INDIANAPOLIS, Jan. 15, 2010 (GLOBE NEWSWIRE) -- Brightpoint, Inc. (Nasdaq:CELL) today announced the completion of the repurchase of 9,187,164 shares from Partner Escrow Holding A/S, an affiliate of NC Telecom Holding A/S (f/k/a Dangaard Holding A/S) for $6.20 per share. The Company also repurchased 60,102 shares as a result of a put option granted by the Company that was exercised by certain individuals. All of these repurchases were part of the Company's previously announced $80 million share repurchase program ("Repurchase Program"). As a result of these repurchases, the Company has repurchased a total of 12,397,360 shares at a weighted average price of $5.95 per share and $6.2 million remains available to the Company for repurchases under the Repurchase Program.
Based on the completion of the above repurchases, the Company currently estimates between 73.5 million and 74.5 million as-adjusted diluted weighted average shares to be outstanding during 2010. This estimate includes grants previously made and vesting in 2010 as well as currently planned grants which are to be made under the Company's 2004 Long Term Incentive Plan in 2010. This does not include the impact of any additional share repurchases or any restricted stock unit grants that have not currently been submitted for Board of Director approval. For purposes of calculating as-adjusted diluted weighted average shares outstanding, the Company adds back certain shares presumed to be repurchased by the Company under the U.S. GAAP treasury stock method related to stock based compensation expense.
About Brightpoint, Inc.
Brightpoint, Inc. (Nasdaq:CELL) is a global leader in the distribution of wireless devices and in providing customized logistic services to the wireless industry. In 2008, Brightpoint handled approximately 84 million wireless devices globally. Brightpoint's innovative services include distribution, channel development, fulfillment, product customization, e-Business solutions, and other outsourced services that integrate seamlessly with its customers. Brightpoint's effective and efficient platform allows its customers to benefit from quickly deployed, flexible, and cost effective solutions. The company has approximately 2,700 employees in more than 25 countries. In 2008 Brightpoint generated revenue of $4.6 billion. Brightpoint provides distribution and customized services to more than 25,000 B2B customers worldwide. Additional information about Brightpoint can be found on its website at www.brightpoint.com, or by calling its toll-free Information and Investor Relations line at 877-IIR-CELL (877-447-2355).
Certain information in this press release may contain forward-looking statements regarding future events or the future performance of Brightpoint. These statements are only predictions and actual events or results may differ materially. Please refer to the documents Brightpoint files, from time to time, with the Securities and Exchange Commission, including Brightpoint's most recent Form 10-K and Form 10-Q and Exhibit 99.1, thereto. These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in or implied by these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date these statements were made. Brightpoint undertakes no obligation to update any forward-looking statements contained in this press release.