Brink’s Hopes Surging Profits Stems Investor Siege

RICHMOND, Va. – Cash carrier and security provider Brink’s Co., under attack by its two largest shareholders, reported an almost tripling in fourth quarter earnings yesterday, to $126.6 million, or $2.74 a share. Fourth quarter revenue was up 14% to $755.9 million, compared to the same period last year. Michael Dunn, CEO of Brink’s, attributed some of the fourth quarter surge to business constraints in its cash carrying business suffered in the previous year because of Hurricane Katrina and higher costs on its residential security business. For the full year, Brink’s reported an 11% increase in revenues, to $2.8 billion, and a tripling in net income to $587.2 million, or $11.75 a share, compared to fiscal 2005. Brinks has been fending off calls from Hedge Fund Pirate Capital, which holds an 8.5% stake in the company, and MMI Investments, which holds about 8.3%, to sell the company.

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