Consolidated Statements of Operations
THE BRINK'S COMPANY and subsidiaries
| Years Ended December 31, | ||||
| (In millions, except per share amounts) | 2006 | 2005 | 2004 | |
| Revenues | $ | 2,837.6 | 2,549.0 | 2,277.5 |
| Expenses: | ||||
| Operating expenses | 2,176.1 | 2,041.8 | 1,790.7 | |
| Selling, general and administrative expenses | 466.8 | 406.8 | 360.5 | |
| Total expenses | 2,642.9 | 2,448.6 | 2,151.2 | |
| Other operating income, net | 5.9 | 15.0 | 11.1 | |
| Operating profit | 200.6 | 115.4 | 137.4 | |
| Interest expense | (13.2) | (18.6) | (20.8) | |
| Interest and other income, net | 16.9 | 9.3 | 7.9 | |
| Income from continuing operations before income taxes and minority interest | 204.3 | 106.1 | 124.5 | |
| Provision for income taxes | 82.7 | 49.5 | 40.6 | |
| Income from continuing operations before minority interest | 121.6 | 56.6 | 83.9 | |
| Minority interest | (18.3) | (14.3) | (12.4) | |
| Income from continuing operations | 103.3 | 42.3 | 71.5 | |
| Income from discontinued operations, net of income taxes | 483.9 | 105.5 | 50.0 | |
| Income before cumulative effect of change in accounting principle | 587.2 | 147.8 | 121.5 | |
| Cumulative effect of change in accounting principle, net of income taxes (a) | - | (5.4) | - | |
| Net income | $ | 587.2 | 142.4 | 121.5 |
| Earnings per common share | ||||
| Basic: | ||||
| Continuing operations | $ | 2.07 | 0.75 | 1.31 |
| Discontinued operations | 9.69 | 1.88 | 0.92 | |
| Cumulative effect of change in accounting principle | - | (0.10) | - | |
| Net income | $ | 11.75 | 2.53 | 2.23 |
| Diluted: | ||||
| Continuing operations | $ | 2.05 | 0.74 | 1.29 |
| Discontinued operations | 9.59 | 1.85 | 0.91 | |
| Cumulative effect of change in accounting principle | - | (0.09) | - | |
| Net income | $ | 11.64 | 2.50 | 2.20 |
| Weighted-average common shares outstanding | ||||
| Basic | 50.0 | 56.3 | 54.6 | |
| Diluted | 50.5 | 57.0 | 55.3 | |
- (a)
- As discussed in note 1, the Company adopted FIN 47 during 2005 on a cumulative basis as of December 31, 2005, resulting in a change in the Company's method of accounting for conditional asset retirement obligations. Pro forma amounts, assuming the new method of accounting for conditional retirement obligations was applied retroactively, are presented in note 1.
See accompanying notes to consolidated financial statements.
