The Brink's Company Reports Second-Quarter Earnings

Lower Results from International Operations Offset Improvement in North
America

RICHMOND, Va., July 30 /PRNewswire-FirstCall/ -- The Brink's Company (NYSE:
BCO), a global leader in security-related services, reported second-quarter
earnings from continuing operations of $16 million or 34 cents per share
versus $31 million or 66 cents per share in the second quarter of 2008. The
company also announced its intent to contribute $150 million in cash and stock
to its U.S. pension fund.

Second-quarter results are summarized in the following table:

Three Months Ended Six Months Ended
(In millions, except per June 30, Percent June 30, Percent
share amounts) 2009 2008 Change 2009 2008 Change

Revenues $752 798 (6%) 1,484 1,591 (7%)
Segment operating
profit 28 53 (46%) 82 135 (39%)
Operating profit 27 43 (38%) 68 109 (37%)
Income from
continuing operations 16 31 (48%) 38 64 (40%)
Net income 20 49 (58%) 43 99 (56%)
Diluted earnings per
share:
Continuing operations $0.34 0.66 (48%) 0.82 1.36 (40%)
Net income 0.44 1.05 (58%) 0.93 2.12 (56%)

For additional details, see financial information on pages 11-17. Amounts
reported in this release are attributable to The Brink's Company and exclude
earnings related to noncontrolling ownership interests in consolidated
subsidiaries.

Michael T. Dan, chairman, president and chief executive officer, said:
"Second-quarter operating results reflect persistent economic weakness
throughout our global markets, higher foreign currency transaction costs and
higher pension expenses. We expect second-half results to improve from
current levels, though our outlook is tempered by economic uncertainty,
particularly in Europe. As a result, our full-year organic revenue growth
rate is now expected to be in the low- to- middle single-digit percentage
range with a segment operating margin between 7% and 7.5%.

"While this is a very difficult environment for Brink's and our customers, we
remain confident about the future. We are highly disciplined and focused on
those things that we can control including internal cost reductions, safety
and security, and customer service. We will continue to aggressively execute
on our core strategy, which is aimed at growing cash logistics and other
high-margin services in current markets while penetrating new geographies with
high growth potential. Recent examples include first-quarter acquisitions in
Brazil and Russia, and expanding efforts in Turkey and Canada. We are
exploring additional acquisitions and have new efforts underway to increase
our presence in high-growth markets. Finally, the recent growth of our
CompuSafe((R)) service demonstrates our commitment to developing high-value
products and services. Brink's is the world's premier provider of secure
transportation and cash management services. I am confident that we will
execute on these opportunities and emerge as an even stronger leader in the
markets we serve."

Second-Quarter 2009 Versus 2008
Income from continuing operations was $16 million versus $31 million in 2008.
The decline was due primarily to lower profits from international
cash-in-transit operations, continued weakness in diamond and jewelry markets,
higher retirement plan expenses, higher foreign currency transaction costs and
a higher effective income tax rate, which more than offset higher profits in
North America, lower corporate expense and gains related to coal asset sales.
The increase in foreign currency transaction costs is related to the purchase
of U.S. dollars by the company's subsidiary in Venezuela. Year-over-year
comparisons were also affected by the inclusion in 2008 results of income from
the currency conversion project in Latin America.

Revenue declined 6% to $752 million. Unfavorable currency exchange rates due
to a stronger U.S. dollar reduced revenue by 10% or $83 million. On a
constant currency basis, revenue increased 5% or $37 million. Organic revenue
growth, which excludes currency impact and acquisitions, was 2% due primarily
to higher average selling prices (including the effects of inflation in
several Latin American countries). Last year's results include $12 million of
high-margin revenue related to the currency conversion project in Latin
America. Excluding this revenue, the organic revenue growth rate for the
quarter was 4% (see Organic Revenue Growth table on page 13).

Segment operating profit was $28 million, down from $53 million last year due
to lower volume in international operations, the inclusion of high-margin
currency conversion income in last year's results, and higher foreign currency
transaction costs, partially offset by increased profits in North America and
company-wide cost reductions. The segment operating profit margin was 3.8%
versus 6.6% in the year-ago quarter.

Total operating profit (segment operating profit less former operations
expense and corporate costs) was $27 million compared to $43 million last
year.

On a year-to-date basis, the organic revenue growth rate was 2% (5% excluding
revenues from last year's currency conversion project). The segment operating
margin for the year-to-date period was 5.5%.

