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Brightpoint prices offering of 15 million shares

Scott Olson
July 16, 2009
Keywords
Brightpoint, Consumer Electronics, Manufacturing & Technology, Mobile phones, Smart Phones, Tech Companies, Technology, Wireless
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Wireless device distributor Brightpoint Inc. said today it has priced 15 million shares of a previously announced stock offering at $5 each.

The pricing follows the Indianapolis-based company’s announcement Monday that shareholder NC Telecom Holding A/S would sell 15 million common shares in a public offering.

NC Telecom is the entity that owned Denmark-based Dangaard Telecom before Brightpoint bought it in August 2007 for $385 million in stock and the assumption of $350 million in Dangaard debt.

But the deal has lost much of its luster, as Dangaard has not performed to expectations.

Deutsche Bank Securities Inc. is the sole underwriter for the offering and has a 30-day period in which to exercise an option to purchase an additional 1.5 million shares from NC Telecom.

In a separate Securities and Exchange filing, Brightpoint predicted Monday a second quarter profit in line with analysts’ estimates. Its revenue outlook fell below expectations, however.

For the quarter ended June 30, the company anticipates adjusted income from continuing operations of 7 cents to 13 cents per share.

Analysts on average expect the company to earn 7 cents a share on revenue of $780.5 million. Brightpoint predicts revenue will drop about 40 percent, to $722 million to $727 million.

Brightpoint expects to report complete quarterly financial results Aug. 6.

To celebrate the company’s 20th anniversary, Brightpoint CEO Robert Laikin rang the bell this morning to open trading on the NASDAQ stock exchange.

Company shares opened this morning at $5.49 cents, down from a 52-week high of $8.90 in August.
 

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