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Brink's Reports First-Quarter Results

                    Brink's Reports First-Quarter Results

GAAP EPS $.04 vs. $.43; Non-GAAP $.35 vs. $.67

GAAP and Non-GAAP Results Include $.24 Charge Related to Robbery in Belgium

Management Reaffirms Full-Year Outlook

PR Newswire

RICHMOND, Va., April 25, 2013

RICHMOND, Va., April 25, 2013 /PRNewswire/ --The Brink's Company (NYSE: BCO),
a global leader in security-related services, today reported first-quarter
earnings.

First-Quarter Highlights

GAAP:

  oRevenue up 4% (6% organic growth), EPS $.04 vs. $.43
  oSegment profit down 53% (30% organic decline), margin 3.4% vs. 7.5%
  oInternational profit down 45% (20% organic decline), margin 4.8% vs. 9.3%
  oNorth America margin: (1%) vs. 2.5%

Non-GAAP:

  oRevenue up 4% (6% organic growth), EPS $.35 vs. $.67
  oSegment profit down 32% (29% organic decline), margin 5.2% vs. 8%
  oInternational profit down 25% (21% organic decline), margin 6.8% vs. 9.6%
  oNorth America margin: 0.2% vs. 3.4%

Other:

  oGAAP and non-GAAP results include a charge of $19 million ($.24 per share)
    related to a robbery in Belgium (see "Recent Events" on page 4). This
    charge was allocated to our two segments (North America and
    International), consistent with other global expenses
  o$13 million ($.17 per share) write-down of net monetary assets in
    Venezuela related to currency devaluation excluded from non-GAAP results
  oNegative currency impact: $24 million on revenue (GAAP and non-GAAP); $17
    million on GAAP profit, $3 million on non-GAAP profit



Page 1



Tom Schievelbein, chairman, president and chief executive officer, said:
"First-quarter results from international operations exceeded our initial
projections and enabled us to overcome a $19 million charge related to a
robbery in Belgium and continued weakness in North America to maintain our
full-year outlook. We expect our segment margin rate to be between 6% and
6.5% with continued strength in international operations and challenges in
North America."



Summary Reconciliation of First-Quarter GAAP to Non-GAAP EPS*
                                                         First Quarter
                                                         2013       2012
 GAAP Diluted EPS                                        $ 0.04     $ 0.43
  Exclude Venezuela monetary asset remeasurement       0.17       -
 losses
  Exclude U.S. retirement plan expenses                0.17       0.21
  Exclude employee benefit settlement and severance    -          0.01
 losses
  Exclude additional European operations to be         0.02       0.02
 exited
  Exclude gains and losses on acquisitions and         (0.02)     (0.02)
 dispositions
  Adjust quarterly tax rate to full-year average       (0.04)     0.02
 rate
 Non-GAAP Diluted EPS                                    $ 0.35     $ 0.67



Summary of First-Quarter Results*
                                                  First Quarter
 (In millions, except for per share amounts)      2013     2012   % Change
 GAAP
 Revenues                                       $ 977    $ 941    4%
  Segment operating profit (a)              33       71     (53)
  Non-segment expense                       (17)     (24)   (30)
  Operating profit                          16       47     (65)
 Income from continuing operations (b)            2        21     (90)
 Diluted EPS from continuing operations (b)       0.04     0.43   (91)
 Non-GAAP
 Revenues                                       $ 974    $ 937    4%
  Segment operating profit (a)              51       75     (32)
  Non-segment expense                       (8)      (10)   (21)
  Operating profit                          43       66     (34)
 Income from continuing operations (b)            17       33     (48)
 Diluted EPS from continuing operations (b) (c)   0.35     0.67   (48)

       Segment operating profit is a non-GAAP measure. Disclosure of segment
(a)   operating profit enables investors to assess operating performance
       excluding non-segment income and expense.
(b)  Amounts reported are attributable to shareholders of The Brink's
       Company and exclude earnings related to noncontrolling interests.
       Non-GAAP diluted EPS for the first quarter of 2012 as reported in the
(c) fourth quarter of 2012 was $.01 per share lower, or $.66 per share.
       The updated presentation reflects additional European operations that
       we expect to exit during 2013.
*Non-GAAP results are reconciled to the applicable GAAP results on pages
10-12. Amounts may not add due to rounding.