International Operations
Second-Quarter 2009 versus 2008

Second-quarter revenue from international operations was $530 million, down 6%
from $563 million in 2008 due mainly to unfavorable foreign exchange rates.
On a constant currency basis, international revenue was up 8%.

Segment operating profit from international operations was $15 million versus
$42 million in 2008, yielding an operating margin of 2.9% versus 7.4% in 2008.
The decline in year-over-year performance was driven by lower profits in
Europe, an increase of $6 million in foreign currency transaction costs in
Venezuela, and the inclusion in last year's results of $12 million in
high-margin revenue from the currency conversion project in Venezuela.

EMEA (Europe, Middle East, Africa): Second-quarter revenue was $306 million,
down 13% (up 2% on a constant currency basis). Operating profit declined
versus the year-ago quarter due to lower margins in most European countries,
reflecting widespread economic weakness, continued pressure on pricing and
service frequency, and continued weakness in diamond and jewelry markets.
Results also reflect the loss of a contract in the company's guarding
operations and a charge of $4 million related to accounting corrections.

Latin America: Second-quarter revenue was $210 million, up 8% (up 20% on a
constant currency basis) due primarily to higher average selling prices and
the inclusion of $16 million of revenue from an acquisition in Brazil that
closed earlier this year. Year-over-year operating profit declined due
primarily to the inclusion in last year's results of income from the currency
conversion project in Venezuela and higher foreign currency transaction costs
in this year's results.

Asia-Pacific: Second-quarter revenue was $15 million, down 16% versus 2008
(down 10% on a constant currency basis). Operating profit declined due
primarily to lower diamond and jewelry volume, partially offset by higher
commodity shipments.

North American Operations
Second-Quarter 2009 versus 2008

Second-quarter revenue in North America was $222 million, down 5% (down 3% on
a constant currency basis), as higher average selling prices were offset by
lower volume.

Segment operating profit rose 19% to $13 million due primarily to higher
selling prices, lower fuel expenses, lower legal settlement expenses and the
reversal of long-term incentive accruals. These improvements more than offset
the effect of lower volume in cash-in-transit operations, continued weakness
in the diamond and jewelry segment of Global Services, and higher retiree
expenses. The operating margin for the quarter was 5.9%, up from 4.6% in last
year's second quarter.

Capital Expenditures
Capital expenditures during the quarter totaled $45 million. Full-year
capital spending in 2009 is expected to be approximately $185 million.
Second-quarter depreciation and amortization was $33 million. Full-year
depreciation and amortization is expected to be approximately $135 million.

Corporate Expense
Total corporate expense in the second quarter of 2009 was $2 million, down
from $10 million in the 2008 quarter. The decline reflects a $4 million
reduction in general and administrative expenses and a $2 million increase in
royalty income. Full-year corporate expense is expected to be approximately
$27 million, down from $55 million in 2008.

Former Operations
Former operations generated income of $700,000 due primarily to a $5 million
gain on the sale of coal assets, which was partially offset by a $4 million
increase in expenses related to U.S. retirement plans. In last year's second
quarter, former operations generated a loss of $200,000.

Expenses from former operations include U.S. pension and retiree medical costs
related to the company's former coal operations. These costs are included in
results from continuing operations.

Pension Contribution
Brink's announced its intent to make a voluntary contribution of $150 million
to improve the funded status of its U.S. pension plan by September 15, 2009.
The $150 million contribution is expected to be comprised of approximately $90
million of cash with the balance consisting of new shares of Brink's common
stock. Using a combination of cash and stock will provide the company with
greater financial flexibility when considering future investment
opportunities. The final allocation of cash and stock will be determined at
the time of the planned contribution.

By making the contribution on or before September 15, Brink's expects to
generate approximately $30 million in cash flow in 2009 from tax benefits
related to the contribution. The net effect of the contribution, including
the impact of issuing new shares and borrowing costs, is expected to be
slightly accretive to earnings per share in 2009 and 2010. Based on current
actuarial assumptions, the contribution also is expected to reduce required
contributions to the U.S. pension plan in 2010 and 2011 by approximately $94
million, thereby enhancing the company's flexibility with respect to future
growth opportunities.

At December 31, 2008, the U.S. pension plan was underfunded by $308 million.
According to an expected remeasurement of plan assets and obligations as of
July 1, 2009, the underfunding will be reduced by approximately $200 million
after the $150 million contribution.

