UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported): December 21, 2009
THE
BRINK’S COMPANY
(Exact
name of registrant as specified in its charter)
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Virginia
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001-09148
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54-1317776
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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1801
Bayberry Court
P.
O. Box 18100
Richmond,
VA 23226-8100
(Address
and zip code of
principal
executive offices)
Registrant’s
telephone number, including area code: (804) 289-9600
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see
General Instruction A.2.):
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[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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[ ]
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Soliciting
materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
8.01. Other
Events.
On December 21, 2009, The Brink’s
Company issued a press release relating to the repatriation of cash from its
Venezuelan operations. A copy of the press release is attached as
Exhibit 99.1 hereto and incorporated herein by reference.
Item
9.01. Financial Statements
and Exhibits.
(d) Exhibits
99.1
Press
Release, dated December 21, 2009, issued by The Brink’s
Company.
2
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned thereunto duly
authorized.
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THE
BRINK’S COMPANY
(Registrant)
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Date:
December 21, 2009
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By:
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/s/ Joseph W. Dziedzic |
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Joseph
W. Dziedzic
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Vice
President and Chief Financial
Officer
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EXHIBIT
INDEX
EXHIBIT DESCRIPTION
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99.1
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Press
Release, dated December 21, 2009, issued by The Brink’s
Company.
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4
EXHIBIT
99.1
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The Brink’s
Company
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1801 Bayberry
Court
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P.O. Box
18100
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Richmond, VA
23226-8100 USA
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Tel.
804.289.9600
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Fax
804.289.9770
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Contact:
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FOR
IMMEDIATE RELEASE
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Investor
Relations
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804.289.9709
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BRINK’S
ANNOUNCES INTENT TO REPATRIATE CASH HELD IN
VENEZUELA
AT PARALLEL RATE
RICHMOND, Va., December 21,
2009 - The Brink’s Company (NYSE:BCO) announced its intent to repatriate
75 million bolivar fuertes held in Venezuela at the parallel exchange
rate. The company also intends to repatriate future dividends
generated by its Venezuelan operations at the parallel rate. As a
result, effective immediately, Brink’s will begin reporting results from these
operations at the parallel rate.
Bolivars can be
converted to U.S. dollars using either the Venezuelan government’s official
rate, which requires government approval, or the less favorable parallel rate
that can be used without government approval.
Michael T. Dan,
chairman, president and chief executive officer of The Brink’s Company, said:
“We have experienced delays in receiving government approval for repatriating
dividends at the official rate, and the prospects for approval in the future are
unclear. Given these and other uncertainties associated with
operating in Venezuela, we decided that repatriating dividends now at the
parallel rate is in the best interest of our shareholders.”
The repatriation of
the 75 million bolivars at the parallel rate is expected to yield an estimated
$12 million. These bolivars were translated and reported on the
company’s September 30, 2009, consolidated balance sheet at Venezuela’s official
exchange rate of 2.15 bolivars per U.S. dollar, or approximately $35
million. Brink’s expects to report a fourth-quarter charge of
approximately $23 million or 47 cents per share, which reflects the
estimated
difference between the U.S. dollar value of the 75 million bolivars at the
parallel rate versus the official exchange rate.
Had the company
reported results of its Venezuelan operations for the nine months ended
September 30, 2009, using that period’s average historical parallel rate of 6.2
bolivar fuertes per U.S. dollar instead of the 2.15 official rate, revenues
would have been $177 million lower, operating profit would have been $20 million
lower, and net income attributable to Brink’s (i.e., after income taxes and
minority interests) would have been $13 million (27 cents per share)
lower.
The decision to
report results at the parallel rate will affect the company’s balance sheet at
December 31, 2009. Had the company reported results using the
parallel rate at September 30, 2009, total equity would have been $135 million
lower and the equity attributed to Brink’s shareholders would have been $91
million lower.
Additional
disclosures regarding Venezuelan operations are provided in the company’s most
recent Form 10-Q.
About
The Brink’s Company
The Brink’s Company
(NYSE:BCO) is the world’s premier provider of secure transportation and cash
management services. For more information, please visit The Brink’s
Company website at www.brinkscompany.com
or call toll free 877-275-7488.
Forward-Looking
Statements
This release
contains both historical and forward-looking information about the company's
intended cash repatriations from Venezuela and their projected effect on the
company. Words such as "anticipates," "estimates," "expects," "projects,"
"intends," "plans," "believes," "may," "should" and similar expressions may
identify forward-looking information. The forward-looking information in this
release is subject to known and unknown risks, uncertainties and contingencies
regarding the company’s ability to repatriate dividends at the parallel rate,
fluctuations in the parallel rate, and the impact on the company’s reported
financial results, which could cause actual results, performance or achievements
to differ materially from those that are anticipated. Additional factors that
could cause our results to differ materially from those described in the
forward-looking statements can be found under "Risk Factors" in Item 1A of our
Annual Report on Form 10-K for the period ended December 31, 2008 and in our
other public filings with the Securities and Exchange Commission. Readers are
urged to review and consider carefully the disclosures we make in our filings
with the Securities and Exchange Commission. The information included in this
release is representative only as of the date of this release, and The Brink's
Company undertakes no obligation to update any information contained in this
release.
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