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CellStar reports $5.9M net loss

CARROLLTON, Texas-CellStar Corp., a wireless logistics and distribution services provider, reported July 9 a net loss of $5.91 million, or 49 cents per share, on revenues of $573.26 million for the second quarter, which ended May 31.
For the same period a year ago, the company reported net income of $3.59 million, or 30 cents per share, on revenues of $572.88 million.

Excluding charges of $10 million related to its ongoing exit of the United Kingdom, Peru and Argentina and “the extraordinary gain on early extinguishment of debt,” CellStar said that its second-quarter net income would be $4 million, or 20 cents per diluted share.

Although its operations in the United Kingdom, a heavily penetrated market, Peru, a small market, and Argentina, a troubled economy, provided revenues of $32.6 million during the second quarter, they lowered operating income by $900,000, excluding exit charges, company executives said.

During the latest complete quarter, the Asia-Pacific region contributed $292.48 million in revenues, or 51 percent of CellStar’s total, down from $308.98 million, or 54 percent, a year ago. North America accounted for $138.22 million, or 24 percent of the total last quarter, up from $104.98 million, or 18 percent, during the second quarter of 2001.

Latin America constituted $91.23 million, or 16 percent of total revenues during the second quarter of this year, down from $99.13 million, or 17 percent a year earlier. Europe accounted for $51.33 million, or 9 percent of total revenues last quarter, down from $59.78 million, or 11 percent, during the year-ago quarter.

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