After the contribution, pretax earnings in 2009 will improve by approximately
$4 million versus a prior estimated credit of $2 million. This $4 million
improvement will be recognized in earnings for the second half of 2009 and
will be partially offset by increased borrowing costs and earnings per share
dilution from the issuance of new shares.

For more information, see "Questions and Answers Regarding the Voluntary
Contribution to the U.S. Pension Plan" on pages 7 - 9.

Taxes
The effective income tax rate in the second quarter of 2009 was 25.5% versus
the year-ago rate of 10.1%. Last year's lower rate was attributable to the
release of valuation allowances in non-U.S. jurisdictions. The effective tax
rate for the full-year is expected to be between 23% and 26%.

Discontinued Operations
Income from discontinued operations was $4 million or 9 cents per share versus
$18 million or 39 cents per share in the second quarter of 2008. This year's
second-quarter results include a pretax gain of $20 million related to Federal
Black Lung Excise Tax ("FBLET") refunds, partially offset by a pretax charge
of $13 million related to litigation at a former subsidiary. Second-quarter
2008 results from discontinued operations include operating results from
Brink's Home Security Holdings, Inc., which was spun off as an independent
publicly traded company on October 31, 2008.

Noncontrolling Interests
Net income attributable to noncontrolling interests (minority shareholders in
subsidiaries) was $3 million, down from $8 million in the year-ago quarter due
mainly to the profit decline in Latin America.

Net Income
Second-quarter net income attributable to The Brink's Company common
shareholders, which includes results from continuing and discontinued
operations, was $20 million or 44 cents per share versus $49 million or $1.05
per share in 2008.

Conference Call
The company will host a conference call today, July 30, at 11:00 a.m. eastern
time to discuss this press release. Interested parties can listen to the
conference call by dialing (877) 407-0778 (domestic) or (201) 689-8565
(international), or via live webcast at www.brinkscompany.com. Please dial in
at least five minutes prior to the start of the call. Dial-in replay will be
available through August 14, 2009, by calling (877) 660-6853 (domestic) or
(201) 612-7415 (international). The conference account number is 286 and the
conference ID for the replay is 327939. A webcast replay will also be
available at www.brinkscompany.com.

About The Brink's Company
The Brink's Company (NYSE: BCO) is the world's premier provider of secure
transportation and cash management services. For more information, please
visit The Brink's Company website at www.brinkscompany.com or call toll free
877-275-7488.

Questions and Answers Regarding the Voluntary Contribution to the U.S. Pension
Plan

1. Why does Brink's intend to make this voluntary contribution?
To proactively address our plan funding obligation in a manner that is
tax-efficient and maintains our financial flexibility to invest in the future
growth of the company.

2. How will it be funded?
We intend to make a voluntary contribution of $150 million by September 15,
2009. The $150 million is expected initially to be comprised of approximately
$90 million of cash that will be financed with approximately $60 million of
borrowings and approximately $30 million of tax refunds related to the
contribution. The balance will be comprised of Brink's common stock. The
final allocation of cash and stock will be determined at the time of the
planned contribution.

3. Why is it being funded with company stock?
Using company stock for a portion of the contribution will improve cash flow
and our debt-to-capital ratio versus funding the entire contribution with
cash, thereby maintaining our financial flexibility to invest in future
growth.

4. Why is it important to make the contribution by September 15?
Making the contribution by September 15 enables us to take advantage of tax
benefits that we expect will generate approximately $30 million in cash flow
in 2009. Specifically, the planned contribution can be used to offset
divestiture-related gains from 2006. The opportunity to take advantage of
this tax benefit expires September 15, 2009, which is the filing deadline for
our 2008 tax return.

5. What impact is the contribution expected to have on earnings?
The overall effect of the planned contribution is expected to be accretive to
earnings by 2 cents per share in 2009 and 4 cents per share in 2010. The
pension accounting impact is expected to be accretive to earnings, but will be
partially offset by incremental borrowing costs and the dilutive effect of
issuing new shares. See Question #6.

6. What will be the company's pension fund expense following the
contribution?
After the planned contribution, pretax earnings in 2009 will improve by
approximately $4 million versus a prior estimated credit of $2 million. This
$4 million improvement will be recognized in earnings for the second half of
2009, and will be partially offset by increased borrowing costs and earnings
per share dilution from the issuance of new shares.

