BrightPoint Records 2Q Loss After Ingram Acquisition Announced
BrightPoint, an Indianapolis-based mobile products and services distributor, reported a $4.1 million loss, 6 cents per share, on sales of $1.27 billion for its second quarter ended June 30. On June 29, BrightPoint announced it was being sold to Ingram Micro for about $820 million.
Revenue in the quarter was affected by a decrease in the average selling price of smartphones sold in Southeast Asia and a decline in wireless devices sold in North America due to increased competition, according to BrightPoint.
Meanwhile, Ingram announced it planned to raise another $300 million in 5-percent, unsecured notes, for which a portion of the proceeds might be used to fund the BrightPoint acquisition.