PITTSTON’S INCOME DIPS $36.1M FOLLOWING CHANGES DURING QUARTER
The Pittston Co. reports income from continuing operations of $8.4 million (16 cents per diluted share) before a restructuring charge of $35.7 million (71 cents per diluted share) for the fourth quarter ended Dec. 31 on revenue of $995 million. For the same period a year earlier, income from continuing operations was $44.5 million (90 cents per pro forma diluted share) on revenue of $1 billion. The year-over-year decline in operating performance, before the restructuring charge, resulted primarily from the effects of significantly lower demand than expected and higher spending in the domestic operations of the company’s BAX Global unit. During the fourth quarter, Pittston designated its coal business as discontinued operations and implemented a change in accounting principle at its Brink’s Home Security unit.
“During the year just ended, we have worked hard to determine the best way to achieve the strategic goals we have set for each business unit,” says Michael T. Dan, chairman, president and CEO. “At Brink’s Home Security, efforts during 2000 to refocus the business model on higher quality customers bore fruit as profitability improved, the disconnect rate came down again and the business continued to generate positive value added. Brink’s Inc. was challenged by the effects of the strong dollar and difficult environments in Latin America and in the United States, but achieved solid success in improving operating performance in its three most difficult international units, while continuing to generate positive value added and positioning itself for a better year in 2001.”
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