The Brink's Company today announced its second quarter financials with quarterly earnings of $16 million. That marks a drop from the same quarter in 2008, where the company reported earnings of $31 million. Revenue was down 6 percent over the same quarter a year ago, from $798 million to $752 million.
The company, which provides a variety of security services including secure cash transport, also is contributing $150 million in cash and stock to its U.S. pension fund, which was underfunded by over $300 million at the end of 2008.
The company reported an organic growth rate for the year-to-date of 2 percent.
While Brink's Chairman, President and CEO Michael T. Dan called it a "very difficult environment for Brink's and our customers," he said the company was focused on "those things that we can control including internal cost reductions, safety and security, and customer service."
The company has made acquisitions this year in Brazil and Russia, and referenced "expanding efforts" in Turkey and Canada. Dan said the company is also considering new acquisitions.
"We are exploring additional acquisitions and have new efforts underway to increase our presence in high-growth markets," said Dan.
For more information on The Brink's Company's second quarter, read the company's in-depth news release to investors on the earnings.