7. How will the contribution affect the funded status of the plan?
After the planned contribution of $150 million and an expected remeasurement
of the obligations at a discount rate of 6.8% (versus a rate of 6.2% at
December 31, 2008), the plan's underfunding is projected to be improved by
almost $200 million, from a $308 million deficit at December 31, 2008, to a
pro forma deficit of $109 million at July 1, 2009.

8. Will the plan be fully funded if the contribution is made?
After the planned contribution, the plan's obligations are expected to be
approximately 85% funded.

9. Why not fully fund the pension?
We feel this is the optimal approach at this time. We can make additional
voluntary contributions in the future.

10. Are the shares being contributed coming from treasury? Are these new
shares?
The new shares are authorized but unissued. Brink's is a Virginia
corporation, and there is no treasury stock under Virginia law.

11. After the planned contribution, what is the impact on projected
contributions going forward?
The contribution, in combination with the updated remeasurement assumptions,
is expected to reduce required contributions in 2010 and 2011 by a total of
approximately $94 million.

12. Does Brink's anticipate making another contribution this year? Under
what circumstances would the company make another contribution?
The planned contribution is not required. It is voluntary. Future voluntary
contributions depend on a variety of factors including the performance of plan
assets, related funding levels and other variables.

13. What are required contributions and expenses in the future?
See our June 30 Form 10-Q for details regarding future projections of
contributions and expenses.

14. What is the new measurement date?
The plan is expected to be remeasured as of July 1, and is required to be
measured again on December 31, 2009.

15. Has the company previously contributed Brink's stock as a means to add
value to the pensionfund?
No.

16. Has an independent fiduciary been appointed to make investment decisions
with respect to the contributed shares? If so, who is it?
We will disclose the identity of the independent fiduciary, along with other
details, at the time of the contribution. The fiduciary will make all
investment decisions with respect to the contributed shares.

Forward-Looking Statements
This release contains both historical and forward-looking information. Words
such as "anticipates," "estimates," "expects," "projects," "intends," "plans,"
"believes," "may," "should" and similar expressions may identify
forward-looking information. Forward-looking information in this release
includes, but is not limited to, future revenue growth and earnings for The
Brink's Company, including organic revenue growth and segment operating profit
margin in 2009, 2009 second-half results, the impact of the current global
economic crisis on overall results as well as results in each of Europe, Latin
America and North America, the growth of cash logistics and other high-margin
services, acquisitions and other growth opportunities, expected capital
expenditures for 2009, full-year depreciation and amortization and corporate
expense, the anticipated voluntary contribution to the U.S. pension plan and
its projected effect on the company and the plan, and the anticipated annual
effective tax rate for 2009. The forward-looking information in this release
is subject to known and unknown risks, uncertainties and contingencies, which
could cause actual results, performance or achievements to differ materially
from those that are anticipated.

These risks, uncertainties and contingencies, many of which are beyond our
control, include, but are not limited to the impact of the global economic
slowdown on our business opportunities, the risk that the intended
contribution to the U.S. pension plan is not completed, is completed on terms
other than those currently expected or does not have the anticipated effects
on the company's or the plan's financial condition, access to the capital and
credit markets, the recent market volatility and its impact on the demand for
our services, the implementation of investments in technology and value-added
services and cost reduction efforts and their impact on revenue and profit
growth, the ability to identify and execute further cost and operational
improvements and efficiencies in our core businesses, the willingness of our
customers to absorb fuel surcharges and other future price increases, the
actions of competitors, our ability to identify strategic opportunities and
integrate them successfully, acquisitions and dispositions made in the future,
our ability to integrate recent acquisitions, regulatory and labor issues and
higher security threats, the impact of turnaround actions responding to
current conditions in Europe, the return to profitability of operations in
jurisdictions where we have recorded valuation adjustments, the input of
governmental authorities regarding the non-payment of customs duties and
value-added tax, the stability of the Venezuelan economy and changes in
Venezuelan policy regarding exchange rates, the potential for a devaluation of
the bolivar fuerte, the absence of the currency conversion project in
Venezuela, variations in costs or expenses and performance delays of any
public or private sector supplier, service provider or customer, our ability
to obtain appropriate insurance coverage, positions taken by insurers with
respect to claims made and the financial condition of insurers, safety and
security performance, our loss experience, changes in insurance costs, risks
customarily associated with operating in foreign countries including changing
labor and economic conditions, currency devaluations, safety and security
issues, political instability, restrictions on repatriation of earnings and
capital, nationalization, expropriation and other forms of restrictive
government actions, costs associated with the purchase and implementation of
cash processing and security equipment, changes in the scope or method of
remediation or monitoring of our former coal operations, the timing of the
pass-through of certain costs to third parties and the timing of approvals by
governmental authorities relating to the disposal of the coal assets, changes
to estimated liabilities and assets in actuarial assumptions due to payments
made, investment returns, annual actuarial revaluations, and periodic
revaluations of reclamation liabilities, the funding requirements, accounting
treatment, investment performance and costs and expenses of our pension plans,
the VEBA and other employee benefits, whether the Company's assets or the
VEBA's assets are used to pay benefits, black lung claims incidence, the
number of dependents of mine workers for whom benefits are provided, mandatory
or voluntary pension plan contributions, the nature of our hedging
relationships, the strength of the U.S. dollar relative to foreign currencies,
foreign currency exchange rates, changes in estimates and assumptions
underlying our critical accounting policies, seasonality, pricing and other
competitive industry factors, and fuel prices. Additional factors that could
cause our results to differ materially from those described in the
forward-looking statements can be found under "Risk Factors" in Item 1A of our
Annual Report on Form 10-K for the period ended December 31, 2008 and in our
other public filings with the Securities and Exchange Commission. Readers are
urged to review and consider carefully the disclosures we make in our filings
with the Securities and Exchange Commission. The information included in this
release is representative only as of the date of this release, and The Brink's
Company undertakes no obligation to update any information contained in this
release.

