INDIANAPOLIS, Feb. 21, 2012 (GLOBE NEWSWIRE) -- Brightpoint, Inc. ("BrightPoint") (Nasdaq:CELL), a global leader in providing device lifecycle services to the wireless industry, today announced that its subsidiary, Brightpoint North America L.P. ("BrightPoint Americas"), was notified that one of its logistic services customers will begin transitioning to a different service provider in April, 2012. The transition is expected to continue through the end of 2012. BrightPoint Americas handled 6.8 million wireless devices in 2011 and 6.4 million in 2010 on behalf of this customer. BrightPoint expects this transition will result in a negative impact to adjusted diluted earnings per share of approximately $0.02 to $0.06 in 2012.
BrightPoint continues to expect a higher than normal seasonal decline in industry units in the first quarter of 2012, with units expected to be down 15% to 20% compared to the fourth quarter of 2011. Due to this customer transition, and a higher than normal seasonal decline in industry units in the first quarter of 2012, BrightPoint is updating its previously disclosed full year 2012 expectations. BrightPoint currently expects full year 2012 income from continuing operations (GAAP) per diluted share of $0.66 to $0.72 and adjusted income from continuing operations (non-GAAP) per diluted share of $1.07 to $1.13 which is a change from its previously disclosed range of $0.66 to $0.76 (GAAP) and $1.07 to $1.17 (non-GAAP).
Adjusted income from continuing operations (non-GAAP) per diluted share excludes $0.41 of stock based compensation, amortization of acquired intangible assets and restructuring charges (all net of any estimated income tax effect). Adjusted earnings per share (non-GAAP) assumes 72.4 million of diluted weighted average shares outstanding that includes 2.5 million shares of common stock related to stock based compensation presumed to be repurchased under the U.S. GAAP treasury stock method. Please see the supplemental information attached for the reconciliation of the range of estimated GAAP diluted earnings per share to estimated as-adjusted (non-GAAP) diluted earnings per share.
About Brightpoint, Inc.
Brightpoint, Inc. (Nasdaq:CELL) is a global leader in providing device lifecycle services to the wireless industry. In 2011, BrightPoint handled more than 112 million wireless devices globally. BrightPoint's innovative services include distribution channel management, procurement, inventory management, reverse logistics and repair services, software loading, kitting and customized packaging, fulfillment, product customization, eBusiness solutions, and other outsourced services that integrate seamlessly with its customers. BrightPoint's effective and efficient platform allows its customers to benefit from quickly deployed, flexible and cost effective solutions. BrightPoint has more than 4,000 employees, as well as a significant number of temporary staff, and a global footprint covering more than 35 countries, including 13 Latin American countries through its investment in Intcomex, Inc. In 2011, BrightPoint generated revenue of $5.2 billion. BrightPoint provides distribution and customized services to over 25,000 B2B customers worldwide. Additional information about BrightPoint can be found on its website at www.BrightPoint.com, or by calling its toll-free Information and Investor Relations line at 877-IIR-CELL (877-447-2355).
Certain information in this press release may contain forward-looking statements regarding future events or the future performance of BrightPoint. These statements are only predictions and actual events or results may differ materially. Please refer to the documents BrightPoint files, from time to time, with the Securities and Exchange Commission, including BrightPoint's most recent Form 10-K and Form 10-Q and Exhibit 99.1, thereto. These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in or implied by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date these statements were made. BrightPoint undertakes no obligation to update any forward-looking statements contained in this press release.
2012 Expectations
The reconciliation of the range of estimated GAAP diluted earnings per share to estimated as-adjusted (non-GAAP) diluted earnings per share is provided below:
| 2012 Expectations | ||
|
Income from continuing operations per diluted share |
Income from continuing operations per diluted share |
|
| GAAP income from continuing operations | $0.66 | $0.72 |
| Non-GAAP adjustments (net of tax): | ||
| Stock based compensation | 0.15 | 0.15 |
| Restructuring charges | 0.01 | 0.01 |
| Amortization | 0.25 | 0.25 |
|
As-adjusted (non-GAAP) income from continuing operations |
$1.07 | $1.13 |
|
As-adjusted (GAAP) weighted average common shares outstanding - diluted |
69,900 | 69,900 |
|
Shares presumed to be repurchased under the U.S. GAAP treasury stock method related to stock based compensation expense |
2,500 | 2,500 |
|
As-adjusted (non-GAAP) weighted average common shares outstanding - diluted |
72,400 | 72,400 |