The Pittston Co.‘s 3Q Revenue Up 8% From Same Quarter in 2001

RICHMOND, Va.

October 31, 2002 SSI Staff

The Pittston Co. reports an 8-percent revenue increase for the third quarter ended Sept. 30 compared to 2001’s third quarter, to $954 million. During the quarter, the company says revenue was higher in all of its core business and security services units.

Income from continuing operations are $22.1 million, or 41 cents per share, for the third quarter ended Sept. 30. For the same period a year earlier, income from continuing operations was $ 9.2 million, or 17 cents per share. Operating profit in the current quarter was $36.2 million, compared to an operating profit of $20.5 million in the third quarter a year ago.

For the nine months ended Sept. 30, income from continuing operations was $60.3 million, or $1.13 per share, compared to $21.7 million, or 41 cents per share, for the same period one year ago. Revenue in the latest nine-month period was $2.77 billion. For the same period one year earlier, revenue was $2.68 billion.

Brink’s, Inc. worldwide revenue increased during the quarter and ended to $388 million, or 2 percent compared to the prior year’s period. International revenue rose 2 percent while North American revenue increased 3 percent. Its operating profits declined $5.6 million to $16.1 million in the quarter ended Sept. 30, compared to the third quarter a year ago (which included approximately $2 million in gains on the sale of two international affiliates) due to a reduction in international operating profits.

Brink’s Home Security’s revenue increased 11 percent to $72 million in the third quarter as compared to the same period last year, due primarily to growth in the subscriber base. Operating profits of $14.2 million in the third quarter were 9 percent higher than those recorded in the prior year’s quarter. An increase in operating profit from recurring services, primarily resulting from the growth of the subscriber base, more than offset the higher costs of adding new subscribers.

The annualized disconnect rate for the quarter was 7.9 percent vs. 8 percent a year earlier. The company completed nearly 27,000 new installations during the quarter, a 12-percent increase over the 24,000 added in the third quarter last year. At Sept. 30, Brink’s Home Security had more than 750,000 subscribers producing more than $20.5 million of monthly recurring revenue.

If you enjoyed this article and want to receive more valuable industry content like this, click here to sign up for our FREE digital newsletters!