THE BRINK'S COMPANY
and subsidiaries

Condensed Consolidated Statements of Income
(Unaudited)

Three Months Ended Six Months Ended
(In millions, except per June 30, June 30,
share amounts) 2009 2008 2009 2008

Revenues $751.9 797.8 1,484.4 1,590.6

Cost and expenses:
Cost of revenues 620.5 644.9 1,211.6 1,261.8
Selling, general and
administrative expenses 102.6 110.5 206.9 219.2
Total costs and expenses 723.1 755.4 1,418.5 1,481.0
Other operating income (expense) (2.1) 0.4 2.5 (0.3)

Operating profit 26.7 42.8 68.4 109.3

Interest expense (2.8) (3.3) (5.5) (5.8)
Interest and other income 2.0 3.0 6.0 5.1
Income from continuing
operations before tax 25.9 42.5 68.9 108.6
Provision for income taxes 6.6 4.3 17.1 22.6

Income from continuing
operations 19.3 38.2 51.8 86.0

Income from discontinued
operations 4.3 18.0 5.1 35.2
Net income 23.6 56.2 56.9 121.2
Less net income
attributable to
noncontrolling interests (3.3) (7.5) (13.6) (22.4)

Net income attributable
to Brink's $20.3 48.7 43.3 98.8

Amounts attributable to Brink's:
Income from continuing operations $16.0 30.7 38.2 63.6
Income from discontinued operations 4.3 18.0 5.1 35.2

Net income attributable
to Brink's $20.3 48.7 43.3 98.8

Earnings per share attributable
to Brink's common shareholders (a):
Basic:
Continuing operations $0.35 0.66 0.82 1.38
Discontinued operations 0.09 0.39 0.11 0.76
Net income 0.44 1.06 0.93 2.14

Diluted:
Continuing operations $0.34 0.66 0.82 1.36
Discontinued operations 0.09 0.39 0.11 0.75
Net income 0.44 1.05 0.93 2.12

(a) Earnings per share may not add due to rounding.

Weighted-average shares:
Basic 46.4 46.0 46.3 46.2
Diluted 46.6 46.5 46.6 46.7

THE BRINK'S COMPANY
and subsidiaries

Supplemental Financial Information
(Unaudited)

SEGMENT INFORMATION

Three Months Ended Percentage
June 30, Change
Constant-
Currency Currency As Constant-
(In millions) 2008 Change Change 2009 Reported Currency

Revenues:
International $563.1 43.5 (76.6) 530.0 (5.9%) 7.7%
North America 234.7 (6.6) (6.2) 221.9 (5.4%) (2.8%)
Revenues $797.8 36.9 (82.8) 751.9 (5.8%) 4.6%

