Cloud Computing Resources for Small and Midsize Businesses

Cloud Computing for SMBs

Subscribe to Cloud Computing for SMBs: eMailAlertsEmail Alerts newslettersWeekly Newsletters
Get Cloud Computing for SMBs: homepageHomepage mobileMobile rssRSS facebookFacebook twitterTwitter linkedinLinkedIn


SMB Cloud Authors: Yeshim Deniz, Harry Trott, Breaking News, Breaking New, Sarah Patrick

Related Topics: CEOs in Technology, Cloud Computing, Government Cloud Computing, Cloud Expo on Ulitzer, Government News, Mergers & Acquisitions on Ulitzer, Cloud Computing for SMBs

News Item

The Next Sea Change Is Cloud Computing

We've lived through the mainframeclient/server world and the Internet world and now, the next sea change is cloud computing

Webcast Details

Tech Data will be discussing its third-quarter results and fourth-quarter business outlook on a conference call today at 9:00 a.m. ET. A webcast of the call, including supplemental schedules, will be available to all interested parties and can be accessed at www.techdata.com (Investor Relations section). The webcast will be available for replay until 5:00 p.m. ET on Monday, November 30, 2009.

Results At A Glance

($ in millions, except per share amounts)

Three months

ended

October 31, 2009

Three months

ended

October 31, 2008

(As Adjusted)(1)

Nine months

ended

October 31, 2009

Nine months

ended

October 31, 2008

(As Adjusted) (1)

Net sales $ 5,642,046 $ 6,136,112 $ 15,816,736 $ 18,367,947
Operating income $ 66,032 $ 59,093 $ 169,645 $ 143,611
Net income attributable to shareholders of Tech Data Corporation $ 43,142 $ 16,803 $ 110,064 $ 60,275
Net income per diluted share attributable to shareholders of Tech Data Corporation $ .84 $ .33 $ 2.17 $ 1.16

( 1)

Forward-Looking Statements

Certain matters discussed in this news release are forward-looking statements, based on the company's current expectations that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially include the following: downturns in the global economy; intense competition both domestically and internationally; narrow profit margins; dependence on information systems; potential adverse effects of acquisitions; exposure to natural disasters, war and terrorism; dependence on independent shipping companies; the impact of increases in freight and handling fees charged to customers; potential impact of labor strikes; risk of declines in inventory value; product supply and availability; changes in vendor terms and conditions; loss of significant customers; credit exposure due to the deterioration in the financial condition of our customers; the inability to obtain required capital; fluctuations in interest rates; foreign currency exchange risks and exposure to foreign markets; the impact of changes in income tax and other regulatory legislation; changes in accounting rules; and the volatility of common stock. Additional discussion of these and other factors affecting the company's business and prospects is contained in the company's periodic filings with the Securities and Exchange Commission, copies of which can be obtained at the company's Investor Relations website at www.techdata.com. All information in this release is as of November 23, 2009. The company undertakes no duty to update any forward-looking statements herein to actual results or changes in the company's expectations.

About Tech Data

Tech Data Corporation (NASDAQ GS:TECD) is one of the world’s largest distributors of technology products from leading IT hardware and software producers. Tech Data serves more than 125,000 IT solution providers in over 100 countries. Every day, these resellers depend on Tech Data to cost-effectively support the technology needs of end users, including small and medium businesses (SMB), large enterprises and government agencies. Ranked 102nd on the FORTUNE 500(R), Tech Data generated $24.1 billion in net sales for its fiscal year ended January 31, 2009. To learn more, visit www.techdata.com.

