RICHMOND, Va., April 14, 2014 /PRNewswire/ -- The Brink's
Company (NYSE: BCO) announced today that it will no longer use
Venezuela's official exchange rate
of 6.3 bolivars per U.S. dollar and
has adopted the government's SICAD II floating rate of
approximately 50 bolivars per U.S.
dollar, which took effect on March 24.
As a result of the devaluation, Brink's expects to incur a
first-quarter remeasurement charge related to the write down of
substantially all of its bolivar-denominated net monetary
assets. At December 31, 2013,
bolivar-denominated net monetary assets totaled $120 million.
Tom Schievelbein, chairman,
president and chief executive officer, said: "Brink's has been
operating in Venezuela for more
than 40 years, through numerous economic cycles. We remain
committed to this business, which is extremely well-managed by our
local team and has demonstrated strong operational and financial
performance."
For comparative purposes, Brink's provided hypothetical 2013
quarterly and full-year non-GAAP results, adjusted to reflect the
devaluation (pages 4-7). Applying the current SICAD II rate,
the $447 million of 2013 revenue from
Venezuela operations would have
declined 88% to approximately $56
million, which is consistent with the company's disclosure
in its 2013 annual report on Form 10-K that a substantial
devaluation could reduce revenue by $400
million. In 2013, non-GAAP net income from continuing
operations would have been $1.55 per
share, a decrease of $.82 from
reported earnings of $2.37 per share
($1.47 on a GAAP basis), which is
consistent with previous disclosure that Venezuela operations represented a significant
component of the company's operating profit. Brink's also
indicated in previous disclosures that a devaluation would put at
risk the company's bolivar-denominated cash and cash equivalents,
which totaled $94 million on
December 31, 2013. Applying the
current SICAD II rate, these assets would have been valued at
$12 million as of December 31, 2013.
1
Brink's is scheduled to report its first-quarter 2014 earnings
on April 24. First-quarter GAAP and non-GAAP earnings will
include results from Venezuela for
January 1 through March 23 at the
official rate (6.3), with the balance of March results reported at
the SICAD II rate (approximately 50). For comparative
purposes, the company also will provide first-quarter results with
Venezuela results translated at
the SICAD II rate for the entire period and additional information,
including an update to its full-year
guidance.
Brink's had been reporting its Venezuela results at the official exchange
rate (6.3) but, as disclosed in its 2013 annual report on Form
10-K, was unable to convert bolivars at this rate. In 2013,
the Venezuelan government introduced a new exchange rate mechanism,
known as SICAD, which enables some companies to convert currency
for certain transactions at a rate of approximately 11 bolivars per U.S. dollar. On
March 24, the newly created SICAD II
exchange mechanism became available and is the only rate at which
Brink's has been able to successfully exchange its bolivars for
U.S. dollars. Since Brink's is eligible and has been able to
obtain U.S. dollars at the SICAD II rate (approximately 50), and is
not eligible to apply for exchange at the official rate (6.3), and
does not expect to be able to access the SICAD rate (11), it is
adopting the SICAD II rate for reporting Venezuela results.
Non-GAAP and Adjusted Non-GAAP Results
Non-GAAP and
Adjusted Non-GAAP results described in this press release are
financial measures that are not required by or presented in
accordance with U.S. generally accepted accounting principles
("GAAP"). The purpose of the Non-GAAP results is to report
financial information without certain income and expense items and
adjust the quarterly Non-GAAP tax rates so that the Non-GAAP tax
rate in each of the quarters is equal to the full-year non-GAAP tax
rate. The full year Non-GAAP tax rate in both years excludes
certain pretax and tax income and expense amounts. The
purpose of Adjusted Non-GAAP results is to report historical
Non-GAAP financial information assuming that our Venezuelan
operations had been remeasured using a rate of 50 bolivars to the U.S. dollar.