Page 2



Segment Results – GAAP

                                  Acquisitions
                                  /
                         Organic  Dispositions  Currency          % Change
 (In millions)  1Q '12  Change   (b)           (c)       1Q '13  Total  Organic
 Revenues:
  Latin America  $ 386   46       3             (22)      413     7      12
  EMEA             280   6        -             -         286     2      2
  Asia Pacific     38    7        -             (1)       43      14     18
   International   704   58       3             (24)      742     5      8
   North America   236   -        -             -         236     -      -
         Total   $ 941   58       3             (24)      977     4      6
 Operating
 profit:
  International  $ 65    (13)     -             (17)      36      (45)   (20)
  North America    6     (8)      -             -         (2)     NM     NM
   Segment
   operating       71    (21)     -             (17)      33      (53)   (30)
   profit
   Non-segment     (24)  6        1             -         (17)    (30)   (26)
   (a)
         Total   $ 47    (15)     2             (17)      16      (65)   (33)
 Segment
 operating
 margin:
 International     9.3%                                   4.8%
 North America     2.5%                                   (1.0%)
 Segment
 operating         7.5%                                   3.4%
 margin



Segment Results - Non-GAAP

                                  Acquisitions
                                  /
                         Organic  Dispositions  Currency        % Change
 (In millions)   1Q '12  Change   (b)           (c)       1Q    Total  Organic
                                                          '13
 Revenues:
  Latin America  $ 386   46       3             (22)      413   7      12
  EMEA             277   6        -             -         282   2      2
  Asia Pacific     38    7        -             (1)       43    14     18
   International   701   58       3             (24)      738   5      8
   North America   236   -        -             -         236   -      -
         Total   $ 937   58       3             (24)      974   4      6
 Operating
 profit:
  International  $ 67    (14)     -             (3)       51    (25)   (21)
  North America    8     (8)      -             -         1     (94)   (94)
   Segment
   operating       75    (22)     -             (3)       51    (32)   (29)
   profit
   Non-segment     (10)  2        -             -         (8)   (21)   (21)
   (a)
         Total   $ 66    (20)     -             (3)       43    (34)   (30)
 Segment
 operating
 margin:
 International     9.6%                                   6.8%
 North America     3.4%                                   0.2%
 Segment
 operating         8.0%                                   5.2%
 margin

(a)  Includes income and expense not allocated to segments.
       Includes operating results and gains/losses on acquisitions, sales and
       exits of businesses. Also includes impairment charges related to
(b) businesses that we

       expect to dispose of in the near term.
       Revenue and Segment Operating Profit: The "Currency" amount in the
       table is the summation of the monthly currency changes, plus (minus)
       the U.S. dollar amount of remeasurement currency gains (losses) of
       bolivar fuerte-denominated net monetary assets recorded under highly
       inflationary accounting rules related to the Venezuelan operations.
       The monthly currency change is equal to the Revenue or Operating Profit
       for the month in local currency, on a country-by-country basis,
       multiplied by the difference in rates used to translate the current
(c) period amounts to U.S. dollars versus the translation rates used in the
       year-ago month. The functional currency in Venezuela is the U.S.
       dollar under highly inflationary accounting rules. Remeasurement gains
       and losses under these rules are recorded in U.S. dollars but these
       gains and losses are not recorded in local currency. Local currency
       Revenue and Operating Profit used in the calculation of monthly
       currency change for Venezuela have been derived from the U.S. dollar
       results of the Venezuelan operations under U.S. GAAP (excluding
       remeasurement gains and losses) using current period currency exchange
       rates.
Amounts may not add due to rounding.



Page 3



Non-Segment Expenses
Non-segment expenses declined from $24 million to $17 million due to lower
retirement plan expenses ($4 million) and a reduction in benefits costs ($2
million). On a non-GAAP basis, these expenses decreased from $10 million to
$8 million due to the reduction in benefits costs.

Capital Expenditures and Capital Leases
Brink's acquired $34 million of fixed assets in the first quarter of 2013
versus $39 million in the year-ago quarter. For the full year, the company
expects fixed asset acquisitions to remain relatively flat at $205 million.