Operating profit:
International $41.7 (24.6) (1.7) 15.4 (63.1%) (59.0%)
North America 10.9 2.4 (0.3) 13.0 19.3% 22.0%
Segment
operating
profit 52.6 (22.2) (2.0) 28.4 (46.0%) (42.2%)
Corporate
expense (9.6) 7.2 - (2.4) (75.0%) (75.0%)
Former operations
income (expense) (0.2) 0.9 - 0.7 NM NM
Operating
profit $42.8 (14.1) (2.0) 26.7 (37.6%) (32.9%)

Segment operating
margin:
International 7.4% 2.9%
North America 4.6% 5.9%
Segment
operating
margin 6.6% 3.8%

Six Months Ended Percentage
June 30, Change
Constant-
Currency Currency As Constant-
(In millions) 2008 Change Change 2009 Reported Currency
Revenues:
International $1,125.6 72.5 (156.5) 1,041.6 (7.5%) 6.4%
North America 465.0 (7.4) (14.8) 442.8 (4.8%) (1.6%)
Revenues $1,590.6 65.1 (171.3) 1,484.4 (6.7%) 4.1%

Operating profit:
International $110.3 (50.5) (5.0) 54.8 (50.3%) (45.8%)
North America 24.3 4.0 (0.8) 27.5 13.2% 16.5%
Segment
operating
profit 134.6 (46.5) (5.8) 82.3 (38.9%) (34.5%)
Corporate
expense (24.5) 17.7 - (6.8) (72.2%) (72.2%)
Former
operations
income
(expense) (0.8) (6.3) - (7.1) 200+ 200+
Operating
profit $109.3 (35.1) (5.8) 68.4 (37.4%) (32.1%)

Segment operating
margin:
International 9.8% 5.3%
North America 5.2% 6.2%
Segment
operating
margin 8.5% 5.5%

THE BRINK'S COMPANY
and subsidiaries

Supplemental Financial Information (continued)
(Unaudited)

ORGANIC REVENUE GROWTH

Three Months % change Six Months % change
Ended from prior Ended from prior
(In millions) June 30, period June 30, period

2007 revenues $659.3 1,285.1
Effects on revenue of:
Organic revenue growth (a) 66.4 10% 162.3 13%
Acquisitions and dispositions 6.4 1% 14.1 1%
Changes in currency
exchange rates 65.7 10% 129.1 10%
2008 revenues 797.8 21% 1,590.6 24%
Effects on revenue of:
Organic revenue growth (a) 16.7 2% 26.3 2%
Acquisitions and dispositions 20.2 3% 38.8 2%
Changes in currency
exchange rates (82.8) (10%) (171.3) (11%)

2009 revenues $751.9 (6%) 1,484.4 (7%)

(a) Organic revenue growth excluding the currency conversion project
was 8% for the three months and 9% for the six months of 2008, as
well as 4% for the three months and 5% for the six months of 2009.

THE BRINK'S COMPANY
and subsidiaries

Supplemental Financial Information (continued)
(Unaudited)

CORPORATE EXPENSE

Three Months Ended Six Months Ended
June 30, June 30,
(In millions) 2009 2008 2009 2008

General and administrative $5.7 9.6 14.6 19.9
Royalty income:
Brand licensing fees from BHS (1.7) - (3.3) -
Other (0.7) (0.3) (1.0) (0.6)
Gain on sale of real estate - - (2.7) -
Currency exchange transaction
(gains) losses (0.9) 0.3 (0.8) 0.4
Strategic reviews and proxy
matters - - - 4.8
Corporate expense $2.4 9.6 6.8 24.5

FORMER OPERATIONS (INCOME) EXPENSE

Three Months Ended Six Months Ended
June 30, June 30,
(In millions) 2009 2008 2009 2008

Retirement plans:
Primary U.S. retirement plans $4.2 (1.6) 10.5 (3.2)
Black lung and other plans (0.6) 0.8 0.2 1.9
Administrative, legal and other 0.9 1.0 2.0 2.2
Gain on sale of coal assets (5.2) - (5.6) (0.1)
Former operations (income)
expense (a) $(0.7) 0.2 7.1 0.8

(a) Included in continuing operations

THE BRINK'S COMPANY
and subsidiaries

Supplemental Financial Information (continued)
(Unaudited)

EXPENSE (INCOME) RELATED TO PRIMARY U.S. RETIREMENT PLANS

Three Months Ended Six Months Ended
June 30, June 30,
(In millions) 2009 2008 % Change 2009 2008 % Change

