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):
                                January 23, 1997



                              THE PITTSTON COMPANY

             (Exact Name of registrant as specified in its charter)






    Virginia                         1-9148                   54-1317776
 (State or other                  (Commission              (I.R.S. Employer
  jurisdiction                    File Number)            Identification No.)
of Incorporation)




1000 Virginia Center Parkway
P. O. Box 4229
Glen Allen, VA                                                        23058-4229
(Address of principal                                                 (Zip Code)
executive offices)



                                  (804)553-3600
              (Registrant's telephone number, including area code)





                                        1



Item 5.  Other Events


     The Pittston Company  ("Registrant")  has announced earnings for the fourth
quarter of 1996 for its Brink's  Group,  Burlington  Group and  Minerals  Group.
Press  releases dated January 23, 1997, are filed as exhibits to this report and
are incorporated herein by reference.



                                    EXHIBITS

99(a)             Registrant's Brink's Group press release dated
                  January 23, 1997.

99(b)             Registrant's Burlington Group press release dated
                  January 23, 1997.

99(c)             Registrant's Minerals Group press release dated
                  January 23, 1997.




                                    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 hereunto duly authorized.



                                                     THE PITTSTON COMPANY
                                                          (Registrant)


                                                          Gary R. Rogliano
                                                   By _________________________
                                                          Senior Vice President


Date:  January 23, 1997



                                        2





                                                                January 23, 1997

                          Pittston Brink's Group Earns
                      $.47 Per Share in the Fourth Quarter

Richmond,  VA - January 23, 1997 - The Pittston  Brink's Group  (NYSE-PZB),  The
Pittston  Company's  class of common  stock which  reflects the  performance  of
Brink's,  Incorporated  and Brink's Home Security,  Inc.  recorded net income of
$18.0 million,  or $.47 per share, in the fourth quarter, a 20% improvement over
the $15.0 million,  or $.39 per share, earned in the fourth quarter of 1995. For
the full year 1996,  net income was a record  $59.7  million  compared  to $51.1
million recorded in 1995. Earnings per share for 1996 reached $1.56 per share, a
16% improvement over the $1.35 per share recorded in 1995.

Brink's, Incorporated (Brink's)
Brink's  worldwide  consolidated  revenues  totaled $202.3 million in the fourth
quarter  of  1996,  a 13%  improvement  over  $179.3  million  reported  in  the
comparable  period in 1995.  Operating  profits  totaled  $18.9  million for the
fourth quarter,  47% higher than the $12.9 million  recorded in the prior year's
quarter due to improvements in both North American and international operations.
For the full year 1996, Brink's consolidated  revenues totaled $754.0 million, a
14% increase over 1995. Brink's earned record operating profits of $56.8 million
in  1996,  a 33%  increase  over  the  $42.7  million  earned  in  1995  due  to
improvements  in  both  North  American  and  international   operations.   This
represents the ninth consecutive year of record operating profits for Brink's.

Revenues from North American operations (U.S. and Canada) reached $110.7 million
in the fourth quarter,  9% higher than in the comparable  period in 1995. Fourth
quarter operating  profits of $11.0 million  represented a 31% increase over the
prior  year's  quarter  due to  improved  results  achieved  by the  armored car
operations  which include ATM servicing.  For the full year 1996, North American
revenues  increased by 10% to $418.9 million and operating  profits  amounted to
$34.4  million,  18%  higher  than the $29.2  million  earned in 1995,  with the
increase  principally  due to  higher  earnings  generated  by the  armored  car
operations.

Consolidated  international  subsidiaries  recorded revenues of $91.6 million in
the fourth quarter,  an increase of 17% over the $78.2 million  generated in the
fourth quarter of 1995.  Operating profits from  international  subsidiaries and
affiliates  amounted to $7.9  million for the quarter,  a 77% increase  over the
$4.4 million  recorded in the 1995 period.  Increased  operating  profits in all
three regions - Latin America,  Europe and Asia/Pacific led to the significantly
higher results.  In particular,  the equity earnings achieved by Brink's Mexican
affiliate (20% owned) showed a significant improvement over the loss recorded in
the fourth quarter of 1995.


For  the  full  year  1996,  consolidated  international  subsidiaries  recorded
revenues of $335.1 million compared with the $280.2 million recorded in 1995. In
1996,  operating profits from international  subsidiaries and affiliates totaled
$22.4  million,  compared to the $13.6 million  recorded in 1995.  The increased
operating  profits were primarily  attributable to improvements in Latin America
due to the strong  turnaround  in Mexico from the loss incurred in 1995, as well
as the improved  performances in Brazil and Colombia.  Latin  America's  results
also benefited from the  consolidation of Columbia,  a now 51% owned subsidiary.
European  operations  reported lower  operating  profits  primarily due to lower
results in Holland and France partially offset by improved results in the United
Kingdom. Operating profit in the Asia/Pacific region improved over 1995.

As part of its  global  growth  strategy,  Brink's  recently  announced  that it
increased its ownership  positions in its affiliates in Venezuela,  Peru and The
Netherlands. In Venezuela,  Brink's increased its ownership to 61% in Custodia y
Traslado de Valores,  C.A.  ("Custravalca"),  the largest armored car company in
Venezuela,  in which Brink's previously owned a 15% interest.  The remaining 39%
is held by a group of local investors  including  Venezuelan banks.  Custravalca
also owns a 31% interest in Brink's


Peru S.A.,  the largest  armored car company in Peru.  Brink's has also acquired
the remaining  35% of  Brinks-Nedlloyd,  the largest  armored car company in The
Netherlands,  increasing  Brink's  ownership  to 100%.  These  acquisitions  are
expected  to  meaningfully  increase  consolidated  international  revenues  and
operating  profits of Brink's  and should be  accretive  to the  earnings of the
Pittston Brink's Group beginning in 1997.

Brink's Home Security, Inc. (BHS)
BHS installed 26,511 new subscribers during the quarter, a 12% increase over the
fourth  quarter of 1995.  The  subscriber  base  totaled  446,505  customers  on
December 31, 1996, a net increase of 67,846  subscribers (18%) from the year-end
1995 level. As a result,  annualized service revenues increased by 19% to $128.1
million as of December 31, 1996.  BHS's disconnect rate for 1996 was 7.5% of the
average  subscriber base during the period. The Company believes this may be the
lowest disconnect rate of any major residential security company.

For the full year 1996, BHS's revenues increased 21% to $155.8 million. BHS also
reported record  operating  profits of $44.9 million,  14% higher than the $39.5
million  reported in 1995. This represents the ninth  consecutive year of record
profits for BHS. BHS's revenues  totaled $40.9 million in the fourth quarter,  a
17% increase over the comparable period in 1995. Operating profits totaled $10.9
million  compared  to $10.8  million  generated  in the fourth  quarter of 1995.
Monitoring  revenues  increased as a result of the greater number of subscribers
and higher monitoring fees on new subscribers. Installation revenues declined on
a per subscriber  basis during the quarter  reflecting  increasingly  aggressive
pricing by competitors.  In addition,  installation and marketing costs expensed
during  the  quarter  increased  by $1.2  million  from the prior  year  period.
Management  expects to counter  these  competitive  impacts on profit  growth by
improving cost  effectiveness  while enhancing  service  quality.  The operating
profit margin was 27% during the quarter.  For the full year 1997, the operating
profit margin is expected to remain in the middle to upper 20% range.

BHS opened operations in Boston during the fourth quarter, bringing to seven the
total number of new markets opened in 1996. New markets  previously  opened were
Tucson and Toledo in the first quarter,  Richmond and  Chattanooga in the second
quarter and Oklahoma City and Baton Rouge in the third quarter.

Financial - Consolidated
The Pittston  Company reported net income of $31.1 million in the fourth quarter
compared to $29.7 million recorded in the comparable  period in 1995. Net income
for the year 1996 amounted to $104.2 million compared to $98.0 million in 1995.


Consolidated cash flow from operating  activities  amounted to $196.7 million in
1996.  Total debt at  December  31, 1996 was $196.0  million  compared to $177.6
million at year-end 1995.

During 1996,  the Company  purchased  278,000  shares of Pittston  Brink's Group
Common Stock and 75,600  shares of Pittston  Burlington  Group Common Stock at a
total cost of $8.3 million. In 1996, the Company also purchased 20,920 shares of
Pittston  Company Series C Convertible  Preferred Stock for a total cost of $7.9
million.  The Company has remaining  authority to repurchase over time up to 1.0
million shares of Pittston  Minerals  Group Common Stock,  1.2 million shares of
Pittston Brink's Group Common Stock,  1.4 million shares of Pittston  Burlington
Group Common  Stock,  and an  additional  $7.1  million of the Pittston  Company
Series C Convertible Preferred Stock.

The  Company has  retained  Boston  EquiServe,  L.P.,  acting  through The First
National Bank of Boston,  as its registrar and stock  transfer  agent  effective
January  13,  1997.   Shareholders  should  call  1-800-733-5001  with  inquires
regarding  dividends,  share  certificates  and other issues with respect to the
proper registration of shares.

                                   **********

Pittston Minerals Group Common Stock  (NYSE-PZM),  Pittston Brink's Group Common
Stock (NYSE-PZB) and Pittston Burlington Group Common Stock (NYSE-PZX) represent
the three classes of common stock of The Pittston Company, a diversified company
with  interests  in coal and gold mining  (Pittston  Minerals  Group),  security
services through Brink's, Incorporated and Brink's Home Security, Inc. (Pittston
Brink's  Group) and  global  freight  transportation  and  logistics  management
services through Burlington Air Express Inc. (Pittston Burlington Group). Copies
of the Pittston  Minerals Group and Pittston  Burlington Group earnings releases
are available upon request.




                             Pittston Brink's Group
                           Supplemental Financial Data




                              BRINK'S, INCORPORATED





                                                                    Three Months                       Twelve Months
                                                                     Ended December 31                  Ended December 31
(In thousands)                                                   1996             1995              1996             1995
- -------------------------------------------------------------------------------------------------------------------------
                                                                                                          
                                                                     (Unaudited)
REVENUES

U.S. & Canada operations                                 $    110,670          101,146           418,941          379,230
International subsidiaries                                     91,585           78,172           335,070          280,229
- -------------------------------------------------------------------------------------------------------------------------

Total                                                    $    202,255          179,318           754,011          659,459
- -------------------------------------------------------------------------------------------------------------------------



OPERATING PROFIT
U.S. & Canada operations                                 $     11,004            8,407            34,387           29,159
International operations                                        7,884            4,449            22,436           13,579
- -------------------------------------------------------------------------------------------------------------------------

Total                                                    $     18,888           12,856            56,823           42,738
- -------------------------------------------------------------------------------------------------------------------------







                           BRINK'S HOME SECURITY, INC.





