Brightpoint, Inc. reports record third quarter financial results.INDIANAPOLIS--(BUSINESS WIRE)--Oct. 29, 1996-- Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased 44% to $145,290,000 vs. $100,915,000 in prior year Net income increased 103% to $3,209,000 vs. $1,583,000 (pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma ) in prior year Net income per share increased 61% to $0.29 vs. $0.18 (pro forma) in prior year Brightpoint Brightpoint, Inc. (NASDAQ: CELL) is a leading global communications technology firm that specializes in the distribution of wireless devices and in providing customized logistics services to the wireless industry. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CELL) reported record financial results for the third quarter which ended September September: see month. 30, 1996. Net sales for the September 1996 quarter increased 44 percent to reach $145,290,000, as compared to $100,915,000 for the quarter which ended September 30, 1995. Net income of $3,209,000, or $0.29 per share, for the third quarter of 1996 increased 103 percent from $1,583,000 (as adjusted for pro forma income taxes), or $0.18 per share, for the year-ago quarter. Consistent with pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. accounting treatment, all financial information for 1995 and 1996 reflects the combined financial results of Brightpoint, Inc., and Allied Communications, Inc. Net sales were $378,146,000 for the nine months of 1996, as compared to net sales of $290,017,000 for the 1995 period. Generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting require that certain charges related to a transaction accounted for as a pooling of interests be expensed in the period in which the transaction is consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. . These charges were incurred in the quarter ended June June: see month. 30, 1996. Without the effect of this one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge, pro forma net income for the nine months which ended September 30, 1996, was $8,093,000, an increase of 64 percent over the pro-forma net income of $4,938,000 for the same period of the prior year. Pro forma net income per share without the effect of this one-time charge increased 29 percent to $0.72 per share for the nine months ended September 30, 1996 from $0.56 per share for the same period of the prior year. "These results reflect the strong performance we hoped to achieve as we entered into the Allied Communications merger and as we began to extend the efforts of Brightpoint International Ltd.," stated Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. J. Laikin, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We are working to maintain our Company's leadership position as the most efficient channel of distribution for wireless communication equipment. We will continue our quest to grow in the international markets, and to lead the market in outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. our customers' inventory management needs." Brightpoint, Inc. distributes wireless communication equipment and related products globally and provides related services including inventory management, fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. , packaging and programming. The Company's primary mission is to always be the most efficient channel of distribution for vendors and the low cost/high service provider to customers, thereby striving to be the best total cost provider in terms of price, time and reliability. -0-
BRIGHTPOINT, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share data)
(Unaudited)
Three Months Nine Months
Ended Ended
September 30 September 30
1995 1996 1995 1996
________ ________ ________ ________
Net sales $100,915 $145,290 $290,017 $378,146
Cost of sales 94,093 133,036 270,954 349,482
________ ________ ________ ________
Gross profit 6,822 12,254 19,063 28,664
Selling, general and
administrative expenses 3,712 5,105 9,666 12,872
________ ________ ________ ________
Income from operations 3,110 7,149 9,397 15,792
Merger expenses - - - 2,750
Interest expense 508 549 1,286 1,172
________ ________ ________ ________
Income before income
taxes and minority
interest 2,602 6,600 8,111 11,870
Income taxes 894 2,349 2,469 4,320
________ ________ ________ ________
Income before minority
interest 1,708 4,251 5,642 7,550
Minority interest - 1,042 - 1,042
________ ________ ________ ________
Net income $ 1,708 $3,209 $ 5,642 $6,508
________ ________ ________ ________
________ ________ ________ ________
Pro forma financial
information:
Historical income
before taxes $2,602 $6,600 $8,111 $11,870
Pro forma income taxes 1,019 2,349 3,173 4,796
Minority interest - 1,042 - 1,042
________ ________ ________ ________
Pro forma net income $1,583 $3,209 $4,938 $6,032
________ ________ ________ ________
________ ________ ________ ________
Pro forma net income
per share $ 0.18 $ 0.29 $ 0.56 $ 0.54
________ ________ ________ ________
________ ________ ________ ________
Weighted average common
shares outstanding 8,961 11,221 8,859 11,169
________ ________ ________ ________
________ ________ ________ ________
Pro forma financial
information excluding
the effect of the one-
time merger expenses:
Pro forma net income $1,583 $3,209 $4,938 $8,093
________ ________ ________ ________
________ ________ ________ ________
Pro forma net income
per share $ 0.18 $ 0.29 $ 0.56 $ 0.72
________ ________ ________ ________
________ ________ ________ ________
BRIGHTPOINT, INC.
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
December 31, September 30,
1995 1996
____________ _____________
ASSETS
Current assets:
Cash and cash equivalents $ 726 $ 4,592
Accounts receivable (less
allowance for doubtful
accounts of $691 in 1995
and $1,047 in 1996) 55,153 78,142
Accounts receivable, related
parties 2,135 2,010
Inventories 56,313 56,110
Other current assets 2,220 1,975
____________ _____________
Total current assets 116,547 142,829
Property and equipment, net 2,934 9,802
Other assets 306 3,613
____________ _____________
Total assets $ 119,787 $ 156,244
____________ _____________
____________ _____________
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable and accrued
expenses $ 48,665 $ 51,359
Notes payable 5,663 -
____________ _____________
Total current liabilities 54,328 51,359
Deferred taxes 48 82
Note payable - 27,208
Stockholder loans 554 -
Minority interest - 1,047
Stockholders' equity:
Preferred stock, $.01 par value:
1,000,000 shares authorized;
no shares issued or outstanding - -
Common stock, $.01 par value:
10,000,000 and 25,000,000 shares
authorized and 8,585,000 and
11,039,444 issued and outstanding
in 1995 and 1996, respectively 106 110
Additional paid-in capital 50,823 63,404
Retained earnings 13,928 13,032
Foreign currency
translation adjustment - 2
____________ _____________
Total stockholders' equity 64,857 76,548
____________ _____________
Total liabilities and
stockholders' equity $ 119,787 $ 156,244
____________ _____________
____________ _____________
CONTACT: Brightpoint, Inc., Indianapolis Indianapolis (ĭn'dēənă`pəlĭs), city (1990 pop. 731,327), state capital and seat of Marion co., central Ind., on the White River; selected 1820 as the site of the state capital (which was moved there in 1825), inc. 1847. J. Mark Howell How´ell n. 1. The upper stage of a porcelian furnace. , President & Chief Operating Officer, 317/297-6100 |
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