Primary U.S.
pension plan $(0.3) (3.2) (91%) (0.8) (6.6) (88%)
UMWA plans 4.4 0.1 200+ 11.0 0.4 200+
Total (a) $4.1 (3.1) NM 10.2 (6.2) NM

Included in:
Segment
operating
profit -
North
America $(0.1) (1.2) (92%) (0.3) (2.5) (88%)
Corporate
expense - (0.1) (100%) - (0.2) (100%)
Former
operations
(income)
expense 4.2 (1.6) NM 10.5 (3.2) NM
Discontinued
operations - (0.2) (100%) - (0.3) (100%)
Total $4.1 (3.1) NM 10.2 (6.2) NM

(a) As reported in our 2008 annual report on Form 10-K, expense related
to our primary U.S. retirement plans increased in 2009 primarily as
a result of a decline during 2008 in the market value of investments
held by the plans.

Projected Expense (Credit) and Estimated Contributions related to the
Primary U.S. Pension Plan

(In millions) 2014 -
Years Ending December 31, 2009 2010 2011 2012 2013 2016 Total
Projected net pension
expense (credit):
Segment operating
profit -
North America $(2.2) (2.9) 0.6 3.9 6.4 (a) (a)
Corporate expense (0.1) (0.2) - 0.2 0.3 (a) (a)
Former operations
(income) expense (3.4) (4.5) 1.0 6.0 9.7 (a) (a)
Total projected net
pension expense
(credit) (b) $(5.7) (7.6) 1.6 10.1 16.4 (a) (a)
Estimated
contributions (c) $150.0 - 16.1 49.4 37.7 79.6 332.8

(a) Not presented

(b) Previous estimates as included in our Form 10-K as of December 31,
2008, were $(2.0) million in 2009, $9.5 million in 2010, $15.9
million in 2011, $21.1 million in 2012 and $23.6 million in 2013

(c) Contributions after 2009 are estimated required minimum contributions

THE BRINK'S COMPANY
and subsidiaries

Supplemental Financial Information (continued)
(Unaudited)

INCOME FROM DISCONTINUED OPERATIONS

Three Months Six Months
Ended June 30, Ended June 30,
(In millions) 2009 2008 2009 2008
BHS:
Income from operations
before tax (a) $- 35.2 - 66.9
Expense associated with
the spin-off - (3.4) - (4.3)
Adjustments to contingencies of
former operations:
Gain from FBLET refunds 19.7 - 19.7 -
BAX Global indemnification (12.5) - (12.5) -
Other (1.3) 0.3 (0.2) 3.2
Income from discontinued
operations before income taxes 5.9 32.1 7.0 65.8
Provision for income taxes 1.6 14.1 1.9 30.6
Income from discontinued
operations $4.3 18.0 5.1 35.2

(a) BHS operations were spun off on October 31, 2008. Revenues of the
operations were $133.9 million for the second quarter of 2008 and
$261.7 million for the first half of 2008.

SELECTED CASH FLOW INFORMATION

Three Months Ended Six Months Ended
June 30, June 30,
(In millions) 2009 2008 2009 2008

Depreciation and amortization:
International $23.7 23.4 45.8 45.5
North America 9.1 7.9 17.7 15.6
Depreciation and
amortization $32.8 31.3 63.5 61.1

Capital expenditures:
International $26.5 29.3 41.2 51.8
North America 18.5 9.6 33.3 18.6
Capital expenditures $45.0 38.9 74.5 70.4

THE BRINK'S COMPANY
and subsidiaries

NON-GAAP RECONCILIATION
(Unaudited)

Net Debt (Cash) reconciled to amounts reported under U.S. Generally
Accepted Accounting Principles

June 30, December 31,
(In millions) 2009 2008

Short-term debt $7.1 7.2
Long-term debt 185.3 181.4
Debt 192.4 188.6
Less cash and cash equivalents (178.2) (250.9)
Net Debt (Cash) $14.2 (62.3)

We use Net Debt (Cash) as a measure of our financial leverage. We
believe that investors also may find Net Debt (Cash) to be helpful in
evaluating our financial leverage. This supplemental non-GAAP
information should be reviewed in conjunction with the consolidated
balance sheets in our quarterly report on Form 10-Q for the period ended
June 30, 2009. We expect our Net Debt (Cash) to increase as a result of
expected borrowings related to our intention to contribute cash to our
primary U.S. pension plan.

Contact:
Investor Relations
804.289.9709

SOURCE The Brink's Company

Investor Relations, The Brink's Company, +1-804-289-9709