Brightpoint 2Q Rev $379M
Monday, July 28, 2003 09:11 PM ET Printer-friendly version
INDIANAPOLIS (Dow Jones)--Brightpoint Inc. (CELL, news) swung to a net profit from a year-ago loss, on a 25% increase in revenue.
In a press release Monday, the company said higher revenue was due to strong demand in the Asia-Pacific region, as well as to currency translations.
Second-quarter net income was $4.3 million, or 52 cents a share, on revenue of $379 million.
The year-ago net loss was $5.22 million, or 65 cents a share, on revenue of $ 302.52 million and 3.3% fewer average shares outstanding.
Brightpoint rose nearly 27% in after-hours trading recently, to $25.35 a share, from a closing price Monday of $20.01. The recent price surpassed a 52- week high on July 22, of $20.50 a share.
Brightpoint Inc. (CELL, news) second-quarter net profits included income from continuing operations of $3.8 million, or 45 cents a share, as well as $563,000, or 7 cents a share from discontinued operations.
Year-ago income from continued operations was $2.4 million, or 3 cents a share.
Second-quarter revenue rose 25% to $379 million, from $302 million in the second quarter of 2002. The company attributed the increase to market demand in the Asia-Pacific region, as well as currency translations, which accounted for 8 percentage points of the increase in revenue.
Revenue fell in the Americas due to a shift to fee-based service revenue, from product revenue as well as a 3% decline in the average selling prices and lower volume.
Second-quarter results included a pretax gain of $7.5 million on debt extinguishment and charges of $181,000 for facility consolidation and $275,000 for a legal settlement.
Brightpoint Inc. (CELL, news) - Indianapolis
2nd Quar June 30:
2003 2002
Revenue $379,406,000 $302,521,000
Inc cont op a 3,754,000 b 2,435,000
Inc dis op 563,000 (7,659,000)
Net income 4,317,000 (5,224,000
Avg shrs (diluted) 8,254,000 7,990,000
Shr earns
Inc cont op a .45 b .30
Inc dis op .07 (.95)
Net income .52 (.65)
Figures in parentheses are losses.
a. Includes pretax charge of $181,000. Excluding this, income was $3.9 million, or 47 cents a share.
b. Includes $7.5 million gain on early debt extinguishment. Excluding these, the loss was $5.1 million, or 64 cents a share.
-John Seward; Dow Jones Newswires; 201-938-5400
Dow Jones Newswires
07-28-03 2111ET
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