Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowBrightpoint Inc. announced this morning that shareholder NC Telecom Holding A/S would sell 15 million common shares in a public offering.
An offering price was not disclosed.
NC Telecom is the entity that owned Denmark-based Dangaard Telecom before Brightpoint bought it in August 2007 for $385 million in stock and the assumption of $350 million in Dangaard debt.
But the deal since has lost much of its luster, as Dangaard has not performed to expectations.
Brightpoint CEO Bob Laikin said in an e-mail this morning that he could not comment on NC Telecom’s motivation to sell.
Brightpoint shares traded at $5.30 late this morning, down nearly 10 percent from their opening price of $5.84.
In a separate Securities and Exchange filing, the Indianapolis-based wireless telephone distributor predicted a second quarter profit in line with analysts’ estimates. Its revenue outlook fell below expectations, however.
For the quarter ended June 30, the company anticipates adjusted income from continuing operations of 7 cents to 13 cents per share.
Analysts on average anticipate the company’s earning 7 cents a share on revenue of $780.5 million. Brightpoint estimates revenue will drop about 40 percent, to $722 million to $727 million.
Revenue in the second quarter of 2008 soared to $1.2 billion following the Dangaard acquisition.
Brightpoint expects to report complete quarterly financial results Aug. 6.
Please enable JavaScript to view this content.