THE BRINK’S COMPANY
|
||
(Exact
name of registrant as specified in its charter)
|
Virginia
|
54-1317776
|
|||
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
|||
incorporation
or organization)
|
Identification
No.)
|
March
31,
|
December
31,
|
|||||||
(In
millions)
|
2009
|
2008
|
||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash and cash
equivalents
|
$ | 223.4 | 250.9 | |||||
Accounts receivable,
net
|
434.2 | 450.7 | ||||||
Prepaid expenses and
other
|
122.5 | 99.7 | ||||||
Deferred income
taxes
|
28.8 | 31.1 | ||||||
Total current
assets
|
808.9 | 832.4 | ||||||
Property
and equipment, net
|
530.5 | 534.0 | ||||||
Goodwill
|
168.0 | 139.6 | ||||||
Deferred
income taxes
|
195.2 | 202.6 | ||||||
Other
|
124.4 | 107.2 | ||||||
Total assets
|
$ | 1,827.0 | 1,815.8 | |||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Short-term
borrowings
|
$ | 10.8 | 7.2 | |||||
Current maturities of long-term
debt
|
9.8 | 8.4 | ||||||
Accounts
payable
|
120.4 | 137.8 | ||||||
Income taxes
payable
|
8.0 | 21.2 | ||||||
Accrued
liabilities
|
360.1 | 360.5 | ||||||
Total current
liabilities
|
509.1 | 535.1 | ||||||
Long-term
debt
|
211.0 | 173.0 | ||||||
Accrued
pension costs
|
367.9 | 373.4 | ||||||
Retirement
benefits other than pensions
|
250.3 | 249.9 | ||||||
Deferred
income taxes
|
18.8 | 21.5 | ||||||
Other
|
154.4 | 157.6 | ||||||
Total liabilities
|
1,511.5 | 1,510.5 | ||||||
Commitments
and contingencies (notes 4, 5, 8 and 11)
|
||||||||
Equity:
|
||||||||
The Brink’s Company (“Brink’s”)
shareholders’ equity:
|
||||||||
Common stock
|
45.5 | 45.7 | ||||||
Capital in excess of par
value
|
486.5 | 486.3 | ||||||
Retained
earnings
|
324.9 | 310.0 | ||||||
Accumulated other comprehensive
loss
|
(641.4 | ) | (628.0 | ) | ||||
Total Brink’s shareholders’
equity
|
215.5 | 214.0 | ||||||
Noncontrolling
interests
|
100.0 | 91.3 | ||||||
Total equity
|
315.5 | 305.3 | ||||||
Total liabilities and
shareholders’ equity
|
$ | 1,827.0 | 1,815.8 |
Three
Months
|
||||||||
Ended
March 31,
|
||||||||
(In
millions, except per share amounts)
|
2009
|
2008
|
||||||
Revenues
|
$ | 732.5 | 792.8 | |||||
Costs
and expenses:
|
||||||||
Cost
of revenues
|
591.1 | 616.9 | ||||||
Selling,
general and administrative expenses
|
104.3 | 108.7 | ||||||
Total costs and
expenses
|
695.4 | 725.6 | ||||||
Other
operating income (expense), net
|
4.6 | (0.7 | ) | |||||
Operating profit
|
41.7 | 66.5 | ||||||
Interest
expense
|
(2.7 | ) | (2.5 | ) | ||||
Interest
and other income, net
|
4.0 | 2.1 | ||||||
Income from continuing operations
before tax
|
43.0 | 66.1 | ||||||
Provision
for income taxes
|
10.5 | 18.3 | ||||||
Income from continuing
operations
|
32.5 | 47.8 | ||||||
Income
from discontinued operations
|
0.8 | 17.2 | ||||||
Net income
|
33.3 | 65.0 | ||||||
Less net income attributable to
noncontrolling interests
|
(10.3 | ) | (14.9 | ) | ||||
Net income attributable to
Brink’s
|
23.0 | 50.1 | ||||||
Amounts
attributable to Brink’s:
|
||||||||
Income
from continuing operations
|
22.2 | 32.9 | ||||||
Income
from discontinued operations
|
0.8 | 17.2 | ||||||
Net income attributable to
Brink’s
|
$ | 23.0 | 50.1 | |||||
Earnings
per share attributable to Brink’s common shareholders:
|
||||||||
Basic:
|
||||||||
Continuing