                                                                    Three Months                       Twelve Months
(In thousands,                                                       Ended December 31                  Ended December 31
except subscriber data)                                          1996             1995              1996             1995
- -------------------------------------------------------------------------------------------------------------------------
                                                                                                          
                                                                      (Unaudited)

REVENUES                                                 $     40,921           35,113           155,802          128,936

OPERATING PROFIT                                         $     10,860           10,804            44,872           39,506

Annualized recurring revenues*                                                                 $ 128,106          107,707

Number of Subscribers:
  Beginning of period                                         427,793          361,203           378,659          318,029
  Installations                                                26,511           23,701            98,541           82,643
  Disconnects                                                  (7,799)          (6,245)          (30,695)         (22,013)
- -------------------------------------------------------------------------------------------------------------------------

  End of period                                               446,505          378,659           446,505          378,659
- -------------------------------------------------------------------------------------------------------------------------






____________
* Annualized  recurring revenue is calculated based on the number of subscribers
at period end multiplied by the average  service fee per subscriber  received in
the last month for monitoring, maintenance and related services.



                             Pittston Brink's Group
                            STATEMENTS OF OPERATIONS





                                                                    Three Months                       Twelve Months
(In thousands,                                                       Ended December 31                  Ended December 31
except per share amounts)                                        1996             1995              1996             1995
- -------------------------------------------------------------------------------------------------------------------------
                                                                                                          
                                                                     (Unaudited)

Operating revenues                                       $    243,176          214,431           909,813          788,395
- -------------------------------------------------------------------------------------------------------------------------


Operating expenses                                            180,188          160,640           687,175          599,683
Selling, general and administrative                            35,768           31,677           130,833          112,133
- -------------------------------------------------------------------------------------------------------------------------

Total costs and expenses                                      215,956          192,317           818,008          711,816
- -------------------------------------------------------------------------------------------------------------------------


Other operating income, net                                       955              310             2,433              895
- -------------------------------------------------------------------------------------------------------------------------


Operating profit                                               28,175           22,424            94,238           77,474
Interest income                                                 1,037              364             2,745            1,840
Interest expense                                                 (400)            (572)           (1,810)          (2,050)
Other expense, net                                             (1,773)          (1,003)           (5,407)          (3,505)
- -------------------------------------------------------------------------------------------------------------------------

Income before income taxes                                     27,039           21,213            89,766           73,759
Provision for income taxes                                      9,058            6,244            30,071           22,666
- -------------------------------------------------------------------------------------------------------------------------

Net income                                               $     17,981           14,969            59,695           51,093
- -------------------------------------------------------------------------------------------------------------------------


Net income per common share                              $        .47              .39              1.56             1.35
- -------------------------------------------------------------------------------------------------------------------------


Average common shares outstanding                              38,326           37,983            38,200           37,931
- -------------------------------------------------------------------------------------------------------------------------





                               SEGMENT INFORMATION




Revenues:
   Brink's                                               $    202,255          179,318           754,011          659,459
   BHS                                                         40,921           35,113           155,802          128,936
- -------------------------------------------------------------------------------------------------------------------------

Revenues                                                 $    243,176          214,431           909,813          788,395
- -------------------------------------------------------------------------------------------------------------------------


Operating profit:
   Brink's                                               $     18,888           12,856            56,823           42,738
   BHS                                                         10,860           10,804            44,872           39,506
- -------------------------------------------------------------------------------------------------------------------------

   Segment operating profit                                    29,748           23,660           101,695           82,244
   General corporate expense                                   (1,573)          (1,236)           (7,457)          (4,770)
- -------------------------------------------------------------------------------------------------------------------------

Operating profit                                         $     28,175           22,424            94,238           77,474
- -------------------------------------------------------------------------------------------------------------------------



See accompanying notes.




                             Pittston Brink's Group
                            CONDENSED BALANCE SHEETS





                                                                            December 31              December 31
(In thousands)                                                                 1996                     1995
- -------------------------------------------------------------------------------------------------------------------
                                                                                                       

Assets

Cash and cash equivalents                                                 $     20,012                    21,977
Accounts receivable, net of estimated amounts
   uncollectible                                                               124,928                   113,790
Inventories and other current assets                                            45,117                    33,554
- -------------------------------------------------------------------------------------------------------------------

Total current assets                                                           190,057                   169,321

Property, plant and equipment, at cost, net of
   accumulated depreciation and amortization                                   256,759                   214,653
Intangibles, net of amortization                                                28,162                    28,893
Other assets                                                                    76,687                    71,859
- -------------------------------------------------------------------------------------------------------------------


Total assets                                                              $    551,665                   484,726
- -------------------------------------------------------------------------------------------------------------------


Liabilities and shareholders' equity

Current liabilities                                                       $    139,392                   130,441
Long-term debt, less current maturities                                          5,542                     5,795
Other liabilities                                                               93,353                    89,685
- -------------------------------------------------------------------------------------------------------------------

Total liabilities                                                              238,287                   225,921

Shareholders' equity                                                           313,378                   258,805
- -------------------------------------------------------------------------------------------------------------------


Total liabilities and shareholders' equity                                $    551,665                   484,726
- -------------------------------------------------------------------------------------------------------------------



See accompanying notes.




                             Pittston Brink's Group
                            STATEMENTS OF CASH FLOWS





                                                                                 Twelve Months Ended December 31
(In thousands)                                                                    1996                      1995
- -------------------------------------------------------------------------------------------------------------------
                                                                                                       

Cash flows from operating activities:
Net income                                                                $     59,695                    51,093
Adjustments to reconcile net income to net
   cash provided by operating activities:
   Depreciation and amortization                                                53,200                    42,977
   Other, net                                                                   10,876                     6,926
   Changes in operating assets and liabilities:
     Increase in receivables                                                   (15,556)                  (22,352)
     Increase in inventories and other current
       assets                                                                   (1,576)                   (2,670)
     Increase in current liabilities                                            12,989                    15,822
     Other, net                                                                 (5,845)                   (1,016)
- -------------------------------------------------------------------------------------------------------------------

Net cash provided by operating activities                                      113,783                    90,780
- -------------------------------------------------------------------------------------------------------------------


Cash flows from investing activities:
Additions to property, plant and equipment                                     (95,754)                  (69,783)
Proceeds from disposal of property, plant and
   equipment                                                                     2,798                     3,178
Other, net                                                                         843                    (2,269)
- -------------------------------------------------------------------------------------------------------------------

Net cash used by investing activities                                          (92,113)                  (68,874)
- -------------------------------------------------------------------------------------------------------------------


Cash flows from financing activities:
Net reductions of debt                                                          (7,533)                   (4,111)
Payments to - Minerals Group                                                    (6,082)                  (12,240)
Share and other equity activity                                                (10,020)                   (3,804)
- -------------------------------------------------------------------------------------------------------------------

Net cash used by financing activities                                          (23,635)                  (20,155)
- -------------------------------------------------------------------------------------------------------------------


Net (decrease) increase in cash and cash
   equivalents                                                                  (1,965)                    1,751
Cash and cash equivalents at beginning of period                                21,977                    20,226
- -------------------------------------------------------------------------------------------------------------------


Cash and cash equivalents at end of period                                $     20,012                    21,977
- -------------------------------------------------------------------------------------------------------------------



See accompanying notes.



                      The Pittston Company and Subsidiaries
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                                                                     Three Months                      Twelve Months

(In thousands,                                                                 Ended December 31                  Ended December 31
except per share amounts)                                                 1996              1995             1996              1995
- -----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                     
                                                                                       (Unaudited)

Net sales                                                        $     173,798           165,198          696,513           722,851
Operating revenues                                                     650,477           597,565        2,410,131         2,203,216
- -----------------------------------------------------------------------------------------------------------------------------------

Net sales and operating revenues                                       824,275           762,763        3,106,644         2,926,067
- -----------------------------------------------------------------------------------------------------------------------------------


Cost of sales                                                          174,261           154,234          707,497           696,295
Operating expenses                                                     538,859           498,665        2,004,598         1,845,404
Restructuring and other charges, including
   litigation accrual                                                   (9,541)                -          (47,299)                -
Selling, general and administrative                                     74,685            68,363          292,718           263,365
- -----------------------------------------------------------------------------------------------------------------------------------

Total cost and expenses                                                778,264           721,262        2,957,514         2,805,064
- -----------------------------------------------------------------------------------------------------------------------------------


Other operating income (expense)                                         3,635             4,079           17,377            26,496
- -----------------------------------------------------------------------------------------------------------------------------------


Operating profit                                                        49,646            45,580          166,507           147,499
Interest income                                                          1,271               841            3,487             3,395
Interest expense                                                        (3,541)           (3,844)         (14,074)          (14,253)
Other expense, net                                                      (2,312)           (2,292)          (9,224)           (6,305)
- -----------------------------------------------------------------------------------------------------------------------------------

Income before income taxes                                              45,064            40,285          146,696           130,336
Provision for income taxes                                              14,000            10,585           42,542            32,364
- -----------------------------------------------------------------------------------------------------------------------------------

Net income                                                              31,064            29,700          104,154            97,972
Preferred stock dividends, net                                            (902)           (1,065)          (1,675)           (2,762)
- -----------------------------------------------------------------------------------------------------------------------------------

Net income attributed to common shares                           $      30,162            28,635          102,479            95,210
- -----------------------------------------------------------------------------------------------------------------------------------


Pittston Brink's Group:
Net income attributed to common shares                           $      17,981            14,969           59,695            51,093
- -----------------------------------------------------------------------------------------------------------------------------------


Net income per common share                                      $         .47               .39             1.56              1.35
- -----------------------------------------------------------------------------------------------------------------------------------


Average common shares outstanding                                       38,326            37,983           38,200            37,931
- -----------------------------------------------------------------------------------------------------------------------------------


Pittston Burlington Group:
Net income attributed to common shares                           $      10,587            10,273           33,801            32,855
- -----------------------------------------------------------------------------------------------------------------------------------


Net income per common share                                      $         .55               .54             1.76              1.73
- -----------------------------------------------------------------------------------------------------------------------------------


Average common shares outstanding                                       19,408            18,992           19,223            18,966
- -----------------------------------------------------------------------------------------------------------------------------------


Pittston Minerals Group:
Net income attributed to common shares                           $       1,594             3,393            8,983            11,262
- -----------------------------------------------------------------------------------------------------------------------------------


Net income per common share:
   Primary                                                       $         .20               .43             1.14              1.45
   Fully diluted                                                 $         .20               .43             1.08              1.40
- -----------------------------------------------------------------------------------------------------------------------------------


Average common shares outstanding:
   Primary                                                               7,970             7,802            7,897             7,786
   Fully diluted                                                         9,826             9,968            9,906             9,999
- -----------------------------------------------------------------------------------------------------------------------------------



See accompanying notes.