Income Taxes
On a GAAP basis, the first-quarter tax expense was $5 million (effective rate
of 46%) versus $17 million (effective rate of 38%) in 2012. This year's higher
rate is primarily due to a nondeductible remeasurement charge resulting from
the Venezuela devaluation recorded in the first quarter, as well as additional
devaluation amounts forecasted for 2013. The effective GAAP tax rate for 2013
is expected to be between 49% and 52%. Non-GAAP earnings for the first
quarter reflect an effective tax rate of 37.5%, which is the midpoint of the
estimated non-GAAP full-year range of 36% to 39%. Non-GAAP results exclude
the aforementioned nondeductible remeasurement charge.

Recent Events
On February 18, an armed gang attacked a Swiss-bound plane at Zaventum Airport
in Brussels, Belgium, and stole an unconfirmed amount of diamonds, a portion
of which was being shipped by Brink's.

The total loss exposure for Brink's was approximately $19 million ($.24 per
share after taxes). Brink's reimbursed customers for all confirmed losses
within 48 hours of the robbery. On February 20, management said the robbery
was not expected to have a material impact on the full-year profit outlook it
provided on February 1. Today, Brink's reaffirmed its full-year outlook,
which calls for a segment profit margin between 6% and 6.5% on organic revenue
growth of 5% to 8%.

Brink's is working with the authorities in connection with this incident and
does not expect to provide additional details on the robbery.

Conference Call
Brink's will host a conference call on April 25 at 11:00 a.m. Eastern Time to
review first-quarter results. Interested parties can listen by calling (800)
860-2442 (domestic), (412) 858-4600 (international) and (866) 605-3852 in
Canada, or via live webcast at www.Brinks.com. Please call in at least five
minutes prior to the start of the call. A replay will be available through
May 9, 2013, by calling (877) 344-7529 (domestic) or + (412) 317-0088
(international). The conference account number is 10027621. A webcast replay
will also be available at www.Brinks.com.



Page 4



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.Brinks.com or call 804-289-9709.

Non-GAAP Results
Non-GAAP results described in this earnings release are financial measures
that are not required by or presented in accordance with U.S. generally
accepted accounting principles ("GAAP"). The purpose of the non-GAAP results
is to report financial information without certain income and expense items
and adjust the quarterly non-GAAP tax rates so that the non-GAAP tax rate in
each of the quarters is equal to the full-year non-GAAP tax rate. For 2013,
a forecasted full-year tax rate is used. The full year non-GAAP tax rate in
both years excludes certain pretax and tax income and expense amounts. The
non-GAAP information provides information to assist comparability and
estimates of future performance. Brink's believes these measures are helpful
in assessing operations and estimating future results and enable
period-to-period comparability of financial performance. In addition, Brink's
believes the measures will help investors assess the ongoing operations.
Non-GAAP results should not be considered as an alternative to revenue, income
or earnings per share amounts determined in accordance with GAAP and should be
read in conjunction with their GAAP counterparts.

Forward-Looking Statements
This release contains both historical and forward-looking information. Words
such as "anticipates," "assumes," "estimates," "expects," "projects,"
"predicts," "intends," "plans," "believes," "potential," "may," "should" and
similar expressions may identify forward-looking information. Forward-looking
information in this release includes, but is not limited to, anticipated
revenue, segment profit, segment margin, non-segment expense, interest
expense, tax rate, non-controlling interest expense, capital expenditures,
productivity investments and improvement, capital leases and depreciation and
amortization for 2013, future devaluation in Venezuela, anticipated results in
the Company's segments and regions, and pending acquisitions, dispositions and
related transactions. Forward-looking information in this document is subject
to known and unknown risks, uncertainties and contingencies, which are
difficult to predict or quantify, and 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:

  ocontinuing market volatility and commodity price fluctuations and their
    impact on the demand for our services,
  oour ability to continue profit growth in Latin America,
  oour ability to maintain or improve volumes at favorable pricing levels and
    increase cost efficiencies in the United States and Europe,
  oinvestments in information technology and value-added services and their
    impact on revenue and profit growth,
  oour ability to implement high-value solutions,
  orisks 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,
  othe strength of the U.S. dollar relative to foreign currencies and foreign
    currency exchange rates,
  othe stability of the Venezuelan economy, changes in Venezuelan policy
    regarding foreign-owned businesses, and changes in exchange rates,
  ofluctuations in value of the Venezuelan bolivar fuerte,
  oregulatory and labor issues in many of our global operations, including
    negotiations with organized labor and the possibility of work stoppages,
  oour ability to identify and execute further cost and operational
    improvements and efficiencies in our core businesses,
  oour ability to integrate successfully recently acquired companies and
    improve their operating profit margins,
  othe actions of competitors,
  oour ability to identify acquisitions and other strategic opportunities in
    emerging markets,
  othe willingness of our customers to absorb fuel surcharges and other
    future price increases,
  othe impact of turnaround actions responding to current conditions in
    Europe and North America and our productivity and cost control efforts in
    those regions including relating to information technology,
  oour ability to obtain necessary information technology and other services
    at favorable pricing levels from third party service providers,
  ovariations in costs or expenses and performance delays of any public or
    private sector supplier, service provider or customer,
  oour 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,
  osecurity threats worldwide and losses of customer valuables,
  ocosts associated with the purchase and implementation of cash processing
    and security equipment,
  oemployee and environmental liabilities in connection with our former coal
    operations, black lung claims incidence,
  othe impact of the Patient Protection and Affordable Care Act on black lung
    liability and the Company's ongoing operations,



Page 5



  ochanges to estimated liabilities and assets in actuarial assumptions due
    to payments made, investment returns, interest rates and annual actuarial
    revaluations, the funding requirements, accounting treatment, investment
    performance and costs and expenses of our pension plans, the VEBA and
    other employee benefits, mandatory or voluntary pension plan
    contributions, the nature of our hedging relationships,
  ochanges in estimates and assumptions underlying our critical accounting
    policies,
  othe outcome of pending and future claims and litigation,
  oaccess to the capital and credit markets,
  oseasonality, pricing and other competitive industry factors.

This list of risks, uncertainties and contingencies is not intended to be
exhaustive. 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, 2012, and in our other public filings with the
Securities and Exchange Commission. The forward looking information included
in this document is representative only as of the date of this document and
The Brink's Company undertakes no obligation to update any information
contained in this document.



Page 6



The Brink's Company and subsidiaries

Outlook Summary (Unaudited)

(In millions)
                                     GAAP                  Non-GAAP
                                             2013                  2013
                                     2012    Estimate      2012    Estimate
Organic revenue growth
   International                       11%   7% - 9%         11%   7% - 9%
   North America                       (2)%  0% - 2%         (2)%  0% - 2%
                  Total                7%    5% - 8%         7%    5% - 8%
Currency impact on revenue
   International                       (7)%  (3%) – (5%)     (7)%  (3%) – (5%)
   North America                       flat  flat            flat  flat
                  Total                (5)%  (2%) – (4%)     (5)%  (2%) – (4%)
Segment margin
   International (a)                   7.9%  6.0% - 7.0%     7.9%  7.0% - 8.0%
   North America (b)                   3.4%  1% - 2%         4.4%  2% - 3%
                  Total                6.8%  5.0% - 5.5%     7.0%  6.0% - 6.5%
Non-segment expense
   General and administrative        $ 44    43            $ 44    43
   Retirement plans (b)                47    42              -     -
   Royalty income                      (2)   (2)             (2)   (2)
                  Total              $ 89    83            $ 42    41
Effective income tax rate (a)          17%   49% – 52%       36%   36% – 39%
Interest expense                     $ 24    27 – 29       $ 24    27 – 29
Interest and other income (expense)  $ 7     2 – 3         $ 5     2 – 3
(c)
Net income attributable to
   noncontrolling interests (a)      $ 21    3 – 5         $ 19    17 – 20
Fixed assets acquired
   Capital expenditures              $ 185   195           $ 185   195
   Capital leases (d)                  18    10              18    10
                  Total              $ 203   205           $ 203   205
Depreciation and amortization        $ 166   180 – 190     $ 166   180 – 190

    Actual and projected remeasurement losses on net monetary assets in
(a) Venezuela in the 2013 estimate, and the related effect on income tax rates
    and net income attributable to noncontrolling interest, have been excluded
    from non-GAAP results.
    Costs related to U.S. retirement plans have been excluded from non-GAAP
(b) results including $9 million in 2012 and $12 million in 2013 related to
    North America, and $47 million in 2012 and $42 million in 2013 related to
    Non-segment.
(c) Gains on sale of securities in 2012 of $2.4 million have been excluded
    from non-GAAP results.
(d) Includes capital leases for newly acquired assets only.
Amounts may not add due to rounding.



