Instead, Michael Dan said in a conference call with investors it plans to continue operating both the financial institution and home security units together, under the world-renown Brink’s brand. Dan’s remarks came after the company reported a 2% decline in third quarter earnings, to $25.9 million, or 55 cents a share.
Revenues were up 15% for the quarter, to $817 million. Third quarter results included a net gain on $1 million from insurance proceeds related to Hurricane Katrina, $2.5 million in legal settlement expenses, and an impairment charge of $2 million related to a write-down of assets within Brink's cash handling operations in Europe.
Brink’s has been under attack by its two largest shareholders, Pirate Capital and MMI Investments, to separate the two businesses in a tax-free spin off.