The Non-GAAP and Adjusted Non-GAAP information provides
information to assist comparability and estimates of future
performance. Brink's believes these measures are helpful in
assessing operations and estimating future results and enable
period-to-period comparability of financial performance. In
addition, Brink's believes the measures will help investors assess
the ongoing operations. Non-GAAP and Adjusted Non-GAAP
results should not be considered as an alternative to revenue,
income or earnings per share amounts determined in accordance with
GAAP and should be read in conjunction with their GAAP
counterparts.
Forward-Looking Statements
This release contains both
historical and forward-looking information. Words such as
"anticipates," "assumes," "estimates," "expects," "projects,"
"predicts," "intends," "plans," "believes," "potential," "may,"
"should" and similar expressions may identify forward-looking
information. Forward-looking information in this release includes,
but is not limited to an expected first quarter charge related to a
devaluation in Venezuela and
future access to exchange mechanisms in Venezuela. Forward-looking information in this
document is subject to known and unknown risks, uncertainties and
contingencies, which are difficult to predict or quantify, and
which could cause actual results, performance or achievements to
differ materially from those that are anticipated.
These risks, uncertainties and contingencies, many of which are
beyond our control, include, but are not limited to:
- risks customarily associated with operating in foreign
countries including changing labor and economic conditions,
currency devaluations, safety and security issues, political
instability, restrictions on repatriation of earnings and capital,
nationalization, expropriation and other forms of restrictive
government actions,
- the strength of the U.S. dollar relative to foreign currencies
and foreign currency exchange rates,
- the stability of the Venezuelan economy, changes in Venezuelan
policy regarding foreign-owned businesses,
- changes in currency restrictions and in foreign exchange
rates,
- fluctuations in value of the Venezuelan bolivar,
- changes in estimates and assumptions underlying our critical
accounting policies, and
- the promulgation and adoption of new accounting standards and
interpretations, new government regulations and interpretations of
existing regulations.
This list of risks, uncertainties and contingencies is not
intended to be exhaustive. Additional factors that could cause our
results to differ materially from those described in the
forward-looking statements can be found under "Risk Factors" in
Item 1A of our Annual Report on Form 10-K for the period ended
December 31, 2013, and in our other
public filings with the Securities and Exchange Commission. The
forward-looking information included in this document is
representative only as of the date of this document and The Brink's
Company undertakes no obligation to update any information
contained in this document.
2
The Brink's
Company and subsidiaries GAAP and Non-GAAP Results as
Previously Reported (Unaudited)
(In millions, except for per share amounts)
|
|
|
|
|
|
2013
|
|
|
1Q
|
|
2Q
|
|
3Q
|
|
4Q
|
|
Full
Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
Basis
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
$
|
412.9
|
|
413.6
|
|
423.8
|
|
470.4
|
|
1,720.7
|
|
EMEA
|
|
277.8
|
|
293.4
|
|
301.2
|
|
305.9
|
|
1,178.3
|
|
North
America
|
|
223.2
|
|
226.3
|
|
222.5
|
|
226.4
|
|
898.4
|
|
Asia
Pacific
|
|
36.6
|
|
36.6
|
|
34.9
|
|
36.7
|
|
144.8
|
|
|
Revenues
|
$
|
950.5
|
|
969.9
|
|
982.4
|
|
1,039.4
|
|
3,942.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit:
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