                      The Pittston Company and Subsidiaries
                      CONDENSED CONSOLIDATED BALANCE SHEETS





                                                                           December 31               December 31
(In thousands)                                                                1996                      1995
- -------------------------------------------------------------------------------------------------------------------
                                                                                                       

Assets


Cash and cash equivalents                                              $        41,217                    52,823
Accounts receivable, net of estimated
   amounts uncollectible                                                       456,135                   421,246
Inventories and other current assets                                           121,338                   162,624
- -------------------------------------------------------------------------------------------------------------------

Total current assets                                                           618,690                   636,693

Property, plant and equipment, at cost, net of
   accumulated depreciation, depletion and
   amortization                                                                540,851                   486,168
Intangibles, net of amortization                                               317,062                   327,183
Other assets                                                                   336,276                   357,328
- -------------------------------------------------------------------------------------------------------------------


Total assets                                                           $     1,812,879                 1,807,372
- -------------------------------------------------------------------------------------------------------------------


Liabilities and shareholders' equity

Current liabilities                                                    $       568,967                   594,488
Long-term debt, less current maturities                                        158,837                   133,283
Postretirement benefits and other claims                                       226,697                   219,895
Workers' compensation and other claims                                         116,892                   125,894
Other liabilities                                                              134,779                   211,833
- -------------------------------------------------------------------------------------------------------------------

Total liabilities                                                            1,206,172                 1,285,393

Shareholders' equity                                                           606,707                   521,979
- -------------------------------------------------------------------------------------------------------------------


Total liabilities and shareholders' equity                             $     1,812,879                 1,807,372
- -------------------------------------------------------------------------------------------------------------------



See accompanying notes.




                      The Pittston Company and Subsidiaries
                      CONSOLIDATED STATEMENTS OF CASH FLOWS




 

                                                                                 Twelve Months Ended December 31
(In thousands)                                                                    1996                      1995
- -------------------------------------------------------------------------------------------------------------------
                                                                                                       

Cash flows from operating activities:
Net income                                                                $    104,154                    97,972
Adjustments to reconcile net income to net cash
   provided by operating activities:
   Noncash charges and other write-offs                                         29,948                         -
   Depreciation, depletion and amortization                                    113,251                   104,989
   Provision for aircraft heavy maintenance                                     32,057                    26,317
   Provision for deferred income taxes                                          19,320                    11,115
   Other, net                                                                   14,972                     4,060
   Changes in operating assets and liabilities net
     of effects of acquisitions and dispositions:
     Increase in receivables                                                   (45,991)                  (38,628)
     Decrease (increase) in inventories and other
       current assets                                                           10,784                   (14,183)
     (Decrease) increase in current liabilities                                (10,894)                    4,491
     Other, net                                                                (70,930)                  (39,598)
- -------------------------------------------------------------------------------------------------------------------

Net cash provided by operating activities                                      196,671                   156,535
- ---------------------------------------------------------------------------------------------------------------------------


Cash flows from investing activities:
Additions to property, plant and equipment                                    (177,269)                 (124,465)
Proceeds from disposal of property, plant and
   equipment                                                                    11,310                    22,539
Aircraft heavy maintenance                                                     (23,373)                  (22,356)
Acquisitions and related contingent payments                                    (4,078)                   (3,372)
Other, net                                                                       1,799                     1,182
- ---------------------------------------------------------------------------------------------------------------------------

Net cash used by investing activities                                         (191,611)                 (126,472)
- ---------------------------------------------------------------------------------------------------------------------------


Cash flows from financing activities:
Additions to debt                                                               28,642                    29,866
Reductions of debt                                                             (14,642)                  (25,891)
Share and other equity activity                                                (30,666)                  (23,533)
- ---------------------------------------------------------------------------------------------------------------------------

Net cash used by financing activities                                          (16,666)                  (19,558)
- ---------------------------------------------------------------------------------------------------------------------------


Net (decrease) increase in cash and cash
   equivalents                                                                 (11,606)                   10,505
Cash and cash equivalents at beginning of period                                52,823                    42,318
- ---------------------------------------------------------------------------------------------------------------------------

Cash and cash equivalents at end of period                                $     41,217                    52,823
- ---------------------------------------------------------------------------------------------------------------------------



See accompanying notes.



                      The Pittston Company and Subsidiaries
                             Pittston Brink's Group                         
                         NOTES TO FINANCIAL INFORMATION




(1)  The  approval on January 18,  1996,  by the  shareholders  of The  Pittston
     Company (the "Company") of the Brink's Stock Proposal,  as described in the
     Company's  proxy  statement  dated  December  15,  1995,  resulted  in  the
     reclassification  of the Company's  class of common stock formerly known as
     Pittston  Services Group Common Stock ("Services  Stock").  The outstanding
     shares of Services Stock were redesignated as Pittston Brink's Group Common
     Stock  ("Brink's  Stock") on a  share-for-share  basis,  and a new class of
     common  stock,   designated  as  Pittston  Burlington  Group  Common  Stock
     ("Burlington  Stock"),  was  distributed  on the basis of one-half share of
     Burlington  Stock  for each  share of  Services  Stock  previously  held by
     shareholders of record on January 19, 1996. Due to the  reclassification of
     the  Services  Stock,  all  stock and per  share  data in the  accompanying
     financial information have been restated to reflect the reclassification.

     The financial  information  for Pittston  Brink's Group  ("Brink's  Group")
     includes the results of the  Company's  Brink's,  Incorporated  and Brink's
     Home Security,  Inc. businesses.  It is prepared using the amounts included
     in  the  Company's  consolidated  financial  statements.  Accordingly,  the
     Company's consolidated financial statements must be read in connection with
     the Brink's Group's financial data.

(2)  In 1988,  the  trustees of certain  pension  and  benefit  trust funds (the
     "Trust Funds") established under collective  bargaining agreements with the
     United Mine Workers of America  ("UMWA")  brought an action (the "Evergreen
     Case") against the Company and a number of its coal subsidiaries,  claiming
     that the  defendants  were  obligated to  contribute to such Trust Funds in
     accordance  with  the  provisions  of  the  1988  and  subsequent  National
     Bituminous  Coal Wage  Agreements,  to which neither the Company nor any of
     its subsidiaries was a signatory.

     In late March 1996, a settlement was reached in the Evergreen  Case.  Under
     the  terms  of  the  settlement,  the  coal  subsidiaries  which  had  been
     signatories to earlier National  Bituminous Coal Wage Agreements  agreed to
     make  various  lump  sum  payments  in  full  satisfaction  of all  amounts
     allegedly due to the Trust Funds through  January 31, 1996, to be paid over
     time  as  follows:  approximately  $25.8  million  upon  dismissal  of  the
     Evergreen  Case  in  March  1996  and  the  remainder  of  $24  million  in
     installments  of $7.0  million in 1996 and $8.5 million in each of 1997 and
     1998.  The first  payment was  entirely  funded  through an escrow  account
     previously  established by the Company.  The second payment of $7.0 million
     was paid in the third quarter of 1996 and was funded  through cash provided
     by operating  activities.  In  addition,  the coal  subsidiaries  agreed to
     future  participation  in the UMWA 1974  Pension  Plan.  Separate  lawsuits
     against each of the UMWA and the Bituminous  Coal  Operations  Association,
     previously reported, have also been dismissed.

     As a result of the settlement of these cases, the Company recorded a pretax
     gain of $35.7  million  ($23.2  million  after tax) in the first quarter of
     1996 in its consolidated financial statements.

(3)  As of January 1, 1996, the Company and the Brink's Group  implemented a new
     accounting  standard,  Statement of Financial Accounting Standards ("SFAS")
     No. 121,  "Accounting for the Impairment of Long-Lived Assets and for Long-
     Lived Assets to Be Disposed Of". SFAS No. 121 requires  companies to review
     long-lived assets and certain identifiable  intangibles to be held and used
     by an  entity  for  impairment  whenever  circumstances  indicate  that the
     carrying amount of an asset may not be  recoverable.  SFAS No. 121 requires
     companies to utilize a two-step approach to determining  whether impairment
     of such assets has occurred and, if so, the amount of such impairment. As a
     result,  an  impairment  loss of $29.9  million has been  recorded  for the
     Company and the Company's  Minerals Group in 1996. The adoption of SFAS No.
     121 had no impact on the Brink's Group's financial statements in 1996.

(4)  During the twelve  months ended  December 31, 1996,  the Company  purchased
     20,920  shares of its  Series C  Cumulative  Convertible  Preferred  Stock.
     Preferred  dividends included on the Company's  statement of operations for
     the twelve months ended December 31, 1996,  are net of $2.1 million,  which
     is the excess of the carrying  amount of the preferred  stock over the cash
     paid to holders  of the  preferred  stock.  There  were no  repurchases  of
     preferred  stock during the quarter  ended  December  31, 1996.  During the
     twelve months ended December 31, 1995, the Company  purchased 16,370 shares
     of its  preferred  stock.  Preferred  dividends for the twelve months ended
     December  31,  1995 are net of $1.6  million,  which was the  excess of the
     carrying amount of the preferred stock over the cash paid to holders of the
     preferred  stock.  There were no repurchases of preferred  stock during the
     quarter ended December 31, 1995.

(5)  Financial information for the Minerals Group, which includes the results of
     the Company's  Coal and Mineral  Ventures  operations,  and the  Burlington
     Group which  includes the results of the Company's  Burlington  Air Express
     Inc. business, is available upon request.






                                                                January 23, 1997

                         Pittston Burlington Group Earns
                      $.55 Per Share in the Fourth Quarter

Richmond, VA - January 23, 1997 - The Pittston Burlington Group (NYSE-PZX),  The
Pittston  Company's  class of common  stock which  reflects the  performance  of
Burlington Air Express Inc.  (Burlington),  a global freight  transportation and
logistics  management  services company,  reported that  Burlington's  operating
profits for 1996 increased 10% to $64.6 million from the $58.7 million  reported
in 1995. For the fourth quarter of 1996,  Burlington generated operating profits
of $19.1 million compared to $18.8 million earned in the fourth quarter of 1995.

For the full year of 1996,  net  income was $33.8  million,  or $1.76 per share,
compared to $32.9 million, $1.73 per share, reported in 1995. Net income for the
fourth  quarter  totaled  $10.6  million,  or $.55 per share,  compared to $10.3
million, or $.54 per share, recorded in the fourth quarter of 1995.

Burlington worldwide revenues totaled $407.3 million in the fourth quarter, a 6%
increase over the $383.1 million reported in the fourth quarter of 1995. For the
full year of 1996,  Burlington's  global revenues climbed to $1.5 billion,  a 6%
increase over 1995 revenues.

International
International  revenues totaled $261.3 million in the fourth quarter compared to
$241.2  million  in the  comparable  1995  period.  Expedited  freight  services
revenues totaled $196.1 million,  customs clearance  revenues increased to $35.4
million,   and  ocean  freight  and  other   revenues   reached  $29.8  million.
International operating profits amounted to $8.5 million in the quarter compared
to $8.7 million earned in the fourth quarter of 1995.

