`

Brightpoint profit slips, but shares rise

August 6, 2008
The acquisition of Europe's largest distributor of mobile phones dialed up expenses and lowered second-quarter net profit for Brightpoint Inc.

The Plainfield-based wireless phone distributor, which recently acquired Dangaard Telecom, lost $2.3 million, or 3 cents a share, in the period ending June 30 compared to a profit of $17.7 million, or 35 cents a share, in the second quarter of 2007.

Expenses of $71.4 million were up 118 percent over the same quarter in 2007.

"Our financial results for the second quarter were below our expectations, and we remain committed to executing our operating plan and enhancing long term shareholder value," CEO Robert Laikin said in a statement.

Revenue soared following the Dangaard deal: $1.2 billion vs. $851 million in second quarter 2007.

Brightpoint shares rose 50 cents this morning, to $7.23.

The company announced last week that it will move its headquarters from Plainfield to northwest Indianapolis.

Source: XMLFULL/XMLFull18329.xml
ADVERTISEMENT

Recent Articles by Chris O'Malley

Comments powered by Disqus