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IRVING, Texas, November 3, 2008 – Brink’s Home Security Holdings, Inc. (NYSE: CFL) today announced its separation from The Brink’s Company (NYSE: BCO). Brink’s Home Security had been an operating unit of The Brink’s Company for over 25 years. Today marks the conclusion of the separation process that was announced on February 25, 2008. Regular way trading of the common stock of Brink’s Home Security Holdings, Inc. begins this morning on the New York Stock Exchange under the ticker ‘CFL’. The ticker is reflective of the Company’s internal mission statement: Creating Customers for Life.
"Today is a milestone in the history of Brink’s Home Security. We are excited about our prospects as an independent public company," said Bob Allen, President and CEO of Brink’s Home Security Holdings. "As a result of our spin-off, I believe that we are better positioned to pursue growth opportunities with a dedicated and focused management team, a more efficient capital structure, and an independently traded stock."
Mr. Allen continued, "As a separate public company, we remain focused on the same initiatives that have contributed to our historical success. We will continue to provide a valuable service along with excellent customer care and a never-ending dedication to ‘Creating Customers for Life’. We have a very experienced management team and dedicated employees who have consistently executed on our successful business model. Our revenue, cash flow from operations, and operating income have grown every year this decade. We achieved recurring monthly revenue of $39.8 million in the third quarter of 2008 and we have a healthy balance sheet with zero debt. We expect to continue to grow our subscriber base, while we further improve productivity and operating efficiencies."
Our newly appointed board of directors includes Mr. Allen and four former directors from The Brink’s Company. The four new outside directors are:
Carl S. Sloane is a private consultant and the Ernest L. Arbuckle Professor of Business Administration, Emeritus at Harvard University, Graduate School of Business Administration. From 2005 to 2006, he served as Co-Chairman of AlixPartners/Questor Funds Holdings, LLC. From 1991 to 2000, he served as the Ernest L. Arbuckle Professor of Business Administration at Harvard University, Graduate School of Business Administration. He is a director of Rayonier Inc.
John S. Brinzo is the retired Chairman of Cleveland-Cliffs Inc, a supplier of iron ore products to the steel industry in North America, China and Europe. Mr. Brinzo served as Chairman of Cleveland-Cliffs Inc from August 2006 until his retirement in May 2007; Chairman and Chief Executive Officer from June 2005 through August 2006; Chairman, President and Chief Executive Officer from July 2003 through May 2005; Chairman and Chief Executive Officer from January 2000 through June 2003; and President and Chief Executive Officer from November 1997 through December 1999. He is a director of Alpha Natural Resources, Inc., AK Steel Holding Corporation and Delta Air Lines, Inc.
Lawrence J. Mosner is the retired Chairman and Chief Executive Officer of Deluxe Corporation, a company that helps financial institutions and small businesses better manage, promote, and grow their businesses. Mr. Mosner served as Chairman and Chief Executive Officer of Deluxe Corporation from 2000 until his retirement in November 2005.
Carroll R. Wetzel, Jr. is a retired investment banker. Mr. Wetzel served as a member of the Board of Directors of Laidlaw International, Inc., a North American transportation services company, from 2003 until it was acquired in October 2007. From 2000 to 2005, he served as Chairman of the Board of Directors of Safety Components International, Inc., a supplier of automotive airbag fabric and cushions and technical fabrics. He is a director of Exide Technologies.
Each of the aforementioned individuals resigned as directors from The Brink’s Company effective with the completion of the spin-off.
About Brink’s Home Security Holdings, Inc.
Brink's Home Security Holdings, Inc. (NYSE: CFL), headquartered in Irving, Texas, is one of the premier providers of security system monitoring services for residential and commercial properties in North America. Brink’s Home Security operates in more than 250 metropolitan areas and services approximately 1.3 million customers across the Unites States and Canada. For more information about Brink’s Home Security, please visit www.brinkshomesecurityholdings.com or www.brinkshomesecurity.com.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs such as "will," "should," "would," "may," and "could" are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. We disclaim any intention to, and undertake no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. These risks, uncertainties and contingencies, many of which are beyond our control, include, but are not limited to risks inherent in our spin-off from our former parent corporation, including increased costs and reduced profitability associated with operating as an independent company, the demand for our products and services, the ability to identify and execute further cost and operational improvements and efficiencies in our core business, the actions of competitors, our ability to successfully rebrand, our ability to identify strategic opportunities and integrate them successfully, our ability to maintain subscriber growth, the number of household moves, the level of home sales or new home construction, potential instability in housing credit markets, our estimated reconnection experience, our ability to cost-effectively develop or incorporate new systems in a timely manner, the availability and cost of capital and general business conditions. For additional risks and uncertainties that could impact our forward-looking statements, please see the Company’s Form 10, including but not limited to the discussion under "Risk Factors" therein, filed with the Securities and Exchange Commission, which you may view at www.sec.gov.
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