PLAINFIELD, Ind.-Mobile-phone distributor Brightpoint Inc.’s stock plummeted almost 20 percent following the release of its fourth-quarter financial results, despite the seemingly positive news.
Revenue for the fourth quarter totaled $547 million, up 60 percent from $342 million reported for the fourth quarter of the previous year. Brightpoint attributed the increase to a 67-percent increase in product distribution revenue and a 21-percent increase in integrated logistics services revenue.
Net income was $5.4 million, or 28 cents per share, an increase of $4.1 million, or 7 cents per share-a whopping 330 percent-from the previous fourth quarter.
“In 2004 we will continue to concentrate our efforts on enhancing shareholder value and being the preferred choice for our suppliers and customers in providing wireless distribution solutions and customized services,” said Robert Laikin, Brightpoint’s chairman of the board and chief executive officer.
Shares of Brightpoint were trading at $18.12 at press time Friday.