$
|
23.4
|
|
24.4
|
|
42.8
|
|
59.3
|
|
149.9
|
|
EMEA
|
|
8.6
|
|
18.7
|
|
32.1
|
|
22.1
|
|
81.5
|
|
North
America
|
|
(2.0)
|
|
6.3
|
|
0.2
|
|
0.2
|
|
4.7
|
|
Asia
Pacific
|
|
4.3
|
|
5.0
|
|
4.8
|
|
2.6
|
|
16.7
|
|
|
Segment operating
profit
|
|
34.3
|
|
54.4
|
|
79.9
|
|
84.2
|
|
252.8
|
|
Non-segment
|
|
(17.0)
|
|
(21.6)
|
|
(20.7)
|
|
(21.8)
|
|
(81.1)
|
|
|
Operating
profit
|
$
|
17.3
|
|
32.8
|
|
59.2
|
|
62.4
|
|
171.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts
attributable to Brink's:
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
$
|
2.9
|
|
13.2
|
|
29.8
|
|
26.0
|
|
71.9
|
Diluted EPS –
continuing operations
|
|
0.06
|
|
0.27
|
|
0.61
|
|
0.53
|
|
1.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Basis
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
$
|
412.9
|
|
413.6
|
|
423.8
|
|
470.4
|
|
1,720.7
|
|
EMEA
|
|
277.8
|
|
293.4
|
|
301.2
|
|
305.9
|
|
1,178.3
|
|
North
America
|
|
223.2
|
|
226.3
|
|
222.5
|
|
226.4
|
|
898.4
|
|
Asia
Pacific
|
|
36.6
|
|
36.6
|
|
34.9
|
|
36.7
|
|
144.8
|
|
|
Revenues
|
$
|
950.5
|
|
969.9
|
|
982.4
|
|
1,039.4
|
|
3,942.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit:
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
$
|
37.1
|
|
24.9
|
|
43.6
|
|
62.4
|
|
168.0
|
|
EMEA
|
|
8.6
|
|
18.7
|
|
32.1
|
|
22.1
|
|
81.5
|
|
North
America
|
|
0.9
|
|
9.2
|
|
3.1
|
|
3.1
|
|
16.3
|
|
Asia
Pacific
|
|
4.3
|
|
5.0
|
|
4.8
|
|
3.5
|
|
17.6
|
|
|
Segment operating
profit
|
|
50.9
|
|
57.8
|
|
83.6
|
|
91.1
|
|
283.4
|
|
Non-segment
|
|
(7.6)
|
|
(11.4)
|
|
(11.3)
|
|
(12.3)
|
|
(42.6)
|
|
|
Operating
profit
|
$
|
43.3
|
|
46.4
|
|
72.3
|
|
78.8
|
|
240.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts
attributable to Brink's:
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
$
|
18.7
|
|
22.8
|
|
35.4
|
|
39.0
|
|
115.9
|
Diluted EPS –
continuing operations
|
|
0.38
|
|
0.47
|
|
0.72
|
|
0.79
|
|
2.37
|
|
Amounts may not add
due to rounding. Non-GAAP results are reconciled to
applicable GAAP results on pages 5-7.
|
3
The Brink's
Company and subsidiaries Non-GAAP Results Adjusted for
Venezuelan Results at 50 Bolivars per U.S. Dollar (Unaudited)
(In millions, except for per share amounts)
|
|
|
|
|
|
2013
|
|
|
1Q
|
|
2Q
|
|
3Q
|
|
4Q
|
|
Full
Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Results
Adjusted for Venezuelan Results at 50 Bolivars per U.S.
Dollar
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
$
|
328.4
|
|
329.7
|
|
323.7
|
|
347.4
|
|
1,329.2
|
|
EMEA
|
|
277.8
|
|
293.4
|
|
301.2
|
|
305.9
|
|
1,178.3
|
|
North
America
|
|
223.2
|
|
226.3
|
|
222.5
|
|
226.4
|
|
898.4
|
|
Asia
Pacific
|
|
36.6
|
|
36.6
|
|
34.9
|
|
36.7
|
|
144.8
|
|
|
Revenues
|
$
|
866.0
|
|
886.0
|
|
882.3
|
|
916.4
|
|
3,550.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit:
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
$
|
17.6
|
|
14.8
|
|
21.7
|
|
39.1
|
|
93.2
|
|
EMEA
|
|
8.6
|
|
18.7
|
|
32.1
|
|
22.1
|
|
81.5
|
|
North
America
|
|
0.9
|
|
9.2
|
|
3.1
|
|
3.1
|
|
16.3
|
|
Asia
Pacific
|
|
4.3
|
|
5.0
|
|
4.8
|
|
3.5
|
|
17.6
|
|
|
Segment operating
profit
|
|
31.4
|
|
47.7
|
|
61.7
|
|
67.8
|
|
208.6
|
|
Non-segment
|
|
(7.6)
|
|
(11.4)
|
|
(11.3)
|
|
(12.3)
|
|
(42.6)
|
|
|
Operating
profit
|
$
|
23.8
|
|
36.3
|
|
50.4
|
|
55.5
|
|
166.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts
attributable to Brink's:
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
$
|
9.2
|
|
16.1
|
|
22.8
|
|
27.8
|
|
75.9
|
Diluted EPS –
continuing operations
|
|
0.19
|
|
0.33
|
|
0.46
|
|
0.57
|
|
1.55
|
|
Amounts may not add
due to rounding. Non-GAAP Results Adjusted for Venezuelan
Results at 50 bolivars per U.S. dollar are reconciled to applicable
GAAP results on pages 5 – 7.
