The BrinkÃ¢â‚¬â„¢s Company reports strong first quarter results
RICHMOND, Va. - The BrinkÃ¢â‚¬â„¢s Company, parent company of BrinkÃ¢â‚¬â„¢s Home Security, reported its first quarter income was $17.2 million compared to a loss of $3.2 million in the prior-year period.
The results were driven by the companyÃ¢â‚¬â„¢s home security arm, which reported $82 million in revenue for the period. The figure increased 11 percent in comparison to last yearÃ¢â‚¬â„¢s numbers.
In May, Chief Executive Officer Michael Dan said in a conference call that new installations were up 24 percent. Company executives also noted that BrinkÃ¢â‚¬â„¢s Home SecurityÃ¢â‚¬â„¢s low disconnect rate attributed strong showing. The company currently has 850,000 total subscribers.
Microtec continues with its restructuring plan
ST-AUGUSTIN, QUEBEC - As part of a plan to improve the companyÃ¢â‚¬â„¢s financial standing, Microtec Enterprises, a security and home automation service provider here, has begun negotiating an extension of its bank credits.
In discussions with its lenders, the company has already secured an extension until early May, but is looking to further defer payments until August 5, 2004. Microtec officials said they are confident that the extension will allow the company to implement a new capital structure that will allow it to increase profits.
Securex, a financial provider for the alarm industry, recently purchased a number of shares in Microtec. But the financial provider came just short in securing a 19.9 percent stake in the company - a percentage that does not trigger takeover dialogue.
ADT receives honor from Sears Roebuck
BOCA RATON, Fla. - ADT Security Services has been named a Sears Partner in Progress for 2003.
The Partners in Progress program recognizes suppliers that make significant contributions to the growth of Sears business and create new avenues to serve customers on an annual basis. More than 10,000 suppliers competed for this yearÃ¢â‚¬â„¢s award.