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BrightPoint Update Guidance, Narrows 2012 EPS $1.07-1.11 from $1.07-1.17 Prior vs $1.11 Est

Courtesy of Benzinga.

Brightpoint (Nasdaq: CELL) today announced that its subsidiary, Brightpoint North America L.P. (“BrightPoint Americas”), was notified that one of its logistic services customers will begin transitioning to a different service provider in April, 2012. The transition is expected to continue through the end of 2012. BrightPoint Americas handled 6.8 million wireless devices in 2011 and 6.4 million in 2010 on behalf of this customer. BrightPoint expects this transition will result in a negative impact to adjusted diluted earnings per share of approximately $0.02 to $0.06 in 2012.

BrightPoint continues to expect a higher than normal seasonal decline in industry units in the first quarter of 2012, with units expected to be down 15% to 20% compared to the fourth quarter of 2011. Due to this customer transition, and a higher than normal seasonal decline in industry units in the first quarter of 2012, BrightPoint is updating its previously disclosed full year 2012 expectations. BrightPoint currently expects full year 2012 income from continuing operations (GAAP) per diluted share of $0.66 to $0.72 and adjusted income from continuing operations (non-GAAP) per diluted share of $1.07 to $1.13 which is a change from its previously disclosed range of $0.66 to $0.76 (GAAP) and $1.07 to $1.17 (non-GAAP).

Adjusted income from continuing operations (non-GAAP) per diluted share excludes $0.41 of stock based compensation, amortization of acquired intangible assets and restructuring charges (all net of any estimated income tax effect). Adjusted earnings per share (non-GAAP) assumes 72.4 million of diluted weighted average shares outstanding that includes 2.5 million shares of common stock related to stock based compensation presumed to be repurchased under the U.S. GAAP treasury stock method. Please see the supplemental information attached for the reconciliation of the range of estimated GAAP diluted earnings per share to estimated as-adjusted (non-GAAP) diluted earnings per share.


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