NEW YORK (TheStreet) -- Shares of Brink's Company (BCO) 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."
Tom Schievelbein, Brink's chairman, president and CEO, said, "Brink's has been operating in Venezuela for more than 40 years, through numerous economic cycles. We remain committed to this business..."
Brink's is scheduled to report its first quarter 2014 earnings on April 24.