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Brightstar Posts Record Profits, Sales In 2011

4/26/2012 01:27:12 PM Eastern
Miami - Brightstar, the specialized wireless distributor, reported record revenue and net earnings for its 2011 full-year results.

Revenue increased 24 percent from $4.6 billion in 2010, to $5.7 billion for the year ending Dec. 31, 2011.

Net income attributable to Brightstar during 2011 was $72.6 million, more than double the net income of 2010 of $34.2 million.

Adjusted gross margin (non-GAAP) improved 38 basis points, from 8.07 percent in 2010, to 8.45 percent in 2011. Adjusted EBITDA (non-GAAP) grew 46 percent, from $133.8 million in 2010, to $195.7 million in 2011.

Among the achievements last year and the first quarter of this year include a number of contracts with some of the world's largest retailers to provide retail management outsourcing, virtual inventory and online dot-com services, the company said.

There are multiple contracts with leading OEMs, network operators and wireless retailers to collect, refurbish and resell wireless handsets where possible, or recycle in an environmentally friendly manner those handsets that are not resalable.

With the 2011 acquisition and successful integration of eSecuritel, a provider of cellphone and wireless device protection and replacement programs, the company expects to grow its subscriber base three-fold in 2012. A new eSecuritel contract with Cellular Sales, a Verizon Wireless premium retailer, offers its device protection program across 470 locations and a new contract with Cricket Communications that will offer for sale eSecuritel's device-protection program to its subscribers across 35 states.
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