Tech Data Corporation Receives NASDAQ Notice Relating to Late Quarterly Report
CLEARWATER, Fla., Dec. 17, 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 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 October 31, 2013 (the
"Third Quarter 10-Q").
The Third Quarter 10-Q, as well as the Company's Annual Report on Form 10-K
for the fiscal year ended January 31, 2013, and Quarterly Reports on Form 10-Q
for the quarters ended April 30, 2013 and July 31, 2013 are delayed pending
completion of the Company's restatement of prior financial statements
announced on March 21, 2013.
As previously announced, the NASDAQ Listing Qualifications Panel granted the
Company's request for continued listing on The NASDAQ Stock Market ("NASDAQ")
through March 27, 2014, by which date the Company must evidence compliance
with all applicable requirements for continued listing on NASDAQ, including
the filing of all outstanding annual and periodic reports with the Securities
and Exchange Commission.
The Company is working towards becoming current with all requirements for
continued listing on NASDAQ prior to March 27, 2014.
The report includes "forward-looking statements" within the meaning of the
federal securities laws and regulations, including those regarding the
Company's expectation of regaining compliance with all SEC filing requirements
and NASDAQ listing requirements on or prior to March 27, 2014. These
statements are subject to risks and uncertainties, including the risk that
additional information relating to the scope of the improprieties may arise
during our ongoing review in connection with the pending restatement, 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 of certain financial statements
and the ramifications of the Company's potential inability to timely file
required periodic reports. A number of important factors could cause actual
events and results to differ materially from those contained in or implied by
the forward-looking statements. Forward-looking statements reflect
management's analysis as of the filing date of this press release, and the
Company does not undertake to update or revise these statements to reflect
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
Vice President, Investor Relations and Shareholder Services
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