BrinkÃ¢â‚¬â„¢s reveals additional details of unpaid taxes
November 25, 2004
RICHMOND, Va. - In The BrinkÃ¢â‚¬â„¢s CompanyÃ¢â‚¬â„¢s quarterly report, company officials revealed that it has yet to be assessed penalties and fines associated with a non-U.S. BrinkÃ¢â‚¬â„¢s Inc. businessesÃ¢â‚¬â„¢ failure to pay custom duties and value-added taxes.
Although the incident is still under investigation by BrinkÃ¢â‚¬â„¢s, the parent company of BrinkÃ¢â‚¬â„¢s Home Security, the company has lowered the amount of possible fines it could face.
When it disclosed the possibility of fines in its 2004 second quarter results, estimates ran between $50 and $85 million. Now, the company is estimating possible fines to fall in the $38 million range, although they feel that large of an amount is unlikely to be assessed.
Within the report, BrinkÃ¢â‚¬â„¢s also reported that in its quarterly report ending Sept. 30, revenue at BrinkÃ¢â‚¬â„¢s Home Security increased 11 percent to $87.6 million as compared to the same period last year, due to growth in its subscriber base and a higher per subscriber monthly revenues. Operating profit was also up in the third quarter, to $20.2 million, a record for the home security arm and 12 percent higher than the pervious yearÃ¢â‚¬â„¢s quarter.
The division accounted for 38,100 new subscribers during the quarter and ended it with roughly 896,000 subscribers in all - equaling $25.2 million in monthly recurring revenue.