operations
|
$ | 0.48 | 0.71 | |||||
Discontinued
operations
|
0.02 | 0.37 | ||||||
Net income
|
0.50 | 1.08 | ||||||
Diluted:
|
||||||||
Continuing
operations
|
$ | 0.48 | 0.70 | |||||
Discontinued
operations
|
0.02 | 0.37 | ||||||
Net income
|
0.49 | 1.07 | ||||||
Weighted-average
shares
|
||||||||
Basic
|
46.3 | 46.5 | ||||||
Diluted
|
46.5 | 46.9 | ||||||
Cash
dividends paid per common share
|
$ | 0.10 | 0.10 |
Capital
|
Accumulated
|
|||||||||||||||||||||||||||
in
Excess
|
Other
|
|||||||||||||||||||||||||||
Common
|
of
Par
|
Retained
|
Comprehensive
|
Noncontrolling
|
||||||||||||||||||||||||
(In
millions)
|
Shares
|
Stock
|
Value
|
Earnings
|
Loss
|
Interests
|
Total
|
|||||||||||||||||||||
Balance
as of December 31, 2008
|
45.7 | $ | 45.7 | 486.3 | 310.0 | (628.0 | ) | 91.3 | 305.3 | |||||||||||||||||||
Net
income
|
- | - | - | 23.0 | - | 10.3 | 33.3 | |||||||||||||||||||||
Other
comprehensive loss
|
- | - | - | - | (13.4 | ) | (1.4 | ) | (14.8 | ) | ||||||||||||||||||
Shares
repurchased
|
(0.2 | ) | (0.2 | ) | (2.5 | ) | (3.4 | ) | - | - | (6.1 | ) | ||||||||||||||||
Dividends:
|
||||||||||||||||||||||||||||
Brink’s common
shareholders
|
||||||||||||||||||||||||||||
($0.10 per
share)
|
- | - | - | (4.6 | ) | - | - | (4.6 | ) | |||||||||||||||||||
Noncontrolling
interests
|
- | - | - | - | - | (0.2 | ) | (0.2 | ) | |||||||||||||||||||
Share-based
compensation:
|
||||||||||||||||||||||||||||
Stock awards:
|
||||||||||||||||||||||||||||
Compensation
expense
|
- | - | 0.7 | - | - | - | 0.7 | |||||||||||||||||||||
Consideration received
from
|
||||||||||||||||||||||||||||
exercise of stock
options
|
- | - | 0.2 | - | - | - | 0.2 | |||||||||||||||||||||
Other
share-based benefit programs
|
- | - | 1.8 | (0.1 | ) | - | - | 1.7 | ||||||||||||||||||||
Balance
as of March 31, 2009
|
45.5 | $ | 45.5 | 486.5 | 324.9 | (641.4 | ) | 100.0 | 315.5 |
Three
Months
|
||||||||
Ended
March 31,
|
||||||||
(In
millions)
|
2009
|
2008
|
||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 33.3 | 65.0 | |||||
Adjustments
to reconcile net income to net cash provided (used) by operating
activities:
|
||||||||
Income from discontinued
operations, net of tax
|
(0.8 | ) | (17.2 | ) | ||||
Depreciation and
amortization
|
30.7 | 29.8 | ||||||
Compensation expense for stock
options
|
0.7 | 0.7 | ||||||
Deferred income
taxes
|
(4.8 | ) | 10.3 | |||||
Retirement benefit funding (more)
less than expense:
|
||||||||
Pension
|
(0.6 | ) | (3.4 | ) | ||||
Other than
pension
|
5.4 | (1.5 | ) | |||||
Gains on sale of property and
other assets, net
|
(3.1 | ) | - | |||||
Other operating,
net
|
(0.3 | ) | 1.1 | |||||
Changes in operating assets and
liabilities, net of effects of acquisitions:
|
||||||||
Accounts
receivable
|
13.0 | (19.7 | ) | |||||
Accounts payable, income taxes
payable and accrued liabilities
|
(33.0 | ) | (46.8 | ) | ||||
Prepaid and other current
assets
|
(19.9 | ) | (18.3 | ) | ||||
Other, net
|
(1.2 | ) | (1.7 | ) | ||||
Discontinued operations,
net
|
(0.1 | ) | 61.4 | |||||
Net cash provided by operating
activities
|
19.3 | 59.7 | ||||||
Cash
flows from investing activities:
|
||||||||
Capital
expenditures
|
(29.5 | ) | (31.5 | ) | ||||
Acquisitions
|
(49.0 | ) | - | |||||
Other,
net
|
6.0 | 1.1 | ||||||
Discontinued
