when compared to the first quarter of fiscal 2012 and decreased by 7.4% in Europe (a decrease of 1.5% on a euro basis).

During the first quarter of fiscal 2013, net sales in the Americas were $2.5 billion, a decrease of 6.2% when compared to the first quarter of the prior-year. The prospective revision in presentation of sales of vendor warranty services and certain fulfillment contracts negatively impacted the Americas’ first quarter fiscal 2013 net sales growth by approximately $102.8 million, which negatively impacted our year-over-year Americas net sales growth by four percentage points. The closure of our in-country operations in Brazil and Colombia negatively impacted the Americas’ first quarter fiscal 2013 net sales growth by approximately four percentage points. Excluding the impact of the prospective presentation of sales of vendor warranty services and certain fulfillment contracts in the first quarter of fiscal 2013 and the closure of our in-country operations in Brazil and Colombia, year-over-year net sales in the Americas increased by approximately two percentage points in comparison with the same period of the prior fiscal year, reflecting the relatively stable demand in the region.

During the first quarter of fiscal 2013, net sales in Europe were $3.4 billion, a decrease of 7.4% when compared to the first quarter of the prior year (a decrease of 1.5% on a euro basis). The prospective revision in presentation of sales of vendor warranty services and certain fulfillment contracts negatively impacted Europe’s first quarter fiscal 2013 net sales growth by approximately $97.6 million (74.0 million in euros). Excluding the impact of the prospective presentation of sales of vendor warranty services and certain fulfillment contracts in the first quarter of fiscal 2013, year-over-year net sales in Europe increased one percentage point on a euro basis. This one percent increase is due to strong demand in certain European markets, such as Germany, France and the U.K., being offset by weaker demand in the southern and eastern regions.

SG&A as a percentage of net sales was 4.06% for the first quarter of fiscal 2013 compared to 4.07% in the first quarter of fiscal 2012. The change in our presentation of sales of vendor warranty service and certain fulfillment contracts discussed above negatively impacted our SG&A as a percentage of net sales by approximately 13 basis points.

On an absolute dollar basis, the provision for income taxes increased 30.0% to $23.0 million for the first quarter of fiscal 2013 compared to $17.7 million in the same period of fiscal 2012. The increase in the provision for income taxes in the first quarter of fiscal 2013 was primarily due to an increase in taxable earnings in certain countries in which we operate compared to the same period of fiscal 2012.

Read the The complete Report



Stocks Discussed: TECD,
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