Brightpoint, Inc. reports third quarter and nine months financial results; earnings per share for third quarter increased 67% to $0.20 vs. $0.12 in prior year; net sales for third quarter increased 46% to $65,596,000 vs. $44,866,000 in prior year; net income for third quarter increased 82% to $1,389,000 vs. $762,000 in prior year.(formerly Wholesale Cellular USA, 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) today announced its sales and earnings figures for the quarter and nine months ended September September: see month. 30, 1995. 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 for the third quarter of 1995 were $65,596,000, up 46% from $44,866,000 in the same period a year ago. Net income increased 82% to $1,389,000 for the 1995 third quarter compared to $762,000 for the 1994 third quarter. On a fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. per-share basis, net income in the third quarter of 1995 increased 67% to $0.20 as compared to $0.12 in the same prior year quarter. For the nine months ended September 30, 1995, net sales increased 78% to $190,111,000 from the $106,712,000 in the same period last year. Net income for the first nine months of 1995 was $3,842,000, up 87% from the prior year's $2,059,000. On a fully diluted per share basis, net income for the nine months ended September 30, 1995 increased 60% to $0.56 compared to $0.35 in the same prior year period. 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. is a leading worldwide distributor of cellular telephones and accessories. The Company offers products from prominent manufacturers and provides a wide range of specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. services to cellular carriers, agents, resellers, dealers and retailers throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and in foreign markets. -0-
BRIGHTPOINT, INC.
BALANCE SHEETS
September 30, December 31,
1995 1994
___________ ___________
ASSETS
Current assets:
Cash and cash equivalents $ 4,014,000 $52,000
Accounts receivable, net 37,064,000 19,276,000
Account receivable, related party 1,242,000 ---
Inventories 27,899,000 14,944,000
Other current assets 1,064,000 510,000
___________ ___________
Total current assets 71,283,000 34,782,000
Property and equipment, net 1,510,000 311,000
Other assets 587,000 ---
___________ ___________
Total assets $73,380,000 $35,093,000
___________ ___________
___________ ___________
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued
expenses $32,511,000 $19,576,000
Note payable 18,134,000 ---
___________ ___________
Total current liabilities 50,645,000 19,576,000
Stockholders' equity:
Common stock 66,000 62,000
Additional paid-in capital 16,425,000 13,053,000
Retained earnings 6,244,000 2,402,000
___________ ___________
Total stockholders' equity 22,735,000 15,517,000
___________ ___________
Total liabilities and stockholders'
equity $73,380,000 $35,093,000
___________ ___________
___________ ___________
BRIGHTPOINT, INC.
STATEMENTS OF INCOME
Three Months Ended Nine Months Ended
September 30, September 30,
1995 1994 1995 1994
___________ ___________ ___________ ___________
Net sales $65,596,000 $44,866,000 $190,111,000 $106,712,000
Cost of sales 61,423,000 42,816,000 178,716,000 101,686,000
___________ ___________ ___________ ___________
Gross profit 4,173,000 2,050,000 11,395,000 5,026,000
Selling, general and
administrative
expenses 1,479,000 864,000 4,252,000 2,179,000
___________ ___________ ___________ ___________
Income from operations 2,694,000 1,186,000 7,143,000 2,847,000
Interest income
(expense), net (411,000) 45,000 (832,000) 66,000
___________ ___________ ___________ ___________
Income before
income taxes 2,283,000 1,231,000 6,311,000 2,913,000
Income taxes 894,000 469,000 2,469,000 854,000
___________ ___________ ___________ ___________
Net income $1,389,000 $762,000 $3,842,000 $2,059,000
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
Net income per Historical Historical Pro forma share: ________________________ ___________ ___________
Net income
per share $0.20 $0.12 $0.56 $0.35
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
Weighted
average
common
shares
outstanding 6,934,000 6,125,000 6,834,000 5,016,000
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
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. , 317/297-6100 |
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