Tech Data (TECD) -1.5% AH after disclosing it won't file its FQ1 10-Q on time thanks to its ongoing accounting review. Shares dove in March after the IT hardware distributor said it will have to restate results from FY11 onwards due to "improprieties" in its U.K. unit's accounting.
Tech Data (TECD) is restating some or all of its results from FY11 onwards to "correct improprieties" in its U.K. subsidiary's vendor accounting. Tech Data estimates the restatement will lower net income by $25M-$33M over the period in question, and will likely seek a 15-day extension for the filing of its FY13 (ended Jan. '13) 10-K. Shares are halted. (PR)
Giant IT hardware distributor CDW has hired JPMorgan, Barclays, and Goldman to handle a 2013 IPO that could raise ~$750M, Reuters reports. CDW was taken private in '07 by P-E firms Madison Dearborn and Providence Equity for $7.3B, and had 2012 sales of $10.1B. The company's rivals include Arrow (ARW), Avnet (AVT), Ingram Micro (IM), and Tech Data (TECD).
Goldman says current Q1 Street estimates for Tech Data (TECD -1.6%) are too agressive given European weakness, and the firm sees risk to 2H revenues. It maintains its EPS estimate of $1.12 on $6.21B in revenue, which is 15% below consensus estimates of $1.17 per share on $6.19B in revenue.
Tech Data (TECD -5.36%) trades lower after its Q4 missed revenue estimates earlier today. Earnings fell 30% as the computer equipment and software distributor's decision to exit its operations in Brazil and Colombia weighed on bottom-line results.