Page 7



The Brink's Company and subsidiaries

Condensed Consolidated Statements of Income (Loss) (Unaudited)

(In millions, except for per share amounts)
                                                            First Quarter
                                                            2013      2012
 Revenues                                                   $ 977.4   $ 940.7
 Costs and expenses:
 Cost of revenues                                             816.0     760.4
 Selling, general and administrative expenses                 136.0     135.8
       Total costs and expenses                               952.0     896.2
 Other operating income (expense)                             (9.2)     2.2
       Operating profit                                       16.2      46.7
 Interest expense                                             (6.0)     (6.3)
 Interest and other income (expense)                          0.5       3.9
       Income from continuing operations before tax           10.7      44.3
 Provision (benefit) for income taxes                         4.9       16.6
       Income from continuing operations                      5.8       27.7
 Loss from discontinued operations, net of tax                (18.7)    (3.9)
       Net income (loss)                                      (12.9)    23.8
                    Less net income attributable to           (3.7)     (6.8)
                    noncontrolling interests
       Net income (loss) attributable to Brink's            $ (16.6)  $ 17.0
 Amounts attributable to Brink's
       Continuing operations                                $ 2.1     $ 20.9
       Discontinued operations                                (18.7)    (3.9)
       Net income (loss) attributable to Brink's            $ (16.6)  $ 17.0
 Earnings (loss) per share attributable to Brink's common
 shareholders (a)
       Basic:
                    Continuing operations                   $ 0.04    $ 0.44
                    Discontinued operations                   (0.38)    (0.08)
                    Net income (loss)                       $ (0.34)  $ 0.35
       Diluted:
                    Continuing operations                   $ 0.04    $ 0.43
                    Discontinued operations                   (0.38)    (0.08)
                    Net income (loss)                       $ (0.34)  $ 0.35
 Weighted-average shares
       Basic                                                  48.6      48.1
       Diluted                                                48.9      48.3
       (a) Amounts may not add due to rounding.



Page 8



The Brink's Company and subsidiaries

Supplemental Financial Information (Unaudited)

(In millions)
                                               First Quarter
                                               2013               2012
DISCONTINUED OPERATIONS
    Discontinued European operations (a)
            Loss from operations (b)           $    (18.1)        $    (4.3)
            Loss on sale                            (0.5)              -
    Adjustments to contingencies of former          -                  0.1
    operations
    Loss from discontinued operations before        (18.6)             (4.2)
    income taxes
    Provision (credit) for income taxes             0.1                (0.3)
    Loss from discontinued operations, net of  $    (18.7)        $    (3.9)
    tax
    Discontinued operations include cash-in-transit operations in Germany and
    Poland, and guarding operations in France and Morocco. Revenues from these
(a) European operations were $18.2 million in the three months ended March 31,
    2013 and $26.1 million in the three months ended March 31, 2012. No
    interest expense was included in discontinued operations in the three
    months ended March 31, 2013 and 2012.
    Loss from operations includes $15.3 million of accrued severance expenses
    which will be required to be paid to terminate certain employees of the
(b) German operations after the sale of the business is completed. We intend
    to contribute a portion of the cost to fund the severance payments to the
    business prior to the execution of the sales transaction.
                                               First Quarter
                                               2013               2012
SELECTED CASH FLOW INFORMATION
Property and Equipment Acquired During the
Period
    Capital expenditures
            International                      $    27.4          $    18.6
            North America                           6.7                14.9
                       Capital expenditures         34.1               33.5
    Capital Leases (a)
            International                           -                  1.9
            North America                           -                  3.2
                       Capital leases               -                  5.1
    Total
            International                           27.4               20.5
            North America                           6.7                18.1
                       Total                   $    34.1          $    38.6
Depreciation and amortization
    International                              $    27.9          $    25.7
    North America                                   16.6               15.3
            Depreciation and amortization      $    44.5          $    41.0
    Represents the amount of property and equipment acquired using capital
    leases. Since these assets are acquired without using cash, the
(a) acquisitions are not reflected in the consolidated cash flow statement.
    Amounts are provided here to assist in the comparison of assets acquired
    in the current year versus prior years. Sales leaseback transactions are
    excluded from "Capital leases" in this table.



