Revenue in the third quarter of 2004 increased 20% over last year’s third quarter to $1.20 billion, reflecting improvement in each of the Company’s business units. Revenues at Brink’s, Incorporated and BAX Global also benefited from stronger European currencies relative to the U.S. dollar.
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The Company reported operating profit of $58.7 million for the quarter ended September 30, 2004, up from $22.4 million in the year earlier period. The operating profit increase reflects strong performance in International operations at Brink’s, Incorporated, continued subscriber growth and solid operational execution at Brink’s Home Security and increased freight volumes in the <?xml:namespace prefix = st1 ns = “urn:schemas-microsoft-com:office:smarttags” />Americas and Asia at BAX Global.
Operating profit for the recent quarter also benefited from a reduction in costs from former coal operations, partially offset by higher corporate expenses in comparison to a year ago.
Net income for the third quarter of 2004 was $38.1 million, or $0.68 per diluted share, down from $50.0 million, or $0.94 per diluted share, in the prior year’s period, which included $38.5 million or $0.72 per diluted share of income from discontinued operations mainly related to the sale of natural gas operations.
“Our businesses turned in another solid quarter of improved performance, building on the momentum of earlier in the year,” said Michael T. Dan, Chairman, President and Chief Executive Officer of The Brink’s Company. “BAX Global once again posted strong profit gains, particularly in the Americas where we continued to see increased shipping volumes mainly related to the improving U.S. economy.
Brink’s, Incorporated achieved solid revenue and profit growth driven by exceptional performance in a few international subsidiaries. Meanwhile, Brink’s Home Security produced record profits in the quarter by further leveraging its best-in-class business model,” added Mr. Dan.
For the nine months ended September 30, 2004, revenues were $3.42 billion compared with $2.89 billion in the first nine months of 2003. Operating profit for the first nine months was $130.2 million in 2004 compared with $35.6 million in 2003. Net income for the first nine months of 2004 was $82.5 million, or $1.50 per diluted share, compared with $54.4 million, or $1.03 per diluted share, a year ago.