operations, net
|
- | (45.8 | ) | |||||
Net cash used by investing
activities
|
(72.5 | ) | (76.2 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Long
term debt:
|
||||||||
Repayments
|
(3.0 | ) | (5.0 | ) | ||||
Revolving
credit facilities borrowings, net
|
39.2 | 65.9 | ||||||
Short-term
borrowings, net
|
3.6 | 3.5 | ||||||
Repurchase
shares of common stock of Brink’s
|
(6.9 | ) | (33.8 | ) | ||||
Dividends
to:
|
||||||||
Shareholders of
Brink’s
|
(4.6 | ) | (4.5 | ) | ||||
Noncontrolling interests in
subsidiaries
|
(0.2 | ) | (1.1 | ) | ||||
Proceeds
from exercise of stock options
|
0.2 | 2.7 | ||||||
Excess
tax benefits associated with stock compensation
|
- | 6.6 | ||||||
Minimum
tax withholdings associated with stock compensation
|
- | (10.7 | ) | |||||
Net cash provided by financing
activities
|
28.3 | 23.6 | ||||||
Effect
of exchange rate changes on cash
|
(2.6 | ) | 3.7 | |||||
Cash
and cash equivalents:
|
||||||||
Increase
(decrease)
|
(27.5 | ) | 10.8 | |||||
Balance at beginning of
period
|
250.9 | 196.4 | ||||||
Balance at end of
period
|
$ | 223.4 | 207.2 |
|
·
|
Cash-in-transit
(“CIT”) armored car transportation
|
|
·
|
Automated
teller machine (“ATM”) replenishment and
servicing
|
|
·
|
Global
Services – arranging secure long-distance transportation of
valuables
|
|
·
|
Cash
Logistics – money processing, supply chain management of cash; from
point-of-sale through transport, vaulting and bank
deposit
|
|
·
|
Guarding
services, including airport
security
|
Three
Months
|
||||||||
Ended
March 31,
|
||||||||
(In
millions)
|
2009
|
2008
|
||||||
Revenues:
|
||||||||
International
|
$ | 511.6 | 562.5 | |||||
North America
|
220.9 | 230.3 | ||||||
Revenues
|
$ | 732.5 | 792.8 | |||||
Operating
profit:
|
||||||||
International
|
$ | 39.4 | 68.6 | |||||
North America
|
14.5 | 13.4 | ||||||
Segment operating
profit
|
53.9 | 82.0 | ||||||
Corporate expense,
net
|
(4.4 | ) | (14.9 | ) | ||||
Former operations expense,
net
|
(7.8 | ) | (0.6 | ) | ||||
Operating profit
|
$ | 41.7 | 66.5 |
Three
Months
|
||||||||
Ended
March 31,
|
||||||||
(In
millions)
|
2009
|
2008
|
||||||
Weighted-average
shares:
|
||||||||
Basic (a)
|
46.3 | 46.5 | ||||||
Effect of dilutive stock
awards
|
0.2 | 0.4 | ||||||
Diluted
|
46.5 | 46.9 | ||||||
Antidilutive
stock awards excluded from denominator
|
2.4 | 0.6 |
(In
millions)
|
U.S.
Plans
|
Non-U.S.
Plans
|
Total
|
|||||||||||||||||||||
Three
months ended March 31,
|
2009
|
2008
|
2009
|
2008
|
2009
|
2008
|
||||||||||||||||||
Service
cost
|
$ | - | - | 1.4 | 2.4 | 1.4 | 2.4 | |||||||||||||||||
Interest
cost on projected benefit obligation
|
11.6 | 11.4 | 2.9 | 3.2 | 14.5 | 14.6 | ||||||||||||||||||
Return
on assets – expected
|
(14.2 | ) | (14.8 | ) | (2.1 | ) | (3.1 | ) | (16.3 | ) | (17.9 | ) | ||||||||||||
Amortization
of losses
|
2.4 | 0.3 | 0.9 | 0.9 | 3.3 | 1.2 | ||||||||||||||||||
Settlement
loss
|
0.3 | - | - | - | 0.3 | - | ||||||||||||||||||
Net
periodic pension cost (credit)
|
$ | 0.1 | (3.1 | ) | 3.1 | 3.4 | 3.2 | 0.3 |
(In
millions)
|
UMWA
plans
|
Black
lung and other plans
|
Total
|
|||||||||||||||||||||
Three
months ended March 31,
|
2009
|
2008
|
2009
|
2008
|
2009
|
2008
|
||||||||||||||||||
Service
cost
|
$ | - | - | - | 0.1 | - | 0.1 | |||||||||||||||||