Page 9



The Brink's Company and subsidiaries

Non-GAAP Results Reconciled to GAAP (Unaudited)

(In millions, except for per share amounts)
                                                                 Employee
                          Additional  Gains and     Monetary
                                                                 Benefit                 Adjust
                          European    Losses on     Asset Re-                U.S.
                                                                 Settlement              Income  Non-
                  GAAP    Operations  Acquisitions  measurement              Retirement
                                                                 and                     Tax     GAAP
                  Basis   to be       and           losses in                Plans       Rate
                          Exited                                 Severance                       Basis
                                      Dispositions  Venezuela                (e)         (f)
                          (a)                                    Losses
                                      (b)           (c)
                                                                 (d)
                First Quarter 2013
Revenue:
 Latin America  $ 412.9   -           -             -            -           -           -       412.9
 EMEA             286.0   (3.9)       -             -            -           -           -       282.1
 Asia Pacific     42.9    -           -             -            -           -           -       42.9
  International   741.8   (3.9)       -             -            -           -           -       737.9
 North America    235.6   -           -             -            -           -           -       235.6
  Revenues      $ 977.4   (3.9)       -             -            -           -           -       973.5
Operating
profit:
 International  $ 35.6    1.2         -             13.4         0.3         -           -       50.5
 North America    (2.4)   -           -             -            -           2.9         -       0.5
  Segment
  operating       33.2    1.2         -             13.4         0.3         2.9         -       51.0
  profit
 Non-segment      (17.0)  -           (1.1)         -            -           10.5        -       (7.6)
  Operating     $ 16.2    1.2         (1.1)         13.4         0.3         13.4        -       43.4
  profit
Amounts
attributable to
Brink's:
Income from
continuing      $ 2.1     1.3         (1.1)         8.4          0.2         8.4         (2.2)   17.1
operations
Diluted EPS –
continuing        0.04    0.02        (0.02)        0.17         -           0.17        (0.04)  0.35
operations

Amounts may not add due to rounding.
       To eliminate results of additional European operations we intend to
(a) exit in 2013. Operations do not currently meet requirements to be
       classified as discontinued operations.
       To eliminate a $1.1 million adjustment to the amount of gain recognized
(b) on a 2010 business acquisition in Mexico as a result of a favorable
       adjustment to the purchase price received in the first quarter of 2013.
       To eliminate currency exchange losses related to a 16% devaluation of
(c) the official exchange rate in Venezuela from 5.3 to 6.3 bolivar fuertes
       to the U.S. dollar.
(d)   To eliminate employee benefit settlement losses in Mexico.
(e)  To eliminate expenses related to U.S. retirement plans.
       To adjust effective income tax rate in the interim period to be equal
(f) to the midpoint of the estimated range of the full-year non-GAAP
       effective income tax rate. The midpoint of the estimated range of the
       full-year non-GAAP effective tax rate for 2013 is 37.5%.



Page 10



The Brink's Company and subsidiaries

Non-GAAP Results Reconciled to GAAP (Unaudited)

(In millions, except for per share amounts)
                                                                            Tax
                                                    Employee                Benefit
                                      Gains and
                          Additional                Benefit                 on
                                      Losses on                 U.S.        Change    Adjust
                          European                  Settlement                                Non-
                  GAAP                Acquisitions              Retirement  in        Income
                          Operations                and                     Health    Tax     GAAP
                  Basis   to          and                       Plans
                                                    Severance               Care      Rate    Basis
                          be Exited   Dispositions              (d)
                                                    Losses                  Funding   (f)
                          (a)         (b)
                                                    (c)                    Strategy

