Spin off is done: How'd Brink's do in its first trading days?

IRVING, Texas--Brink's Home Security debuted on the New York Stock exchange this week as an independent pure play security company. The spin-off of BHS from The Brink's Company was complete on Oct. 31. It began regular trading under the ticker CFL on Monday, which the company said is reflective of its internal mission statement: "Customers For Life." "Our revenue, cash flow from operations and operating income have grown every year this decade. We achieved recurring monthly revenue of $39.8 million in the third quarter of 2008 and we have a healthy balance sheet with zero debt. We expect to continue to grow our subscriber base, while we further improve productivity and operating efficiencies," said BHS president Bob Allen in a prepared statement. The stock opened at $21.95 on Nov. 3 and the price has fluctuated from a low of $17.40 to a high of 22.29 from Nov. 3 through Nov. 5. It closed yesterday at $18.43. Market experts cautioned against drawing any conclusions based on fluctuations of the stock price in its first three days of trading, given the current volatility of the stock market. And one industry insider, who knows BHS very well, Peter Michel--who ran the company from 1990 until 2002, and is now CEO of iSecureTrak--told Security Systems News the performance of stock this week is "impossible to interpret in any meaningful way." He said the "The Brink's Home Security management team is the best operating team in the industry, and BHS is most well managed company in the industry. I'm confident that that will be eventually reflected in the stock price." To celebrate its new independent status, Bob Allen will ring the closing bell at the New York Stock Exchange on Nov. 10.