For the full year  1996,  international  revenues  were  $945.8  million,  an 8%
increase  over the  level  recorded  in 1995.  International  operating  profits
totaled $28.5  million in 1996  compared to the $28.3 million  recorded in 1995.
Margins  on  expedited  freight  services  improved  11%  primarily   reflecting
improvements in U.S.  exports.  During the year,  profits were impacted by added
costs  related to the expansion of ocean and  logistics  operations  and further
investments  to strengthen  Burlington's  worldwide  network  including  quality
improvements  in global  systems,  facilities  and  acquisitions.  During  1996,
Burlington  operations in Canada,  France, Hong Kong, Japan, Sweden and the U.S.
earned  ISO 9002  certification.  In  total,  144  Burlington  facilities  in 15
countries are now ISO registered.


Domestic
In the fourth quarter, domestic expedited freight services revenues increased 3%
to $142.4 million  reflecting higher yields and slightly lower volume.  Domestic
operating  profits  totaled $10.6  million  compared to the $10.2 million in the
fourth  quarter of 1995.  During the fourth  quarter,  domestic  average  yields
improved  as a result of the  initiation  in  mid-September  of a  surcharge  on
domestic shipments. This surcharge was designed to partially offset certain cost
increases experienced by Burlington's domestic operations.

Full year 1996  domestic  expedited  freight  revenues  totaled  $547.6  million
compared to $528.2 in 1995.  Domestic  operating  profit for 1996 totaled  $36.1
million, a 19% increase over the $30.4 million reported in 1995. Domestic weight
shipped  increased 3% from the 1995 level while average yields were  essentially
unchanged.  Operating  margins  benefited  from lower  station  and  general and
administrative costs.

Burlington  has  recently  embarked  on a program to enhance  the quality of its
service  and  improve  efficiencies.  While  the  full  benefits  cannot  now be
predicted with confidence,  the company believes significant cost reductions and
operating improvements can be made with initial impacts likely to be felt in the
second quarter of this year.

Financial - Consolidated
The Pittston  Company reported net income of $31.1 million in the fourth quarter
compared to $29.7 million recorded in the comparable  period in 1995. Net income
for 1996 as a whole amounted  $104.2 million  compared to $98.0 million in 1995.
Consolidated cash flow from operating  activities  amounted to $196.7 million in
1996.  Total debt at  December  31, 1996 was $196.0  million  compared to $177.6
million at year-end 1995.

During 1996,  the Company  purchased  278,000  shares of Pittston  Brink's Group
Common Stock and 75,600  shares of Pittston  Burlington  Group Common Stock at a
total cost of $8.3 million. In 1996, the Company also purchased 20,920 shares of
Pittston  Company Series C Convertible  Preferred Stock for a total cost of $7.9
million.  The Company has remaining  authority to repurchase over time up to 1.0
million shares of Pittston  Minerals  Group Common Stock,  1.2 million shares of
Pittston Brink's Group Common Stock,  1.4 million shares of Pittston  Burlington
Group Common  Stock,  and an  additional  $7.1  million of the Pittston  Company
Series C Convertible Preferred Stock.

The  Company has  retained  Boston  Equiserve,  L.P.,  acting  through The First
National Bank of Boston,  as its registrar and stock  transfer  agent  effective
January  13,  1997.   Shareholders  should  call  1-800-733-5001  with  inquires
regarding  dividends,  share  certificates and other issues regarding the proper
registration of shares.

                                   **********

Pittston Burlington Group Common Stock (NYSE-PZX), Pittston Brink's Group Common
Stock  (NYSE-PZB),  and  Pittston  Minerals  Group  Common  Stock  (NYSE-  PZM),
represent  the  three  classes  of  common  stock  of The  Pittston  Company,  a
diversified  company  with  interests  in  global  freight   transportation  and
logistics  management  services  through  Burlington Air Express Inc.  (Pittston
Burlington Group),  security services through Brink's,  Incorporated and Brink's
Home Security,  Inc. (Pittston Brink's Group) and coal and gold mining (Pittston
Minerals  Group).  Copies of the Pittston  Brink's  Group and Pittston  Minerals
Group earnings releases are available upon request.






                            Pittston Burlington Group
                           Supplemental Financial Data



                           BURLINGTON AIR EXPRESS INC.



                                                                    Three Months                        Twelve Months
(In thousands, except                                                Ended December 31                  Ended December 31
per pound/shipment amounts)                                      1996             1995              1996             1995
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                      
                                                                     (Unaudited)
REVENUES
Expedited freight services
   Domestic U.S.                                         $    142,409          138,462           547,647          528,174
   International                                              196,142          189,098           713,834          698,624
- ------------------------------------------------------------------------------------------------------------------------------------

Total expedited freight services                              338,551          327,560         1,261,481        1,226,798
Customs clearances                                             35,414           34,543           135,887          115,135
Ocean and other (a)                                            33,336           21,031           102,950           72,888
- ------------------------------------------------------------------------------------------------------------------------------------

Total revenues                                           $    407,301          383,134         1,500,318        1,414,821
- ------------------------------------------------------------------------------------------------------------------------------------


OPERATING PROFIT
   Domestic U.S.                                         $     10,623           10,155            36,143           30,416
   International                                                8,503            8,655            28,461           28,307
- ------------------------------------------------------------------------------------------------------------------------------------

Total operating profit                                   $     19,126           18,810            64,604           58,723
- ------------------------------------------------------------------------------------------------------------------------------------


Expedited freight services shipment
   growth rate (b)                                              (2.9%)            7.2%              1.3%             6.2%

Expedited freight services weight growth rate (b):
   Domestic U.S.                                                (1.6%)           (2.5%)             3.3%            (3.8%)
   International                                                (1.0%)           25.5%              3.0%            29.1%
   Worldwide                                                    (1.3%)           10.9%              3.1%            11.3%

Expedited freight services weight
   (millions of pounds)                                         374.0            378.9           1,433.2          1,390.2
Expedited freight services shipments
   (thousands)                                                  1,266            1,304             5,180            5,112
Expedited freight services average:
   Yield (revenue per pound)                             $       .905             .864              .880             .882
   Revenue per shipment                                  $        267              251               244              240
   Weight per shipment (pounds)                                   296              290               277              272







- -------------
(a)    Primarily international ocean freight.
(b)    Compared to the same period in the prior year.





                            Pittston Burlington Group
                            STATEMENTS OF OPERATIONS






                                                                    Three Months                        Twelve Months
(In thousands,                                                       Ended December 31                  Ended December 31
except per share amounts)                                        1996             1995              1996             1995
- -------------------------------------------------------------------------------------------------------------------------
                                                                                                    
                                                                     (Unaudited)

Operating revenues                                      $     407,301          383,134         1,500,318        1,414,821
- --------------------------------------------------------------------------------------------------------------------------------


Operating expenses                                            358,671          338,025         1,317,423        1,245,721
Selling, general and administrative                            31,618           28,536           127,254          117,980
- --------------------------------------------------------------------------------------------------------------------------------


Total costs and expenses                                      390,289          366,561         1,444,677        1,363,701
- --------------------------------------------------------------------------------------------------------------------------------


Other operating income, net                                       564            1,000             1,530            2,833
- --------------------------------------------------------------------------------------------------------------------------------


Operating profit                                               17,576           17,573            57,171           53,953
Interest income                                                   286            1,416             2,463            4,430
Interest expense                                               (1,113)          (1,647)           (4,097)          (5,108)
Other expense, net                                                (89)            (840)           (2,028)          (1,702)
- --------------------------------------------------------------------------------------------------------------------------------

Income before income taxes                                     16,660           16,502            53,509           51,573
Provision for income taxes                                      6,073            6,229            19,708           18,718
- --------------------------------------------------------------------------------------------------------------------------------

Net income                                              $      10,587           10,273            33,801           32,855
- --------------------------------------------------------------------------------------------------------------------------------


Net income per common share                             $         .55              .54              1.76             1.73
- --------------------------------------------------------------------------------------------------------------------------------


Average common shares outstanding                              19,408           18,992            19,223           18,966
- --------------------------------------------------------------------------------------------------------------------------------






                                                    SEGMENT INFORMATION

Revenues:
   Burlington                                           $     407,301          383,134         1,500,318        1,414,821
- --------------------------------------------------------------------------------------------------------------------------------



Operating profit:
   Burlington                                           $      19,126           18,810            64,604           58,723
   General corporate expense                                   (1,550)          (1,237)           (7,433)          (4,770)
- --------------------------------------------------------------------------------------------------------------------------------

Operating profit                                        $      17,576           17,573            57,171           53,953
- --------------------------------------------------------------------------------------------------------------------------------


See accompanying notes.





                            Pittston Burlington Group
                            CONDENSED BALANCE SHEETS






                                                                            December 31              December 31
(In thousands)                                                                 1996                     1995
- -----------------------------------------------------------------------------------------------------------------------------------
                                                                                                    

Assets

Cash and cash equivalents                                                 $     17,818                    25,847
Accounts receivable, net of estimated amounts
   uncollectible                                                               242,654                   219,681
Inventories and other current assets                                            22,557                    32,709
- -------------------------------------------------------------------------------------------------------------------

Total current assets                                                           283,029                   278,237

Property, plant and equipment, at cost, net of
   accumulated depreciation and amortization                                   113,283                    72,171
Intangibles, net of amortization                                               177,797                   180,739
Other assets                                                                    41,565                    40,930
- -------------------------------------------------------------------------------------------------------------------

Total assets                                                              $    615,674                   572,077
- -------------------------------------------------------------------------------------------------------------------



Liabilities and shareholders' Equity

Current liabilities                                                       $    258,877                   254,226
Long-term debt, less current maturities                                         28,723                    26,697
Other liabilities                                                               23,085                    19,301
- -------------------------------------------------------------------------------------------------------------------

Total liabilities                                                              310,685                   300,224

Shareholders' equity                                                           304,989                   271,853
- -------------------------------------------------------------------------------------------------------------------


Total liabilities and shareholders' equity                                $    615,674                   572,077
- -------------------------------------------------------------------------------------------------------------------


See accompanying notes.





