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Brinks Co (BCO) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

Brinks Co

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CIK: 78890 Ticker: BCO



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Exhibit 99.1
Contact: Investor Relations
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804.289.9709
FOR IMMEDIATE RELEASE

Brink's Reports First-Quarter Results
•
Operating profit: GAAP $26 million; non-GAAP $63 million
•
Results negatively affected by COVID-19 (est. $13 million) and currency translation ($15 million GAAP and $18 million non-GAAP)
•
EPS: GAAP $.03 vs $.27; non-GAAP $.36 vs $.81, reflecting materially higher tax rate
•
Management reducing costs, preserving cash, expects strong recovery post-crisis
•
Expect 2Q to be low point of 2020, with improved results in 2H as cost reductions take hold and global economies re-open
•
Acquisition of G4S cash operations on track; available liquidity of approximately $800 million expected after completion
•
June 1 Investor Day postponed until further notice due to health concerns related to the COVID-19 pandemic


RICHMOND, Va., May 5, 2020 –The Brink’s Company (NYSE:BCO), the global leader in total cash management, route-based secure logistics and payment solutions, today announced results for the first quarter of 2020. Highlights include:
(In millions, except for per share amounts)
First-Quarter 2020
 
 
 
GAAP
 
Change
 
Non-GAAP
 
Change
 
Constant Currency Change(b)
Revenue
$
873

 
(4%)
 
$
873

 
(4%)
 
3%
Operating Profit
$
26

 
(55%)
 
$
63

 
(26%)
 
(4%)
Operating Margin
3.0
%
 
(350 bps)
 
7.2
%
 
(220 bps)
 
(70 bps)
Net Income / Adjusted EBITDA(a)
$
2

 
(87%)
 
$
101

 
(23%)
 
(8%)
EPS
$
0.03

 
(89%)
 
$
0.36

 
(56%)
 
(33%)
(a)
The non-GAAP financial metric, adjusted EBITDA, is presented with its corresponding GAAP metric, net income attributable to Brink's.
(b)
Constant currency represents 2020 results at 2019 exchange rates.

Doug Pertz, president and chief executive officer, said: “The COVID-19 pandemic has made these very trying and uncertain times for everyone, as the world unites against this health and economic crisis. Given the uncertainties related to the pandemic, we are focused on three priorities-- protecting our employees and providing essential services to our customers, preserving cash and maximizing profits, and positioning Brink’s to emerge from this crisis stronger than it has ever been.
“The pandemic had a substantial impact on first-quarter results, first affecting our operations in Asia, and then in early March moving sequentially through Europe, North America and South America. Results were also affected

1
The following information was filed by Brinks Co (BCO) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Brinks Co's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statement Of Equity (Unaudited)
Condensed Consolidated Statement Of Equity (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements Of Operations (Unaudited)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Amounts In Oci (Details)
Accumulated Other Comprehensive Income (Loss) - Reclasses Out Of Aoci (Details)
Acquisitions And Dispositions
Acquisitions And Dispositions (Tables)
Acquisitions And Dispositions - Acquired Entities (Details)
Acquisitions And Dispositions - Pro Forma (Details)
Acquisitions And Dispositions Acquisitions And Dispositions - Dispositions (Details)
Basis Of Presentation
Basis Of Presentation (Details)
Basis Of Presentation (Policies)
Capital Stock
Capital Stock (Tables)
Capital Stock - Shares Used To Calculate Earnings (Details)
Capital Stock Capital Stock (Details)
Contingent Matters
Credit Losses Credit Losses
Credit Losses Credit Losses (Details)
Credit Losses Credit Losses (Tables)
Debt
Debt (Details)
Debt (Tables)
Debt - Narrative (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments Fair Value Of Financial Instruments (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Schedule Of Components Of Income Tax Expense (Benefit) (Details)
Reorganization And Restructuring
Reorganization And Restructuring (Details)
Reorganization And Restructuring Reorganization And Restructuring (Tables)
Retirement Benefits
Retirement Benefits (Tables)
Retirement Benefits - Retirement Cost (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Disaggregation Of Revenue (Details)
Revenue From Contracts With Customers Revenue From Contracts With Customers (Policies)
Revenue From Contracts With Customers Revenue From Contracts With Customers - Contract Balances (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables)
Share-Based Compensation Plans - Compensation Expense (Details)
Share-Based Compensation Plans - Option Activity (Details)
Share-Based Compensation Plans - Stock Activity - Rsu, Psu, Dsu (Details)
Subsequent Events Subsequent Events
Subsequent Events Subsequent Events (Details)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Ticker: BCO
CIK: 78890
Form Type: 10-Q Quarterly Report
Accession Number: 0000078890-20-000052
Submitted to the SEC: Fri May 08 2020 2:08:22 PM EST
Accepted by the SEC: Fri May 08 2020
Period: Tuesday, March 31, 2020
Industry: Arrangement Of Transportation Of Freight And Cargo

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