Brink’s Doubles Up Its Earnings
Thanks to revenue growth from all of its units, including home security, The Brink’s Company more than doubled its third quarter income in 2003 from the previous year.
Brink’s reports its net third quarter income at $50 million, compared to $22.1 million the same period last year. For the nine-month period ending Sept. 30, Brink’s revenues stood at $2.9 billion, compared with $2.8 billion in 2002. Brink’s will pay its shareholders a quarterly dividend of 2.5 cents per share.
A boost in customers meant a boost in profits for Brink’s Home Security, which increased its operating profit 27 percent to $18.1 million from the prior year’s quarter. Revenue from the home security unit went up 9 percent to $78.9 million.
Michael T. Dan, president and CEO of The Brink’s Company, credited the security unit for being a prime factor for his company’s bottom line. “We continued to achieve strong performance in our Brink’s Home Security business and saw solidly improved performance in international operations at Brink’s,” Dan said in a statement. “The strong results at Brink’s Home Security reflect the skill and hard work of its more than 2,600 employees. We expect they will continue this record of achievement.”
According to the company, growth in the subscriber base was the main factor in the revenue boost for Brink’s Home Security, as was a lower disconnect rate and improved efficiency in operations. The company added 32,600 new subscribers in the third quarter to up its subscribers to 813,000. The number of new subscribers represents a 22-percent increase over last year’s third quarter. The disconnect rate for the last quarter was 7.4 percent compared to 7.9 percent the previous year.
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