Brightpoint profit slips, but beats expectations

August 6, 2009
Wireless device distributor Brightpoint Inc. said yesterday that profit and revenue fell in the second quarter because it sold fewer of the devices, and at lower prices.

Adjusted income from continuing operations was $9.1 million, or 11 cents per share, compared with $11.6 million, or 14 cents per share, in the same period in 2008.

Still, Brightpoint's income beat analysts' expectations of 9 cents per share.

Excluding pre-tax charges, the Plainfield company earned $2.8 million, or 3 cents per share, compared with $4.6 million, or 5 cents per share the same period a year ago.

Revenue fell 40 percent to $723 million. Still, revenue was up 2 percent from the first quarter of this year due to an increase in distribution revenue from Singapore and Europe.

The company said it has cut 200 employees this year to reduce expenses, and plans to eliminate 20 more by the end of the year.

Brightpoint shares rose 48 cents today to $6.36.

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