Brink’s Incurs Theft Loss
January 10 2018 - 4:10PM
The Brink’s Company (NYSE:BCO) today announced that the theft of an
international gold shipment in December will result in a
fourth-quarter pretax charge of approximately $11 million.
Despite the charge, management continues to expect strong
fourth-quarter operating results. The company’s 2017 non-GAAP
operating profit is expected to be approximately $280 million, an
increase of 30% over 2016, at the low end of its prior guidance
range of $280 million to $290 million ($272 million to $282 million
on a GAAP basis). Fourth-quarter and full-year net income,
including the impact of this charge, will be determined when the
company’s tax rate and other year-end items are finalized.
Fourth-quarter results will be reported on February 7.
The robbery occurred on December 6 and remains under
investigation. The customer affected by the theft has been
fully reimbursed by Brink’s. If the gold is recovered, or if
any portion of Brink’s monetary loss is subrogated to third parties
prior to the filing of the company’s Form 10-K, the recovery value
will be reflected in 2017 results. Due to the ongoing
investigation and related security protocols, Brink’s does not
intend to make additional comments regarding the robbery at this
time.
About The Brink’s CompanyThe Brink’s Company
(NYSE:BCO) is the global leader in cash management, secure
logistics and security solutions including cash-in-transit, ATM
services, cash management services (including vault outsourcing,
money processing and intelligent safe services), international
transportation of valuables, and payment services. Our
customers include financial institutions, retailers, government
agencies, mints, jewelers and other commercial operations.
Our global network of operations in 41 countries serve customers in
more than 100 countries. For more information, please visit our
website at www.Brinks.com or call 804-289-9709.
Forward-Looking StatementsThis release contains
forward-looking information. Words such as "anticipate," "assume,"
"estimate," "expect," “target” "project," "predict," "intend,"
"plan," "believe," "potential," "may," "should" and similar
expressions may identify forward-looking information.
Forward-looking information in these materials includes, but is not
limited to fourth quarter and full year 2017 results.
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 associated with operating in foreign
countries; our ability to obtain appropriate insurance coverage,
positions taken by insurers relative to claims and the financial
condition of insurers; safety and security performance and loss
experience; employee and environmental liabilities in connection
with former coal operations, including black lung claims; the
impact of the Patient Protection and Affordable Care Act on legacy
liabilities and ongoing operations; changes to estimated
liabilities and assets in actuarial assumptions; our ability to
realize deferred tax assets; the outcome of pending and future
claims, litigation, and administrative proceedings; changes in
estimates and assumptions underlying critical accounting policies;
the promulgation and adoption of new accounting standards, new
government regulations and interpretation of existing standards and
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, 2016, 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.
Non-GAAP GuidanceNon-GAAP financial measures
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
financial measures is to report financial information from the
primary operations of our business by excluding the effects of
certain income and expenses that do not reflect the ordinary
earnings of our operations.
The Non-GAAP financial measures are intended to provide
investors with a supplemental comparison of our operating results
and trends for the periods presented. Our management believes these
measures are also useful to investors as such measures allow
investors to evaluate our performance using the same metrics that
our management uses to evaluate past performance and prospects for
future performance. We do not consider these items to be reflective
of our core operating performance due to the variability of such
items from period-to-period in terms of size, nature and
significance. Additionally, non-GAAP financial measures are
utilized as performance measures in certain management incentive
compensation plans.
Contact: Investor Relations and Corporate
Communications804.289.9709
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