Interest
cost on accumulated postretirement
|
||||||||||||||||||||||||
benefit
obligations
|
7.2 | 7.9 | 0.7 | 0.9 | 7.9 | 8.8 | ||||||||||||||||||
Return
on assets – expected
|
(5.6 | ) | (9.6 | ) | - | - | (5.6 | ) | (9.6 | ) | ||||||||||||||
Amortization
of losses
|
5.0 | 2.0 | 0.1 | 0.1 | 5.1 | 2.1 | ||||||||||||||||||
Curtailment
gain (a)
|
- | - | - | (2.0 | ) | - | (2.0 | ) | ||||||||||||||||
Net
periodic postretirement cost (credit)
|
$ | 6.6 | 0.3 | 0.8 | (0.9 | ) | 7.4 | (0.6 | ) |
Three
Months
|
||||||||
Ended
March 31,
|
||||||||
2009
|
2008
|
|||||||
Continuing
operations
|
||||||||
Provision
for income taxes (in millions)
|
$ | 10.5 | 18.3 | |||||
Effective
tax rate
|
24.4 | % | 27.7 | % | ||||
Discontinued
operations
|
||||||||
Provision
for income taxes (in millions)
|
$ | 0.3 | 16.5 | |||||
Effective
tax rate
|
27.3 | % | 49.0 | % |
Estimated
Fair
|
||||
Value
at
|
||||
(In
millions)
|
January
8, 2009
|
|||
Current
assets
|
$ | 10.9 | ||
Property
and equipment, net
|
5.3 | |||
Identifiable
intangible assets
|
19.2 | |||
Goodwill
|
30.7 | |||
Other
noncurrent assets
|
1.1 | |||
Current
liabilities
|
(11.1 | ) | ||
Noncurrent
liabilities
|
(8.5 | ) | ||
Total
net assets acquired
|
$ | 47.6 |
(In
millions)
|
Revenue
|
Net
income attributable to Brink’s
|
||||||
Actual
for quarter ended March 31, 2009
|
$ | 15.5 | 0.6 | |||||
Supplemental
pro forma for quarter ended March 31, 2009
|
732.5 | 23.0 | ||||||
Supplemental
pro forma for quarter ended March 31, 2008
|
810.5 | 51.9 |
Three
Months
|
||||||||
Ended
March 31,
|
||||||||
(In
millions)
|
2009
|
2008
|
||||||
BHS:
|
||||||||
Results of operations
(a)
|
$ | - | 31.7 | |||||
Expense associated with the
spin-off
|
- | (0.9 | ) | |||||
Adjustments
to contingent liabilities of former operations
|
1.1 | 2.9 | ||||||
Income
from discontinued operations before income taxes
|
1.1 | 33.7 | ||||||
Provision
for income taxes
|
0.3 | 16.5 | ||||||
Income
from discontinued operations
|
$ | 0.8 | 17.2 |
(a)
|
BHS
operations were spun off on October 31, 2008. Revenues of the
operations were $127.8 million for the first quarter of
2008.
|
Three
Months
|
||||||||
Ended
March 31,
|
||||||||
(In
millions)
|
2009
|
2008
|
||||||
Cash
paid for:
|
||||||||
Interest
|
$ | 1.8 | 1.8 | |||||
Income taxes, net
|
28.4 | 25.4 |
Three
Months
|
||||||||
Ended
March 31,
|
||||||||
(In
millions)
|
2009
|
2008
|
||||||
Net
income
|
$ | 33.3 | 65.0 | |||||
Other
comprehensive income (loss), net of reclasses and taxes:
|
||||||||
Benefit plan experience
loss
|
2.0 | 1.9 | ||||||
Benefit plan prior service
cost
|
2.8 | 0.3 | ||||||
Foreign currency translation
adjustments
|
(17.9 | ) | 28.4 | |||||
Marketable
securities
|
(0.3 | ) | (0.7 | ) | ||||
Other comprehensive income
(loss)
|
(13.4 | ) | 29.9 | |||||
Comprehensive
income
|
19.9 | 94.9 | ||||||
Net
income attributable to noncontrolling interests
|
(10.3 | ) | (14.9 | ) | ||||
Foreign
currency translation adjustments attributable to noncontrolling
interests
|
1.4 | (2.6 | ) | |||||
Comprehensive income
attributable to noncontrolling interests
|
(8.9 | ) | (17.5 | ) | ||||
Comprehensive
income attributable to Brink’s
|
$ | 11.0 | 77.4 |
Three
Months
|
||||||||
Ended
March 31,
|
||||||||
(In
millions)
|
2009
|
2008
|
||||||
