Wireless devices and accessories distributor Brightpoint, Inc. (CELL) reported Wednesday a profit for the fourth quarter compared to a loss last year as the year-ago quarter included a significant goodwill impairment charge. Excluding the charge, adjusted income per share from continuing operations surged and topped analysts' expectations.
In a statement, chairman and chief executive officer, Robert Laikin said, "I am proud of the Brightpoint team's performance in many areas despite a challenging global economic climate. I am especially proud of the fact that we were able to grow unit volumes while the overall industry sell-in substantially declined during 2009."
The Indianapolis, Indiana-based company reported net income of $18.29 million or $0.23 per share for the fourth quarter, compared to a net loss of $346.04 million or $4.38 per share in the prior-year quarter. Income from continuing operations was $19.32 million or $0.24 per share, compared to loss of $343.36 million or $4.35 per share in the comparable quarter a year ago.
The results for the year-ago quarter included a goodwill impairment charge of $325.35 million. Excluding the charge, adjusted income from continuing operations for the quarter increased to $18.14 million or $0.22 per share from $8.38 million or $0.10 per share in the year-ago quarter.
On average, 11 analysts polled by Thomson Reuters expected the company to earn $0.16 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter decreased 6% to $905.610 million from $961.347 million in the same quarter last year. The Street expected revenues of $927.12 million for the quarter.
Distribution revenues for the fourth quarter decreased to $822.06 million from $855.57 billion, while logistic services revenues totaled $83.55 million, down from $105.78 million in the prior-year quarter. The company's operating income from continuing operations was $18.19 million, compared to a loss of $318.35 million in the prior-year quarter, while gross profit increased to $81.12 million or 9.0% of revenues, up from $75.80 million or $7.9% of revenues, in the year-ago quarter, primarily due to a favorable mix of wireless devices sold in our Asia-Pacific region.
Interest expense decreased to $1.95 million from $3.85 million in the same quarter last year. The company's year-ago quarter included a goodwill impairment charge of $325.35 million.
The company ended the fourth quarter with cash and cash equivalents of $81.05 million, compared to $57.23 million at end of the prior-year quarter.
For fiscal 2009, the company reported net income of $26.56 million or $0.33 per share, compared to a net loss of $342.11 million or $4.37 per share last year.
Income from continuing operations was $35.06 million or $0.43 per share, compared to loss of $326.39 million or $4.17 per share in the year ago. Adjusted income from continuing operations for the year edged down to $43.50 million or $0.52 per share from $43.63 million or $0.53 per share in the previous year. Analysts expected the company to report earnings of $0.45 per share for fiscal 2009.
Total revenues for the full year dropped to $3.19 billion from $4.43 billion reported in fiscal 2008. The Street was looking for full-year 2009 revenues of $3.23 billion.
I believe Brightpoint remains well positioned to take advantage of wireless industry trends and we currently anticipate our unit growth rate to exceed the top end of analyst expectations for the wireless industry for 2010," Laikin added.
CELL closed Wednesday's regular trading session at $6.11, down $0.01 or 0.16% on a volume of 1.12 million shares, higher than the three-month average volume of 0.98 million shares. However, the stock gained $0.29 or 4.75% in the after-hours trade.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.