|
4
The Brink's
Company and subsidiaries Non-GAAP and Adjusted
Non-GAAP(g) Results Reconciled to GAAP (Unaudited)
(In millions, except for per share amounts)
|
|
|
|
GAAP
Basis
|
|
Gains and
Losses on
Acquisitions
and
Dispositions
(a)
|
|
Net Monetary
Asset Re-
measurement
Losses in
Venezuela
(b)
|
|
Employee
Benefit
Settlement
Losses
(c)
|
|
U.S.
Retirement
Plans
(d)
|
|
Adjust
Income
Tax Rate
(e)
|
|
Non-
GAAP
Basis
|
|
Adjust
Venezuela
to 50
Bolivars to the U.S.
Dollar
(f)
|
|
Adjusted
Non-
GAAP
Basis
(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
2013
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
$
|
412.9
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
412.9
|
|
(84.5)
|
|
328.4
|
|
EMEA
|
|
277.8
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
277.8
|
|
-
|
|
277.8
|
|
North
America
|
|
223.2
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
223.2
|
|
-
|
|
223.2
|
|
Asia
Pacific
|
|
36.6
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
36.6
|
|
-
|
|
36.6
|
|
|
Revenues
|
$
|
950.5
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
950.5
|
|
(84.5)
|
|
866.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
$
|
23.4
|
|
-
|
|
13.4
|
|
0.3
|
|
-
|
|
-
|
|
37.1
|
|
(19.5)
|
|
17.6
|
|
EMEA
|
|
8.6
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8.6
|
|
-
|
|
8.6
|
|
North
America
|
|
(2.0)
|
|
-
|
|
-
|
|
-
|
|
2.9
|
|
-
|
|
0.9
|
|
-
|
|
0.9
|
|
Asia
Pacific
|
|
4.3
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4.3
|
|
-
|
|
4.3
|
|
|
Segment operating
profit
|
|
34.3
|
|
-
|
|
13.4
|
|
0.3
|
|
2.9
|
|
-
|
|
50.9
|
|
(19.5)
|
|
31.4
|
|
Non-segment
|
|
(17.0)
|
|
(1.1)
|
|
-
|
|
-
|
|
10.5
|
|
-
|
|
(7.6)
|
|
-
|
|
(7.6)
|
|
|
Operating
profit
|
$
|
17.3
|
|
(1.1)
|
|
13.4
|
|
0.3
|
|
13.4
|
|
-
|
|
43.3
|
|
(19.5)
|
|
23.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts
attributable to Brink's:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
$
|
2.9
|
|
(1.1)
|
|
8.4
|
|
0.2
|
|
8.2
|
|
0.1
|
|
18.7
|
|
(9.5)
|
|
9.2
|
Diluted EPS –
continuing operations
|
|
0.06
|
|
(0.02)
|
|
0.17
|
|
-
|
|
0.17
|
|
-
|
|
0.38
|
|
(0.19)
|
|
0.19
|
|
|
|
|
|
|
|
|
|
Second Quarter
2013
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
$
|
413.6
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
413.6
|
|
(83.9)
|
|
329.7
|
|
EMEA
|
|
293.4
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
293.4
|
|
-
|
|
293.4
|
|
North
America
|
|
226.3
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
226.3
|
|
-
|
|
226.3
|
|
Asia
Pacific
|
|
36.6
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
36.6
|
|
-
|
|
36.6
|
|
|
Revenues
|
$
|
969.9
