NEW YORK (TheStreet) -- Shares of Brink's Company (BCO - Get Report) dropped -7.95% to $26.30, the most in two years, after the provider of secure logistics and security solutions services said "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, the company continued. "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."
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