Note 23 - Selected Quarterly Financial Data (unaudited)
| 2006 Quarters | 2005 Quarters | ||||||||||
| (In millions, except per share amounts) | 1st | 2nd | 3rd | 4th (a) | 1st | 2nd | 3rd | 4th (b) | |||
| Revenues | $ | 663.6 | 697.5 | 720.6 | 755.9 | $ | 601.1 | 633.5 | 651.3 | 663.1 | |
| Operating profit | 44.1 | 41.9 | 52.1 | 62.5 | 29.0 | 18.3 | 44.0 | 24.1 | |||
| Income (loss) from: | |||||||||||
| Continuing operations | $ | 24.2 | 21.2 | 24.8 | 33.1 | $ | 10.5 | 2.2 | 23.4 | 6.2 | |
| Discontinued operations | 379.2 | 9.5 | 1.7 | 93.5 | 3.1 | 13.1 | 42.4 | 46.9 | |||
| Cumulative effect of change in accounting principle |
- | - | - | - | - | - | - | (5.4) | |||
| Net income | $ | 403.4 | 30.7 | 26.5 | 126.6 | $ | 13.6 | 15.3 | 65.8 | 47.7 | |
| Net income (loss) per common share: | |||||||||||
| Basic: | |||||||||||
| Continuing operations | $ | 0.42 | 0.43 | 0.53 | 0.72 | $ | 0.19 | 0.04 | 0.41 | 0.11 | |
| Discontinued operations | 6.57 | 0.19 | 0.04 | 2.02 | 0.05 | 0.23 | 0.76 | 0.82 | |||
| Cumulative effect of change in accounting principle | - | - | - | - | - | - | - | (0.09) | |||
| Net income | $ | 6.99 | 0.62 | 0.57 | 2.74 | $ | 0.24 | 0.27 | 1.17 | 0.84 | |
| Diluted: | |||||||||||
| Continuing operations | $ | 0.42 | 0.42 | 0.53 | 0.71 | $ | 0.19 | 0.04 | 0.41 | 0.11 | |
| Discontinued operations | 6.50 | 0.19 | 0.04 | 2.00 | 0.05 | 0.23 | 0.74 | 0.81 | |||
| Cumulative effect of change in accounting principle | - | - | - | - | - | - | - | (0.09) | |||
| Net income | $ | 6.92 | 0.62 | 0.56 | 2.71 | $ | 0.24 | 0.27 | 1.15 | 0.83 | |
| Dividends declared per common share | $ | 0.0250 | 0.0625 | 0.0625 | 0.0625 | $ | 0.0250 | 0.0250 | 0.0250 | 0.0250 | |
| Stock prices: | |||||||||||
| High | $ | 54.03 | 57.90 | 58.35 | 66.12 | $ | 39.70 | 37.36 | 41.50 | 49.17 | |
| Low | 46.90 | 49.98 | 52.40 | 52.10 | 33.43 | 29.73 | 35.50 | 37.85 | |||
- (a)
- The Company's results of operations in the fourth quarter of 2006 included a $149.4 million pretax benefit in discontinued operations related to a reduction in the Company's obligation under the Health Benefit Act. The Company recorded a reduction to expenses of approximately $2.9 million in the fourth quarter in its Brink's segment to reflect a revision to the estimate for the allowance for doubtful accounts.
- (b)
- The Company's results of operations in the fourth quarter of 2005 includes an after-tax charge of $5.4 million to reflect the cumulative effect of a change in accounting principle related to the adoption of FIN 47. During the fourth quarter of 2005, the Company reached a final settlement agreement related to all claims for Federal Black Lung Excise Tax and recorded a pretax gain of $15.1 million in discontinued operations. The Company received this refund in 2006. The Company's results in the fourth quarter of 2005 included a $3.0 million gain as liabilities related to reclamation were formally transferred to the buyer. During the fourth quarter of 2005 the Company repatriated cash of $71.2 million, including $22.4 million related to BAX Global's non-U.S. subsidiaries, under the provision of the American Jobs Creation Act of 2004. The Company recorded additional income tax expense of $3.6 million in the fourth quarter of 2005, including $0.7 million included as a component of discontinued operations, related to the repatriation. During the fourth quarter of 2005, the Company recognized a $7.0 million deferred tax benefit in discontinued operations as a result of changing its intention regarding its investment in BAX Global.
At December 31, 2006, approximately $65 million of stockholders' equity was not available for dividends to shareholders due to limitations imposed by the Company's Revolving Facility and other lending arrangements (see note 12). Earnings per share amounts for each quarter are required to be computed independently. As a result, their sum may not equal the annual earnings per share. The Company's common stock trades on the New York Stock Exchange as "BCO." As of February 22, 2007, there were approximately 2,270 shareholders of record of common stock.
