DESPITE BRINK’S SUCCESS, PITTSTON’S OVERALL RETURNS ARE DOWN
The Pittston Co. reports net income of $7.8 million (15 cents per diluted share) for the third quarter ended Sept. 30 on revenue of just over $1 billion. For the same period a year earlier, net income was $24 million (48 cents per pro forma diluted share) on revenue of just over $1 billion. According to the company, the year-over-year decline in operating performance resulted primarily from the effects of softer demand and higher spending in the domestic operations of its BAX Global unit.
“Although overall third-quarter financial performance was disappointing due to the results reported at BAX Global, we continue to make progress on the key issues of concern to us and our shareholders,” says Michael T. Dan, chairman, president and CEO. “We remain committed to our plan of exiting the coal business, taking the actions necessary to restore the BAX Global operations to profitability and ensuring that the Brink’s Inc. and Brink’s Home Security businesses have the right resources, processes and support to continue to achieve sound, profitable growth.”
Brink’s worldwide revenue increased during the quarter to $371 million, or 7 percent in comparison to a year ago. Brink’s Home Security revenue increased by 6 percent to approximately $62 million in the third quarter of 2000 vs. 1999. Brink’s Home Security has approximately 668,000 subscribers across the United States and Canada.
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