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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowBrightpoint Inc. said this morning shareholder NC Telecom Holding A/S would sell 15 million common shares in a public offering.
An offering price was not disclosed.
N/C 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 since has lost much of its luster, as Dangaard has not performed up to expectations.
Brightpoint
CEO Bob Laikin said in an e-mail this morning that he could not comment on NC Telecom’s motivation to sell.
In a separate Securities and Exchange filing, the Indianapolis-based wireless phone distributor forecast second quarter
profit in line with analysts’ estimates. Its revenue outlook fell below expectations, however.
Brightpoint expects to report quarterly financial results Aug. 6.
For the quarter ended June 30, the company
anticipates adjusted income from continuing operations of 7 cents to 13 cents per share. On a GAAP basis, the company expects
income to be between even and 6 cents per share, compared with a loss of 3 cents a year ago.
Analysts on average
are expecting the company to earn 7 cents a share, on revenue of $780.5 million. Brightpoint estimates revenue will drop about
40 percent to between $722 million and $727 million.
Revenue in the second quarter of 2008 soared to $1.2 billion
following Brightpoint’s acquisition of Dangaard.
Shares of Brightpoint were trading at $5.30 mid-morning,
down nearly 10 percent from their opening price of $5.84.
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