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Brightstar Corp. Reports Full Fiscal 2012 Financial Results

  Brightstar Corp. Reports Full Fiscal 2012 Financial Results

                     Realizes Record Revenue and Earnings

Business Wire

MIAMI -- March 25, 2013

Brightstar Corp., the world’s largest specialized wireless distributor, and
leader in wireless services, today announced strong 2012 full year results
including record revenue and earnings.

“Our Company reported its best annual financial performance posting record
high revenue and earnings,” said Marcelo Claure, Chairman and CEO of
Brightstar Corp. “2012 represented a historic year for our Company as we
realized solid returns on our key strategic initiative to diversify from
providing primarily distribution and supply chain services to offering a full
suite of services and solutions across our various geographies.”

“I am excited about our compelling services offering as it positions us well
to manage all aspects of the device lifecycle, enabling us to optimize the
wireless value chain for our customers. Going forward, I am confident that we
have the right foundation to continue our momentum as we maintain our
disciplined approach to profitably growing our business,” he concluded.

Brightstar conducts business in various regions including: U.S./Canada; Latin
America, Asia Pacific, Middle East and Africa (“APAC/MEA”), and Europe. The
Company’s service offerings include value-added distribution, supply chain
solutions, handset protection and insurance services, buy-back and trade-in
solutions, multi-channel retail solutions and financial services.

Full year 2012 highlights include:

Record revenue and profitability:

  *Consolidated revenue increased 11.4 percent from approximately $5.7
    billion in 2011 to $6.3 billion in 2012, outpacing the industry’s growth
  *Gross margin improved 40 basis points from 8.4 percent in 2011 to 8.8
    percent in 2012 driven by a favorable mix towards higher margin services
  *Adjusted EBITDA (non-GAAP) grew 6.9 percent from $196 million in 2011 to
    $209 million in 2012

Enhanced liquidity:

  *At December 31, 2012, the Company had approximately $902 million in
    available liquidity (cash and available unused Bank Credit Lines)
  *Improved net debt to EBITDA ratio from 1.8x in 2011 to 1.7x in 2012
  *Increased long-term capital base by exercising the option to increase the
    Revolving Credit Agreement, increasing revolving credit from $500 million
    in 2011 to $600 million in 2012

Brightstar won significant new contracts in 2012 and in the first quarter of
2013. Additionally, the Company closed two key select acquisitions aimed at
expanding and enhancing its global service offerings. A select number of these
wins include:

  *Executed two contracts with Cricket Communications, Inc., a leading
    provider of innovative and value-driven wireless services to approximately
    5.9 million customers. Closed an exclusive 4PL supply chain service
    contract and a contract that offers for sale Brightstar’s device
    protection program to its subscribers across 35 states.
  *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.
  *Selected by Best Buy Inc., to manage the retailer’s entire inventory of
    returned mobile devices in the U.S. Additionally, Best Buy will leverage
    Brightstar’s global distribution channels to improve device resale values.
  *Closed an exclusive buy-back and trade-in contract with Softbank Corp.,
    the third largest mobile phone operator in Japan. Softbank is in the
    process of completing a transaction whereby they are expected to acquire
    70% of fully-diluted Sprint Nextel Corp., shares.
  *A strategic partnership with Target Corp., to provide support as it
    transforms and invests in its wireless and connected device category,
    Target Mobile.
  *Acquired U.K.-based Mobile Phone Xchange (MPX), a leading device buy-back
    and trade-in business. The acquisition allows Brightstar to offer mobile
    operators and retailers a fully-integrated, scalable technology platform
    that helps drive bottom line revenues, reduce churn, and reduce
    acquisition and retention costs by allowing both retailers and consumers
    to realize the value of used mobile devices. MPX provides buy-back
    solutions to a leading European operator and to more than 450 retail
    outlets in Europe.
  *Acquired San Francisco, Calif.-based LetsTalk.com, Inc. (“LetsTalk”) (dba
    as Consensus), a leading provider of mobile device activation and
    e-commerce solutions. The acquisition allows Brightstar to offer
    LetsTalk’s customizable .com and activation solutions to its more than
    100,000 manufacturer, operator, retail, and enterprise customers in over
    100 countries.

About Brightstar

Brightstar is the world’s largest specialized wireless distributor and a
leading global services company, serving mobile device manufacturers, wireless
operators and retailers, with a local presence on six continents. Brightstar’s
industry-leading services include value-added distribution, supply chain
solutions, handset protection and insurance services, buy-back and trade-in
solutions, multi-channel retail solutions and financial services. Annual
revenues were $6.3 billion for the period ended December 31, 2012. The company
is ranked #58 on the Forbes 2012 List of America's Largest Private Companies.
Brightstar is also the largest Hispanic-owned business in the United States.
For more information, please visit 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
risks and uncertainties. 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.

Contact:

Brightstar Corp.
Media Contact:
Rafael de Guzman, 305-921-1434
rafael.deguzman@brightstarcorp.com
or
Investor Contact:
Ana Miranda, 305-921-1324
ana.miranda@brightstarcorp.com
 
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