CLEARWATER, Fla., Sept. 12, 2013 (GLOBE NEWSWIRE) -- Tech Data Corporation (Nasdaq:TECD) (the "Company") today announced that it received, as expected, a notice (the "10-Q Notice of Deficiency") from the NASDAQ Listing Qualifications Department ("NASDAQ") stating that the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1) (the "Rule") because the Company has not timely filed its Form 10-Q for the quarterly period ended July 31, 2013 (the "Second Quarter 10-Q").
The Company previously announced its receipt of NASDAQ Notices of Deficiency relating to the delayed filing of its Form 10-Q for the quarterly period ended April 30, 2013 (the "First Quarter 10-Q"), and its Annual Report on Form 10-K for the fiscal year ended January 31, 2013 (the "Fiscal 2013 Form 10-K"). The First Quarter 10-Q, the Second Quarter 10-Q, and the Fiscal 2013 Form 10-K filings are delayed pending completion of the Company's restatement of prior financial statements announced on March 21, 2013.
The 10-Q Notice of Deficiency requires the Company to file an update to its plan of compliance with respect to the Second Quarter 10-Q no later than September 26, 2013. The Company intends to file its update as soon as possible.
Forward Looking Statements
The report includes "forward-looking statements" within the meaning of the federal securities laws and regulations, including those regarding the Company's intent to restate its prior financial statements, the scope of the restatement and the expected timing of filing the restated financial reports. There can be no assurance that the Company's management, Audit Committee or independent registered public accounting firm will not reach conclusions that are different from management's preliminary identification of issues. These statements are subject to risks and uncertainties, including the risk that additional information relating to the scope of the improprieties may arise from the ongoing review of this matter, the risk that the process of preparing the financial statements or other subsequent events would require the Company to make additional adjustments, the time and effort required to complete the restatement and the ramifications of the Company's potential inability to timely file required reports. Forward-looking statements reflect management's analysis as of the filing date of this press release, and the Company does not undertake to revise these statements to reflect subsequent developments.
About Tech Data
Tech Data Corporation is one of the world's largest wholesale distributors of technology products, services and solutions. Its advanced logistics capabilities and value added services enable 120,000 resellers in more than 100 countries to efficiently and cost effectively support the diverse technology needs of end users. To learn more, visit www.techdata.com.
CONTACT: Jeffery P. Howells Executive Vice President and Chief Financial Officer 727-538-7825 (email@example.com) Arleen Quinones Vice President, Investor Relations and Shareholder Services 727-532-8866 (firstname.lastname@example.org)
Source:Tech Data Corporation