Indianapolis - Brightpoint, a supply chain solutions provider to the wireless industry, reported higher net income and revenue in the first quarter ended March 31.
Net income attributable to common shareholders was $9.29 million in the quarter up from the prior year's $1.45 million.
Revenue was $1.1 billion for the first quarter, an increase of 40 percent compared to the first quarter of 2010.
The increase was primarily driven by growth in our distribution business due to the increased demand for smartphones and general increased availability of product compared to what was experienced in the prior year.
Wireless devices handled were 27.2 million for the first quarter of 2011. This represents an increase of 21 percent compared to the first quarter of 2010 and a decrease of 6 percent compared to the fourth quarter of 2010.
"I am pleased with our first quarter 2011 operating results, which reflect our continued focus on execution and discipline in managing our business," said Robert J. Laikin, chairman/CEO of Brightpoint.
"Our comprehensive solutions offerings enabled us to handle approximately 27.2 million wireless devices in the first quarter of 2011 which clearly demonstrates our global leadership position."
He added that Brightpoint expects "the global wireless handset market to grow by approximately 10 percent in 2011."