Income
attributable to Brink’s:
|
||||||||
Continuing
operations
|
$ | 22.2 | 32.9 | |||||
Discontinued
operations
|
0.8 | 17.2 | ||||||
Net income attributable to
Brink’s
|
$ | 23.0 | 50.1 |
Three
Months
|
||||||||||||
Ended
March 31,
|
%
|
|||||||||||
(In
millions)
|
2009
|
2008
|
change
|
|||||||||
Revenues:
|
||||||||||||
International
|
$ | 511.6 | 562.5 | (9 | ) | |||||||
North America
|
220.9 | 230.3 | (4 | ) | ||||||||
Revenues
|
$ | 732.5 | 792.8 | (8 | ) | |||||||
Operating
profit:
|
||||||||||||
International
|
$ | 39.4 | 68.6 | (43 | ) | |||||||
North America
|
14.5 | 13.4 | 8 | |||||||||
Segment operating
profit
|
53.9 | 82.0 | (34 | ) | ||||||||
Corporate expense,
net
|
(4.4 | ) | (14.9 | ) | (70 | ) | ||||||
Former operations expense,
net
|
(7.8 | ) | (0.6 | ) | 200 | + | ||||||
Operating profit
|
41.7 | 66.5 | (37 | ) | ||||||||
Interest
expense
|
(2.7 | ) | (2.5 | ) | 8 | |||||||
Interest
and other income, net
|
4.0 | 2.1 | 90 | |||||||||
Income from continuing operations
before tax
|
43.0 | 66.1 | (35 | ) | ||||||||
Provision
for income taxes
|
10.5 | 18.3 | (43 | ) | ||||||||
Income from continuing
operations
|
32.5 | 47.8 | (32 | ) | ||||||||
Income
from discontinued operations
|
0.8 | 17.2 | (95 | ) | ||||||||
Net income
|
33.3 | 65.0 | (49 | ) | ||||||||
Less net income attributable
to
|
||||||||||||
noncontrolling
interests
|
(10.3 | ) | (14.9 | ) | (31 | ) | ||||||
Net income attributable to
Brink’s
|
23.0 | 50.1 | (54 | ) | ||||||||
Amounts
attributable to Brink’s:
|
||||||||||||
Income
from continuing operations
|
22.2 | 32.9 | (33 | ) | ||||||||
Income
from discontinued operations
|
0.8 | 17.2 | (95 | ) | ||||||||
Net income attributable to
Brink’s
|
$ | 23.0 | 50.1 | (54 | ) |
Three
Months Ended
|
Percentage
|
|||||||||||||||||||||||
March
31,
|
Change
|
|||||||||||||||||||||||
(In
millions)
|
2008
|
Constant-Currency
Change
|
Currency
Change
|
2009
|
As
Reported
|
Constant-Currency
|
||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||
International
|
$ | 562.5 | 29.0 | (79.9 | ) | 511.6 | (9 | ) | 5 | |||||||||||||||
North America
|
230.3 | (0.8 | ) | (8.6 | ) | 220.9 | (4 | ) | - | |||||||||||||||
Revenues
|
$ | 792.8 | 28.2 | (88.5 | ) | 732.5 | (8 | ) | 4 | |||||||||||||||
Operating
profit:
|
||||||||||||||||||||||||
International
|
$ | 68.6 | (25.9 | ) | (3.3 | ) | 39.4 | (43 | ) | (38 | ) | |||||||||||||
North America
|
13.4 | 1.6 | (0.5 | ) | 14.5 | 8 | 12 | |||||||||||||||||
Segment operating
profit
|
$ | 82.0 | (24.3 | ) | (3.8 | ) | 53.9 | (34 | ) | (30 | ) |
Three
Months Ended
|
Percentage
|
|||||||||||||||||||||||||||||||||||
March
31,
|
Change
|
|||||||||||||||||||||||||||||||||||
(In
millions)
|
2008
without Currency Conversion
|
Revenues
from Currency Conversion (a)
|
2008
as Reported
|
Constant-
Currency Change
|
Currency
Change
|
2009
|
As
Reported
|
Constant-
Currency
|
Constant-
Currency without Currency Conversion
|
|||||||||||||||||||||||||||
Revenues
from:
|
||||||||||||||||||||||||||||||||||||
Core
services
|
$ | 403.3 | 10.5 | 413.8 | 30.1 | (39.8 | ) | 404.1 | (2 | ) | 7 | 10 | ||||||||||||||||||||||||
Value-added
services
|
255.3 | 23.7 | 279.0 | (6.1 | ) | (35.1 | ) | 237.8 | (15 | ) | (2 | ) | 7 | |||||||||||||||||||||||
Other
security services
