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Brightstar Corp. Reports Record 2011 Revenue and Earnings

MIAMI April 25, 2012

Marcelo Claure

Full year 2011 highlights include:

  • Increased revenue and profitability
    • $4.6 billion $5.7 billion
    • Adjusted gross margin (non-GAAP) improved 38 basis points from 8.07% in 2010 to 8.45% in 2011
    • $133.8 million $195.7 million
  • Enhanced liquidity:
    • $1.0 billion $1.1 billion
      • December 31, 2011 $711 million
    • Improved net debt to EBITDA ratio 14% from 2.1x in 2010 to 1.8x in 2011
    • $100 million $250 million $350 million
  • Won significant new contracts in 2011 and in the first quarter of 2012, showcasing its growing services and solutions capabilities. A select number of these wins include:
    • Value-Added Distribution Services:
      • Kenya Nigeria Tanzania Zambia Uganda Ghana
      • Argentina
    • Supply Chain Optimization Services:
      • With newly executed supply chain contracts and the renewal of existing ones, the company now operates over 65 supply chain optimization contracts.
      • A multi-service agreement with MTN South Africa that will provide device management, supply chain and inventory management services.
      • A new exclusive 4PL supply chain services contract with Cricket Communications, Inc., a leading provider of innovative and value-driven wireless services to approximately 5.9 million customers.
      • Singapore
      • A strategic sourcing and integrated supply chain services agreement with four of Verizon Wireless’ largest dealers, including Moorehead Communications (dba as TCC), Go Wireless, A Wireless and Diamond Wireless to distribute over two million devices across approximately 1,500 points of sale.
    • Multi-Channel Retail Services:
      • A number of contracts with some of the world’s largest retailers to provide retail management outsourcing, virtual inventory and online ".com" services.
    • Buy-back, Trade-In, Reverse Logistics Services:
      • 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.
      • GENCO ATC
    • Cell Phone and Wireless Device Protection and Replacement Services:
      • With the 2011 acquisition and successful integration of eSecuritel, a leading provider of cell phone 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, the leading Verizon Wireless premium retailer, offering its device protection program across 470 locations.
      • A new contract with Cricket Communications, Inc. that will offer for sale eSecuritel’s device protection program to its subscribers across 35 states.

$1.1 billion

"I want to thank our dedicated employees, customers and stakeholders for an incredible 2011 and I look forward to another strong performance in 2012 as we continue to innovate our services platform and serve our customers," concluded Claure.

About Brightstar Corp.
http://www.brightstarcorp.com

Safe Harbor Statement:

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.




(In $ thousands)

 

December 31,

2011

2010

ASSETS

Current assets:

Cash and cash equivalents

$         151,969

$         159,161

Restricted cash

8,222

1,832

Accounts receivable – trade, net of allowance for doubtful accounts of

$23.5 million in 2011 and $23.5 million in 2010

1,241,258

1,369,201

Inventories

672,955

620,103

Prepaid expenses and other current assets

187,036

127,581

Deferred income taxes

50,562

36,357

Total current assets

2,312,002

2,314,235

Property and equipment – net

44,867

33,947

Deferred income taxes

23,984

19,447

Investments – equity method

76,960

72,678

Other assets

166,441

92,763

Goodwill

37,324

1,832

Total assets

$      2,661,578

$      2,534,902

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable, accrued expenses and other current liabilities

$      1,528,049

$      1,505,005

Lines of credit, trade facilities and current portion of term debt

105,470

201,219

Deferred income taxes

97

163

Total current liabilities

1,633,616

1,706,387

Senior notes

355,197

250,000

Revolving credit facility

43,167

Long-term debt, excluding current portion

3,162

2,586

Deferred income taxes

2,458

2,412

Other long-term liabilities

19,459

13,779

Total liabilities

2,057,059

1,975,164

Commitments and contingencies

Redeemable convertible preferred stock, net (redemption value – $407.7 million in

2011 and $412.4 million in 2010)

404,438

409,090

Stockholders’ equity:

Common stock. Authorized 50,000,000 shares of $0.0001 par value per share;

18,194,392 shares issued and outstanding in 2011 and 18,182,267

shares issued and outstanding in 2010

2

2

Additional paid-in capital

54,072

50,749

Retained earnings

124,254

77,897

Accumulated other comprehensive income

8,935

14,135

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