Brink's posts lower quarterly profit

SSN Staff  - 
Wednesday, June 1, 2005

NEW YORK--In early May, security company The Brink's Co. posted a lower first-quarter profit, hurt by volume declines in its European operations, sending shares down as much as 6.6 percent.
The company, which provides armored car transportation, automated teller machine services and is the parent company of Brink's Home Security, reported net income fell to $13.6 million from $25.8 million a year earlier.
The company also reported a $1.8-million charge related to a unit that had not paid foreign customs duties and value-added taxes due to the importation of certain goods and services that had been disclosed in 2004. Brink's said it has been advised that there could be civil and criminal penalties related to the issue.