Brightpoint profit falls, but meets expectations

November 5, 2008
Wireless phone distributor Brightpoint Inc. eked out third-quarter earnings of $5.5 million - in line with analysts' expectations but off 58 percent from a year earlier.

On a per-share basis, profit was 6 cents a share - matching the average estimate of five analysts who track the company.

Revenue in the quarter totaled $1.2 billion, up 4 percent from the same period a year earlier.

Brightpoint said it is continuing to integrate and restructure its European operations, which the company acquired in July 2007 as part of its $385 million purchase of Denmark-based Dangaard Telecom A/S.

"Despite the challenging macroeconomic factors affecting all industries, our ... low-cost business model, global market position and strong balance sheet are resulting in many new opportunities with the leading companies in the wireless space," CEO Bob Laikin said in a written statement.

The company announced the results late yesterday. Late this morning, Brightpoint shares were trading at $5.97, up 36 cents, or 6.4 percent.

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