PITTSTON SEES OVERALL LOSS, BUT BRINK’S IS DOING FINE
The Pittston Co. reports a net loss of $1.3 million (3 cents per share) for the second quarter ended June 30, 2000 on revenue of $1 billion. For the same period a year earlier, net income was $15.9 million on revenue of $972 million. The year-over-year decline in operating performance resulted primarily from the effect of softer than expected demand and higher spending in the domestic operations of the company’s BAX Global unit.
Another segment of Pittston, Brink’s Inc., had its worldwide second-quarter revenue increase 9 percent compared to the same period in 1999. Brink’s Home Security revenue grew 6 percent in the second quarter as compared to the second quarter last year, primarily due to increases in subscribers and average monthly monitoring revenue. As a result of the larger subscriber base, operating profits were $15 million in the current quarter, an increase of approximately $700,000. As of June 30, 2000, Brink’s Home Security had around 660,000 subscribers.
Michael T. Dan, chairman, president and CEO of Pittston, says, “We are pleased with the strong performance of Brink’s Inc. during the quarter despite the one-time effect of the national strike in France. The solid performance of the Brink’s Home Security unit was also particularly gratifying as it continued its operating mode conversion to one focused on higher quality growth.”
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