TECH DATA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)

(In thousands, except per share amounts)

Three months ended Nine months ended
October 31, October 31,
2009

2008(1)

(As Adjusted)

2009

2008(1)

(As Adjusted)

Net sales $ 5,642,046 $ 6,136,112 $ 15,816,736 $ 18,367,947
Cost of products sold 5,345,472 5,838,138 14,987,944 17,476,190
Gross profit 296,574 297,974 828,792 891,757
Selling, general and administrative expenses 230,542 238,881 659,147 748,146
Operating income 66,032 59,093 169,645 143,611
Net interest expense and other 5,813 9,159 18,985 24,362
Net foreign currency exchange loss 962 23,489 2,872 25,459
Income before income taxes 59,257 26,445 147,788 93,790
Provision for income taxes 16,148 9,880 38,076 35,823
Consolidated net income 43,109 16,565 109,712 57,967
Net loss attributable to noncontrolling interest 33 238 352 2,308
Net income attributable to shareholders of Tech Data Corporation $ 43,142 $ 16,803 $ 110,064 $ 60,275
Net income per common share attributable to shareholders of Tech Data Corporation:
Basic $ .85 $ .33 $ 2.19 $ 1.17
Diluted $ .84 $ .33 $ 2.17 $ 1.16
Weighed average common shares outstanding:
Basic 50,556 50,163 50,322 51,697
Diluted 51,158 50,368 50,622 51,962

(1) In May 2008, the Financial Accounting Standards Board issued a new standard which changes the accounting treatment for convertible debt instruments that require or permit partial cash settlement upon conversion. The provisions of this standard were effective for the company’s fiscal year beginning February 1, 2009 and require retrospective application to all periods presented. Further discussion is available in the company’s Form 10-Q for the six months ended July 31, 2009 filed with the Securities and Exchange Commission on September 1, 2009.

 

TECH DATA CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(In thousands)

October 31, January 31,
ASSETS 2009

(Unaudited)

2009

(As Adjusted)(1)

Current assets:
Cash and cash equivalents $ 1,235,946 $ 528,023
Accounts receivable, net 2,743,728 2,346,185
Inventories 1,697,006 1,728,916
Prepaid expenses and other assets 176,928 168,673
Total current assets 5,853,608 4,771,797
Property and equipment, net 93,203 102,937
Other assets, net 172,928 148,362
Total assets $ 6,119,739 $ 5,023,096

LIABILITIES AND EQUITY

Current liabilities:
Revolving credit loans $ 113,869 $ 57,906
Accounts payable 2,925,389 2,325,702
Accrued expenses and other liabilities 589,626 496,292
Total current liabilities 3,628,884 2,879,900
Long-term debt, net 336,169 331,233
Other long-term liabilities 70,569 69,950
Total liabilities 4,035,622 3,281,083
Equity attributable to shareholders of Tech Data Corporation 2,079,549 1,737,693
Noncontrolling interest 4,568 4,320
Total equity 2,084,117 1,742,013
Total liabilities and equity $ 6,119,739 $ 5,023,096

(1) In May 2008, the Financial Accounting Standards Board issued a new standard which changes the accounting treatment for convertible debt instruments that require or permit partial cash settlement upon conversion. The provisions of this standard were effective for the company’s fiscal year beginning February 1, 2009 and require retrospective application to all periods presented. Further discussion is available in the company’s Form 10-Q for the six months ended July 31, 2009 filed with the Securities and Exchange Commission on September 1, 2009.

 

TECH DATA CORPORATION AND SUBSIDIARIES

SUPPLEMENTARY INFORMATION (UNAUDITED)

(In thousands)

Three months ended

October 31, 2009

Three months ended

October 31, 2008

Operating Income by Segment

Operating

Income

Operating

Margin

Operating

Income

Operating

Margin

Americas $ 39,338 1.60 % $ 38,799 1.41 %
Europe 29,709 .93 % 23,375 .69 %
Stock-based compensation ( 3,015 ) (.05 )% (3,081 ) (.05 )%
Worldwide total $ 66,032 1.17 % $ 59,093 .96 %
Nine months ended

October 31, 2009

Nine months ended

October 31, 2008

Operating Income by Segment

Operating

Income

Operating

Margin

Operating

Income

Operating

Margin

Americas $ 98,654 1.40 % $ 118,998 1.44 %
Europe 79,637 .91 % 33,388 .33 %
Stock-based compensation ( 8,646 ) (.05 )% (8,775 ) (.05 )%
Worldwide total $ 169,645 1.07 % $ 143,611 .78 %

 

More Stories By Yeshim Deniz

News Desk compiles and publishes breaking news stories, press releases and latest news articles as they happen.