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To Our Shareholders
We begin 2008 with a new strategic direction aimed at creating additional value. On February 25, our board approved a strategic decision to pursue a tax-free spin-off of Brink’s Home Security. We expect to complete the spin-off in this year’s fourth quarter. Upon completion of the transaction, shareholders will become owners of two stand-alone, publicly traded companies. The Brink’s Company will continue to operate Brink’s, Incorporated, our secure transportation and cash management business. The spin-off decision marks the beginning of a new and exciting chapter in our 150-year history of success. Both businesses are market leaders that outperform their peers on almost every operating metric. Each should benefit from enhanced management focus and more efficient capital structures. Compensation and incentives will be more closely aligned with performance. For shareholders, each business will provide greater transparency and a more targeted investment opportunity. Given these advantages, I am confident that both companies will more quickly receive the valuations they deserve. I commend all of our employees for the dedication they have shown in building two great businesses. Our people, many of whom work in dangerous conditions, have been the driving force behind our success. Because of them, shareholders of both companies will continue to be in good hands. I also salute our board and management team for their ongoing commitment to enhancing the value of your investment in The Brink’s Company.
Sincerely, |
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he Brink’s Company continues to demonstrate that it is a proven performer with a powerful brand and
a bright future. Our 2007 results were outstanding. Earnings from continuing operations grew 31% to
a new high of $148.6 million or $3.16 per share. Each of our two security businesses delivered record-setting
revenue, operating profit and cash flow. We expect continued revenue and profit growth in 2008 and beyond.