Brightpoint Down 10% After Losing Corporate Customer
Shares of Brightpoint (NASDAQ: CELL) are down more than 10% after the company lost a key corporate customer.
The company today announced that its subsidiary, Brightpoint North America L.P., was notified that one of its logistic services customers will begin transitioning to a different service provider in April, 2012. The transition is expected to continue through the end of 2012. BrightPoint Americas handled 6.8 million wireless devices in 2011 and 6.4 million in 2010 on behalf of this customer. BrightPoint expects this transition will result in a negative impact to adjusted diluted earnings per share of approximately $0.02 to $0.06 in 2012.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.