Brink’s Profits Up, But Cautions There May Be Earnings Revision

RICHMOND, Va.

The Brink’s Co. says its second-quarter earnings were more
than three times what they were a year ago, but cautioned
that it may have to revise those figures in the wake of an
internal probe into whether one of its units has been
negligent in making tax payments. With revenue at the
Brink’s Home Security unit up 12 percent, Brink’s reported
earnings of $19.8 million in its second quarter, compared
to $6.1 million a year ago.

Brink’s says one of its non-U.S. units didn’t pay about $3
million in customs duties and taxes on imported goods and
services and faces as much as $85 million in fines. The
company says it may release revised second-quarter earnings
next week.

Brink’s Home Security had a record operating profit of
$19.8 million in the second quarter with revenue of $85.9
million. Brink’s says it now has 874,100 subscribers
generating monthly recurring revenue of $24.5 million.

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