|
100.0 | - | 100.0 | 4.2 | (13.6 | ) | 90.6 | (9 | ) | 4 | 4 | |||||||||||||||||||||||||
Total
revenues
|
$ | 758.6 | 34.2 | 792.8 | 28.2 | (88.5 | ) | 732.5 | (8 | ) | 4 | 8 |
|
·
|
Cash-in-transit
(“CIT”) armored car transportation
|
|
·
|
Automated
teller machine (“ATM”) replenishment and
servicing
|
|
·
|
Global
Services – arranging secure long-distance transportation of
valuables
|
|
·
|
Cash
Logistics – money processing, supply chain management of cash; from
point-of-sale through transport, vaulting and bank
deposit
|
|
·
|
Guarding
services, including airport
security
|
Three
Months
|
%
change
|
|||||||
(In
millions)
|
Ended
March 31,
|
from
prior period
|
||||||
2007
Revenues
|
$ | 625.8 | ||||||
Effects
on revenue of:
|
||||||||
Organic Revenue Growth
(a)
|
95.9 | 16 | ||||||
Acquisitions and dispositions,
net
|
7.7 | 1 | ||||||
Changes in currency exchange
rates
|
63.4 | 10 | ||||||
2008
Revenues
|
792.8 | 27 | ||||||
Effects
on revenue of:
|
||||||||
Organic Revenue Growth
(a)
|
9.6 | 1 | ||||||
Acquisitions and dispositions,
net
|
18.6 | 2 | ||||||
Changes in currency exchange
rates
|
(88.5 | ) | (11 | ) | ||||
2009
Revenues
|
$ | 732.5 | (8 | ) |
Three
Months
|
Years
Ended
|
|||||||||||||||||||||||
Ended
March 31,
|
%
|
December
31,
|
%
|
|||||||||||||||||||||
(In
millions)
|
2009
|
2008
|
change
|
Estimated
2009 (a)
|
Actual
2008
|
change
|
||||||||||||||||||
Primary
U.S. pension plan
|
$ | (0.5 | ) | (3.4 | ) | (85 | ) | (2.0 | ) | (12.8 | ) | (84 | ) | |||||||||||
UMWA
plans
|
6.6 | 0.3 | 200 | + | 26.3 | 0.6 | 200 | + | ||||||||||||||||
Total
|
$ | 6.1 | (3.1 | ) |
NM
|
24.3 | (12.2 | ) |
NM
|
|||||||||||||||
Included
in:
|
||||||||||||||||||||||||
Segment operating profit – North
America
|
$ | (0.2 | ) | (1.3 | ) | (85 | ) | (0.7 | ) | (4.9 | ) | (86 | ) | |||||||||||
Corporate expense,
net
|
- | (0.1 | ) |
NM
|
(0.1 | ) | (0.3 | ) | (67 | ) | ||||||||||||||
Former operations expense,
net
|
6.3 | (1.6 | ) |
NM
|
25.1 | (6.4 | ) |
NM
|
||||||||||||||||
Discontinued
operations
|
- | (0.1 | ) |
NM
|
- | (0.6 | ) |
NM
|
||||||||||||||||
Total
|
$ | 6.1 | (3.1 | ) |
NM
|
24.3 | (12.2 | ) |
NM
|
Three
Months
|
||||||||||||
Ended
March 31,
|
%
|
|||||||||||
(In
millions)
|
2009
|
2008
|
change
|
|||||||||
General
and administrative
|
$ | 8.9 | 10.3 | (14 | ) | |||||||
Royalty
income:
|
||||||||||||
Brand
licensing fees from BHS
|
(1.6 | ) | - |
NM
|
||||||||
Other
|
(0.3 | ) | (0.3 | ) | - | |||||||
Gain
on sale of real estate
|
(2.7 | ) | - |
NM
|
||||||||
Currency
exchange transaction losses, net
|
0.1 | 0.1 | - | |||||||||
Strategic
reviews and proxy matters
|
- | 4.8 |
NM
|
|||||||||
Corporate
expense, net
|
$ | 4.4 | 14.9 | (70 | ) |
Three
Months
|
||||||||||||
Ended
March 31,
|
%
|
|||||||||||
(In
millions)
|
2009
|
2008
|
change
|
|||||||||
Retirement
plans:
|
||||||||||||
Primary U.S. retirement
plans
|
$ | 6.3 | (1.6 | ) |
NM
|
|||||||
Black lung and other
plans
|
0.8 | 1.1 | (27 | ) | ||||||||
Administrative,
legal and other, net
|
1.1 | 1.2 | (8 | ) | ||||||||
Gain
on sale of coal assets
|
(0.4 | ) | (0.1 | ) | 200 | + | ||||||
Former
operations expense, net (a)
|
$ | 7.8 | 0.6 | 200 | + |
Three
Months
|
||||||||||||
Ended
March 31,
|
%
|
|||||||||||
(In
millions)
|
2009
|
2008
|
