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Security services provider


(BCO) - Get Report

reported on Feb. 4, 2009, that its Q4 FY08 net earnings plunged 32.9%, due to impairment charges and foreign exchange transaction losses. Net income declined to $36.50 million or $0.78 per share from $54.40 million or $1.15 per share in Q4 FY07. Earnings from continuing operations rose to $38.70 million or $0.83 per share from $35.80 million or $0.76 per share. The most recent consensus estimate stood at $0.57 per share.

Total revenue increased marginally to $759.50 million from $756.80 million a year ago. International sales inched up to $529.90 million from $525.00 million, driven by sales growth of 9.0% to $195.00 million in Latin America. However, North America segment sales marginally declined to $229.60 million from $231.80 million.

During Q4 FY08, Brink declared a regular quarterly dividend of $0.10 per share payable on March 2, 2009. BCO purchased 160,500 shares of its outstanding common stock for $4.00 million at an average cost of $24.03 per share. The company completed the sale of certain coal assets to Massey Energy Company for $10.00 million in cash. Recently, BCO's Brazil-based subsidiary,

Brink's-Seguranca e Transporte de Valores

, acquired

Sebival-Seguranca Bancaria Industrial e de Valores


Setal Servicos Especializados, Tecnicos e Auxiliares

for around $50.00 million. In addition, Brink's acquired 80.0% ownership of a secure logistics company based in Moscow, Russia.

For FY08, BCO's net income improved 33.5% to $183.30 million or $3.93 per share from $137.30 million or $2.92 per share a year ago. Revenue for the year surged 15.7% to $3.16 billion from $2.73 billion in FY07.

Looking forward to FY09, the company expects organic revenue growth to be in the mid- to high single-digit percentage range, with an operating profit margin of around 8.00%.

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