                                                                            (e)
                First Quarter 2012
Revenue:
 Latin America  $ 386.3   -           -             -           -           -         -       386.3
 EMEA             280.4   (3.8)       -             -           -           -         -       276.6
 Asia Pacific     37.6    -           -             -           -           -         -       37.6
  International   704.3   (3.8)       -             -           -           -         -       700.5
 North America    236.4   -           -             -           -           -         -       236.4
  Revenues      $ 940.7   (3.8)       -             -           -           -         -       936.9
Operating
profit:
 International  $ 65.2    1.2         -             0.8         -           -         -       67.2
 North America    5.8     -           -             -           2.2         -         -       8.0
  Segment
  operating       71.0    1.2         -             0.8         2.2         -         -       75.2
  profit
 Non-segment      (24.3)  -           -             -           14.7        -         -       (9.6)
  Operating     $ 46.7    1.2         -             0.8         16.9        -         -       65.6
  profit
Amounts
attributable to
Brink's:
Income from
continuing      $ 20.9    1.3         (1.2)         0.6         10.2        -         0.8     32.6
operations
Diluted EPS –
continuing        0.43    0.02        (0.02)        0.01        0.21        -         0.02    0.67
operations
See page 12 for footnote explanations.



Page 11



The Brink's Company and subsidiaries

Non-GAAP Results Reconciled to GAAP (Unaudited)

(In millions, except for per share amounts)
                                                                             Tax
                                                     Employee                Benefit
                                       Gains and
                           Additional                Benefit                 on
                                       Losses on                 U.S.        Change    Adjust
                           European                  Settlement                                Non-
                  GAAP                 Acquisitions              Retirement  in        Income
                           Operations                and                     Health    Tax     GAAP
                  Basis    to          and                       Plans
                                                     Severance               Care      Rate    Basis
                           be Exited   Dispositions              (d)
                                                     Losses                  Funding   (f)
                           (a)         (b)
                                                     (c)                     Strategy

                                                                             (e)
                Full Year 2012
Revenue:
 Latin America  $ 1,579.4  -           -             -           -           -         -       1,579.4
 EMEA             1,158.4  (15.4)      -             -           -           -         -       1,143.0
 Asia Pacific     158.9    -           -             -           -           -         -       158.9
  International   2,896.7  (15.4)      -             -           -           -         -       2,881.3
 North America    945.4    -           -             -           -           -         -       945.4
  Revenues      $ 3,842.1  (15.4)      -             -           -           -         -       3,826.7
Operating
profit:
 International  $ 227.6    5.4         (8.5)         3.9         -           -         -       228.4
 North America    32.5     -           -             -           8.8         -         -       41.3
  Segment
  operating       260.1    5.4         (8.5)         3.9         8.8         -         -       269.7
  profit
 Non-segment      (88.9)   -           (0.8)         -           47.4        -         -       (42.3)
  Operating     $ 171.2    5.4         (9.3)         3.9         56.2        -         -       227.4
  profit
Amounts
attributable to
Brink's:
Income from
continuing      $ 106.8    5.7         (14.0)        2.8         33.8        (21.1)    -       114.0
operations
Diluted EPS –
continuing        2.20     0.12        (0.29)        0.06        0.70        (0.43)    -       2.35
operations