                            Pittston Burlington Group
                            STATEMENTS OF CASH FLOWS








                                                                                 Twelve Months Ended December 31
(In thousands)                                                                    1996                      1995
- -------------------------------------------------------------------------------------------------------------------
                                                                                                    

Cash flows from operating activities:
Net income                                                                $     33,801                    32,855
Adjustments to reconcile net income to net cash
   provided by operating activities:
   Depreciation and amortization                                                23,427                    19,972
   Provision for aircraft heavy maintenance                                     32,057                    26,317
   Other, net                                                                    3,556                      (948)
   Changes in operating assets and liabilities:
     Increase in receivables                                                   (25,981)                  (38,946)
     Decrease (increase) in inventories and other
       current assets                                                              680                    (3,776)
     (Decrease) increase in current liabilities                                 (2,594)                    5,193
     Other, net                                                                 (1,857)                   (1,179)
- -------------------------------------------------------------------------------------------------------------------

Net cash provided by operating activities                                       63,089                    39,488
- -------------------------------------------------------------------------------------------------------------------


Cash flows from investing activities:
Additions to property, plant and equipment                                     (61,321)                  (32,399)
Proceeds from disposal of property, plant and
   equipment                                                                     3,898                       422
Aircraft heavy maintenance                                                     (23,373)                  (22,356)
Other, net                                                                       1,813                     2,345
- -------------------------------------------------------------------------------------------------------------------

Net cash used by investing activities                                          (78,983)                  (51,988)
- -------------------------------------------------------------------------------------------------------------------


Cash flows from financing activities:
Net (reductions of) additions to debt                                             (364)                   25,226
Payments from (to) - Minerals Group                                             12,179                      (878)
Share and other equity activity                                                 (3,950)                   (4,385)
- -------------------------------------------------------------------------------------------------------------------

Net cash provided by financing activities                                        7,865                    19,963
- -------------------------------------------------------------------------------------------------------------------


Net (decrease) increase in cash and cash
   equivalents                                                                  (8,029)                    7,463
Cash and cash equivalents at beginning of period                                25,847                    18,384
- -------------------------------------------------------------------------------------------------------------------


Cash and cash equivalents at end of period                                $ 17,818                        25,847
- -------------------------------------------------------------------------------------------------------------------


See accompanying notes.




                      The Pittston Company and Subsidiaries
                      CONSOLIDATED STATEMENTS OF OPERATIONS


                                                         Three Months               Twelve Months
(In thousands,                                      Ended December 31           Ended December 31
except per share amounts)                          1996          1995          1996          1995
- -------------------------------------------------------------------------------------------------
                                                                                      (Unaudited)

                                                                                  
Net sales                                    $  173,798       165,198       696,513       722,851
Operating revenues                              650,477       597,565     2,410,131     2,203,216
- -------------------------------------------------------------------------------------------------

Net sales and operating revenues                824,275       762,763     3,106,644     2,926,067
- -------------------------------------------------------------------------------------------------


Cost of sales                                   174,261       154,234       707,497       696,295
Operating expenses                              538,859       498,665     2,004,598     1,845,404
Restructuring and other charges, including
   litigation accrual                            (9,541)           --       (47,299)           --
Selling, general and administrative              74,685        68,363       292,718       263,365
- -------------------------------------------------------------------------------------------------

Total cost and expenses                         778,264       721,262     2,957,514     2,805,064
- -------------------------------------------------------------------------------------------------


Other operating income (expense)                  3,635         4,079        17,377        26,496
- -------------------------------------------------------------------------------------------------


Operating profit                                 49,646        45,580       166,507       147,499
Interest income                                   1,271           841         3,487         3,395
Interest expense                                 (3,541)       (3,844)      (14,074)      (14,253)
Other expense, net                               (2,312)       (2,292)       (9,224)       (6,305)
- -------------------------------------------------------------------------------------------------

Income before income taxes                       45,064        40,285       146,696       130,336
Provision for income taxes                       14,000        10,585        42,542        32,364
- -------------------------------------------------------------------------------------------------

Net income                                       31,064        29,700       104,154        97,972
Preferred stock dividends, net                     (902)       (1,065)       (1,675)       (2,762)
- -------------------------------------------------------------------------------------------------

Net income attributed to common shares       $   30,162        28,635       102,479        95,210
- -------------------------------------------------------------------------------------------------


Pittston Brink's Group:
Net income attributed to common shares       $   17,981        14,969        59,695        51,093
- -------------------------------------------------------------------------------------------------


Net income per common share                  $      .47           .39          1.56          1.35
- -------------------------------------------------------------------------------------------------


Average common shares outstanding                38,326        37,983        38,200        37,931
- -------------------------------------------------------------------------------------------------


Pittston Burlington Group:
Net income attributed to common shares       $   10,587        10,273        33,801        32,855
- -------------------------------------------------------------------------------------------------


Net income per common share                  $      .55           .54          1.76          1.73
- -------------------------------------------------------------------------------------------------


Average common shares outstanding                19,408        18,992        19,223        18,966
- -------------------------------------------------------------------------------------------------


Pittston Minerals Group:
Net income attributed to common shares       $    1,594         3,393         8,983        11,262
- -------------------------------------------------------------------------------------------------


Net income per common share:
   Primary                                   $      .20           .43          1.14          1.45
   Fully diluted                             $      .20           .43          1.08          1.40
- -------------------------------------------------------------------------------------------------


Average common shares outstanding:
   Primary                                        7,970         7,802         7,897         7,786
   Fully diluted                                  9,826         9,968         9,906         9,999
- -------------------------------------------------------------------------------------------------


See accompanying notes.




                      The Pittston Company and Subsidiaries
                      CONDENSED CONSOLIDATED BALANCE SHEETS





                                                                           December 31               December 31
(In thousands)                                                                1996                      1995
- -------------------------------------------------------------------------------------------------------------------
                                                                                                    

Assets

Cash and cash equivalents                                              $        41,217                    52,823
Accounts receivable, net of estimated amounts
   uncollectible                                                               456,135                   421,246
Inventories and other current assets                                           121,338                   162,624
- -------------------------------------------------------------------------------------------------------------------

Total current assets                                                           618,690                   636,693

Property, plant and equipment, at cost, net of
   accumulated depreciation, depletion and
   amortization                                                                540,851                   486,168
Intangibles, net of amortization                                               317,062                   327,183
Other assets                                                                   336,276                   357,328
- -------------------------------------------------------------------------------------------------------------------


Total assets                                                           $     1,812,879                 1,807,372
- -------------------------------------------------------------------------------------------------------------------


Liabilities and shareholders' equity

Current liabilities                                                    $       568,967                   594,488
Long-term debt, less current maturities                                        158,837                   133,283
Postretirement benefits and other claims                                       226,697                   219,895
Workers' compensation and other claims                                         116,892                   125,894
Other liabilities                                                              134,779                   211,833
- -------------------------------------------------------------------------------------------------------------------

Total liabilities                                                            1,206,172                 1,285,393

Shareholders' equity                                                           606,707                   521,979
- -------------------------------------------------------------------------------------------------------------------


Total liabilities and shareholders' equity                             $     1,812,879                 1,807,372
- -------------------------------------------------------------------------------------------------------------------


See accompanying notes.





                      The Pittston Company and Subsidiaries
                      CONSOLIDATED STATEMENTS OF CASH FLOWS





                                                                                 Twelve Months Ended December 31
(In thousands)                                                                    1996                      1995
- -------------------------------------------------------------------------------------------------------------------
                                                                                                    

Cash flows from operating activities:
Net income                                                                $    104,154                    97,972
Adjustments to reconcile net income to net cash
   provided by operating activities:
   Noncash charges and other write-offs                                         29,948                         -
   Depreciation, depletion and amortization                                    113,251                   104,989
   Provision for aircraft heavy maintenance                                     32,057                    26,317
   Provision for deferred income taxes                                          19,320                    11,115
   Other, net                                                                   14,972                     4,060
   Changes in operating  assets and  liabilities  net of effects of acquisitions
     and dispositions:
     Increase in receivables                                                   (45,991)                  (38,628)
     Decrease (increase) in inventories and other
       current assets                                                           10,784                   (14,183)
     (Decrease) increase in current liabilities                                (10,894)                    4,491
     Other, net                                                                (70,930)                  (39,598)
- -------------------------------------------------------------------------------------------------------------------

Net cash provided by operating activities                                      196,671                   156,535
- ---------------------------------------------------------------------------------------------------------------------------


Cash flows from investing activities:
Additions to property, plant and equipment                                    (177,269)                 (124,465)
Proceeds from disposal of property, plant and
   equipment                                                                    11,310                    22,539
Aircraft heavy maintenance                                                     (23,373)                  (22,356)
Acquisitions and related contingent payments                                    (4,078)                   (3,372)
Other, net                                                                       1,799                     1,182
- ---------------------------------------------------------------------------------------------------------------------------

Net cash used by investing activities                                         (191,611)                 (126,472)
- ---------------------------------------------------------------------------------------------------------------------------


Cash flows from financing activities:
Additions to debt                                                               28,642                    29,866
Reductions of debt                                                             (14,642)                  (25,891)
Share and other equity activity                                                (30,666)                  (23,533)
- ---------------------------------------------------------------------------------------------------------------------------

Net cash used by financing activities                                          (16,666)                  (19,558)
- ---------------------------------------------------------------------------------------------------------------------------


Net (decrease) increase in cash and cash
   equivalents                                                                 (11,606)                   10,505
Cash and cash equivalents at beginning of period                                52,823                    42,318
- ---------------------------------------------------------------------------------------------------------------------------

Cash and cash equivalents at end of period                                $     41,217                    52,823
- ---------------------------------------------------------------------------------------------------------------------------


See accompanying notes.





                      The Pittston Company and Subsidiaries
                            Pittston Burlington Group
                         NOTES TO FINANCIAL INFORMATION




(1)  The  approval on January 18,  1996,  by the  shareholders  of The  Pittston
     Company (the "Company") of the Brink's Stock Proposal,  as described in the
     Company's  proxy  statement  dated  December  15,  1995,  resulted  in  the
     reclassification  of the Company's  class of common stock formerly known as
     Pittston  Services Group Common Stock ("Services  Stock").  The outstanding
     shares of Services Stock were redesignated as Pittston Brink's Group Common
     Stock  ("Brink's  Stock") on a  share-for-share  basis,  and a new class of
     common  stock,   designated  as  Pittston  Burlington  Group  Common  Stock
     ("Burlington  Stock"),  was  distributed  on the basis of one-half share of
     Burlington  Stock  for each  share of  Services  Stock  previously  held by
     shareholders of record on January 19, 1996. Due to the  reclassification of
     the  Services  Stock,  all  stock and per  share  data in the  accompanying
     financial information have been restated to reflect the reclassification.

     The  financial  information  for  Pittston  Burlington  Group  ("Burlington
     Group") includes the results of the Company's Burlington Air Express,  Inc.
     business.  It is  prepared  using the  amounts  included  in the  Company's
     consolidated financial statements.  Accordingly, the Company's consolidated
     financial statements must be read in connection with the Burlington Group's
     financial data.

(2)  In 1988,  the  trustees of certain  pension  and  benefit  trust funds (the
     "Trust Funds") established under collective  bargaining agreements with the
     United Mine Workers of America  ("UMWA")  brought an action (the "Evergreen
     Case") against the Company and a number of its coal subsidiaries,  claiming
     that the  defendants  were  obligated to  contribute to such Trust Funds in
     accordance  with  the  provisions  of  the  1988  and  subsequent  National
     Bituminous  Coal Wage  Agreements,  to which neither the Company nor any of
     its subsidiaries was a signatory.

