The Pittston Co. reports income from its continuing
operations are $19 million, or 36 cents per share, for the
second quarter ended June 30. Revenue in the current
quarter increased 4 percent over last year’s second quarter
to $919 million. During the quarter, the company says
revenue grew at Brink’s security services units.
Brink’s Inc.‘s worldwide revenue increased 6 percent from the same period last year and ended at $394 million. North American revenue increased 1 percent. Brink’s operating profits increased 27 percent to approximately $20 million in the second quarter from the second quarter in 2001.
Brink’s Home Security’s revenue increased 9 percent to $70 million in the second quarter as compared to the same period last year, due primarily to growth in the subscriber base, according to the company. Operating profits of $16 million in the second quarter were 7-percent higher than those recorded in the prior year’s quarter.
An increase in operating profit from recurring services, primarily resulting from the growth in the subscriber base, more than offset the higher costs of adding new subscribers. The annualized disconnect rate for the quarter was 7.5 percent vs. 7.6 percent a year earlier. The company completed nearly 26,000 new installations during the quarter, a 15-percent increase over the 22,500 added in the second quarter last year.
At June 30, Brink’s Home Security had more than 738,000 subscribers producing more than $20 million of recurring monthly revenue.