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
969.9
|
|
(83.9)
|
|
886.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
$
|
24.4
|
|
-
|
|
-
|
|
0.5
|
|
-
|
|
-
|
|
24.9
|
|
(10.1)
|
|
14.8
|
|
EMEA
|
|
18.7
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
18.7
|
|
-
|
|
18.7
|
|
North
America
|
|
6.3
|
|
-
|
|
-
|
|
-
|
|
2.9
|
|
-
|
|
9.2
|
|
-
|
|
9.2
|
|
Asia
Pacific
|
|
5.0
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5.0
|
|
-
|
|
5.0
|
|
|
Segment operating
profit
|
|
54.4
|
|
-
|
|
-
|
|
0.5
|
|
2.9
|
|
-
|
|
57.8
|
|
(10.1)
|
|
47.7
|
|
Non-segment
|
|
(21.6)
|
|
-
|
|
-
|
|
-
|
|
10.2
|
|
-
|
|
(11.4)
|
|
-
|
|
(11.4)
|
|
|
Operating
profit
|
$
|
32.8
|
|
-
|
|
-
|
|
0.5
|
|
13.1
|
|
-
|
|
46.4
|
|
(10.1)
|
|
36.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts
attributable to Brink's:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
$
|
13.2
|
|
-
|
|
-
|
|
0.4
|
|
7.7
|
|
1.5
|
|
22.8
|
|
(6.7)
|
|
16.1
|
Diluted EPS –
continuing operations
|
|
0.27
|
|
-
|
|
-
|
|
0.01
|
|
0.16
|
|
0.03
|
|
0.47
|
|
(0.14)
|
|
0.33
|
5
The Brink's
Company and subsidiaries Non-GAAP and Adjusted
Non-GAAP(g) Results Reconciled to GAAP (Unaudited)
(In millions, except for per share amounts)
|
|
|
|
GAAP
Basis
|
|
Gains and
Losses on
Acquisitions
and
Dispositions
(a)
|
|
Net Monetary
Asset Re-
measurement
Losses in
Venezuela
(b)
|
|
Employee
Benefit
Settlement
Losses
(c)
|
|
U.S.
Retirement
Plans
(d)
|
|
Adjust
Income
Tax
Rate
(e)
|
|
Non-
GAAP
Basis
|
|
Adjust
Venezuela
to 50
Bolivars to
the U.S.
Dollar
(f)
|
|
Adjusted
Non-
GAAP
Basis
(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter
2013
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
$
|
423.8
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
423.8
|
|
(100.1)
|
|
323.7
|
|
|
EMEA
|
|
301.2
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
301.2
|
|
-
|
|
301.2
|
|
|
North
America
|
|
222.5
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
222.5
|
|
-
|
|
222.5
|
|
|
Asia
Pacific
|
|
34.9
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
34.9
|
|
-
|
|
34.9
|
|
|
|
Revenues
|
$
|
982.4
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
982.4
|
|
(100.1)
|
|
882.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
$
|
42.8
|
|
-
|
|
-
|
|
0.8
|
|
-
|
|
-
|
|
43.6
|
|
(21.9)
|
|
21.7
|
|
|
EMEA
|
|
32.1
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
32.1
|
|
-
|
|
32.1
|
|
|
North
America
|
|
0.2
|
|
-
|
|
-
|
|
-
|
|
2.9
|
|
-
|
|
3.1
|
|
-
|
|
3.1
|
|
|
Asia
Pacific
|
|
4.8
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4.8
|
|
-
|
|
4.8
|
|
|
|
Segment operating
profit
|
|
79.9
|
|
-
|
|
-
|
|
0.8
|
|
2.9
|
|
-
|
|
83.6
|
|