     In late March 1996, a settlement was reached in the Evergreen  Case.  Under
     the  terms  of  the  settlement,  the  coal  subsidiaries  which  had  been
     signatories to earlier National  Bituminous Coal Wage Agreements  agreed to
     make  various  lump  sum  payments  in  full  satisfaction  of all  amounts
     allegedly due to the Trust Funds through  January 31, 1996, to be paid over
     time  as  follows:  approximately  $25.8  million  upon  dismissal  of  the
     Evergreen  Case  in  March  1996  and  the  remainder  of  $24  million  in
     installments  of $7.0  million in 1996 and $8.5 million in each of 1997 and
     1998.  The first  payment was  entirely  funded  through an escrow  account
     previously  established by the Company.  The second payment of $7.0 million
     was paid in the third quarter of 1996 and was funded  through cash provided
     by operating  activities.  In  addition,  the coal  subsidiaries  agreed to
     future  participation  in the UMWA 1974  Pension  Plan.  Separate  lawsuits
     against each of the UMWA and the Bituminous  Coal  Operations  Association,
     previously reported, have also been dismissed.

     As a result of the settlement of these cases, the Company recorded a pretax
     gain of $35.7  million  ($23.2  million  after tax) in the first quarter of
     1996 in its consolidated financial statements.

(3)  As of January 1, 1996, the Company and the Burlington  Group  implemented a
     new  accounting  standard,  Statement  of  Financial  Accounting  Standards
     ("SFAS") No. 121,  "Accounting for the Impairment of Long-Lived  Assets and
     for Long-Lived  Assets to Be Disposed Of". SFAS No. 121 requires  companies
     to review long-lived assets and certain identifiable intangibles to be held
     and used by an entity for impairment whenever  circumstances  indicate that
     the  carrying  amount  of an asset  may not be  recoverable.  SFAS No.  121
     requires  companies to utilize a two-step  approach to determining  whether
     impairment  of such  assets  has  occurred  and,  if so, the amount of such
     impairment.  As a result,  an  impairment  loss of $29.9  million  has been
     recorded  for the Company and the  Company's  Minerals  Group in 1996.  The
     adoption of SFAS No. 121 had no impact on the Burlington  Group's financial
     statements in 1996.

(4)  During the twelve  months ended  December 31, 1996,  the Company  purchased
     20,920  shares of its  Series C  Cumulative  Convertible  Preferred  Stock.
     Preferred  dividends included on the Company's  statement of operations for
     the twelve months ended December 31, 1996,  are net of $2.1 million,  which
     is the excess of the carrying  amount of the preferred  stock over the cash
     paid to holders  of the  preferred  stock.  There  were no  repurchases  of
     preferred  stock during the quarter  ended  December  31, 1996.  During the
     twelve months ended December 31, 1995, the Company  purchased 16,370 shares
     of its  preferred  stock.  Preferred  dividends for the twelve months ended
     December  31,  1995 are net of $1.6  million,  which was the  excess of the
     carrying amount of the preferred stock over the cash paid to holders of the
     preferred  stock.  There were no repurchases of preferred  stock during the
     quarter ended December 31, 1995.

(5)  Financial information for the Minerals Group, which includes the results of
     the Company's Coal and Mineral Ventures operations,  and the Brink's Group,
     which  includes  the  results of the  Company's  Brink's  Incorporated  and
     Brink's Home Security, Inc. businesses, is available upon request.




                                                                January 23, 1997

                          Pittston Minerals Group Earns
                      $.20 Per Share in the Fourth Quarter

Richmond,  VA - January 23, 1997 - The Pittston Minerals Group  (NYSE-PZM),  The
Pittston  Company's  class of common  stock which  reflects the  performance  of
Pittston  Coal Company and Pittston  Minerals  Ventures,  recorded net income of
$2.5  million in the fourth  quarter  compared to net income of $4.5 million the
fourth  quarter of 1995.  Earnings per share amounted to $.20 (primary and fully
diluted) in the most recent  quarter  compared  to $.43 per share  (primary  and
fully diluted) in the fourth quarter of 1995. The Pittston Minerals Group earned
net  income  of  $10.7  million,  or  $1.14  per  share  ($1.08  per  share on a
fully-diluted basis), for the full year 1996 compared to $14.0 million, or $1.45
per share ($1.40 per share on a fully-diluted basis), in 1995.

Pittston Coal Company
The coal  segment's  operating  profit was $5.1  million  in the fourth  quarter
compared to $7.9 million in the comparable  period in 1995.  Operating profit in
the 1996 fourth  quarter  included a net benefit  from  excess  liabilities  for
employee  benefits and  reclamation/environmental  costs of  approximately  $1.2
million,  which has been  recorded  in the income  statement  as a $9.5  million
benefit in  restructuring  charges and $8.3 million in additional cost of sales.
The 1995 results included a reduction in expenses  primarily related to property
tax liabilities on inactive properties for which provisions were made during the
year and had been determined to be no longer necessary.  For the full year 1996,
operating profits totaled $20.0 million compared to $23.1 million in 1995.

Fourth  quarter coal sales  volume was 5.8 million tons  compared to 5.3 million
tons in the prior year quarter.  Steam and metallurgical coal sales were 3.6 and
2.2  million  tons,  respectively,   compared  to  3.4  and  1.9  million  tons,
respectively,  sold in last year's  fourth  quarter.  Total sales volume for the
full year  amounted  to 23.0  million  tons,  compared to the 1995 level of 24.4
million tons.  Steam and  metallurgical  coal sales totaled 14.9 and 8.1 million
tons, respectively, in 1996 compared to 15.8 and 8.6 million tons sold in 1995.

Coal  production  was 4.1  million  tons in the  quarter,  the  same as in 1995.
Surface production accounted for 68% of total company production compared to 66%
in the fourth  quarter of 1995.  Full year  production  amounted to 16.7 million
tons  compared  to 18.9  million  tons in  1995.  In  1996,  surface  production
accounted for 67% of total production compared to 69% in 1995.

Pittston Minerals Ventures (PMV)
Pittston Mineral Ventures  reported a $.2 million operating profit in the fourth
quarter  compared to a $0.5 million  operating  loss  reported in the prior year
quarter. Full year 1996 PMV operating profits were $1.6 million compared to $0.2
million recorded in 1995.

The Stawell  gold mine in western  Victoria,  Australia,  in which PMV has a 67%
direct  and  indirect  interest,  produced  21,411  ounces of gold in the fourth
quarter  compared  to  20,800  ounces in the prior  year  period.  For the year,
production  was 90,886  ounces,  a 12% increase over 1995. The average cash cost
per ounce produced was U.S. $297 in 1996, the same as in 1995. Proven,  probable
and  inferred  gold  reserves  at  Stawell   increased  by  45,000  ounces  over
year-earlier levels to 968,000 ounces, after accounting for 1996 production. PMV
is continuing gold  exploration  projects in Nevada and Australia with its joint
venture partner.

Development of the Black Swan nickel project in western  Australia  continues on
plan and budget.  At the end of December  the decline was at 1257 meters and the
surface facilities were more than 60% complete.

Financial - Consolidated
The Pittston  Company reported net income of $31.1 million in the fourth quarter
compared to $29.7 million recorded in the comparable  period in 1995. Net income
for the year 1996 amounted to $104.2 million  compared to $98.0 million in 1995.
Consolidated cash flow from operating  activities  amounted to $196.7 million in
1996.  Total debt at  December  31, 1996 was $196.0  million  compared to $177.6
million at year-end 1995.

During 1996,  the Company  purchased  278,000  shares of Pittston  Brink's Group
Common Stock and 75,600  shares of Pittston  Burlington  Group Common Stock at a
total cost of $8.3 million. In 1996, the Company also purchased 20,920 shares of
Pittston  Company Series C Convertible  Preferred Stock for a total cost of $7.9
million.  The Company has remaining  authority to repurchase over time up to 1.0
million shares of Pittston  Minerals  Group Common Stock,  1.2 million shares of
Pittston Brink's Group Common Stock,  1.4 million shares of Pittston  Burlington
Group Common Stock,  and an additional $7.1 million of Pittston Company Series C
convertible Preferred Stock.

The Company has  retained  Boston  EquiServe,  L. P.,  acting  through The First
National Bank of Boston,  as its registrar and stock  transfer  agent  effective
January  13,  1997.   Shareholders  should  call  1-800-733-5001  with  inquires
regarding  dividends,  share  certificates and other issues regarding the proper
registration of shares.

                                   **********

Pittston Minerals Group Common Stock  (NYSE-PZM),  Pittston Brink's Group Common
Stock (NYSE-PZB) and Pittston Burlington Group Common Stock (NYSE-PZX) represent
the three classes of common stock of The Pittston Company, a diversified company
with  interests  in coal and gold mining  (Pittston  Minerals  Group),  security
services through Brink's, Incorporated and Brink's Home Security, Inc. (Pittston
Brink's  Group) and  global  freight  transportation  and  logistics  management
services through Burlington Air Express Inc. (Pittston Burlington Group). Copies
of the Pittston Brink's Group and Pittston  Burlington  Group earnings  releases
are available upon request.






                             Pittston Minerals Group
                           Supplemental Financial Data
 


                              PITTSTON COAL COMPANY



                                                                    Three Months                       Twelve Months
                                                                     Ended December 31                  Ended December 31
(In thousands)                                                   1996             1995              1996             1995
- -------------------------------------------------------------------------------------------------------------------
                                                                                                          
                                                                     (Unaudited)

Net sales                                                $    169,426          160,996           677,393          706,251
Segment operating profit                                 $      5,075            7,935            20,034           23,131

COAL SALES (Tons)
Metallurgical                                                   2,145            1,906             8,124            8,607
Utility & Industrial                                            3,607            3,436            14,847           15,789
- -------------------------------------------------------------------------------------------------------------------

Total                                                           5,752            5,342            22,971           24,396
- -------------------------------------------------------------------------------------------------------------------


PRODUCTION/PURCHASED (Tons)
Deep                                                              953              957             3,930            3,982
Surface                                                         2,801            2,662            11,151           12,934
Contract                                                          360              441             1,621            1,941
- -------------------------------------------------------------------------------------------------------------------

                                                                4,114            4,060            16,702           18,857
Purchased                                                       1,397            1,256             5,762            6,047
- -------------------------------------------------------------------------------------------------------------------

Total                                                           5,511            5,316            22,464           24,904
- -------------------------------------------------------------------------------------------------------------------




                                                                   Three Months                      Twelve Months
(In thousands,                                                       Ended December 31                  Ended December 31
except per ton amounts)                                          1996             1995              1996             1995
- -------------------------------------------------------------------------------------------------------------------

                                                                     (Unaudited)                        (Unaudited)
Net coal sales                                           $    167,362          159,599           670,121         702,864
Current production cost of coal sold                          163,703          140,864           634,754         648,383
- -------------------------------------------------------------------------------------------------------------------

Coal margin                                                     3,659           18,735            35,367          54,481
Non-coal margin                                                   701              410             2,178             749
Other operating income (net)                                    2,025            2,901            12,955          22,916
- -------------------------------------------------------------------------------------------------------------------

Margin and other income                                         6,385           22,046            50,500          78,146
- -------------------------------------------------------------------------------------------------------------------

