BRIGHTPOINT INC

CIK:0000918946|SEC Filings

Consolidated Statements of Income (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Revenue
Distribution revenue	$ 1,140,595	$ 1,091,985	$ 2,374,939	$ 2,076,638
Logistic services revenue	125,724	142,929	261,467	273,156
Total revenue	1,266,319	1,234,914	2,636,406	2,349,794
Cost of revenue
Cost of distribution revenue	1,106,505	1,050,405	2,301,088	2,001,034
Cost of logistic services revenue	81,025	91,382	170,856	169,104
Total cost of revenue	1,187,530	1,141,787	2,471,944	2,170,138
Gross profit
Distribution gross profit	34,090	41,580	73,851	75,604
Logistic services gross profit	44,699	51,547	90,611	104,052
Total gross profit	78,789	93,127	164,462	179,656
Selling, general and administrative expenses	62,578	68,976	129,524	134,623
Merger and acquisition expenses	6,750	486	6,750	486
Amortization expense	6,463	6,040	13,434	11,832
Restructuring charge	2,196	3,784	4,615	4,169
Operating income from continuing operations	802	13,841	10,139	28,546
Interest, net	3,894	4,360	7,785	7,325
Gain on investment in Intcomex, Inc.	0	(3,038)	0	(3,038)
Other (income) expense	(1,129)	220	(1,354)	1,394
Income (loss) from continuing operations before income taxes	(1,963)	12,299	3,708	22,865
Income tax expense	2,721	533	5,329	3,092
Income (loss) from continuing operations	(4,684)	11,766	(1,621)	19,773
Discontinued operations, net of income taxes:
Gain (loss) from discontinued operations	(94)	(860)	(362)	970
Gain (loss) on disposal of discontinued operations	272	(232)	(8)	(773)
Total discontinued operations, net of income taxes	178	(1,092)	(370)	197
Net income (loss)	(4,506)	10,674	(1,991)	19,970
Net loss attributable to noncontrolling interest	442	0	567	0
Net income (loss) attributable to Brightpoint, Inc. shareholders	$ (4,064)	$ 10,674	$ (1,424)	$ 19,970
Earnings per share attributable to Brightpoint, Inc. shareholders - basic:
Income (loss) from continuing operations - basic	$ (0.06)	$ 0.18	$ (0.02)	$ 0.30
Discontinued operations, net of income taxes - basic	$ 0.00	$ (0.02)	$ 0.00	$ 0.00
Net income (loss) - basic	$ (0.06)	$ 0.16	$ (0.02)	$ 0.30
Earnings per share attributable to Brightpoint, Inc. shareholders - diluted:
Income (loss) from continuing operations - diluted	$ (0.06)	$ 0.18	$ (0.02)	$ 0.29
Discontinued operations, net of income taxes - diluted	$ 0.00	$ (0.02)	$ 0.00	$ 0.00
Net income (loss) - diluted	$ (0.06)	$ 0.16	$ (0.02)	$ 0.29
Weighted average common shares outstanding:
Weighted average shares outstanding for basic earnings per share	68,769	67,833	68,552	67,644
Weighted average shares outstanding for diluted earnings per share	68,769	68,682	68,552	68,952

Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Operating activities
Net income (loss)	$ (1,991)	$ 19,970
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	25,953	22,789
Non-cash compensation	5,576	6,416
Restructuring charges	4,615	4,169
Change in deferred taxes	4,537	3,410
Gain on investment in Intcomex, Inc.	0	(3,038)
Other non-cash	(451)	616
Changes in operating assets and liabilities, net of effects from acquisitions and divestitures:
Accounts receivable	83,342	47,874
Inventories	72,960	(25,414)
Other operating assets	(8,648)	15,411
Accounts payable and accrued expenses	(117,096)	(111,249)
Net cash provided by (used in) operating activities	68,797	(19,046)
Investing activities
Capital expenditures	(9,132)	(37,725)
Acquisitions, net of cash acquired	(9,426)	(16,420)
Decrease (increase) in other assets	1,773	(518)
Net cash used in investing activities	(16,785)	(54,663)
Financing activities
Net proceeds from (repayments on) lines of credit	(55,971)	55,019
Repayments on short-term financing	(69)	(407)
Deferred financing costs paid	0	(297)
Purchase of treasury stock	(3,821)	(3,778)
Excess (deficient) tax benefit from equity based compensation	(1,389)	1,992
Proceeds from common stock issuances under employee stock option plans	0	394
Net cash provided by (used in) financing activities	(61,250)	52,923
Effect of exchange rate changes on cash and cash equivalents	(1,557)	2,944
Net decrease in cash and cash equivalents	(10,795)	(17,842)
Cash and cash equivalents at beginning of period	40,842	41,658
Cash and cash equivalents at end of period	$ 30,047	$ 23,816

Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Current Assets:
Cash and cash equivalents	$ 30,047	$ 40,842
Accounts receivable (less allowance for doubtful accounts of $9,204 in 2012 and $8,236 in 2011)	480,349	568,947
Inventories, net	395,163	468,937
Other current assets	66,146	66,039
Total current assets	971,705	1,144,765
Property and equipment, net	141,664	145,948
Other intangibles, net	105,010	98,693
Other assets	40,537	37,927
Goodwill	86,470	79,578
Total assets	1,345,386	1,506,911
Current liabilities:
Accounts payable	679,183	766,825
Accrued expenses	142,890	171,108
Lines of credit and other short-term borrowings	9,100	6,465
Total current liabilities	831,173	944,398
Long-term liabilities:
Lines of credit, long-term	185,874	246,542
Other long-term liabilities	31,348	24,806
Total long-term liabilities	217,222	271,348
Total liabilities	1,048,395	1,215,746
Commitments and contingencies
Shareholders' equity:
Preferred stock, $0.01 par value: 1,000 shares authorized; no shares issued or outstanding	0	0
Common stock, $0.01 par value: 100,000 shares authorized, 92,787 issued in 2012 and 91,470 issued in 2011	928	915
Additional paid-in-capital	660,793	656,533
Treasury stock, at cost, 23,610 shares in 2012 and 23,226 shares in 2011	(171,884)	(168,064)
Accumulated other comprehensive income	7,695	8,923
Accumulated deficit	(208,566)	(207,142)
Total Brightpoint, Inc. shareholders' equity	288,966	291,165
Non-controlling interest	8,025	0
Total shareholders' equity	296,991	291,165
Total liabilities and shareholders' equity	$ 1,345,386	$ 1,506,911