(21.9)
|
|
61.7
|
|
|
Non-segment
|
|
(20.7)
|
|
(0.9)
|
|
-
|
|
-
|
|
10.3
|
|
-
|
|
(11.3)
|
|
-
|
|
(11.3)
|
|
|
|
Operating
profit
|
$
|
59.2
|
|
(0.9)
|
|
-
|
|
0.8
|
|
13.2
|
|
-
|
|
72.3
|
|
(21.9)
|
|
50.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts
attributable to Brink's:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
$
|
29.8
|
|
(0.9)
|
|
-
|
|
0.6
|
|
7.7
|
|
(1.8)
|
|
35.4
|
|
(12.6)
|
|
22.8
|
|
Diluted EPS –
continuing operations
|
|
0.61
|
|
(0.02)
|
|
-
|
|
0.01
|
|
0.16
|
|
(0.04)
|
|
0.72
|
|
(0.26)
|
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter
2013
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
$
|
470.4
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
470.4
|
|
(123.0)
|
|
347.4
|
|
|
EMEA
|
|
305.9
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
305.9
|
|
-
|
|
305.9
|
|
|
North
America
|
|
226.4
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
226.4
|
|
-
|
|
226.4
|
|
|
Asia
Pacific
|
|
36.7
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
36.7
|
|
-
|
|
36.7
|
|
|
|
Revenues
|
$
|
1,039.4
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,039.4
|
|
(123.0)
|
|
916.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
$
|
59.3
|
|
2.2
|
|
-
|
|
0.9
|
|
-
|
|
-
|
|
62.4
|
|
(23.3)
|
|
39.1
|
|
|
EMEA
|
|
22.1
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
22.1
|
|
-
|
|
22.1
|
|
|
North
America
|
|
0.2
|
|
-
|
|
-
|
|
-
|
|
2.9
|
|
-
|
|
3.1
|
|
-
|
|
3.1
|
|
|
Asia
Pacific
|
|
2.6
|
|
0.9
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3.5
|
|
-
|
|
3.5
|
|
|
|
Segment operating
profit
|
|
84.2
|
|
3.1
|
|
-
|
|
0.9
|
|
2.9
|
|
-
|
|
91.1
|
|
(23.3)
|
|
67.8
|
|
|
Non-segment
|
|
(21.8)
|
|
(0.8)
|
|
-
|
|
-
|
|
10.3
|
|
-
|
|
(12.3)
|
|
-
|
|
(12.3)
|
|
|
|
Operating
profit
|
$
|
62.4
|
|
2.3
|
|
-
|
|
0.9
|
|
13.2
|
|
-
|
|
78.8
|
|
(23.3)
|
|
55.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts
attributable to Brink's:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
$
|
26.0
|
|
4.0
|
|
-
|
|
0.6
|
|
8.2
|
|
0.2
|
|
39.0
|
|
(11.2)
|
|
27.8
|
|
Diluted EPS –
continuing operations
|
|
0.53
|
|
0.08
|
|
-
|
|
0.01
|
|
0.17
|
|
-
|
|
0.79
|
|
(0.23)
|
|
0.57
|
|
6
The Brink's
Company and subsidiaries Non-GAAP and Adjusted
Non-GAAP(g) Results Reconciled to GAAP (Unaudited)
(In millions, except for per share amounts)
|
|
|
|
GAAP
Basis
|
|
Gains and
Losses on
Acquisitions
and
Dispositions
(a)
|
|
Net Monetary
Asset Re-
measurement
Losses in
Venezuela
(b)
|
|
Employee
Benefit
Settlement
Losses
(c)
|
|
U.S.
Retirement
Plans
(d)
|
|
Adjust
Income
Tax
Rate
(e)
|
|
Non-
GAAP
Basis
|
|
Adjust
Venezuela
to 50
Bolivars to
the U.S.