Other costs and expenses:
   Idle equipment and closed mines                                315            1,486             1,044           9,980
   Inactive employee cost                                       5,648            7,307            26,404          22,621
   General and administrative                                   4,888            5,318            20,369          22,414
- -------------------------------------------------------------------------------------------------------------------

Total other costs and expenses                                 10,851           14,111            47,817          55,015
- -------------------------------------------------------------------------------------------------------------------

Operating (loss) profit before
   restructuring and other non-recurring
   items (Note 5)                                        $     (4,466)           7,935             2,683          23,131
- -------------------------------------------------------------------------------------------------------------------

Coal margin per ton:
   Realization                                           $      29.10            29.87             29.17           28.81
   Current production cost of coal sold                         28.46            26.37             27.63           26.58
- -------------------------------------------------------------------------------------------------------------------

Coal margin                                              $        .64             3.50              1.54            2.23
- -------------------------------------------------------------------------------------------------------------------








                        PITTSTON MINERAL VENTURES COMPANY



                                                                    Three Months                       Twelve Months
(In thousands,                                                       Ended December 31                  Ended December 31
except ounce data)                                               1996             1995              1996             1995
- -------------------------------------------------------------------------------------------------------------------
                                                                                                          
                                                                     (Unaudited)
Net sales                                                $      4,372            4,202            19,120           16,600
Segment operating profit (loss)                          $        193             (468)            1,619              207

Stawell Gold Mine:
   Mineral Ventures= 50% direct share
     ounces sold                                               10,582           10,073            45,957           40,302
   Average realized gold price per
     ounce (US$)                                         $        416              417               415              408





                             Pittston Minerals Group
                            STATEMENTS OF OPERATIONS




                                                                    Three Months                       Twelve Months
(In thousands, except                                                Ended December 31                  Ended December 31
per share amounts)                                               1996             1995              1996             1995
- -------------------------------------------------------------------------------------------------------------------
                                                                                                          
                                                                     (Unaudited)
Net sales                                              $      173,798          165,198           696,513          722,851
- -------------------------------------------------------------------------------------------------------------------


Cost of sales                                                 174,261          154,234           707,497          696,295
Restructuring and other charges,
   including litigation accrual                                (9,541)               -           (47,299)               -
Selling, general and administrative                             7,299            8,150            34,631           33,252
- -------------------------------------------------------------------------------------------------------------------

Total costs and expenses                                      172,019          162,384           694,829          729,547

Other operating income                                          2,116            2,769            13,414           22,768
- -------------------------------------------------------------------------------------------------------------------


Operating profit                                                3,895            5,583            15,098           16,072
Interest income                                                   328              192               835              564
Interest expense                                               (2,408)          (2,756)          (10,723)         (10,534)
Other expense, net                                               (450)            (449)           (1,789)          (1,098)
- -------------------------------------------------------------------------------------------------------------------

Income before income taxes                                      1,365            2,570             3,421            5,004
Credit for income taxes                                        (1,131)          (1,888)           (7,237)          (9,020)
- -------------------------------------------------------------------------------------------------------------------

Net income                                                      2,496            4,458            10,658           14,024
Preferred stock dividends, net                                   (902)          (1,065)           (1,675)          (2,762)
- -------------------------------------------------------------------------------------------------------------------

Net income attributed to
   common shares                                       $        1,594            3,393             8,983           11,262
- -------------------------------------------------------------------------------------------------------------------


Net income per common share:
   Primary                                             $          .20              .43              1.14             1.45
   Fully diluted                                       $          .20              .43              1.08             1.40
- -------------------------------------------------------------------------------------------------------------------


Average common shares outstanding:
   Primary                                                      7,970            7,802             7,897            7,786
   Fully diluted                                                9,826            9,968             9,906            9,999
- -------------------------------------------------------------------------------------------------------------------




                                                    SEGMENT INFORMATION

Net sales:
   Coal Operations                                     $      169,426          160,996           677,393          706,251
   Mineral Ventures                                             4,372            4,202            19,120           16,600
- -------------------------------------------------------------------------------------------------------------------

Net sales                                              $      173,798          165,198           696,513          722,851
- -------------------------------------------------------------------------------------------------------------------


Operating profit (loss):
   Coal Operations                                     $        5,075            7,935            20,034           23,131
   Mineral Ventures                                               193             (468)            1,619              207
- -------------------------------------------------------------------------------------------------------------------

Segment operating profit                                        5,268            7,467            21,653           23,338
General corporate expense                                      (1,373)          (1,884)           (6,555)          (7,266)
- -------------------------------------------------------------------------------------------------------------------

Operating profit                                       $        3,895            5,583            15,098           16,072
- -------------------------------------------------------------------------------------------------------------------


See accompanying notes.





                             Pittston Minerals Group
                            CONDENSED BALANCE SHEETS





                                                                                 December 31         December 31
(In thousands)                                                                      1996                1995
- -------------------------------------------------------------------------------------------------------------------
                                                                                                       

Assets

Cash and cash equivalents                                                        $      3,387              4,999
Accounts receivable, net of estimated amounts
   uncollectible                                                                       88,552             87,775
Inventories and other current assets                                                   67,691            106,216
- -------------------------------------------------------------------------------------------------------------------

Total current assets                                                                  159,630            198,990

Property, plant and equipment, at cost, net of
   accumulated depreciation, depletion and amortization                               170,809            199,344
Coal supply contracts, net of amortization                                             52,697             63,455
Intangibles, net of amortization                                                      111,103            117,551
Other assets                                                                          212,742            219,269
- -------------------------------------------------------------------------------------------------------------------

Total assets                                                                     $    706,981            798,609
- -------------------------------------------------------------------------------------------------------------------


Liabilities and shareholders' Equity

Current liabilities                                                              $    184,725            219,676
Long-term debt, less current maturities                                               124,572            100,791
Postretirement benefits other than pensions                                           219,717            213,707
Workers' compensation and other claims                                                105,836            114,602
Other liabilities                                                                      83,791            158,512
- -------------------------------------------------------------------------------------------------------------------

Total liabilities                                                                     718,641            807,288

Shareholders' equity                                                                  (11,660)            (8,679)
- -------------------------------------------------------------------------------------------------------------------


Total liabilities and shareholders' equity                                       $    706,981            798,609
- -------------------------------------------------------------------------------------------------------------------


See accompanying notes.





                             Pittston Minerals Group
                            STATEMENTS OF CASH FLOWS





                                                                                 Twelve Months Ended December 31
(In thousands)                                                                    1996                      1995
- -------------------------------------------------------------------------------------------------------------------
                                                                                                       

Cash flows from operating activities:
Net income                                                                $     10,658                    14,024
Adjustments to reconcile net income to net cash
   provided by operating activities:
   Noncash charges and other write-offs                                         29,948                         -
   Depreciation, depletion and amortization                                     36,624                    42,040
   Provision for deferred income taxes                                          22,088                    16,412
   Other, net                                                                   (2,228)                   (7,215)
   Changes in operating assets and liabilities net
     of effects of acquisitions and dispositions:
   (Increase) decrease in receivables                                           (4,454)                   22,670
     Decrease (increase) in inventories and other
       current assets                                                           11,680                    (7,737)
     Decrease in current liabilities                                           (21,289)                  (16,524)
     Other, net                                                                (63,228)                  (37,403)
- -------------------------------------------------------------------------------------------------------------------

Net cash provided by operating activities                                       19,799                    26,267
- -------------------------------------------------------------------------------------------------------------------


Cash flows from investing activities:
Additions to property, plant and equipment                                     (20,193)                  (22,283)
Proceeds from disposal of property, plant
   and equipment                                                                 4,613                    18,939
Acquisitions and related contingent payments                                    (1,134)                   (1,078)
Other, net                                                                      (3,801)                   (1,188)
- -------------------------------------------------------------------------------------------------------------------

Net cash used by investing activities                                          (20,515)                   (5,610)
- -------------------------------------------------------------------------------------------------------------------


Cash flows from financing activities:
Net additions to (reduction of) debt                                            21,897                   (17,140)
Payments (to) from - Burlington Group/Brink's
   Group                                                                        (6,097)                   13,118
Other share activity                                                           (16,696)                  (15,344)
- -------------------------------------------------------------------------------------------------------------------

Net cash used by financing activities                                             (896)                  (19,366)
- -------------------------------------------------------------------------------------------------------------------


Net (decrease) increase in cash and cash
   equivalents                                                                  (1,612)                    1,291
Cash and cash equivalents at beginning of period                                 4,999                     3,708
- -------------------------------------------------------------------------------------------------------------------


Cash and cash equivalents at end of period                                $      3,387                     4,999
- -------------------------------------------------------------------------------------------------------------------


See accompanying notes.





                      The Pittston Company and Subsidiaries
                      CONSOLIDATED STATEMENTS OF OPERATIONS


                                                         Three Months               Twelve Months
(In thousands,                                      Ended December 31           Ended December 31
except per share amounts)                          1996          1995         1996           1995
- -------------------------------------------------------------------------------------------------
                                                                               
                                                                                       (Unaudited)
Net sales                                    $  173,798       165,198       696,513       722,851
Operating revenues                              650,477       597,565     2,410,131     2,203,216
- -------------------------------------------------------------------------------------------------

Net sales and operating revenues                824,275       762,763     3,106,644     2,926,067
- -------------------------------------------------------------------------------------------------


Cost of sales                                   174,261       154,234       707,497       696,295
Operating expenses                              538,859       498,665     2,004,598     1,845,404
Restructuring and other charges, including
   litigation accrual                            (9,541)           --       (47,299)           --
Selling, general and administrative              74,685        68,363       292,718       263,365
- -------------------------------------------------------------------------------------------------

Total cost and expenses                         778,264       721,262     2,957,514     2,805,064
- -------------------------------------------------------------------------------------------------


Other operating income (expense)                  3,635         4,079        17,377        26,496
- -------------------------------------------------------------------------------------------------


Operating profit                                 49,646        45,580       166,507       147,499
Interest income                                   1,271           841         3,487         3,395
Interest expense                                 (3,541)       (3,844)      (14,074)      (14,253)
Other expense, net                               (2,312)       (2,292)       (9,224)       (6,305)
- -------------------------------------------------------------------------------------------------

Income before income taxes                       45,064        40,285       146,696       130,336
Provision for income taxes                       14,000        10,585        42,542        32,364
- -------------------------------------------------------------------------------------------------

Net income                                       31,064        29,700       104,154        97,972
Preferred stock dividends, net                     (902)       (1,065)       (1,675)       (2,762)
- -------------------------------------------------------------------------------------------------

Net income attributed to common shares       $   30,162        28,635       102,479        95,210
- -------------------------------------------------------------------------------------------------


Pittston Brink's Group:
Net income attributed to common shares       $   17,981        14,969        59,695        51,093
- -------------------------------------------------------------------------------------------------


Net income per common share                  $      .47           .39          1.56          1.35
- -------------------------------------------------------------------------------------------------


Average common shares outstanding                38,326        37,983        38,200        37,931
- -------------------------------------------------------------------------------------------------


Pittston Burlington Group:
Net income attributed to common shares       $   10,587        10,273        33,801        32,855
- -------------------------------------------------------------------------------------------------


Net income per common share                  $      .55           .54          1.76          1.73
- -------------------------------------------------------------------------------------------------


Average common shares outstanding                19,408        18,992        19,223        18,966
- -------------------------------------------------------------------------------------------------


Pittston Minerals Group:
Net income attributed to common shares       $    1,594         3,393         8,983        11,262
- -------------------------------------------------------------------------------------------------


Net income per common share:
   Primary                                   $      .20           .43          1.14          1.45
   Fully diluted                             $      .20           .43          1.08          1.40
- -------------------------------------------------------------------------------------------------


Average common shares outstanding:
   Primary                                        7,970         7,802         7,897         7,786
   Fully diluted                                  9,826         9,968         9,906         9,999
- -------------------------------------------------------------------------------------------------


See accompanying notes.