change
|
|||||||||
Foreign
currency transaction losses, net
|
$ | (3.4 | ) | (3.0 | ) | 13 | ||||||
Gains
on sale of property and other assets, net
|
3.1 | - |
NM
|
|||||||||
Share
in earnings of equity affiliates
|
1.0 | 1.2 | (17 | ) | ||||||||
Royalty
income
|
1.9 | 0.3 | 200 | + | ||||||||
Gain
on acquiring control of an equity method affiliate (a)
|
1.5 | - |
NM
|
|||||||||
Impairment
losses
|
(0.1 | ) | (0.1 | ) | - | |||||||
Other
|
0.6 | 0.9 | (33 | ) | ||||||||
Other
operating income (expense), net
|
$ | 4.6 | (0.7 | ) |
NM
|
Three
Months
|
||||||||||||
Ended
March 31,
|
%
|
|||||||||||
(In
millions)
|
2009
|
2008
|
change
|
|||||||||
Interest
expense
|
$ | 2.7 | 2.5 | 8 |
Three
Months
|
||||||||||||
Ended
March 31,
|
%
|
|||||||||||
(In
millions)
|
2009
|
2008
|
change
|
|||||||||
Interest
and other income, net
|
$ | 4.0 | 2.1 | 90 |
Three
Months
|
||||||||
Ended
March 31,
|
||||||||
2009
|
2008
|
|||||||
Continuing
operations
|
||||||||
Provision
for income taxes (in millions)
|
$ | 10.5 | 18.3 | |||||
Effective
tax rate
|
24.4 | % | 27.7 | % | ||||
Discontinued
operations
|
||||||||
Provision
for income taxes (in millions)
|
$ | 0.3 | 16.5 | |||||
Effective
tax rate
|
27.3 | % | 49.0 | % |
Three
Months
|
||||||||||||
Ended
March 31,
|
%
|
|||||||||||
(In
millions)
|
2009
|
2008
|
change
|
|||||||||
Net
income attributable to noncontrolling interests
|
$ | 10.3 | 14.9 | (31 | ) |
Three
Months
|
||||||||
Ended
March 31,
|
||||||||
(In
millions)
|
2009
|
2008
|
||||||
BHS:
|
||||||||
Results of operations
(a)
|
$ | - | 31.7 | |||||
Expense associated with the
spin-off
|
- | (0.9 | ) | |||||
Adjustments
to contingent liabilities of former operations
|
1.1 | 2.9 | ||||||
Income
from discontinued operations before income taxes
|
1.1 | 33.7 | ||||||
Provision
for income taxes
|
0.3 | 16.5 | ||||||
Income
from discontinued operations
|
$ | 0.8 | 17.2 |
Three
Months
|
||||||||||||
Ended
March 31,
|
$ | |||||||||||
(In
millions)
|
2009
|
2008
|
change
|
|||||||||
Cash
flows from operating activities:
|
||||||||||||
Continuing
operations
|
$ | 19.4 | (1.7 | ) | 21.1 | |||||||
Discontinued
operations
|
(0.1 | ) | 61.4 | (61.5 | ) | |||||||
Operating
activities
|
19.3 | 59.7 | (40.4 | ) | ||||||||
Cash
flows from investing activities:
|
||||||||||||
Capital
expenditures
|
(29.5 | ) | (31.5 | ) | 2.0 | |||||||
Acquisitions
|
(49.0 | ) | - | (49.0 | ) | |||||||
Other
|
6.0 | 1.1 | 4.9 | |||||||||
Discontinued operations,
net
|
- | (45.8 | ) | 45.8 | ||||||||
Investing
activities
|
(72.5 | ) | (76.2 | ) | 3.7 | |||||||
Cash
flows before financing activities
|
$ | (53.2 | ) | (16.5 | ) | (36.7 | ) |
Three
Months
|
||||||||||||
Ended
March 31,
|
$ | |||||||||||
(In
millions)
|
2009
|
2008
|
change
|
|||||||||
Capital
expenditures:
|
||||||||||||
International
|
$ | 14.7 | 22.5 | (7.8 | ) | |||||||
North America
|
14.8 | 9.0 | 5.8 | |||||||||
Capital
expenditures
|
29.5 | 31.5 | (2.0 | ) | ||||||||
Depreciation
and amortization:
|
||||||||||||
International
|
22.1 | 22.1 | - | |||||||||
North America
|
8.5 | 7.6 | 0.9 | |||||||||
Corporate
|
0.1 | 0.1 | - | |||||||||
Depreciation
and amortization
|
$ | 30.7 | 29.8 | 0.9 |
Three
Months
|
||||||||
Ended
March 31,
|
||||||||
(In
millions)
|
2009
|
2008
|
||||||
Net
