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Brightstar Posts Record Profits, Sales In 2011

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.