Dollar
(f)
|
|
Adjusted
Non-
GAAP
Basis
(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full Year
2013
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
$
|
1,720.7
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,720.7
|
|
(391.5)
|
|
1,329.2
|
|
EMEA
|
|
1,178.3
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,178.3
|
|
-
|
|
1,178.3
|
|
North
America
|
|
898.4
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
898.4
|
|
-
|
|
898.4
|
|
Asia
Pacific
|
|
144.8
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
144.8
|
|
-
|
|
144.8
|
|
|
Revenues
|
$
|
3,942.2
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3,942.2
|
|
(391.5)
|
|
3,550.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America
|
$
|
149.9
|
|
2.2
|
|
13.4
|
|
2.5
|
|
-
|
|
-
|
|
168.0
|
|
(74.8)
|
|
93.2
|
|
EMEA
|
|
81.5
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
81.5
|
|
-
|
|
81.5
|
|
North
America
|
|
4.7
|
|
-
|
|
-
|
|
-
|
|
11.6
|
|
-
|
|
16.3
|
|
-
|
|
16.3
|
|
Asia
Pacific
|
|
16.7
|
|
0.9
|
|
-
|
|
-
|
|
-
|
|
-
|
|
17.6
|
|
-
|
|
17.6
|
|
|
Segment operating
profit
|
|
252.8
|
|
3.1
|
|
13.4
|
|
2.5
|
|
11.6
|
|
-
|
|
283.4
|
|
(74.8)
|
|
208.6
|
|
Non-segment
|
|
(81.1)
|
|
(2.8)
|
|
-
|
|
-
|
|
41.3
|
|
-
|
|
(42.6)
|
|
-
|
|
(42.6)
|
|
|
Operating
profit
|
$
|
171.7
|
|
0.3
|
|
13.4
|
|
2.5
|
|
52.9
|
|
-
|
|
240.8
|
|
(74.8)
|
|
166.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts
attributable to Brink's:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
$
|
71.9
|
|
2.0
|
|
8.4
|
|
1.8
|
|
31.8
|
|
-
|
|
115.9
|
|
(40.0)
|
|
75.9
|
Diluted EPS –
continuing operations
|
|
1.47
|
|
0.04
|
|
0.17
|
|
0.04
|
|
0.65
|
|
-
|
|
2.37
|
|
(0.82)
|
|
1.55
|
|
|
(a)
|
To
eliminate:
|
|
- a $1.1 million adjustment in the
first quarter of 2013 to the amount of gain recognized on a 2010
business acquisition in Mexico as a result of a favorable
adjustment to the purchase price received in the first quarter of
2013.
- $1.7 million of adjustments in
the third and fourth quarters of 2013 primarily related to the
January 2013 acquisition of Rede Trel in Brazil.
- $3.1 million in adjustments in the
fourth quarter of 2013 related to the increase in a loss
contingency assumed in the 2010 Mexico acquisition and the
impairment of an intangible asset acquired in the 2009 India
acquisition.
- a $2.6 million tax adjustment related
to the Belgium disposition.
|
|
|
|
(b)
|
To eliminate currency
exchange losses related to a 16% devaluation of the official
exchange rate in Venezuela from 5.3 to 6.3 bolivars to the U.S.
dollar in February 2013.
|
(c)
|
To eliminate employee
benefit settlement losses in Mexico.
|
(d)
|
To eliminate expenses
related to U.S. retirement plans.
|
(e)
|
To adjust effective
income tax rate in the interim period to be equal to the full-year
non-GAAP effective income tax rate. The full-year non-GAAP
effective tax rate for 2013 is 33.3%.
|
(f)
|
Effective March 24,
2014, Brink's began remeasuring its Venezuelan operating results
using currency exchange rates reported under a newly established
currency exchange process in Venezuela (the "SICAD II
process"). The rate published for this process averaged 51
for the last 7 days in March 2014 and 50 at March 31,
2014. This adjustment reflects a hypothetical remeasurement of
Brink's Venezuela's 2013 revenue and operating results using a rate
of 50 bolivars to the U.S. dollar, which approximates the rate
observed in the new SICAD II currency exchange process in March
2014. Losses that would have been recognized in 2013 had
Brink's used a rate of 50 bolivars to the U.S. dollar to remeasure
its net monetary assets have been excluded from this adjustment and
the Adjusted Non-GAAP results.
|
(g)
|
Non-GAAP results
adjusted for Venezuelan results at 50 bolivars per U.S.
dollar.
|
|
Amounts may not add
due to rounding.
|
7
Contact:
Investor Relations
804.289.9709
SOURCE The Brink's Company