                      The Pittston Company and Subsidiaries
                      CONDENSED CONSOLIDATED BALANCE SHEETS






                                                                           December 31               December 31
(In thousands)                                                                1996                      1995
- -------------------------------------------------------------------------------------------------------------------
                                                                                                       

Assets

Cash and cash equivalents                                              $        41,217                    52,823
Accounts receivable, net of estimated amounts
   uncollectible                                                               456,135                   421,246
Inventories and other current assets                                           121,338                   162,624
- -------------------------------------------------------------------------------------------------------------------

Total current assets                                                           618,690                   636,693

Property, plant and equipment, at cost, net of
   accumulated depreciation, depletion and
   amortization                                                                540,851                   486,168
Intangibles, net of amortization                                               317,062                   327,183
Other assets                                                                   336,276                   357,328
- -------------------------------------------------------------------------------------------------------------------


Total assets                                                           $     1,812,879                 1,807,372
- -------------------------------------------------------------------------------------------------------------------


Liabilities and shareholders' equity

Current liabilities                                                    $       568,967                   594,488
Long-term debt, less current maturities                                        158,837                   133,283
Postretirement benefits and other claims                                       226,697                   219,895
Workers' compensation and other claims                                         116,892                   125,894
Other liabilities                                                              134,779                   211,833
- -------------------------------------------------------------------------------------------------------------------

Total liabilities                                                            1,206,172                 1,285,393

Shareholders' equity                                                           606,707                   521,979
- -------------------------------------------------------------------------------------------------------------------


Total liabilities and shareholders' equity                             $     1,812,879                 1,807,372
- -------------------------------------------------------------------------------------------------------------------


See accompanying notes.





                      The Pittston Company and Subsidiaries
                      CONSOLIDATED STATEMENTS OF CASH FLOWS






                                                                                 Twelve Months Ended December 31
(In thousands)                                                                    1996                      1995
- -------------------------------------------------------------------------------------------------------------------
                                                                                                       

Cash flows from operating activities:
Net income                                                                $    104,154                    97,972
Adjustments to reconcile net income to net cash
   provided by operating activities:
   Noncash charges and other write-offs                                         29,948                         -
   Depreciation, depletion and amortization                                    113,251                   104,989
   Provision for aircraft heavy maintenance                                     32,057                    26,317
   Provision for deferred income taxes                                          19,320                    11,115
   Other, net                                                                   14,972                     4,060
   Changes in operating assets and liabilities net
     of effects of acquisitions and dispositions:
     Increase in receivables                                                   (45,991)                  (38,628)
     Decrease (increase) in inventories and other
       current assets                                                           10,784                   (14,183)
     (Decrease) increase in current liabilities                                (10,894)                    4,491
     Other, net                                                                (70,930)                  (39,598)
- -------------------------------------------------------------------------------------------------------------------

Net cash provided by operating activities                                      196,671                   156,535
- ---------------------------------------------------------------------------------------------------------------------------


Cash flows from investing activities:
Additions to property, plant and equipment                                    (177,269)                 (124,465)
Proceeds from disposal of property, plant and
   equipment                                                                    11,310                    22,539
Aircraft heavy maintenance                                                     (23,373)                  (22,356)
Acquisitions and related contingent payments                                    (4,078)                   (3,372)
Other, net                                                                       1,799                     1,182
- ---------------------------------------------------------------------------------------------------------------------------

Net cash used by investing activities                                         (191,611)                 (126,472)
- ---------------------------------------------------------------------------------------------------------------------------


Cash flows from financing activities:
Additions to debt                                                               28,642                    29,866
Reductions of debt                                                             (14,642)                  (25,891)
Share and other equity activity                                                (30,666)                  (23,533)
- ---------------------------------------------------------------------------------------------------------------------------

Net cash used by financing activities                                          (16,666)                  (19,558)
- ---------------------------------------------------------------------------------------------------------------------------


Net (decrease) increase in cash and cash
   equivalents                                                                 (11,606)                   10,505
Cash and cash equivalents at beginning of period                                52,823                    42,318
- ---------------------------------------------------------------------------------------------------------------------------

Cash and cash equivalents at end of period                                $     41,217                    52,823
- ---------------------------------------------------------------------------------------------------------------------------


See accompanying notes.




                      The Pittston Company and Subsidiaries
                             Pittston Minerals Group
                         NOTES TO FINANCIAL INFORMATION




(1)  The  approval on January 18,  1996,  by the  shareholders  of The  Pittston
     Company (the "Company") of the Brink's Stock Proposal,  as described in the
     Company's  proxy  statement  dated  December  15,  1995,  resulted  in  the
     reclassification  of the Company's  class of common stock formerly known as
     Pittston  Services Group Common Stock ("Services  Stock").  The outstanding
     shares of Services Stock were redesignated as Pittston Brink's Group Common
     Stock  ("Brink's  Stock") on a  share-for-share  basis,  and a new class of
     common  stock,   designated  as  Pittston  Burlington  Group  Common  Stock
     ("Burlington  Stock"),  was  distributed  on the basis of one-half share of
     Burlington  Stock  for each  share of  Services  Stock  previously  held by
     shareholders of record on January 19, 1996. Due to the  reclassification of
     the  Services  Stock,  all  stock and per  share  data in the  accompanying
     financial information have been restated to reflect the reclassification.

     The financial  information for Pittston  Minerals Group ("Minerals  Group")
     includes  the  results  of  the  Company's   Coal  and  Minerals   Ventures
     operations.  It is  prepared  using the amounts  included in the  Company's
     consolidated financial statements.  Accordingly, the Company's consolidated
     financial  statements must be read in connection with the Minerals  Group's
     financial data.

(2)  In 1988,  the  trustees of certain  pension  and  benefit  trust funds (the
     "Trust Funds") established under collective  bargaining agreements with the
     United Mine Workers of America  ("UMWA")  brought an action (the "Evergreen
     Case") against the Company and a number of its coal subsidiaries,  claiming
     that the  defendants  were  obligated to  contribute to such Trust Funds in
     accordance  with  the  provisions  of  the  1988  and  subsequent  National
     Bituminous  Coal Wage  Agreements,  to which neither the Company nor any of
     its subsidiaries was a signatory.

     In late March 1996, a settlement was reached in the Evergreen  Case.  Under
     the  terms  of  the  settlement,  the  coal  subsidiaries  which  had  been
     signatories to earlier National  Bituminous Coal Wage Agreements  agreed to
     make  various  lump  sum  payments  in  full  satisfaction  of all  amounts
     allegedly due to the Trust Funds through  January 31, 1996, to be paid over
     time  as  follows:  approximately  $25.8  million  upon  dismissal  of  the
     Evergreen  Case  in  March  1996  and  the  remainder  of  $24  million  in
     installments  of $7.0  million in 1996 and $8.5 million in each of 1997 and
     1998.  The first  payment was  entirely  funded  through an escrow  account
     previously  established by the Company.  The second payment of $7.0 million
     was paid in the third quarter of 1996 and was funded  through cash provided
     by operating  activities.  In  addition,  the coal  subsidiaries  agreed to
     future  participation  in the UMWA 1974  Pension  Plan.  Separate  lawsuits
     against each of the UMWA and the Bituminous  Coal  Operations  Association,
     previously reported, have also been dismissed.

     As a result of the settlement of these cases, the Company recorded a pretax
     gain of $35.7  million  ($23.2  million  after tax) in the first quarter of
     1996 in its consolidated  financial statements and the financial statements
     of the Minerals Group.

(3)  As of January 1, 1996, the Company and the Minerals Group implemented a new
     accounting  standard,  Statement of Financial Accounting Standards ("SFAS")
     No.  121,  Accounting  for the  Impairment  of  Long-Lived  Assets and for
     Long-Lived  Assets to Be Disposed Of".  SFAS No. 121 requires  companies to
     review  long-lived assets and certain  identifiable  intangibles to be held
     and used by an entity for impairment whenever  circumstances  indicate that
     the  carrying  amount  of an asset  may not be  recoverable.  SFAS No.  121
     requires  companies to utilize a two-step  approach to determining  whether
     impairment  of such  assets  has  occurred  and,  if so, the amount of such
     impairment.  As a result,  an  impairment  loss of $29.9  million  has been
     recorded for the Company and the Minerals Group in 1996.

(4)  During the twelve  months ended  December 31, 1996,  the Company  purchased
     20,920  shares of its  Series C  Cumulative  Convertible  Preferred  Stock.
     Preferred  dividends included on the Company's  statement of operations for
     the twelve months ended December 31, 1996,  are net of $2.1 million,  which
     is the excess of the carrying  amount of the preferred  stock over the cash
     paid to holders  of the  preferred  stock.  There  were no  repurchases  of
     preferred  stock during the quarter  ended  December  31, 1996.  During the
     twelve months ended December 31, 1995, the Company  purchased 16,370 shares
     of its  preferred  stock.  Preferred  dividends for the twelve months ended
     December  31,  1995 are net of $1.6  million,  which was the  excess of the
     carrying amount of the preferred stock over the cash paid to holders of the
     preferred  stock.  There were no repurchases of preferred  stock during the
     quarter ended December 31, 1995.

(5)  Restructuring and other non-recurring items consist of the following:



                                              Three Months Ended                 Twelve Months Ended
(In thousands)                                 December 31, 1996                  December 31, 1996
- -------------------------------------------------------------------------------------------------------------------
                                                                                      

SFAS No. 121 impairment
   loss (Note 3)                                    $        -                            (29,948)

Evergreen settlement gain
   (Note 2)                                                  -                             35,650

Benefit from excess restructuring
   liabilities                                           9,541                             11,649
- -------------------------------------------------------------------------------------------------------------------


Total restructuring and other                       $    9,541                             17,351
- -------------------------------------------------------------------------------------------------------------------





(6)  Financial  information for the Pittston  Brink's Group,  which includes the
     results of the Company's  Brink's  Incorporated  and Brink's Home Security,
     Inc. businesses, and the Burlington Group which includes the results of the
     Company's Burlington Air Express Inc. business, is available upon request.