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Brink's ( BCO) reported on April 28, 2009, that its Q1 FY09 net earnings plunged 54.1%, hurt by the impact of last year's currency conversion project in Latin America, higher severance costs in Europe, and unfavorable foreign exchange rates. Net income plummeted to $23.00 million, or $0.49 per share, from $50.10 million, or $1.07 per share, in Q1 FY08. Earnings from continuing operations plunged 32.5% to $22.20 million, or $0.48 per share, which beat the most recent consensus estimate of $0.47 per share.

Total revenue declined 7.6% to $732.50 million from $792.80 million in the comparable quarter last year. International sales decreased 9.0% to $511.60 million, due mainly to unfavorable foreign exchange rates. Within this segment, revenue from EMEA (Europe, Middle East, and Africa) was down 12.0% to $293.00 million, Latin American revenue stood at $199.00 million, down 5.0%, and revenue from Asia-Pacific remained flat at $19.00 million. Furthermore, North American sales notched down 4.1% to $220.90 million, as higher average selling prices were offset by lower volume.

Brink paid a quarterly dividend of $0.10 per share. BCO purchased 234,456 shares of its outstanding common stock for $6.00 million at an average cost of $ 26.20 per share. Recently, BCO's Brazil-based subsidiary, Brink's-Seguranca e Transporte de Valores Ltda., acquired Sebival-Seguranca Bancaria Industrial e de Valores Ltda. and Setal Servicos Especializados, Tecnicos e Auxiliares Ltda. for around $50.00 million.

Looking forward to FY09, the company reaffirmed its guidance of organic revenue growth to be in the mid-to-high single-digit range, with an operating profit margin of around 8.00%. Additionally, it estimates capital expenditure of $175.00 million.

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