Brink’s Home Security 4Q Revenue Up 9% From 2001
The Pittston Co. reports revenue by Brink’s Home Security in its fourth quarter ended Dec. 31, 2002 was $72.8 million, an increase of 9 percent from the same period the previous year, due primarily to growth in the subscriber base. The security company’s operating profits were $15.9 million in the fourth quarter, 24-percent higher than in the prior year’s quarter.
An increase in operating profit from recurring services primarily resulted from the growth of the subscriber base and fewer disconnects. The annualized disconnect rate for the quarter was 6.4 percent vs. 7.5 percent a year earlier.
Brink’s says it added more than 28,000 new subscribers during the quarter, a 19-percent increase during the fourth quarter last year. At Dec. 31, 2002, Brink’s Home Security had more than 766,000 subscribers producing more than $21 million in monthly recurring revenue.
Brink’s Inc.‘s worldwide revenue of $391 million dropped 5 percent during the fourth quarter as compared with the prior year’s period.
The Pittston Co. reports income from continuing operations of $8.7 million, or 17 cents per share, for the quarter ended Dec. 31, 2002. Without certain charges, earnings from continuing operations for the fourth quarter would have been $26.2 million, or 50 cents per share. For the same period one year ago, income from continuing operations was $24.1 million, or 46 cents per share.
For the full year ended Dec. 31, 2002, income from continuing operations was $69 million, or $1.30 per share.
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