borrowings (repayments) of debt:
|
||||||||
Short-term debt
|
$ | 3.6 | 3.5 | |||||
Revolving
facilities
|
39.2 | 65.9 | ||||||
Long-term debt
|
(3.0 | ) | (5.0 | ) | ||||
Net borrowings (repayments) of
debt
|
39.8 | 64.4 | ||||||
Repurchase
of shares of common stock of Brink’s
|
(6.9 | ) | (33.8 | ) | ||||
Dividends
attributable to:
|
||||||||
Shareholders of
Brink’s
|
(4.6 | ) | (4.5 | ) | ||||
Noncontrolling interests in
subsidiaries
|
(0.2 | ) | (1.1 | ) | ||||
Proceeds
and tax benefits related to stock compensation and other
|
0.2 | (1.4 | ) | |||||
Cash flows from financing
activities
|
$ | 28.3 | 23.6 |
March
31,
|
December
31,
|
|||||||
(In
millions)
|
2009
|
2008
|
||||||
Short-term
debt
|
$ | 10.8 | 7.2 | |||||
Long-term
debt
|
220.8 | 181.4 | ||||||
Debt
|
231.6 | 188.6 | ||||||
Less
cash and cash equivalents
|
(223.4 | ) | (250.9 | ) | ||||
Net Debt (Cash)
(a)
|
$ | 8.2 | (62.3 | ) |
(a)
|
Net
Debt (Cash) is a non-GAAP measure. Net Debt (Cash) is equal to
short-term debt plus the current and noncurrent portion of long-term debt
(“Debt” in the tables), less cash and cash
equivalents.
|
Maximum
Number
|
||||||||||||||||
Total
Number
|
(or
Approximate
|
|||||||||||||||
of
Shares Purchased
|
Dollar
Value) of
|
|||||||||||||||
Total
Number
|
as
Part of Publicly
|
Shares
that May Yet
|
||||||||||||||
of
Shares
|
Average
Price
|
Announced
Plans
|
be
Purchased Under
|
|||||||||||||
Period
|
Purchased
|
Paid
per Share
|
or
Programs
|
the
Plans or Programs
|
||||||||||||
January
1 through
|
||||||||||||||||
January 31, 2009
|
210,000 | $ | 26.04 | 210,000 | $ | 34,404,384 | ||||||||||
February
1 through
|
||||||||||||||||
February 28, 2009
|
24,456 | 27.56 | 24,456 | 33,730,348 | ||||||||||||
March
1 through
|
||||||||||||||||
March 31, 2008
|
- | - | - | $ | 33,730,348 | (1) |
(1)
|
On
September 14, 2007, the board of directors authorized the repurchase of up
to $100 million of common stock from time to time as market conditions
warrant and as covenants under existing agreements permit. The
program does not require the acquisition of a specific number of shares
and may be modified or discontinued at any
time.
|
31.1
|
Certification
of Michael T. Dan, Chief Executive Officer (Principal Executive Officer)
of The Brink’s Company, pursuant to Rules 13a-14(a) and 15d-14(a)
promulgated under the Securities Exchange Act of 1934, as amended, as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
31.2
|
Certification
of Michael J. Cazer, Vice President and Chief Financial Officer (Principal
Financial Officer) of The Brink’s Company, pursuant to Rules 13a-14(a) and
15d-14(a) promulgated under the Securities Exchange Act of 1934, as
amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
32.1
|
Certification
of Michael T. Dan, Chief Executive Officer (Principal Executive Officer)
of The Brink’s Company, pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
32.2
|
Certification
of Michael J. Cazer, Vice President and Chief Financial Officer (Principal
Financial Officer) of The Brink’s Company, pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
THE
BRINK’S COMPANY
|
|
April
28, 2009
|
By: /s/ Michael J.
Cazer
|
Michael
J. Cazer
|
|
(Vice
President -
|
|
Chief
Financial Officer)
|
|
(principal
financial officer)
|