Amounts may not add due to rounding.
        To eliminate results of additional European operations we intend to
(a)  exit in 2013. Operations do not currently meet requirements to be
        classified as discontinued operations.
(b)  To eliminate:
          oGains related to the sale of investments in mutual fund securities
            ($1.9 million in the first quarter and $0.5 million in the third
            quarter). Proceeds from the sales were used to fund the
            settlement of pension obligations related to our former chief
            executive officer and chief administrative officer.
          oGains and losses related to business acquisitions and
            dispositions. A $0.9 million gain was recognized in the second
            quarter and a $0.1 million loss was recognized in the third
            quarter. In the fourth-quarter of 2012, tax expense included a
            benefit of $7.5 million related to a reduction in an income tax
            accrual established as part of the 2010 acquisition of
            subsidiaries in Mexico, and pretax income included a $2.1 million
            favorable adjustment to the local profit sharing accrual as a
            result of the change in tax expectation.
          oThird quarter gain on the sale of real estate in Venezuela ($7.2
            million).
          oSelling costs related to certain operations expected to be sold in
            the near term and costs related to an acquisition completed in
            first quarter 2013. A $0.8 million loss was recognized in the
            fourth quarter.
        To eliminate employee benefit settlement and acquisition-related
(c)  severance losses (Mexico and Argentina). Employee termination
        benefits in Mexico are accounted for under FASB ASC Topic 715,
        Compensation – Retirement Benefits.
(d)  To eliminate expenses related to U.S. retirement plans.
(e)  To eliminate tax benefit related to change in retiree health care
        funding strategy.
        To adjust effective income tax rate in the interim period to be equal
(f) to the full-year non-GAAP effective income tax rate. The full-year
        non-GAAP effective tax rate for 2012 was 36.3%.



Page 12



The Brink's Company and subsidiaries

Other Reconciliations to GAAP (Unaudited)

(In millions)
NON-GAAP CASH FLOWS FROM OPERATING ACTIVITIES – RECONCILED TO U.S. GAAP
                                                            First Quarter
                                                            2013      2012
Cash flows from operating activities – GAAP                 $ 3.3     $ (16.4)
Decrease (increase) in certain customer obligations (a)       (16.8)    18.8
Cash outflows (inflows) related to discontinued operations    7.1       6.6
(b)
           Cash flows from operating activities –         $ (6.4)   $ 9.0
          Non-GAAP

        To eliminate the change in the balance of customer obligations related
        to cash received and processed in certain of our secure Cash
        Management Services operations. The title to this cash transfers to
(a) us for a short period of time. The cash is generally credited to
        customers' accounts the following day and we do not consider it as
        available for general corporate purposes in the management of our
        liquidity and capital resources.
(b) To eliminate cash flows related to our discontinued operations.



Non-GAAP cash flows from operating activities is a supplemental financial
measure that is not required by, or presented in accordance with GAAP. The
purpose of the non-GAAP cash flows from operating activities is to report
financial information excluding the impact of cash received and processed in
certain of our secure Cash Management Service operations and without cash
flows from discontinued operations. Brink's believes these measures are
helpful in assessing cash flows from operations, enable period-to-period
comparability and are useful in predicting future operating cash flows.
Non-GAAP cash flows from operating activities should not be considered as an
alternative to cash flows from operating activities determined in accordance
with GAAP and should be read in conjunction with our consolidated statements
of cash flows.



NET DEBT – RECONCILED TO U.S. GAAP
                                                       March 31,  December 31,
                                                       2013       2012
Debt:
 Short-term debt                                       $  71.1    $   26.7
 Long-term debt                                           438.6       362.6
   Total Debt                                             509.7       389.3
Less:
 Cash and cash equivalents                                234.8       201.7
 Amounts held by Cash Management Services operations      (60.6)      (44.0)
 (a)
   Cash and cash equivalents available for general        174.2       157.7
   corporate purposes
   Net Debt                                            $  335.5   $   231.6

      Title to cash received and processed in certain of our secure Cash
      Management Services operations transfers to us for a short period of
(a) time. The cash is generally credited to customers' accounts the
      following day and we do not consider it as available for general
      corporate purposes in the management of our liquidity and capital
      resources and in our computation of Net Debt.



Net Debt is a supplemental financial measure that is not required by, or
presented in accordance with GAAP. We use Net Debt as a measure of our
financial leverage. We believe that investors also may find Net Debt to be
helpful in evaluating our financial leverage. Net Debt should not be
considered as an alternative to Debt determined in accordance with GAAP and
should be reviewed in conjunction with our consolidated balance sheets. Set
forth above is a reconciliation of Net Debt, a non-GAAP financial measure, to
Debt, which is the most directly comparable financial measure calculated and
reported in accordance with GAAP. Net Debt excluding cash and debt in
Venezuelan operations was $395 million at March 31, 2013, and $280 million at
December 31, 2012.



Page 13

Contact:
Investor Relations
804.289.9709

SOURCE The Brink's Company

Website: http://www.brinks.com
 
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