RICHMOND: On a non-GAAP basis, 2014 results from Netherlands operations Brink’s company was expected to include approximately $130 million of revenue, $14 million of segment operating profit, and net income of $10 million or 20 cents per share.
(Non-GAAP results for 2014 will exclude the estimated fourth-quarter charge of $20 million to $25 million related to restructuring costs and the sale of the business and also will exclude the third-quarter restructuring charge of $16 million).
The Brink’s Company (NYSE: BCO) today announced that it has exited the cash handling market in the Netherlands due to the previously disclosed loss of its largest customer in that country. To ensure an orderly exit and transition, Brink’s sold its shares of Brink’s Netherlands, B.V., for nominal value to Stichting Continuiteit Brink’s Nederland, an independent foundation that was formed to benefit the interests of remaining stakeholders including former employees of Brink’s, customers and vendors. The foundation has the right to use the Brink’s name for up to one year.
Results from the Netherlands operations for the fourth quarter of 2014 and all prior periods will be reported as discontinued operations. Brink’s expects to incur a charge of $20 million to $25 million against fourth-quarter GAAP earnings from discontinued operations related to restructuring costs and the sale of the business. The company will provide more details on these charges, and on 2014 GAAP results from the Netherlands operations, when it releases fourth-quarter and full-year results.
On October 17, Brink’s announced a plan to restructure its Netherlands operations in response to a loss of business with Rabobank, its largest customer in that country. In 2011, the country’s three largest banks — Rabobank, ING Bank and ABN AMRO — with the support of the central bank of the Netherlands, founded a collaborative entity known as Geldservice Nederland B.V. (GSN). GSN has provided money processing services for the three banks since 2011. Prior to exiting the Netherlands market, Brink’s continued to provide all ATM managed services to Rabobank.
